Difference between revisions of "Backing up your wallet seed"

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== Bisq seed words ==
 
== Bisq seed words ==
  
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Since Bisq is a non-custodial exchange, the user retains control of their funds (private keys) at all times. Therefore, when you start using Bisq the first step should be to encrypt and backup (write down) your Bisq BTC wallet seed and password.  
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Bisq is a non-custodial exchange. This means you control your funds (your private keys) at all times. The first time you use Bisq it is imperative that you encrypt and backup your Bisq wallet seed words and password. You are solely responsible for keeping your seed words and password. There are no other copies!
  
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Bisq’s built-in Bitcoin wallet is based on BIP 44. BTC wallets have a m/44'/0'/0' derivation path and BSQ wallets have a m/44'/142'/0' derivation path.
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With your wallet seed words and date, you can recover your Bisq wallet and its contents (BTC and BSQ) if you lose it. Alternatively, if you lose your wallet seed words and date, you cannot restore your wallet, and '''all your funds are lost forever'''.
  
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The same seed phrase is used for BTC and BSQ wallets.
 
  
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=== Writing down your seed words ===
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<!-- Bisq has a built-in Bitcoin (BTC) wallet based upon the Bitcoin Improvement Proposal (BIP 44). BTC wallets have a m/44'/0'/0' derivation path and Bisq (BSQ) wallets have a m/44'/142'/0' derivation path. Your same seed phrase is used for BTC and BSQ wallets.-->
  
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After setting a password see [https://bisq.wiki/Protect_your_wallet Protect your wallet], it’s time to write down your wallet’s seed words. Go to the '''Wallet seed''' section of the '''Account''' screen and write down the words you see in the '''Wallet seed words''' field along with the '''Wallet date'''. Wallet date is required by bitcoinj, which is the library Bisq uses to interact with the Bitcoin network.
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=== Record your seed words and date ===
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After setting your password, find your wallet seed words by performing following steps:
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# Go to the '''Wallet seed''' section of the '''Account''' screen
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# Write down the words in the '''Wallet seed words''' field along and the '''Wallet date'''
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<!-- Wallet date is required by bitcoinj, which is the library Bisq uses to interact with the Bitcoin network.-->
  
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'''Important consideration :''' ''You should actually write down your seed words and wallet date using pen and paper. Saving them on your computer, even if you do so in a secure password manager, makes it possible for a hacker to obtain them through sneaky schemes like keylogging. Going low-tech with pen and paper eliminates all such digital attack vectors.''
 
  
 
[[File:Walletseed.png|thumb|left|500px]]
 
[[File:Walletseed.png|thumb|left|500px]]
  
 
<br clear=all>
 
<br clear=all>
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With just your wallet’s seed words and date, you can restore your Bisq wallet and all its BTC and BSQ into a new Bisq wallet if you ever need to. If you lose your wallet’s seed words and date, you won’t be able to restore your wallet, and all funds in it are lost forever. '''So make sure you keep that paper safe!'''
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'''Important:''' ''Write your seed words and wallet date using pen and paper. Pen and paper eliminates any digital attacks. Saving them on your computer, even in a secure password manager, makes it possible for a hacker to obtain them. ''
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<br clear=all>
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[[Category:Use Cases]]
 
[[Category:Use Cases]]

Revision as of 09:03, 24 March 2020

Bisq seed words

Bisq is a non-custodial exchange. This means you control your funds (your private keys) at all times. The first time you use Bisq it is imperative that you encrypt and backup your Bisq wallet seed words and password. You are solely responsible for keeping your seed words and password. There are no other copies!

With your wallet seed words and date, you can recover your Bisq wallet and its contents (BTC and BSQ) if you lose it. Alternatively, if you lose your wallet seed words and date, you cannot restore your wallet, and all your funds are lost forever.


Record your seed words and date

After setting your password, find your wallet seed words by performing following steps:

  1. Go to the Wallet seed section of the Account screen
  2. Write down the words in the Wallet seed words field along and the Wallet date


Walletseed.png


Important: Write your seed words and wallet date using pen and paper. Pen and paper eliminates any digital attacks. Saving them on your computer, even in a secure password manager, makes it possible for a hacker to obtain them.

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