Backing Up Fedi

For people who are well-versed in bitcoin and have the financial and technical means, some form of self-custody using threshold backups or multisig remains the “gold standard”. Fedi can automate and simplify that process and make it more accessible to a wider audience by leveraging Fedimint's federated custody model.

Fedi supports multiple backup options which can be used to recover digital resources like money, chat history, or accounts.

These options include personal recovery or social recovery.

Personal Recovery: Personal recovery allows you to simply write down and secure a 12 word phrase which effectively acts as a password to recover your funds. You keep this safe, and if you lose your access to Fedi, you can redownload it, rejoin your Federation, and then enter your 12 word phrase to recover your money and data. This is a standard single-sig wallet recovery method that is used by many bitcoin wallets, but is recommended for users experienced with bitcoin and secret management.

Social Recovery: Social recovery is designed to allow you to recover your funds through an identity verification by your guardians in your Federation. You record a short video, and share this with a close friend, or/and keep it in different places to ensure that it doesn’t get lost. If you lose your phone, you recover this video and use it to prove to the Federation guardians that you are the same individual in the video, and they can help you recover your money and data.