BRD Wallet Stops – This is How You Migrate to Another Wallet
By Space Coast Daily // March 24, 2022
The popular wallet application BRD Wallet is shutting down. As a result of an acquisition, the BRD Wallet team will now develop another wallet. This article can read how you can easily migrate your funds from BRD Wallet to another wallet application. You can read here about Bitcoin city in El Salvador.
In November, news announced that Coinbase had acquired the company behind BRD Wallet. As a result, the development of BRD Wallet is halted, and the team will now work on a wallet application from Coinbase. In addition, the company will eliminate the functions of the BRD Wallet in the coming weeks. Therefore, as of March 4, BRD Wallet users will no longer transact.
Therefore, users of the BRD Wallet will have to migrate their funds to another wallet application. Fortunately, that is quite simple. There are two ways to do that:
1. you create a new bitcoin wallet via another wallet application, and you send your funds there
2. you use the recovery phrase to import your bitcoin wallet into another wallet application
Send funds to a new bitcoin wallet.
The easiest and most secure way to switch to a new wallet application is to create a new bitcoin wallet through another wallet application and send your funds from their BRD Wallet.
First, install a new wallet application of your choice and indicate that you want to create a new bitcoin wallet after installation. Then, make an excellent physical backup of the 12 or 24 words you get when creating the new wallet and keep and protect the backup well. Once you have done that, you can generate a receiving address from the new wallet and send the funds from BRD Wallet. If you want to be cautious, you can first test it with a small amount.
Once the funds have been sent to the new wallet, you no longer need the old bitcoin wallet and the old wallet application. Check everything carefully before uninstalling anything, and also check that you have saved the recovery phrase of the new wallet correctly. It doesn’t hurt to keep the old recovery phrase, to be sure.
This method costs a little bit because you make a bitcoin transaction and pay the associated miner’s fees. This method does not transfer the transaction history from your old bitcoin wallet to the new wallet application. BRD Wallet does offer the option to export your transaction history to a. CSV file via the settings.
However, the advantage is that you do not have to use the recovery phrase from your old bitcoin wallet in this way. There are always inherent security risks associated with entering a recovery phrase digitally, and the most reliable way to protect it from digital threats is never to enter it digitally.
Import recovery phrase into a new wallet application
You can also choose to import the same bitcoin wallet into another wallet application. A bitcoin wallet is virtual and only exists on the blockchain. And it is independent of wallet applications and devices. A wallet application is only a means of access, provided you have the correct access code: the so-called ‘ recovery phrase ‘ or ‘recovery phrase’ in Dutch. It is sometimes referred to as recovery seed, seed phrase, master seed, or similar in other applications.
It is a series of 12 or 24 English words generated by the bitcoin wallet. At BRD Wallet, it is 12 words. You got them when you created the bitcoin wallet, and you should have made a backup of it. It is usually recommended to do this on paper.
Have you lost the words? That is not good, but in this case, you are lucky because you can request the ‘recovery phrase’ in the settings of BRD Wallet under the heading ‘security centre’. This time, however, make an excellent physical backup (for example, on paper, not digitally!) because not all wallet applications offer this option.
If you enter the words in another wallet application, the application will import your existing bitcoin wallet (including the transaction history) into the new wallet application.
Pay attention! Once you enter a recovery phrase into a computer, smartphone or another device, there is always an inherent risk that a malicious person will obtain it through a virus, spyware, or other means. The method above is therefore safer. Is that not possible because BRD Wallet has disabled functions, or do you want to use the recovery phrase for other reasons? Then only use a device that you know is safe. To be on the safe side, consider transferring the funds to a new wallet using the method above so that you get a brand new recovery phrase.
You are importing the recovery phrase into a wallet application. You install a new wallet application, and when asked whether you want to create a new bitcoin wallet or import/restore an existing wallet, choose the latter. Then fill in the 12 words. After that, your bitcoin wallet has been transferred to the new wallet application. You can read a more wide clarification in an earlier article. After you have checked whether it was successful, you can uninstall the old BRD Wallet.
You can choose from several wallet applications, but it must support 12-word recovery sentences. Does the new wallet application you choose not support this? Then the recovery phrase is unfortunately not compatible, and you can use the method above or choose another wallet application.