Where are my coins stored?
There is a common misunderstanding with how cryptocurrency wallets (Vaults) work. With any blockchain network, including Bitcoin, your coins aren’t actually stored in the Vault itself, they’re stored on the blockchain and you just use the Vault to access them.
This is exactly the same for the Haven Vault. It is simply a piece of software that acts as an interface. That then uses a set of encrypted keys to access the blockchain and look at the records of who owns what.
This can be shown with an illustration…
So, whenever you log into your Haven Vault it will scan the blockchain to update any outstanding transactions and balances and then display them in your Vault interface.
You can actually delete your Vault or destroy your computer but as long as you have your 25 word seed phrase you can access your money on any device at a later date.
From a philosophical perspective this can take some getting used to but in essence it means that if you were to memorise your seed phrase (not recommended) you can actually carry any amount of money in your head across any border or jurisdiction without anyone having any knowledge of it. With blockchain, your money is stored everywhere and nowhere at the same time.
HAVEN HINT: The most important piece of information to keep securely stored is your 25 word seed phrase. It is recommended to write this down or other wise store this in more than one location to ensure it doesn’t get lost or destroyed.