If I were to format my phone

[Mrwinson93]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

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[mocacinno]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

i have no idear about blockchain, but for electrum, you are correct. All you need is the 12 word seed phrase to restore your master private key. "under the hood" electrum uses this master private key to derive private keys => public keys => addresses.

One remark tough: if you're planning on buying and holding "for life", don't use an online wallet or a cellphone app... Buy a hardware wallet (they cost less than $100), create a paper wallet, or generate a wallet on an airgapped pc.

[jaceefrost]

is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

Yes you can. It's also ideal to have a backup of your privatekey if you are planning on formatting your phone. Your privatekey allows you store store your btc address and bitcoins in even other clients other than the ones you used in making that wallet. Btw, incase you didn't know, electrum also have a pc version.

[nexus2k14]

If you uninstall wallet application and install again you will be asked for this 12 words. What I can add to this subject, once you have more than you can afford to lose in your mobile wallet consider move part of your bitcoins into "cold storage". Trezor and Ledger Nano S are good choices and there is plenty videos how to use it and reviews. Mobile wallets are very convenient but not very secure, have a look on YouTube for "John McAfee on Bitcoin 2017" this guy is CEO of antivirus company, watch what he says about mobile wallets. Is always good to know a little bit more.

[Mrwinson93]

is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

Yes you can. It's also ideal to have a backup of your privatekey if you are planning on formatting your phone. Your privatekey allows you store store your btc address and bitcoins in even other clients other than the ones you used in making that wallet. Btw, incase you didn't know, electrum also have a pc version.

So can I use electrum on mobile and desktop PC version at the same time?

[mocacinno]

is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

Yes you can. It's also ideal to have a backup of your privatekey if you are planning on formatting your phone. Your privatekey allows you store store your btc address and bitcoins in even other clients other than the ones you used in making that wallet. Btw, incase you didn't know, electrum also have a pc version.

So can I use electrum on mobile and desktop PC version at the same time?

If you use the same seed, then yes, you can install electrum on a dozen of pc's/phones at the same time, and still manage the same keys. But if you install electrum on your phone AND your desktop, and your phone gets stolen, the thief can spend all unspent outputs, and you'll be left with nothing (all wallet will be emptied, even the one one your pc, since it has the same seed => master private key)

[santino11]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

just dont forget the email and the seed phrases and you will surely have an access to that wallet again with oyur new phone ! and if i were you. go to pc also and log in your account tehre !

[Mrwinson93]

is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

Yes you can. It's also ideal to have a backup of your privatekey if you are planning on formatting your phone. Your privatekey allows you store store your btc address and bitcoins in even other clients other than the ones you used in making that wallet. Btw, incase you didn't know, electrum also have a pc version.

So can I use electrum on mobile and desktop PC version at the same time?

If you use the same seed, then yes, you can install electrum on a dozen of pc's/phones at the same time, and still manage the same keys. But if you install electrum on your phone AND your desktop, and your phone gets stolen, the thief can spend all unspent outputs, and you'll be left with nothing (all wallet will be emptied, even the one one your pc, since it has the same seed => master private key)

I guess I understand better now. Thanks.

One last question. I have account on localbitcoins.com and have very small amount (0.0003btc). When I copy my public address from localbitcoins.com and search it on blockchain.info site it shows I have final balance of zero, and when I import my address of localbitcoins to BlockChain app it shows Watch Only and Balance of zero but in fact on the localbitcoins.com I have 0.0003 btc. Do you know why this happens?

[mocacinno]

is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

Yes you can. It's also ideal to have a backup of your privatekey if you are planning on formatting your phone. Your privatekey allows you store store your btc address and bitcoins in even other clients other than the ones you used in making that wallet. Btw, incase you didn't know, electrum also have a pc version.

So can I use electrum on mobile and desktop PC version at the same time?

If you use the same seed, then yes, you can install electrum on a dozen of pc's/phones at the same time, and still manage the same keys. But if you install electrum on your phone AND your desktop, and your phone gets stolen, the thief can spend all unspent outputs, and you'll be left with nothing (all wallet will be emptied, even the one one your pc, since it has the same seed => master private key)

I guess I understand better now. Thanks.

One last question. I have account on localbitcoins.com and have very small amount (0.0003btc). When I copy my public address from localbitcoins.com and search it on blockchain.info site it shows I have final balance of zero, and when I import my address of localbitcoins to BlockChain app it shows Watch Only and Balance of zero but in fact on the localbitcoins.com I have 0.0003 btc. Do you know why this happens?

It's been a long time since i last used localbitcoins. But, it sounds like localbitcoins is just showing you an unused deposit address (this is actually a good thing, IIRC, localbitcoins generates a master key for each client, and always derives a new address each time a deposit is made, this is a big plus for your privacy).
It's possible that the previous time you deposited BTC to localbitcoins, they gave you a different address to deposit, or it's possible you've never deposited in the past. In this case, the 0.0003 BTC you have with them is currently in their own hotwallet, and when you ask for a withdraw, they send the funds from their hotwallet....

But once again, i haven't used localbitcoins in quite a while, so i'm unsure witch procedure they follow nowadays.

[2double0]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

For blockchain app, you will need to have your 2fa backed up already (if you have enabled it), and if not, then your address identifier, password, email and your mobile number are the four things you will need to login back to your wallet. Electrum lets you get your wallet through the 12 phrase seed, so don't worry about that.

I guess I understand better now. Thanks.

One last question. I have account on localbitcoins.com and have very small amount (0.0003btc). When I copy my public address from localbitcoins.com and search it on blockchain.info site it shows I have final balance of zero, and when I import my address of localbitcoins to BlockChain app it shows Watch Only and Balance of zero but in fact on the localbitcoins.com I have 0.0003 btc. Do you know why this happens?

When you say public address, it's either a multisig address or a new address where you may "receive" BTC just once in order to be added in your (Localbitcoin's) wallet. I have never heard of any Localbitcoins' addresses that may be "imported" to blockchain wallet? Do they?

[truthstalker]

Even if you are not going to format your devices you should always have the private key dotted down somewhere. I have mine written on pieces of paper which are stored securely.

[btcmayumana]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

yes you still can recover access it
keep backup of passphrase on safe storage

[Kazi Sajib]

for safety i think  you should always backup the private key, so that next time you can recover access it

[xCRYPTO]

I am new to bitcoin and I am confused about wallet, private key, seed etc.. my aim is to buy bitcoin and HODL for life.

I currently only have 2 wallets on my phone (blockchain app and electrum) and I have written down the 12 seed phrases for them. If I were to format or buy new phone now and reinstall those 2 wallets, is it true that I still can access my wallet with my email and 12 seed phrases and able to see my bitcoin address and btc right? I do not have wallet for pc desktop.

That's a good idea, what if your phone accidentally lost? So you got back up and you have another one. Don't save it on your pc desktop it's risky and it's vulnerable for virus. Mobile phone is safe than desktop

[jrrigs]

As long as you have the private key and/or recovery phrase then you should have no trouble recovering your funds should anything happen to the device that has your wallet app. Still, a hardware wallet is the best way to store your coins if your looking for something long term.