Question: What To Do About A Lost Mobile Wallet

in cryptocurrency •  7 years ago 

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I bought a cheap android phone, factory reset and rooted it. Then I installed the coinomi wallet which I love so far. My pass phrase is stored in a fire & water proof container and my password is secure.

Let's say that now I lose the phone or it is stolen. Everyone says, "no problem just restore your wallet on another device". What is not discussed is the lost or stolen device. A thief or opportunist could be trying to brute force the device pin or wallet password. Shouldn't I move my coins to a new wallet with new private keys, Or, is that what actually happens when you restore a wallet?

Thanks in advance!

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  ·  7 years ago (edited)

You should move your coins when you have restored your wallet - a restore by itself does not move coins that are stored at the wallet address, it is only adding your private/public key back in a local wallet app that will then have the correct private key to authorise a payment to another wallet address.

I am with xoogler on this. Couldn't have worded it better...