Frequently Asked Questions

Last Modified : February 7th 2024

Welcome to the UpHODL FAQ! In this article, we'll cover some of the most commonly asked questions about UpHODL, a multi-chain, multi-asset self custodial wallet for Bitcoin, XRP, Ethereum, and ERC-20 tokens.

UpHODL allows you to securely send, receive, and hold assets, as well as connect to decentralized exchanges, decentralized applications, and other blockchain-based services via WalletConnect.

Whether you're new to UpHODL or you're a seasoned user, this FAQ will provide you with helpful information about seed phrases, transaction fees, transaction processing times, and WalletConnect. Read on to learn more about how to use UpHODL to manage your cryptocurrency assets securely and efficiently.

What is UpHODL?

UpHODL is a multi-chain, multi-asset self-custodial wallet for Bitcoin, Ethereum, and ERC-20 tokens. It allows you to securely send, receive, and hold your assets, all from one convenient location. 

What is a self-custodial wallet?

A self-custodial wallet is a type of cryptocurrency wallet that allows you to retain full control over your assets. Unlike custodial wallets, which store your assets on a third-party platform, self-custodial wallets enable you to manage your assets directly, using your private keys.

What cryptocurrencies does UpHODL support?

UpHODL supports Bitcoin, Ethereum, and ERC-20 tokens, Ethereum based NFTs (both ERC-721 and ERC-1155). It also supports , and XRP and XRPL based NFTs.

Can I import an existing wallet into UpHODL?

Yes, you can import an existing wallet into UpHODL using your seed phrase. This makes it easy to switch between wallets or to access your existing crypto holdings. You can also import a wallet address to create a read-only view of the account. Note you will not be able to spend from this wallet without importing a seed phrase or private key. UpHODL also supports ENS names as a way to import a read-only account.

Is UpHODL easy to use?

Yes, UpHODL is designed to be user-friendly and intuitive, with a range of customizable settings to suit your preferences. Whether you're an experienced trader or a newcomer to the space, UpHODL makes it easy to manage your cryptocurrency holdings.

Is UpHODL secure?

Yes, UpHODL is designed with security in mind. Its self-custodial design ensures that you retain full control over your assets at all times, and the option to securely store a backup of your seed phrase on iCloud or Google Drive makes it easy to recover your assets if your device is lost or stolen.

Can I connect UpHODL to my Ledger device?

Yes. You can use UpHODL along with your Ledger hardware wallet. To do this simply tap the menu icon from the main screen (the three dots on the top-right of the screen), and select “Connect to Ledger Device”. This requires access to a bluetooth enabled device such as the Ledger Nano X. In this mode your private keys remain on the hardware device, and all transaction signing takes place on the device. UpHODL is used simply to broadcast these transactions to the relevant crypto network, retrieve balances and related functions.  

Can I connect UpHODL to DEXs, dApps, and exchanges?

Yes, UpHODL seamlessly integrates with DEXs, dApps, and exchanges via WalletConnect, making it easy to connect and interact with the wider crypto ecosystem. 

Does UpHODL charge fees?

UpHODL does not charge any fees for using its platform. However, users may incur network fees when sending or receiving cryptocurrencies, depending on the blockchain they are using. 

How do I get started with UpHODL?

To get started with UpHODL, simply download the app from your app store and follow the setup process to create a new wallet or import an existing one. From there, you can start securely managing your cryptocurrency holdings, all from one convenient location. 

What is a seed phrase and how does it work?

A seed phrase, also known as a recovery phrase or mnemonic phrase, is a sequence of 12 to 24 words that act as a backup for your wallet's private key. It's an essential component of any self-custodial wallet, as it allows you to recover your assets in case your device is lost or stolen. 

The seed phrase is generated randomly by the wallet software and is unique to each wallet. It can be used to recreate your private key and access your funds from anywhere, as long as you have the seed phrase. UpHODL uses the industry standard BIP39 word list so it is interoperable with other standard wallets. When importing or recovering a wallet the seed phrase must be entered as a space separated set of 12, 18 or 24 words. 

What is a BIP39 passphrase and how does it work?

