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So I have some funds on an blockchain.com wallet. Actually it's multiple wallets (some ETH, some BTC)
I followed the backup procedure and wrote 12 English words on a sheet of paper.
There is an answer about password recovery but it still needs the company to be existent.
Will there a way to recover the wallets from those passwords or is this just a fancy way of password recovery? If not, what's a better way to backup the wallets?
EDIT: If found some background about how it seems to work. It seems to work using BIP44 / BIP39. But this leads to more questions:
- Is this only working for my bitcoin wallet, not for ETH?
- Is also the wallet address encoded in the words or only the passphrase?
I tried it. It works independent from the company.
I downloaded the exodus client and was able to restore my wallet there.
The only risk with a web-wallet like blockchain.com is, that the company could theoretically access to funds and withdraw them from my wallet, if they go bankrupt.
So it seems a better approach for use an offline wallet and transfer the funds to a new exodus wallet or something similar.
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