What happens to your Bitcoin if you lose your phone?

[Joeboy]

Now in a situation where you lose both your phone and your wallet credentials, recovery may become difficult if not impossible.

"BEING DIFFICULT" is just an understatement, The best phrase to use is Impossible, coz that is the reality of  anyone trying to recover their account back in case of losing both their phones and seedphrase...Bitcoin ecosystem isn't like our day to day banking system where we could easily go to the bank official for a change of password or account recovery..This is the more reason why folks should never joke with their security...Surely in majority of my response and post, I am always of the opinion that folks kickstart their accumulation journey without them delaying themselves with gaining much knowledge, but then again it is still very important that folks also and always learn self custody while on the go...Meaning that they should learn how to store their Bitcoins on a self custody wallet as well as also learning how to properly store those their seed phrases in cases of devices loss...This seedphrase can be store either be engraved in any metallic object or written down and kept in a very safe place which beyond the reach of outsiders...

[Somto9Light]

You have answers to your question already, but a little addition to what has being said, there is no loss to assets on both custodial and non custodial wallet when the registered credentials and passkey are available. For a lost custodial wallet, there will be provision to input the registered email and password of that wallet, after which a prompt notice of an authenticator code request pops up, there will also be an option for "lost authenticator access " after which further verification process is confirmed. For a non custodial wallet, there is no recovery when the seed phrase is lost.

Do you know that you can still lose access to your custodial wallet? How this is possible is a scenario whereby you registered and email address and you didn't input recovery details like another email address or your phone number incase you forgot your password. There are people that automatically logs in to their email address whenever they want to check mailbox and after a long time they might forget their password if they didn't write it out somewhere. So in a situation where they lost their phone, when they try logging in to their custodial wallet with another phone it will require that they input their email address and password, so if the password to the custodial wallet is also forgotten it will require that you input the email address and ask for a password recovery. In that situation you will need access to your email but since you have forgotten your email password that means it will be difficult to log in your email address and get the recovery link of the custodial wallet.

[ZeroVinsonN]

So far your keys which serves as the security of your wallet is stored safely elsewhere and not inside the missing device then you're not losing anything in your wallet but if it happened that tbe phone got stolen by someone who successfully login and get acess to your keys then your coin is gone.

I would've quoted the popular slogan about keys but I believe it's a popular phrase that people should know by now and take precautions on how to  protect their keys, cause it's the most important thing that concerns the security of a wallet. Avoid storing your keys in your phone especially inside the email, it should be engraved in a metal plate and stored in a safe at different locations.

What separate location, you should understand that metal plating isn't popular here in Nigeria, at least not in my part of the country so asking me to make sure my seed is engraved on a mental plate might not be very realistic, long story short; it's easier said than done, but that's even a different issue entirely, the problem here is that what other location can you store you seed phrase at?.
If you are talking about storing it in a 'safe' then you should know that if it gets broken into then your bitcoin is gone, we can try to avoid hacking as much as we want by not storing it online but that doesn't eliminate the threat because as long as people still know you are holding bitcoin you seed phrase will still be a target, the best suggestion right will be possible safe location outside of your house and to also make sure you have more than one copy of your seed phrase just to make sure.

[Fiasem20]

If dem thief your phone the person wey thief am no go fit access your bitcoin if dem no get your private keys or your recovery phrase.Na why dem dey advise crypto enthusiasts to store their seed phrase offline,anything wey make you store your seed phrase for notepad,email or password manager no be only physical thief fit access am but hackers online go break into where you store your login credentials for your phone.By right no be the wallet wey dey your phone dey manage your bitcoin rather na the blockchain network nai dey claim ownership of your bitcoin and dem dey give wallet the go ahead to transfer your bitcoin through private keys.So the koko na to secure your login credentials offline and keep them for better place.

[Oyoyoma_yu]

On no account should bitcoin investors store their wallet in their phone because if that phone is missing, and the persons that stole your phone gains access to your wallet phrase or security details, you are really in trouble, so the best way is to keep your wallet security details out of reach of anyone except the person you pleases to. Some of these criminals who snatch phones, some of them are not really looking for the phone, but they peruse through your phone, tampering with even your Bank apps, and if such person is aquatinted with what wallet phrase is all about, and he sets his eyes on it he can actually tamper with your wallet. Therefore avoid saving some vital information on your phone.

[Roseline492]

Sometimes it also depends on how you setup the wallet because their are people who always keep their wallet free from any security means of accessibility and as such making it very vulnerable for anybody that's with their smartphone to access it, so actually no be something them they talk too much because na one time them go take sweep everything comot for your wallet. Na way people way they always make plenty Waka for either business or normal they like keep only their secret phrase safe and delete any wallet app them get for their phone so that nobody go fit even know sell them they into Bitcoin so actually you should always make sure your security also protect your assets even when you lost the phone.

[DiMarxist]

So far your keys which serves as the security of your wallet is stored safely elsewhere and not inside the missing device then you're not losing anything in your wallet but if it happened that tbe phone got stolen by someone who successfully login and get acess to your keys then your coin is gone.

This is the reason why we should be careful with the security of our mobile device, especially with people who are around us because you don't know the intentions of people around us. We should be very sensitive of our environment as the trust is a very big issue these days.

We should be very sensitive with our passwords when it comes to our mobile devices so that even if it's gets to possession of people who are close to us they may not have access to our phone, because anyone who has access into your phone can use it against us. Especially for those of us who are into crypto currency, because if someone doesn't protect his wallet very well he or she risks losing his crypto currencies.

[coinlary]

Now in a situation where you lose both your phone and your wallet credentials, recovery may become difficult if not impossible.

There's nothing like difficult there, once you loose the recovery key or seed  and every other means to access your wallet without any backups to fall back on, it's almost impossible (which is still impossible anyway) unless the future threats are trully up to the level  of breaking keys/ seeds.

It's  just like losing access to your fiat account , then bank request your KYC and you said you have none. Unfortunately  unlike you KYC that can be recreated, Bitcoin keys doesn't  work the same way .

Not your key not your  coin .
No key no coin.

[MainIbem]

Now in a situation where you lose both your phone and your wallet credentials, recovery may become difficult if not impossible.

There's nothing like difficult there, once you loose the recovery key or seed  and every other means to access your wallet without any backups to fall back on, it's almost impossible (which is still impossible anyway) unless the future threats are trully up to the level  of breaking keys/ seeds.

It's  just like losing access to your fiat account , then bank request your KYC and you said you have none. Unfortunately  unlike you KYC that can be recreated, Bitcoin keys doesn't  work the same way .

Not your key not your  coin .
No key no coin.

You both are saying the same thing so you shouldn't have started with "there's nothing like difficult there". Anyways, since i discovered that storing important things like the seed phrase online or a gadget like phone is not really a good option, I don't advise people in that anymore, before now I used to support storing it in email but that like risking it to hackers or anyone who can access your mail the best way to store the seed phrase is offline not online.