A passphrase is different from the seed phrase. It’s an additional, optional security measure for users to further protect their funds. Technically all BIP39 seed phrases have a passphrase that is just an empty string. Adding a user selected passphrase creates a new wallet on top of your seed phrase. The crypto address derived from your seed phrase is changed if you specify a passphrase. In this way you can your Note the user is solely responsible for remembering their passphrase and it is not included in the cloud backup process.

Why is it important to backup my seed phrase?

It's important to backup your seed phrase because it is the only way to recover your cryptocurrency holdings if your device is lost, stolen, or damaged. Without your seed phrase, your assets may be lost forever.

How can I backup my seed phrase?

UpHODL makes it easy to backup your seed phrase by providing you with the option to store a backup of your seed phrase on iCloud or Google Drive. However, it's also recommended that you make a manual backup of your seed phrase by writing it down on a piece of paper and storing it in a secure location. 

How can I make a manual backup of my seed phrase?

It's crucial to keep your seed phrase safe and secure, as it's essentially the key to your wallet. One way to do this is to create a manual backup of the words and store it in a safe place. 

To do this, you can simply write down the 12 to 24 words that make up your seed phrase on a piece of paper or another physical medium. It's important to ensure that the backup is kept in a secure location that is only accessible to you, such as a safe or a locked drawer. 

It's essential to never share your seed phrase with anyone, and to avoid storing it digitally or online, as this can increase the risk of theft or hacking. 

What options are there to manage my wallet?

There are a number of options for managing a wallet. To begin, simply select the wallet from the main tab, click the “three dots” (...) menu in the top right of the screen., From here you have the following options;

  • Rename Wallet

  • Delete Wallet

  • Backup Wallet

  • View Seed Phrase

  • Add New Account

What should I do if I lose my seed phrase?

If you lose your seed phrase, you may not be able to recover your cryptocurrency holdings. It's important to store your seed phrase in a secure location and to keep it confidential to minimize the risk of loss or theft. If you believe your seed phrase has been compromised, you should immediately transfer your cryptocurrency holdings to a new wallet and generate a new seed phrase. 

If you've lost your seed phrase but still have access to your wallet, you can create a new wallet and transfer your funds to the new wallet. If you've forgotten your password, you can often reset it by following the wallet's recovery process. 

What are network fees, and how are they determined?

Network fees, also known as transaction fees, are fees charged by the blockchain network to process transactions. They're paid to miners or validators who process the transactions and add them to the blockchain.

The fees are determined by the demand for processing power on the network, and they can fluctuate depending on the current network congestion. If the network is busy, fees can be higher to incentivize miners to prioritize your transaction.

In UpHODL, the network fees are automatically calculated based on the current network conditions, and you can choose between different fee levels to ensure that your transaction is processed quickly or cheaply, depending on your preference.

How long does it take for a transaction to be processed?

Transaction processing time can vary depending on the network congestion and the fee level you've selected. Generally, higher fee levels result in faster transaction processing times, while lower fee levels may take longer. 

In UpHODL, you can track the status of your transactions in real-time, and you'll receive notifications when your transaction is confirmed on the blockchain. You can also view your transaction history to see the details of past transactions. 

What happens if my transaction fails, and can I retry it?

If your transaction fails, it means that it wasn't processed successfully on the blockchain network. In most cases, failed transactions occur due to insufficient funds or network congestion. 

In UpHODL, you can retry failed transactions by resubmitting the transaction with a higher fee level or correcting any errors in the transaction details. You can also cancel pending transactions if necessary.

What is WalletConnect, and how does it work?

WalletConnect is a protocol that allows you to connect your UpHODL wallet to decentralized applications (dApps), decentralized exchanges (DEXs), and other blockchain-based services. It's a popular way to interact with blockchain-based applications securely and easily. 

When you use WalletConnect, you scan a QR code provided by the dApp or exchange, which establishes a secure connection between your wallet and the service. You can then access the dApp or exchange directly from your wallet, without needing to enter any additional information or passwords. 

UpHODL supports WalletConnect, which means you can easily connect to a wide range of dApps, DEXs, and other blockchain-based services directly from your wallet. It's a convenient and secure way to interact with the decentralized web.

We hope this FAQ has answered any questions you may have had about UpHODL. If you have any further questions, please don't hesitate to contact our support team.

UpHODL is developed and published by Uphold Labs, the research and development arm of Uphold, the Web3 financial platform.

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