When registering for a new crypto wallet, you will be given something known as the recovery phase at one point. During the procedure, by providing it, you can bypass every other security measure activated on your crypto wallet. With it, you could recover your wallet if it gets damaged, there’s an error, or you forgot your password.
Ultimately, your crypto wallet is as secure as your recovery phrases are. Hence, it is important to store your recovery phrase in the best possible way securely. If you don’t take caution storing your recovery phrase, someone could hijack your wallet and steal your crypto assets. So, what are your options when you want to store your recovery phrase securely?
Things to note when you want to store your recovery phrase securely
● The best location to store your recovery phrase
The first thing you need to consider when you store that 12 phrase in your wallet is the best location. Some people opt to store it in a , while some people give it to a close family or friend. Ultimately, you can store it anywhere if you trust it will not be jeopardized. Storing it on your PC or anywhere online is not safe as it leaves you exposed to .
● Best approach to store your recovery phrase
You can take several approaches when you want to store your recovery phrase. The approach you take to store your recovery phrase will determine how easy a seed phrase recovery process will be for your wallet.
Writing it on a paper
The classic option of writing your unique wallet phrase on paper will never get old! One of the main advantages of writing it on paper is that it protects it from being stolen by online hackers. Writing it on paper takes it completely offline, and for anyone to have access to it, they have to be at the physical location where you stored it. Additionally, you can make things more secure by dividing them into four sections and writing them on separate papers stored in separate locations.
By splitting it, even if someone has access to one half, they will still need to find the rest before it can truly compromise your wallet.
Engraving is on a metal plate
Another way to ensure that your phrase is intact whenever you go through the seed phrase recovery process is intact is by engraving it on a block of steel. There are several advantages to storing it on a block of steel. One of which is that a block of steel is more durable and can withstand the elements such as water accidents, fire, etc. In other words, unlike writing on a paper where the ink could fade as time passes, the engraving on steel will remain legible for years to come. You could as well split it between two or more plates and store it in different locations.
Encrypting it digitally
If you are tech-savvy, you could also save it digitally but highly encrypted. Even though saving your recovery phrase on an electronic device is strongly advised against, if you know your way around the computer, you could easily encrypt the file you save, such that without the passcode, no one can access the recovery phrase.
● Special consideration
A special consideration you can use to secure your wallet more is a multi-signature and passphrase. By enabling multi-signature, it means two or more people will hold special keys to the wallet. So, even if your keys are completely stolen, you still would not have your wallet compromised. And with the passphrase, you add a 13th or 25th phrase to your recovery phrase. The extra word goes a long way in adding more security, especially when you want to go through the seed phrase recovery process, as without the extra recovery phrase, your wallet wouldn’t be unlocked.
Tips for storing your recovery phrase more securely
If you store your recovery phrase with any of the above options, you will not be disappointed whenever a situation arises for the need for seed phrase recovery. Nevertheless, it is important that even if you store your recovery phrase using the options above, you still practice the following safety tips.
- Limit access to your recovery phrase as much as possible
- Don’t store your recovery phrase in a password manager
- Don’t take a picture or screenshot the recovery phrase
- Perform seed phrase recovery yourself
- Use multiple methods to ensure those unique phrases are secure.