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When creating a backup with the Mycelium app, it gives me a list of 12 words which are used as some form of seed which I am supposed to write down and store in a safe place. Anyone with access to this word list can access any current and future funds in the wallet.

Well, what if my safe place gets compromised and the list of words stolen - can I somehow cancel the backup and generate a new one? Or would I need to set up a new wallet and transfer my funds there and just abandon the old one?

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There is no way to cancel the backup. Also you cannot be sure if it is comprised until the person actually spends the funds.

  • Transfer the funds to a new wallet
  • Diversify risk: Don't but all funds in one wallet !
  • the word know is missing. further, he/she could have other means to verify that his safe place has been compromised. – Jonathan Silverblood Nov 3 '17 at 7:04
  • Thanks for your answer. Yeah, of course I can't be 100% sure if it's compromised until someone actually takes the funds. Likewise, I can't be sure if my credit card is really stolen or just misplaced, but I'd still call my bank and cancel it. I mean in the case I'm suspecting that the backup has been stolen, I'd just rather be on the safe side than think "they'll never figure out what those words are!" lol. It seems that the Mycelium dictionary is rather limited, so someone into Bitcoins could be able to recognize some of the "random" words and try them out if they find my backup note. – Magnus W Nov 3 '17 at 7:55

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