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What is a spending password and what should I do if I've forgotten it?

When setting up your hot wallet, i.e. a wallet that is not using a hardware wallet, you are prompted to choose a spending password. This spending password is used to encrypt your wallet keys which are stored on your device. Your spending password is the only thing protecting the keys to your wallet so it's important that you choose a secure password.

If you forget your spending password you will need to remove your wallet from your wallet interface (Eternl, Yoroi, Flint, Typhon etc) and restore your wallet using your seed phrase which is the list of 15 or 24 words that you were prompted to write down when initially setting up your wallet.

Should I get a hardware wallet?