Bitcoin Wallet Awareness Guide - Part 4: Disaster Recovery

When it comes to using a DCS yield-generating Bitcoin wallet, we want to ensure that all users have a full understanding of key information that pertains to their wallet. So we've compiled a series of short articles to share key topics that all users should be aware of.

Use the table of contents to quickly access and review each of the articles. Understanding the information presented in these articles can enhance your experience, save you money, and help you avoid potential pitfalls. Got questions? Contact Us for more information.

Table of Contents

1. Minimum Deposit Requirement

2. Registration Limits

3. 2FA Security

4. Disaster Recovery

5. Dormant Wallet Settings

6. Authenticating Wallet Sites

7. Conversion Rate & Boost Points

8. Reviews and Referrals

9. Automated Satoshi Stacker

10. Discover More Updates & Features

4. Disaster Recovery - Update Wallet Settings to Secure your Bitcoin

What’s more important than securing access to your Bitcoin wallet? The answer would be securing access to your funds (ie. the Bitcoin balance that is held in your wallet). What if unforeseen situations or circumstances occurred where you were unable to access your wallet due to natural disasters or to a government shutdown of the website?

Your Bitcoin wallet has a solution for this and it’s as simple as setting a Bitcoin Recovery Address in your wallet’s settings. Simply enter a Bitcoin address that you have access to (or that you own the private keys to), and your wallet will automatically transfer your Bitcoin balance to that address if unfavorable or unrecoverable conditions arise.

If any of our websites experience down time for a period of 7 days and we are unable to restore access through a new or existing domain, the wallet’s back-end software will initiate a transfer to send each wallet's full Bitcoin balance to the BTC Recovery Address specified. So make preparations now by adding a recovery Bitcoin address to your wallet.

Takeaway

All wallet holders are encouraged to specify a backup Bitcoin address to ensure that their Bitcoin will be sent if unforeseen events occur. To update this setting, log into your wallet, click on the Settings link, enter your preferred Bitcoin Address under BTC Recovery Address, and click the “Update BTC Address” button.