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⍰ ASK Are private keys able to be transported between different hot wallet softwares?
- Thread starter mayahn
- Start date
I found this thread very useful and since I didn’t want to skip as there was no answer to it, I had to go check it out on metaAI and with reference to metalAI
Yes, you can recover your Bitcoin funds using the 12-word private key (also known as a seed phrase) on a different wallet, such as Electrum.
Why it works:
1. Seed phrase is wallet-agnostic: The 12-word seed phrase is a standardized way to represent the private key that controls your Bitcoin funds. It's not specific to Exodus or any other wallet.
2. Private key is the ultimate authority: The private key, represented by the seed phrase, is the ultimate authority for accessing and controlling your Bitcoin funds. As long as you have the seed phrase, you can access your funds.
Steps to recover your funds using Electrum:
1. Download and install Electrum on your device.
2. Create a new wallet in Electrum.
3. When prompted, choose the option to "Restore wallet from seed".
4. Enter your 12-word seed phrase from Exodus.
5. Electrum will use the seed phrase to generate the private key and restore your wallet.
6. Once the restoration process is complete, you should see your Bitcoin balance in Electrum.
Important notes:
1. Keep your seed phrase safe: Never share your seed phrase with anyone, as it grants access to your funds.
2. Use a reputable wallet: Electrum is a well-established and reputable wallet, but always do your own research and ensure you're using a trusted wallet.
3. Be cautious of phishing scams: Be careful when downloading and installing wallets, as phishing scams can try to trick you into revealing your seed phrase or private key.
By following these steps, you should be able to recover your Bitcoin funds using the 12-word private key on a different wallet like Electrum.
Reference: metalAI
Yes, you can recover your Bitcoin funds using the 12-word private key (also known as a seed phrase) on a different wallet, such as Electrum.
Why it works:
1. Seed phrase is wallet-agnostic: The 12-word seed phrase is a standardized way to represent the private key that controls your Bitcoin funds. It's not specific to Exodus or any other wallet.
2. Private key is the ultimate authority: The private key, represented by the seed phrase, is the ultimate authority for accessing and controlling your Bitcoin funds. As long as you have the seed phrase, you can access your funds.
Steps to recover your funds using Electrum:
1. Download and install Electrum on your device.
2. Create a new wallet in Electrum.
3. When prompted, choose the option to "Restore wallet from seed".
4. Enter your 12-word seed phrase from Exodus.
5. Electrum will use the seed phrase to generate the private key and restore your wallet.
6. Once the restoration process is complete, you should see your Bitcoin balance in Electrum.
Important notes:
1. Keep your seed phrase safe: Never share your seed phrase with anyone, as it grants access to your funds.
2. Use a reputable wallet: Electrum is a well-established and reputable wallet, but always do your own research and ensure you're using a trusted wallet.
3. Be cautious of phishing scams: Be careful when downloading and installing wallets, as phishing scams can try to trick you into revealing your seed phrase or private key.
By following these steps, you should be able to recover your Bitcoin funds using the 12-word private key on a different wallet like Electrum.
Reference: metalAI
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