How to switch to a new hardware wallet in case of losing the card

There is a critical rule that every cryptocurrency user has to keep in mind: “If you don’t control your keys, you don’t control your money”. The worst nightmare for a crypto assets owner is losing his private keys. This is why those who care about the security of their investment prefer to store their keys in a hardware wallet, keeping them safe from theft.

A widely extended option is to keep the cryptocurrencies in exchange, for being an easier system to use. However, these platforms provide a false perception of security, since they do not ensure the safeguarding of the assets they hold, are more vulnerable to malicious attacks and do not take responsibility in case of theft or fraud.

The latest developments in hardware wallets approach the user experience between different types of platforms, ensuring that the security of the assets is not compromised. But is this security real and sustainable? In the last year, aesthetic but impractical solutions have proliferated, which actually consists of paper wallets with beautiful designs, such as engraving keys on metal or using engraved characters to store them. These solutions are at the contrary extreme: high security but zero ease of use.

HASHWallet brings together the security of a paper wallet with the ease of an exchange with custody service. In this article, we will show how to recover our accounts even in case of losing the hardware wallet, and the simplicity of this process.

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How to recover your HASHWallet if you have lost the device

Losing a hard wallet is a critical moment since it contains your private keys and therefore access to all your funds. As a HASHWallet user, you will enjoy a simple and effective recovery process. All you have to do is purchase a new device, and then follow these steps:

  • Step 1: Run the App and prepare it to set up the new HASHWallet with the lost device account.
  • Step 2: Initialize your new hardware wallet. During the configuration process, you must choose the option to recover existing keys instead of creating new ones.
  • Step 3: Once your new HASHWallet links to the App, it will request to login to eSignus Vault or into the key storage service you have chosen. At this point, the App works as a gateway between the hardware wallet and the custody service.
    After selecting which HASHWallet you want to recover, the Recovery Key will be sent to the new device.
  • Step 4: Bring the HASHWallet close to the Smart Seed Card. The Recovery Seed data will then be transferred to the new hard wallet.

The cryptoprocessor will do the rest, and the new device will store again your keys. A simple and agile way to recover your wallets, without typing lots of keywords in an impossible keyboard or repeating the data entry by mistakes. All you need is your Smart Seed Card and your access to the eSignus Vault.

But what processes take place inside the smart card to make this possible?

The internal process of wallet recovery

The cryptoprocessor of the smart card combines the Recovery Key and the Recovery Seed using an algorithm to create the original seed that was randomly generated the first time. This seed is the origin of the private keys of each of the wallets that we had active. But how does HASHWallet know which wallets we had active?

The answer lies in the information stored in the App, which consists of the currencies associated with these wallets as well as their generation sequence numbers. Through this system, we can manage as many wallets per currency as we need.

A more extraordinary situation would be losing both the card and the App access at the same time. In this case, you would have to download the App again, enter your eSignus Vault access and follow the same steps described above. The only exception is that you would not know the coins related to each wallet and their sequence numbers, so you will have to introduce the coins and select the wallets with funds that the system displays.

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What can I do if I lose my Smart Seed Cards?

In this case, it is necessary to generate the Recovery Seed and Recovery Key again; these are removed from HASHWallet when the device is first initialized, and cannot be replicated since those were created through a random process that is impossible to replicate.

Smart Seed Cards contain the Recovery Seed. HASHWallet is delivered with two Seed Cards so you can store them separately to reduce the risk of loss. But even if you can’ t access them, there is also a recovery method:

  • Step 1: Purchase a new set of Smart Seed Cards.
  • Step 2: Connect to eSignus Vault using your card fingerprint sensor.
  • Step 3: Write your new Smart Seed Cards with the new data that has been generated again based on the Recovery Key.

With this simple process, you will have recovered your Seed Cards.

What if I forget my App access?

This process is equivalent to changing your smartphone or signing up for a new device. In these cases, it works as a new App. To link it, you must activate your smart card and authorize the link from the App with your fingerprint.

And if I lose my eSignus Vault passwords?

To access eSignus Vault, you need to know the username and password you specified when activating your first HASHWallet. In case you lose your smart card and forget the access to eSignus Vault, you won’t be able to recover your wallets. Therefore, you must save these access keys properly.

To avoid the loss of this access, eSignus Vault will suggest monthly access to the custody service with your keys. This way, in case you lose your access you will be able to recover it as long as you still have your card.

As you can see, HASHWallet is the device that provides higher security for crypto assets storage, and not only because of its technical features. It also provides reliable solutions for the recovery of keys in case of loss or theft in any part of the system.

About HASHWallet

HASHWallet is a hardware wallet that is based on an innovative technology deployed on a smart card that allows the user to authenticate or sign a transaction, in a secure environment that avoids any risk of impersonation and the possibility of fraud.

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eSignus is a consultancy firm experienced in the financial, technology and crypto security sectors. We run HASHWallet, the most secure hardwallet in the market.

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