How To Restore Your Wallet On Bitpay & Setup Shared Wallets

Inorder to restore your wallet on Bitpay, follow these hassel free steps and safe guard your wallet;


Option #1. If you still have your backup phrase

Open the app and go to : Add Wallet > Import Wallet > Wallet Recovery Phrase. Write down your 12 words backup to restore your funds.

If you have a file or text backup, go to Add Wallet > Import Wallet > File/Text Backup in the app and upload your file/text backup.

How to use BitPay to Send and Receive Bitcoins?

Option #2. If you do not have your backup phrase

Incase you do not have your backup, then unfortunately you have lost your bitcoin. For security, 12 word backup phrases are not derived from or stored on BitPay servers, so BitPay cannot recover funds for you.

Option #3. If you have a recovery QR code or paper wallet

Add wallet > Import wallet > Recovery phrase tab > tap on the scan icon.

Option #4. If you have a file or text backup

Add wallet > Import wallet > File/Text tab.

* File format: from windows, linux, osx and chrome-app. Upload the file.
* Text format: from mobile devices. Paste as plain-text the json format

Note: all File/Text formats have a password.

Setting Up A Shared Wallet / Joining an Existing Shared Wallet

Bitpay gives you the option of using a shared wallet, meaning you and have 2 or more [max 6] number of copayers for one wallet. This comes in handy incase you lose access to your account, and even in the case of joint transactions. You can create/join a shared wallet by following these steps;

Step 1: Firstly, Tap on the ‘+’ sign on the homepage. Thereon, tap on ‘Shared Wallet‘ if you want to create a new wallet and tap on ‘Join Shared Wallet‘ if you want to join an already exisiting shared wallet made by your friend, colleague. (Here we are going ahead with the creation of a new Shared Wallet)

How to use BitPay to Send and Receive Bitcoins?

 

Step 2: Futhermore now, select the kind of cryptocurrency that you would be dealing with [BTC or BCH].

Step 3: The next step is to configure your wallet. Enter a “Wallet name”of your choice in the space given, next enter your name. Once you finish with that, the next step is to decide on the “Total number of copayers”. You can select from a minimum of 2 to a maximum of 6 number of copayers. The next step is to decide on the number of required signatures; This is to authorize a certain transaction that you want to carry out. The transaction will pass through only when the required number of signatures are given.

Once you are done with that click on the “Create BTC Wallet”which would be enabled at the bottom. The same steps apply for creating a BCH Wallet.

How to use BitPay to Send and Receive Bitcoins?

Step 4: On clicking the “Create” option, a small window will appear with the option to protect the wallet with an ecryption. Follow the same steps executed under “Basic Wallet” hereon.

Step 5: Finally, once the password is set share the QR code with all your copayers. They can scan the code by opening the “Join Shared Wallet” option. The wallet gets created, when all the copayers have joined. You can even chose to cancel the invitation too if you wish to. [Please Note: By canceling the invitation, the wallet gets deleted too.]

Bitpay Backup

Congratulation! You are now all set to use your Shared Wallet! Before you can receive or send funds from this wallet, you need to make sure that you have backed up this wallet. The backing up process, involves a combination of 12 phrases which are to be typed out in the same order. Follow the same steps which you had followed while creating the initial wallet.How to use BitPay to Send and Receive Bitcoins?

 

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