How to Secure Your Coin Cloud Wallet

Coin Cloud Keeps Your Money Safe
By 
Coin Cloud Team
, published on 
June 7, 2021
How to Secure Your Coin Cloud Wallet

The Coin Cloud Wallet app is the perfect companion to Coin Cloud DCMs. One of the best parts about both of these services is that they take careful and calculated steps to assure your safety. Let’s look at a step-by-step process of the measures available for securing your digital wallet.

Step 1: Biometric Security

After selecting your country and reading a few short informational slides, the Coin Cloud application will let you add biometric security for locking your app against anybody else. If you choose to add this, you will confirm your fingerprint for future use by placing it on the scanner when shown. You may also have a Face ID option, depending on the device.

Step 2: Custom PIN

You can also establish a 4-digit PIN which you will then need to enter in the future when performing certain actions in the app. After you enter your desired PIN, the application will have you enter it one more time to confirm that it is correct. Note that you should back up all your wallets in the app by retrieving your 12-word passphrase or recovery key (Step 4) before setting up your PIN lock.

Step 3: Wallet Encryption

After choosing what digital currencies you want to store in your wallet, the app will give you the option to add encryption to your new wallet. This encryption is a supplemental security measure to prevent unauthorized users, like potential hackers, from accessing your wallet or sending funds from it.

To add this encryption, enter your chosen passphrase into the available box. Then retype this passphrase into the second box to confirm that it is correct. We recommend that this passphrase is not the same as your Coin Cloud ID password. From this point forward, the passphrase will be required to modify certain configurations, including the password itself, or to access the wallet backup option (Step 4).

Step 4: Recovery Phrase

Following encryption, you’ll be able to view your wallet’s 12-word recovery phrase, sometimes called a seed phrase or passphrase. This is used to recover or import your wallet (and its funds) to another device or platform.

Viewing these 12 words gives you the opportunity to record and store your phrase in a secure place that is only accessible by you. This key is a backup for you in case you lose or upgrade your phone or otherwise can’t access your wallet. Typing in this phrase to any wallet software imports access to all your funds, so make sure that no one else sees it.

To view your recovery key, you’ll need to enter the encrypted password that you just set a few moments ago, if you chose to do that. Then the Coin Cloud application will show you a series of twelve words. Write down or otherwise securely record these words as they appear. You will then have to re-enter the words you just saw in the proper order.

Step 5: Non-Custodial Confirmation

After you’ve documented your recovery phrase you’ll be shown a few pieces of information, and you need to verify that you understand them. These include the fact that your funds are in your custody, and that Coin Cloud cannot recover your funds for you if you lose your recovery phrase. You’ll then be given the complete terms of use. Once you confirm that you have read, understood, and agree with them, you’re free to use your wallet.

If you choose to skip the setup and viewing of your encrypt password or recovery phrase, you have the option to go back and set these up at any time within the wallet app.

Enjoy the benefits of a secure and easy-to-use wallet!

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,000 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell 40+ virtual currency options with cash.

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