Welcome to our Knowledge Base
I lost my phone, what can i do?
It is important to backup your wallet and keep your Backup Phrase (Mnemonic) in a safe place.
You can retrieve your current Backup Phrase under the Settings section of the application.
When you loose your phone and reinstall the Centbee Wallet Application you have the option to import a wallet and this is where you will use the Backup Phrase along with the PIN that was used on the previous device.
Basically the stored BSV is associated to the Wallet by the combination of Backup Phrase and Pin. (two-factor phrase)
How and why is a Backup Phrase generated?
A simple explanation of how Backup Phrases works, is that the wallet has a list of words taken from a dictionary, with each word assigned to a number. When your Backup Phrase is converted into a seed integer, or number, for your wallet, the seed integer is used with a standard derivation algorithm, or formula, to derive, or generate, your master private key.
Why Two Factor Backup Phrase?
Backup phrases, like all backups, can store any amount of bitcoins. It’s a concerning idea to possibly have enough money to purchase the entire building just sitting on a sheet of paper without any protection. It is for this reason that the Centbee wallet makes it possible to encrypt the Backup Phrase with a Pin.
The Pin is used to create a two-factor Backup Phrase where both “something you have” plus “something you know” is required to unlock the wallet.
Warning: Forgetting your Pin and Backup Phrase will result in the Centbee wallet and any contained BSV being lost. Do not overestimate your ability to remember passphrases especially when you may not use it very often.
Warning: The Backup Phrase should not be confused with the Pin used to encrypt the wallet.