Your wallet’s encrypted password offers you extra security by requiring this password whenever you:
- Send a transaction or sign a multi-signature transaction
- Export your wallet
- Access your backup phrase
This password cannot be recovered or reset, and the only way to recover a wallet in case you have forgotten the password is by the 12-word recovery phrase. I forgot my wallet's encrypted password. What can I do? It is extremely important to make sure you have the recovery phrase before setting a password.