Sometimes it is necessary to move your funds from an existing wallet to a completely new wallet.
Common reasons include:
- Your recovery words may have been exposed
- Your backup was stored digitally or insecurely
- You want to start with a fresh wallet
- You want to improve your security setup (for example by using new recovery words and a passphrase)
If you only own one BitBox02, transferring funds requires temporarily switching between the old wallet and the new wallet.
Important prerequisites
Before starting the process, verify that you have a working backup of your current wallet.
You must have at least one of the following
- a microSD card backup, or
- your recovery words written down (analog backup)
Ideally you have both.
A microSD backup allows the fastest wallet restoration.
However, it is strongly recommended to also keep an analog backup (written on paper or stored on steel).
⚠️ Warning
If you do not have a valid backup, do not reset your device.
A factory reset without a backup will permanently delete access to your funds.
Step 1 — Verify your wallet backup
Before doing anything else:
- Confirm that you have access to your recovery words or microSD backup.
- Make sure the backup belongs to the wallet that currently holds your funds.
You will need this backup later to restore the old wallet.
Step 2 — Create a new wallet
- Perform a factory reset of the BitBox02.
- Initialize the device as a new wallet.
- The device will generate new recovery words.
⚠️ Danger
Never store recovery words digitally (for example in screenshots, cloud storage, or notes apps).
Recovery words must always be stored offline and privately.
Step 3 — Create backups of the new wallet
Immediately create backups for the newly generated wallet.
Recommended setup:
- microSD backup
- analog backup (written on paper or stored on steel)
Ideally, create a microSD backup during setup, and additionally store your recovery words in one or two secure analog backups.
See our guide:
How to set up your BitBox02 with a microSD backup
✔️ Success
At this point you now have a completely new wallet with new recovery words.
Step 4 — Verify a receiving address from the new wallet
While still inside the new wallet:
- Open the receive screen in the BitBoxApp.
- Verify the receiving address on the BitBox02 device display.
- Copy the address and store it temporarily in a text file or note.
You will send your funds to this address later.
For instructions see:
How to receive Bitcoin using the BitBoxApp and BitBox02
ℹ️ Info
Always verify addresses on the device display, not only in the app.
Step 5 — Restore your old wallet
Now restore the wallet that currently holds your funds.
- Perform another factory reset.
- Restore your old wallet using:
- the microSD backup, or
- your recovery words.
See:
How to restore a BitBox02 using a microSD backup
After restoration, the BitBoxApp will again display your existing balances and transactions.
Step 6 — Send funds to your new wallet
Now transfer the funds:
- Open the send screen in the BitBoxApp.
- Paste the receiving address from your new wallet.
- Send the funds.
Guide:
How to send Bitcoin with the BitBoxApp and BitBox02
Wait until the transaction is confirmed.
✔️ Success
Once confirmed, your funds are now secured by the new wallet and its new recovery words.
Step 7 — Restore your new wallet again
To continue using the new wallet:
- Perform another factory reset.
- Restore the new wallet using:
- the microSD backup, or
- the new recovery words.
After restoring, confirm that:
- the transaction arrived
- your funds appear correctly in the BitBoxApp
Your migration is now complete.
Optional: Using a passphrase for additional security
When creating your new wallet, you may consider using a passphrase.
A passphrase creates an additional hidden wallet derived from your recovery words.
This means:
- recovery words alone are not enough to access the funds
- the correct passphrase is also required
Learn more:
Optional passphrase for BitBox02
⚠️ Warning
If you forget the passphrase, the funds in that wallet cannot be recovered.
Easier alternatives
The process above is required when you only have one BitBox02.
However, there are easier alternatives.
Using two BitBox02 devices
If you own two devices:
- keep the old wallet on one device
- create the new wallet on the second device
- send the funds directly
This avoids repeated factory resets.
Using Sparrow Wallet or Electrum
Advanced users may also use external wallet software such as:
This allows you to send funds without repeatedly restoring wallets on the BitBox02.
However, this method requires importing the recovery words of your old wallet into the software wallet, which temporarily reduces the security of that wallet.
Because of this, this method should only be used if:
- you are familiar with Sparrow or Electrum
- you need to move funds quickly
- you believe the wallet may already be compromised
In this case the general process is:
- Create a new wallet on the BitBox02 and make backups.
- Keep the new wallet active on the device.
- Import the old wallet recovery words into Sparrow or Electrum.
- Send the funds from the software wallet to the new BitBox02 receiving address.
This approach is recommended only for advanced users.
When should you move funds to a new wallet?
You should create a new wallet and move funds if:
- your recovery words were exposed
- you entered them on a website or computer
- they were stored digitally
- someone else may have seen them
Moving funds to a new wallet ensures that the old recovery words can no longer access your funds.
FAQ
Do I need to create a new wallet if my recovery words were exposed?
Yes.
Anyone who knows your recovery words can access your funds.
You should create a new wallet with new recovery words and transfer your funds immediately.
Can I use the same receiving address multiple times?
Technically yes, but it is recommended to use new addresses for better privacy.
What happens if I lose the new recovery words?
If the new recovery words are lost, the funds in the new wallet cannot be recovered.
Always keep backups in secure locations.
Why does this process require multiple factory resets?
When using only one BitBox02, the device can hold only one wallet at a time.
Therefore you must switch between the old wallet and the new wallet during the transfer process.
Is it safe to store recovery words digitally?
No.
Recovery words must always be stored offline and never digitally.