I am planning to convert a part of my fiat currencies into BTC. I see that web wallet are a good balance between ease of use and security as it prevents breaking a device, being robbed physically, etc.
However I still have a question that the website support could not clearly answer: what if the website and the associated company are completely destroyed (bankrupt, whatever...) ?
Will my 12-word pass phrase still be useful to recover my BTC into another web-wallet ?
Thanks
I have performed a few tests and it seems that the 12 word phrase is able to recover the wallet from any wallet client that supports this 12 word phrase method.
The 12-word is a human readable alias for a master key that links to each private key of a set of wallet.
I have installed Electrum which is a local client installed on Windows and it did successfully gain access to my Bitcoin.com wallet by using the 12-word phrase.
I deduce that these words are enough to recover my wallet even if Bitcoin.com falls down.
@Toomakesense: the question is not whether or not it is likely to happen but what would happen in case it is. Everything is possible even if it is unlikely!
Anyway thanks for your help