A seed phrase is a 12, 18, or 24-word phrase used to access or restore a cryptocurrency wallet - it can also be called a "secret recovery phrase" or a "backup phrase."
The cool thing about seed phrases is that it allows you to access your cryptocurrency wallet from any device, anywhere in the world. Think of it as your master password for your wallets.
Lost your phone? Use your seed phrase on another device.
Lost access to your laptop? Use your seed phrase on your phone.
But this is also why taking care of your seed phrase is very important. When other people know your seed phrase, they can control your funds.
To avoid this from happening, here are five best practices in protecting your seed phrase:
Your seed phrase is one of the most important parts of wallet security. Sharing your seed phrase with someone else puts you at great risk of getting hacked and draining your funds.
Write your seed phrase on a piece of paper. If possible, laminate it for durability purposes. Store this inside a secured box and keep the box in a private area in your home where no one can easily access it.
It is also essential to provide a backup in case something happens to the original copy of your seed phrase. Ensure that all these places are secure enough to protect this set of words.
This is one of the riskiest moves you can do that will put your seed phrase vulnerable to hacking. As much as possible, always go for offline methods such as writing down your seed phrase on paper or etching it on steel.
Carrying a copy of your seed phrase with you in public places poses a huge risk of theft, loss, and misplacement. Remember that one of your top priorities in keeping your seed phrase is to keep it inaccessible to anyone else.
By following these practices, you can be at peace that your seed phrase remains secure and that you retain access to your digital assets. Stay safe mga Ka-Bit!