6 min read
As the famous phrase goes “prevention is better than cure”. That is why it is very important that you are careful when it comes to keeping your seed phrase and take certain precautions that will help you to reinforce your security in a very simple way.
If you still don’t know what a seed phrase is, it would be a good idea to read our previous article entitled: What is a seed phrase and why is it so important?
If you don’t have time to read the whole article, let me explain in simple terms what a seed phrase is.
The seed phrase is a set of 12 or 24 words that you receive once you create a new wallet. With these words in your possession you become the absolute owner of the funds in that wallet.
If you lose the seed phrase you lose access to your funds and that is why it is so important to know how to keep them safe. a.
5 tips for saving your seed phrase
On the Internet you will find thousands of tips and recommendations on how to manage and preserve your seed phrase. In this article we have compiled what we believe to be the most important ones, taking into account people’s opinions, specialists’ recommendations and personal experiences.
1- Do not write down your seed phrase digitally.
The ideal is to write down your seed phrase in a physical way. It can be a piece of paper, a metal plate, or whatever will help you in the task of preserving those words over time without suffering wear and tear or danger of accidents.
Most people choose to write them down on paper and it is advisable in such cases to make several copies of the same words and keep them in different places in your home (if you can, even in different houses).
It is very important not to write down your seed key digitally because if your device (mobile, computer) is infected, a hacker could gain access to your funds.
2- Keep words away from the cameras
If you have already watched the Black Mirror series (or not), you will know that it is possible that the camera on your phone or laptop can be used by malicious actors with the aim of obtaining information about your identity or what you do.
Therefore, it is of vital importance to keep your seed phrase away from any type of camera that can read them. Both at the moment of writing them down for the first time and at the moment of using them.
3- Do not read your seed phrase aloud.
This tip is based on the same premise as the previous tip and is just as important. Do not give malicious actors opportunities to steal our seed and take our cryptocurrencies.
Microphones on electronic devices can be an attack vector that bad guys often exploit, which is why it’s critical not to say your seed phrase out loud. Never.
4- Be the only one with access to them (or only share them with people you trust a lot).
Remember that these magic words are the key to your personal funds and, as with the keys to your house, it is best to share them as little as possible.
I am not the one to tell you with whom you should or should not do it, but in my personal opinion I recommend doing it only with people you trust a lot and who are unconditional.
Be especially careful in sharing it with partners or people who today may be part of your life, but it is not certain that they will be in the future. Because, if there is something worse than seeing your ex happy without you, it is that he or she rides around in a Lamborghini bought with your cryptocurrencies.
5- Create a plan in case of accidents
Accidents can happen and we have to be prepared in case that happens. There is no point in taking cryptos to the crypt.
Therefore, we advise you to create a plan in case of unforeseen events so that your trusted people can access the funds even if they do not understand much about the world of cryptocurrencies.
On the Internet you can find hundreds of techniques to create a secure plan, although in principle it will be enough to share with your trusted people where the seed phrase that grants access to the funds is located.
As a bonus tip I recommend you to be very careful when choosing the right wallet for your funds. Do your own research and study the companies and the team behind each wallet.
At Bitnovo we are proud to have our own wallet of the latest generation, as this allows us to be in tune with our principles. We don’t want to be the custodians of your cryptocurrencies, we want you to be the absolute owner of your own funds and we make that more than clear in this article.