Cryptocurrency management is a tedious process rife with uncharted territory for many. Gaining first exposure to things like mnemonic phrases and sending and receiving transactions through QR codes can be daunting. So, in these series of posts we will be taking you through the step by step workflow all the way from generating an account on the Algorand Wallet to taking custody of your Algos on a ledger hardware device.
When you first download the mobile app, you’ll be directed to a page with two options: 1) Create Account 2) Recover from Passphrase. We’ll begin with the first selection: creating an account.
Creating an account means creating an Algorand cryptocurrency address that is managed by your mobile wallet.
You’ll be immediately prompted to create a six-digit password for your wallet. This password can be changed later on the in the settings. This will be demonstrated towards the end of the article.
Once you choose your password, there are some additional security features you can enable to ensure that you are the only one with access to your mobile wallet. These include face ID and touch ID.
Next you’ll be presented with a page that displays your secrete mnemonic passphrase. This phrase is the fail-safe for your Algorand account. If your wallet is compromised in any way or you need to access your Algo’s through a different wallet or interface, this back-up phrase is your only means of doing so. This is critically important because there is no process to retrieve assets on the blockchain other than your back-up phrase. Part of keeping assets (including Algo’s) on the mobile wallet is the introduction of self-custodianship. In the spirit of being your own bank, you are your own custodian when it comes to managing Algo’s on the mobile wallet. This back up mnemonic passphrase is the mechanism for being a self-custodian of your Algorand assets because as long as these 24 words are written down somewhere safe, you can always import them into a new wallet or other on-chain mechanism for asset management — meaning you always have custody.
Try to use a physical medium to backup your phrases, such as writing them down on a piece of paper and then storing them in secret. Do not use screenshots to keep a record of your phrases.
There is nothing anyone (protocol engineers, Algorand Inc, Algorand Foundation, or any other single individual) can do, if you lose your passphrase and also lose access to your account.
Once you’ve written the words down on a secure medium and stored them in a safe and secret place, the mobile app will verify that you have done so with three steps of phrase verification.
And once all three steps have been completed successfully, you’ll be given a success message.
The final step is simply naming your account:
Now that you’re mnemonic is safe and backed up, you are able to request or receive Algos. You can also make some account configurations in the Setting page which can be found at the bottom right in the menu bar.
The other method of managing an account on the Algorand Wallet is to recover an account from its passphrase. “Recovering” can be interchanged with the term “importing” which is also popular in the cryptocurrency industry. Recovering/importing an account is as simple as writing in the mnemonic phrase of that account. By simply typing in the mnemonic phrase, this authorizes the wallet to spend Algos from that account on the blockchain.
Enter the passphrase with spaces and without commas or other characters.
There are no risks of entering in the wrong passphrase or making a spelling or word order error — you have access to your funds as long as you have this phrase (assuming your account hasn’t been compromised). If there is a spelling or word error, the app will notify you and you can retry as many times as you’d like.
Please use the mobile app responsibly. Remember, this is your money! Treat it like your bank! If there are any questions, comments, or general feedback, please reach out to us at firstname.lastname@example.org. Thanks!
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