An honest Q&A with a Zucoin buyer who lost their Zucoins all because of one silly mistake!
The Support Team at Zucoins might sound like a broken record sometimes, but we really do mean it when we say, “Backing up your Zucoin Wallet is ESSENTIAL“.
Recently, the Support Team received an email from Zucoin Buyer, Joe, asking to recover his Zucoins after changing phones. He was advised to simply follow the recovery steps using his backup file when installing a new Zucoin Wallet. However, he was not thrilled to learn that he had lost all of his Zucoins as he previously dismissed and overlooked the backup process.
Unfortunately, this mistake is one that too many people make, despite the regular emails and blogs provided to users and educating them of the consequences.
Fortunately for all of you, Joe hopes to share his story and experience in hopes that it helps others not make the same mistake he did!
Let’s take a look at what went down:
1. How did you lose your coins?
“I changed my phone and realised that after the old one was erased, I had not backed up my original Zucoin Wallet and therefore lost my Zucoins“
2. Did you back up your Zucoins wallet? If so, where did you back up to?
“No, unfortunately, I hadn’t backed it up at all.”
3. Did you view the Zucoins tutorials?
“I did watch a few of them but obviously hadn’t paid close enough attention and action some of the recommended steps.“
4. Did you read the support emails?
“I’m not great with emails, and my email is flooded with information, so I sometimes miss or overlook emails that come through.“
5. What would you do differently next time?
“I would have paid more attention, read the support emails and watched the tutorials.
At the end of the day, it is my responsibility to take any appropriate steps to manage and store my digital wallet safely.“
6. Any other advice for people?
“I had first brought Zucoins in 2020, and it was so long ago, so I had assumed (wrongly) that I had written down a “seed phrase” (A seed phrase is a randomly generated cryptographic combination of words that serve as a form password that allows private keys to your cryptocurrency wallet to be created).
I had previously seen emails warning me that I must acknowledge that I have successfully backed up my Zucoin Wallet before receiving my coins etc. However, I assumed this was just another precaution and that I would use a “seed phrase” and my wallet would be restored back with my coins… but when I went looking for my seed phrase after changing phones, I couldn’t find it as I had not backed up, and there was, therefore, no “seed phrase”.
That’s when the reality of the situation really sunk in, and I realised why I was previously forewarned to complete a backup and safely store it.
Unfortunately, it was no one’s fault but my own, and there was no way of getting my coins back. It wasn’t a massive amount of Zucoins, but the potential value of the coins on launch and the loss of potential profit, because I wasn’t careful, was a big hit.“
Like a physical wallet, individuals must also keep their Zucoin Wallet safe and secure. Remember, only you will have access to your data and private keys in a decentralised future. Of course, it can be a double-edged sword to be the sole owner of your money, but one cannot hope for more benefits of decentralisation without more personal responsibilities.
Learn the basics of the backup and restore process for your Zucoin Wallet by watching our tutorials below:
You can also check out our previous blog post on backing up and restoring your wallet here.