Although you may be excited to start using your Blockstream Green wallet immediately, there are a few important things to remember when creating a new wallet to ensure that your funds are kept safe.
1. Carefully Record your Mnemonic
The mnemonic backup is absolutely necessary to access your funds if something goes wrong in the future (e.g. your phone breaks, you forget your PIN, etc). When you are recording your mnemonic, keep the following things in mind:
- Record the mnemonic offline using a pen and paper to mitigate the risk of hacks.
Write clearly so you don’t misread it later on. Do not take a screenshot or store in a notepad application.
- Be careful to use the correct spelling for each word. You will not be able to restore your wallet if any of the words are misspelled.
- Write down all 24 words. Your mnemonic is not usable with only 23 or fewer words.
- Keep the words in the correct order. If any of the words are out of order, Blockstream Green will consider the mnemonic to be invalid.
2. Store Your Mnemonic In a Safe Place
One of the most common ways people lose access to their Bitcoin or Liquid funds is by losing their mnemonic backup. Also, if anyone gains access to your mnemonic, they have one of the key pieces of information required to spend your funds.
When choosing where to store your mnemonic backup, you should try to choose somewhere that is:
- Easy to remember.
- Secure from anyone else reading or getting hold of it.
- Safe from physical hazards like fire, water, natural disasters, and children.
Tip: Instead of writing down the 24 words on paper, you may prefer to record them on a Blockstream Metal or Blockstream Capsule so that your mnemonic is extra-safe from physical hazards..
3. Set up 2FA
Setting up 2FA will ensure that any bitcoins or Liquid assets you receive are protected by 2FA from the moment you start using the wallet. 2FA is a key part of Blockstream Green’s multisig security.
Tip: Google Authenticator and email are the most secure 2FA options.