Does Relai have access to my Bitcoin?
No, we don’t! Your phone creates a Bitcoin wallet when you first download the app. It’s encrypted and stored on your device, so we never have access to it. That way you are in full control of your bitcoin. This has advantages and disadvantages.
On one hand, you don’t have to trust us. Your bitcoin are always safe, for example if something happens to Relai (like if we get hacked or file for bankruptcy) you can’t lose your Bitcoin.
On the other hand it’s also a big responsibility for you. We can’t help you if you lose your 12 word seed or if you lose your phone before you make a backup. So please make sure to write down those 12 seed words that are provided in the Relai App under “BTC backup” and store them safely! There’s no way we can help you to regain access to your Bitcoin in the case that you lose those 12 seed words and your phone