The majority of digital-wallet FAQs have this common question; What happens if my computer, hard drive, or digital wallet gets compromised and I end up losing my wallet? How possible would it be for one to recover their digital currencies? Would they be gone forever?
And the most common answer across all digital wallets; ‘
A lost digital wallet file means your cryptos will be lost. The Aurix exchange advises its users to always back up and encrypt their wallet.dat.file. Encryption ensures no unauthorized person can access your backups and protects the wallet from compromise.
The Importance of a Wallet File
The Aurix.Exchange grants every user a digital wallet. The gateway for accessing this wallet is permitted to each particular user depending on their particular private key/wallet file. A wallet file is unique and consists of a combination of alphanumerics and symbols. This file ensures that the wallet identifies, authenticates, and grants permission to its owner to access and spend the digital currencies held in their wallets.
Perhaps you’ve heard nightmare stories of people who lost access to their bitcoin wallets and private keys when Bitcoin cost only $1. The story of James Howell, a UK computer engineer has been recounted time and again of how he mistakenly threw out a hard drive containing bitcoin’s worth £230 million. This was back in 2013 when bitcoin did not worth much but recently, the man came out with a £55 million offer to Newport Council to dig up and recover the hard drive from the rubbish.
The role of a private wallet file is to secure cryptocurrency funds. Only the owner can use and spend the coins. But it becomes frustrating once a person loses their wallet file, or cybercriminals lay their hands on the file.
Protecting your private wallet file from lose
When the CEO of Aurix Chain Ecosystem, Majed Mohsen built the platform, his goal was to offer easy access to cryptocurrency services. This way, he would join global trendsetters in conveniently aiding the transition from traditional banking to decentralized finance. For this reason, Aurix Chain implemented and deployed a multi-fintech solutions infrastructure that made cryptocurrencies painless, easy, and convenient for everyone. By every means, Majed and his team came up with the following tips to help users of the Aurix. exchange to protect their digital wallet files from loss.
Tips for protecting your digital wallet
- Note private keys on paper with pen and laminate this paper to prevent wearing out.
- Memorize the entire wallet file seed phrase, if you can.
- Back up your digital wallet file.
- Encrypt the digital backup to prevent compromise and unauthorized access.
Aurix Chain Ecosystem is the go-to platform for deploying financial solutions in an independent, un-sophisticated, and highly convenient environment. The platform benefits newbies and pro-traders with an intuitive exchange, a debit/credit card plus a native token for discounted trading fees.