I know you can imagine how you would feel if you lost access to the bitcoin stored in your wallet. It’s not as unusual as you might think. In November 2017. Fortune reported on research from the digital forensics analysis firm Chainalysis, that suggests as much as 3.78 million, or 23 percent, of all existing bitcoin are already lost.<br />
There are some best practices you can follow to secure your bitcoin:<br />
Always backup your wallet.<br />
Encrypt your wallet with a strong password.<br />
Store wallet backups in multiple locations (USB drive, CD, paper wallet, private cloud, etc.)<br />
Backup regularly when backing up a data file (such as wallet.dat).<br />
Backing up your wallet will secure your bitcoin in the event of a hardware or software failure, or if you have a device with a wallet lost or stolen. This is one step you shouldn’t ever skip.<br />
Which method is used depends on the wallet being used. Many, if not most, of the current wallets use the BIP39 mnemonic seed phrase method.<br />
Restoring a Hardware wallet<br />
Once you write the seed phrase down, you can use the seeds to restore your wallet on a new device if the old one is lost, stolen, or destroyed. You simply find the “new wallet/restore wallet” feature and, when prompted, type in your mnemonic seed.<br />
Restoring bitcoin core<br />
Once you locate the file, it is easy enough to back up. Simply copy it to another device such as a USB drive, external hard drive, a CD, another computer, or a private cloud storage location. It is never recommended to use online cloud storage, even if you encrypt the file.<br />
To restore the wallet, you copy the backup over an existing wallet.dat file in the Bitcoin Core installation. Please note that this will wipe any data on the wallet.dat you are overwriting.<br />
My takeaway,<br />
As you can see, backing up your wallet is critical in the event where there is some failure in hardware or software, or you simply lose the wallet or funds in wallet by fraudulent activities, Once you have a backup, you have peace of mind. Restoring a bitcoin wallet from a backup is as easy as typing a series of words, or copy/pasting a file.<br />
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That is your last, guaranteed and quickest resort to restore your BTC back.<br />
Don’t risk your bitcoin. Always backup your wallet so it can be restored later.
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