Keeping your wallet safe, secure, and backed up is essential to wallet ownership. Here we’ll chat about why it’s important to backup your wallet and the different methods that you can backup with.
We covered in our Get Started with Rainbow article the beginning setup of backing up your wallet. A wallet is permanent, and it's not like a login account to a traditional website like Facebook or Google. If you don't back up your wallet, then there is no way to recover it.
- Your keys = Your coins, but that also mean that you need to back it up safely.
Backup using iCloud or Google Drive:
In Rainbow, you can instantly backup your wallet using our Backup feature. When you initially signed up for Rainbow, you can choose to use the backup feature by default. If you opt-out but change your mind later on, you can always turn your backup feature on by following the steps below:
Step 1: You’ll head to Settings → Backup
Step 2: Select Back up to iCloud/Back up to Google Drive
Step 3: You’ll then create a password for your backup. Select a password you can remember, it can’t be recovered!
Step 4: Once you input your password, you’ll click Confirm
Step 5: Your backup is complete! You can check if you have your backup feature turn on by viewing if the checkmark is green: ✅
Backup Manually with your Secret Phrase:
If you prefer to back up manually by securing your secret phrase on a piece of paper or other physical object, then you have that option too! Just make sure your secret phrase is secure in a separate location.
How often should you backup?
You should regularly check to be sure your wallets are secure and backed up. 💡 A good rule of thumb is, if you have to ask yourself when was the last time you backed up, it’s probably a good idea to double check.
Protect Your Wallet
One of the best parts of having an Ethereum wallet like Rainbow is that you are in total control of your money. Unlike a bank account from Wells Fargo or a crypto exchange like Coinbase, we do not hold your assets on your behalf. Instead, your money is actually yours thanks to the power of cryptography.