At Athena, customer education is a top priority. Below is a story from an actual customer who did almost everything correctly to keep his bitcoin secure:
- He used the Mycelium wallet on his phone to hold a significant amount of bitcoin
- He made a paper backup of the 12-word seed from Mycelium (this is always crucial!)
- He recently purchased a new phone and decided not to install his wallet on his new device but just left it on his old phone at home. The idea was to protect his bitcoin if his new phone was stolen.
Ok. Sounds pretty good so far....
- His kids found his old phone and managed to drop it into water!
It does not turn on.
- His backup was written in marker and was drenched as well!
It is now unreadable.
Although it wasn't told to us, we could assume that this gentleman kept his backup in the same case or behind the back cover of his phone, thus why it was damaged by water at the same time.
Unfortunately, this customer's only option appears to be to try to get a phone repair service to restore access to his device.
The Lesson to be Learned:
Our customer's unfortunate mistake was storing the only backup of his wallet in the same place as his actual wallet. They should be physically separate to account for fire and water-damage risk. Natural disasters, burglary, and the actions of your own family and pets are also factors to consider.
You may also make multiple paper backups of your wallet and store them in separate locations.
Security is a trade-off with convenience, but it is also often a compromise between multiple risk factors. You must think carefully about all possible scenarios when deciding upon a backup plan.
Want help backing up your wallet? Just tap our chat button and send us a message!