Security is probably the most innovative feature Blockchain technology brought about, the feature to instantly transfer your funds from one Mobile, PC and other supported devices to another without any transaction cost is simply remarkable. This when compared to traditional means which involves filling of different documents if you are transferring within the same bank and to another bank, the time and money spent sums up to quite a lot.
Like it or not, cryptocurrency is not all about the decentralized nature but far more and security is one of them.
So earlier today, a friend dmed me complaining they lost their password which simply means you are locked out from your account if this was a mobile banking but this was no mobile banking but rather a mobile cryptocurrency wallet called TokenPocket.
TokenPocket is a multi-chain wallet that allows users to easily store (deposit and send) cryptocurrency across different chains while providing access to Dapps built on this supported blockchain.
TokenPocket while being a multichain wallet is also a non-custodial wallet this simply means users have sole control over their account and a private key is used.
A private key is a like a bank signature, a bank account, a bank profile, and all which is randomly generated in a alphanumerical word, when you create a Blockchain account via a non-custodial wallet. This gives you access to your funds anywhere and anytime by simply importing it to another supported non-custodial wallet.
During importing of a private key, in many cases users need to set a password as a secondary form of security. This password allows you to perform transaction via that wallet but this can be override anytime with a private key.
This simply means if they initially backup their private key, they can easily restore their account and perform all necessary transactions as if they never had a pause or issue to begin with
Glad to say the issue was easily resolved within seconds.
That said, when creating a wallet always make a backup of your private key and store in a secure place for your eyes alone and no one else's.
Till some other time, stay safe.