What If Copay dies? How Do I Keep My Bitcoins?

[ssakcoR]

Just like the title says.

I have 12 words - are these usable only on Copay wallet or any other wallet? Is there anything I should back up or write on paper (apart from 12 words) to restore my bitcoins on any other software if Copay dies?

Thanks

[gabrielbazan7]

It is possible to recover funds from a Copay Wallet without using Copay or the Wallet Service, check the Copay Recovery Tool ( https://bitpay.github.io/copay-recovery/ )- GitHub ( https://github.com/bitpay/copay-recovery ). All you need is File/Text Backup or Wallet Recovery Phrase (12 words).

[ssakcoR]

Hi, what if that tool disappears too?

[gabrielbazan7]

You can import with the 12 words in Mycelium

[isocolsky]

Copay is open source so in the extremely unlikely event that you lose your app and the recovery tool disappears, at least someone can have access to the source code. Also for your peace of mind, Copay's private keys are generated following Bitcoin standards BIP32, BIP44 and BIP39 which are all well documented and with multiple implementations available.

[ssakcoR]

Does this mean I can extrac those private keys from Copay and use those anywhere else?

On 8 May 2017 at 17:44, Ivan Socolsky notifications@github.com wrote:

Copay is open source so in the extremely unlikely event that you lose your app and the recovery tool disappears, at least someone can have access to the source code. Also for your peace of mind, Copay's private keys are generated following Bitcoin standards BIP32, BIP44 and BIP39 which are all well documented and with multiple implementations available.

— You are receiving this because you authored the thread. Reply to this email directly, view it on GitHub https://github.com/bitpay/copay/issues/5972#issuecomment-299887184, or mute the thread https://github.com/notifications/unsubscribe-auth/AbMOkE6NzHnb0hHErriJDb6BCXzQwALPks5r3ypTgaJpZM4NTPK_ .

[isocolsky]

Not every wallet out there implements those standards. From those that do implement them, there are still some small differences. For example Breadwallet being an HD wallet (BIP32) which generates 12 words for you (BIP39) does not follow the path structure for key derivation specified in BIP44. So if you try to import your 12 words from Breadwallet into Copay, you will end up with a brand new wallet and 0 balance.

[ssakcoR]

So as long as the wallet uses your mentioned bips I should be able to recover with those 12 words?

On Mon, 8 May 2017 at 18:09, Ivan Socolsky notifications@github.com wrote:

Not every wallet out there implements those standards. From those that do implement them, there are still some small differences. For example Breadwallet being an HD wallet (BIP32) which generates 12 words for you (BIP39) does not follow the path structure for key derivation specified in BIP44. So if you try to import your 12 words from Breadwallet into Copay, you will end up with a brand new wallet and 0 balance.

— You are receiving this because you authored the thread. Reply to this email directly, view it on GitHub https://github.com/bitpay/copay/issues/5972#issuecomment-299894508, or mute the thread https://github.com/notifications/unsubscribe-auth/AbMOkNjFfI5O9hu2Oq_zttC5xAcqLbotks5r3zBGgaJpZM4NTPK_ .

[isocolsky]

Yes, exactly.

[ssakcoR]

Great, I thought it's Copay words only. Apparently they are created according to those Bips which are quite universal.

Is there another option to backup my wallet apart from these words? Like backing up actual keys or something else? On Mon, 8 May 2017 at 22:29, Ivan Socolsky notifications@github.com wrote:

Yes, exactly.

— You are receiving this because you authored the thread. Reply to this email directly, view it on GitHub https://github.com/bitpay/copay/issues/5972#issuecomment-299966716, or mute the thread https://github.com/notifications/unsubscribe-auth/AbMOkFYphMOKHf0H67-070DsLWvYXhk8ks5r320pgaJpZM4NTPK_ .

[isocolsky]

Yes, you can generate an encrypted backup file from Settings -> [your wallet] -> More options -> Export wallet. If your password is strong enough you can even save a copy on the cloud.

[ssakcoR]

Thank you. I decided to make a paper wallet? How can I do it?

On Tue, 9 May 2017 at 20:09, Ivan Socolsky notifications@github.com wrote:

Yes, you can generate an encrypted file backup from Settings -> [your wallet] -> More options -> Export wallet. If your password is strong enough you can even save a copy on the cloud.

— You are receiving this because you authored the thread. Reply to this email directly, view it on GitHub https://github.com/bitpay/copay/issues/5972#issuecomment-300235207, or mute the thread https://github.com/notifications/unsubscribe-auth/AbMOkOoKjZ6hjHkaV1X8yPRHgsIX6k9jks5r4J24gaJpZM4NTPK_ .

[gabrielbazan7]

https://www.bitaddress.org