Security and Backup

Modified on Wed, 15 Nov 2023 at 10:32 AM

Why should I do a backup of my Recovery phrases?


Backing up your recovery phrases (mnemonics) is vital for your crypto's safety. At CoolBitX, we prioritize your privacy and security: we don't hold, store, or access your seeds. Once your account is set up, neither the CoolWallet App nor our devices can display these seeds again. So, if you lose them, you risk losing your assets permanently.




What are the private key and recovery phrases?


Every blockchain wallet comes with a unique "Public Key" and "Private Key" pair. The private key is crucial—it determines wallet ownership and is the origin of both the public key and blockchain address.

For instance:


Private Key: 0xb271f04aaa7a724f25c62db1010e394a9ed04af6a99b58d2a7c9409f81a30676


Public Key: 0x03345935794ec806aa5d964ca3c13c8b7df2eca8646acaba8e6376fb99a6fe685d


Ethereum Address: 0x6BFe0BD6c4dc52e477db10Ec04b6b2668AD3590D

Given the complexity of private keys, BIP39 introduced "Mnemonics" to translate them into word combinations, making them more user-friendly. These word sequences, known as "recovery seeds," represent the private key.

For example, our private key can be rendered as:

below mail interest onion resource cotton victory three faint blossom call stomach actual inform like cotton salt tourist

– much easier to remember!

Note: The information provided is educational. Never deposit assets using the given address or keys.




What if I lose my CoolWallet?


1. Obtain a new CoolWallet and pair it with your phone.


2. During the setup, enter your recovery seeds (12-24 numbers or words) to restore your assets.

Should you lose or misplace your CoolWallet, its security features remain strong. Only authorized devices can pair with it, and after five incorrect pairing password attempts, it locks. Moreover, it needs to be within 10 meters of your device to operate, ensuring no risks if separated.




What if I lose my phone?


Please follow the steps below after you receive the new phone.

1. Remove the CoolWallet App completely (please ensure that the original recovery phrase is with you).


2. Go to the Bluetooth settings page on your phone and remove the CoolWallet (CWXXXXXX) device.


3. Reinstall the latest CoolWallet App from the App Store/Google Play.


4. Open CoolWallet App and click 'Setup my CoolWallet Pro/S'. Select the matching CoolWallet serial number, and click Reset. Once completed, the CoolWallet App will display 'Reset Successful'.


5. Once the reset is completed, select the matching CoolWallet serial number and click Connect.


6. Select Recover and enter the recovery phrase to retrieve your wallet data.
Any unofficially supported customized tokens will not be present after a wallet recovery. But, you can simply re-enable or add your tokens again to retrieve your token data.

If you own multiple token addresses to a certain coin, please go to "Receive" and manually add the addresses again to see all of the customized token assets.




What happens if I forget my pairing password?


No worries! If you've misplaced your pairing password, you can easily check the new pairing password or reset your CoolWallet.


Here's the guide:

A. Check the New Pairing Password:

Access the App's Settings page and tap "Show pairing password" to check the new pairing password.


B. Resetting the Wallet:

If you can't access the feature on your initial paired device:

1. Reset your wallet.
2. Use your recovery seeds to restore wallet data.
3. After recovery, get a new pairing password via the App's Settings.


C. Device Locked Up? Follow these steps:

1. Remove the CoolWallet App completely (please ensure that the original recovery phrase is with you).


2. Go to the Bluetooth settings page on your phone and remove the CoolWallet (CWXXXXXX) device.


3. Reinstall the latest CoolWallet App from the App Store/Google Play.


4. Open CoolWallet App and click 'Setup my CoolWallet Pro/S'. Select the matching CoolWallet serial number, and click Reset. Once completed, the CoolWallet App will display 'Reset Successful'.


5. Once the reset is completed, select the matching CoolWallet serial number and click Connect.


6. Select Recover and enter the recovery phrase to retrieve your wallet data.




How can I recover my wallet?


You can use both English or numeric mnemonic phrases to restore your original wallet information through the "Basic Wallet Recovery" in the CoolWallet App. Please follow the steps below:

1. Remove the CoolWallet App completely (please ensure that the original recovery phrase is with you).


2. Go to the Bluetooth settings page on your phone and remove the CoolWallet (CWXXXXXX) device.


3. Reinstall the latest CoolWallet App from the App Store/Google Play.


4. Open CoolWallet App and click 'Setup my CoolWallet Pro/S'. Select the matching CoolWallet serial number, and click Reset. Once completed, the CoolWallet App will display 'Reset Successful'.


5. Once the reset is completed, select the matching CoolWallet serial number and click Connect.


6. Select Recover and enter the recovery phrase to retrieve your wallet data.


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