Post update: For more information about the Abra recovery phrase, please check out our more recent post about the topic.
Every Abra wallet is a bitcoin wallet that is used to store, send, and receive money. Like all bitcoin wallets, Abra uses special codes called “private keys” to authorize transactions. Anyone who has the private key to a bitcoin wallet can authorize transfers to other wallets. It is therefore very important to keep the private keys to your wallet safe and secure, away from prying eyes, in case anything happens to your wallet.
Abra provides users the private keys to their wallet using a recovery phrase. The recovery phrase, sometimes called a “wallet seed” or “backup phrase,” consists of 13 words that need to be written down and stored in a safe place. If anything happens to a user’s Abra wallet or the phone that the wallet is installed on, the recovery phrase can be used to restore and recover all funds stored in the wallet.
Without the recovery phrase, users will lose their funds if anything happens to their wallet.
It is therefore very important to us that users are made aware of the risk and are diligent about verifying that they have saved a copy of their recovery phrase.
We recently implemented some important changes to how the Abra wallet’s private key recovery phrase is presented to users. Users are first introduced to the recovery phrase concept when they create their Abra wallet, and are then given a set number of reminders before Abra requires them to verify that they have saved their recovery phrase.
When you are ready to verify that you have saved a copy of your recovery phrase, the steps to take are quick and easy.
Step 1. Show your recovery phrase
There are several opportunities to have the app show you your recovery phrase, including when you first install the app, when you are reminded to verify your recovery phrase, and when you press the “Backup” button in the main menu of the app.
When you select the option to show your recovery phrase, you will be shown a screen with thirteen words to copy. These thirteen words are your recovery phrase. The recovery phrase is unique to your phone – no one else has a copy.
Step 2. Write down a copy of your recovery phrase
Write down the recovery phrase on a piece of paper and store it in a safe place, such as the same place you store your birth certificate, cash savings, and other valuables.
You may be tempted to take a screenshot but if you lose your phone, you may also lose your recovery phrase. Remember that anything stored online is more vulnerable to hacking. See https://bitcoin.org/en/secure-your-wallet for some additional tips.
Step 3. Verify that you have saved a copy of your recovery phrase
Once you have stored a copy of your recovery phrase in a safe place, go to the next screen and type the words back into the app in the correct order, then press the “Confirm phrase” button to verify your recovery phrase. If you typed it correctly, you will receive a confirmation notification.
Your wallet is now protected!
After you have verified your recovery phrase, you will no longer receive reminders to verify your recovery phrase. You can now use the copy that you saved to recover the funds in your wallet if you get a new phone or have to reinstall the Abra app for any reason.
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Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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