You may see some call this phrase your wallet’s “Twelve Words,” “Backup Phrase,” “Recovery Phrase,” “Passphrase,” or “Seed Phrase.” BitPay’s current apps use the term backup phrase, so we use this phrase in the rest of this article. The twelve word backup phrase is a human-friendly way to represent the wallet’s extended private key, for the simple reason it is easier to write down “ witch collapse practice feed shame open despair creek road again ice least ” than xprv9s21ZrQH143K31HBnsysHksXj3VavL2dvM7ajbjSneNbQppE6dNtaTmeVCiGR8krp5MxpgyNr3sSfZSZvHLb62ck8NrbrMQssnVFDs4s8pu3262. Because the private key is the “key” that allows someone to spend bitcoin, it is important that you secure your private keys.Īn extended private key is a 256-bit number can be represented one of several ways and it is the “master key” used to create all the private keys of a wallet. These private keys are unique, which means the wallet is unique to. Every wallet has one or more private keys which are used to sign a transaction. We strongly recommend that you write down your wallet’s backup phrase on a piece of paper and keep it in a safe place.Ī private key in the context of Bitcoin is a secret number that allows bitcoin to be spent. The backup phrase is the only way to recover a wallet. Note: The encrypt password will affect all the wallets within the key.īackup Phrase / Recovery Phrase / Passphrase There are no specific requirements such as capital letters, numbers, symbols, or length. Within the Crypto Wallets and Keys select the key that contains the wallet.If you forget or lose your password, the only way to recover the wallet is by the 12-word passphrase. We strongly recommend that you store the password and passphrase in a safe place. Note: While some older versions of the wallet use the term “spending password,” BitPay’s current apps use the term encrypt password. This password is also required to modify certain configurations, like the password itself or to access the wallet backup. This password is required anytime you wish to send funds out of the wallet, such as a direct transaction, paying a BitPay invoice, or the available in-app purchases like Coinbase. The encrypt password adds security to your funds in case your device is lost or stolen. Using an encrypt password helps to prevent an unauthorized user from sending funds out of the wallet. The encrypt password is used as an optional security measure. The BitPay Wallet does not have an online account or login. BitPay merchant account dashboard login.BitPay dashboard login (cardholder, shopper).Backup Phrase / Recovery Phrase / Passphrase / Twelve Words / Seed Phrase.Here are the BitPay products and related passwords: BitPay Wallet app: This article clarifies the differences between each of the passwords, the importance of each, and security measures to take in order to keep your funds safe and recoverable.Įach of the passwords listed is independent and not related to other passwords. Some of these passwords are related to the BitPay Wallet, and others are related to BitPay’s other products and their logins. For customer service call BitPay Prepaid Mastercard at 1-85.There are many passwords within BitPay’s products. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014. The BitPay Prepaid Mastercard is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. Please refer to your Fee Schedule for other fees associated with your BitPay Card. There is a 2.50 USD fee for ATM or cash-back withdrawals inside and outside of the USA. When traveling outside of the United States of America, you will pay a fee of 3% to cover the cost of currency conversion. There are no transaction fees for using the card to pay in the US. Learn more about the costs of sending a payment to BitPay. ( What currencies can I use to pay a BitPay invoice? ) You will pay the BitPay Network Cost and/or wallet miner fee depending on the cryptocurrency you are paying with. BitPay processes card dollar loads in cryptocurrency.
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