You might think that crypto is the most important thing in crypto, but oh no, it’s your seed phrase.
This is what will get you into your wallet if you ever lose access to it or delete it.
If you lose your seed phrase and then lose access to your crypto wallet you are totally out of luck because there is nothing that anyone can do to get your cryptocurrency back.
Nope, there’s no magical customer service number that you can call.
So it’s vital that you keep your seed phrase safe.
Today we are going to learn how to keep your crypto recovery seed phrase safe.
Write Your Seed Phrase Down
The first thing that you should do when you see your seed phrase is write it down. There are a few good places to write your seed phrase down.
Piece of Paper
The first place you can write your seed phrase down is on a good old-fashioned piece of paper.
Everyone has something to write on and a pen lying around, so this should also be the easiest method. Paper can easily be stored in a safe place for a long period of time.
The only downside to writing your seed phrase down on a piece of paper is that paper is not fireproof or waterproof. It's totally the opposite. For a little extra protection you could laminate it.
Which brings us to our next method, which is to engrave your seed phrase into metal.
Metal is obviously a lot more durable and longer lasting than paper. It won't be destroyed in a fire and won't be ruined by water.
This method is a bit more expensive than just a piece of paper, but if you are serious about keeping your seed phrase safe this is one of the better ways to go. You can find all sorts of metal places specifically designed for storing crypto seed phrases.
The last method that we recommend for writing your seed phrase down is with a flash drive.
A flash drive is not connected to the internet so it is immune to hacking, is affordable, and can be easily stored in a safe place. Moving a simple text document containing your seed phrase over to a USB flash drive is something anyone can manage.
A downside to using a flash drive to store your crypto seed is that if it gets stolen anyone with a laptop can plug it in and see your seed phrase.
But really, everyone knows that carving your seed phrase into a stone tablet is the way to go.
What Not To Do When Writing Down Your Seed Phrase
You definitely should not take a screenshot of your seed phrase.
Most of the time this will be backed up somewhere on the internet, usually because Google and Apple automatically store these somewhere on your account. Since these are the most common phones, odds are you have one.
Basically, anything connected to the internet is vulnerable to hacking, and if someone can hack into photos to see your seed phrase they can hack into your crypto.
Once you have physically written down your seed phrase you are ready for the next step.
Securely Store Your Seed
Now you are ready to safely store your seed phrase somewhere that only you or someone you trust has access to. Use one of these methods to securely store your crypto seed phrase.
A Fireproof Safe
A fireproof safe is a good spot to hide your crypto seed phrase.
A safe is very secure since they are nearly impossible to get into without the password or some kind of smashing machine. A fireproof safe is especially important if you have written your seed phrase down on a regular piece of paper, but is still important if you have used metal or a flash drive.
A fireproof safe is relatively cheap, and can be found on Amazon for $50. You can also store other important papers in there as well if you currently don't have a safe.
Safe Deposit Box
Storing your crypto seed phrase in a bank's safe deposit box is another idea.
Usually you can rent these from a local bank and are located in the vault. No one could possibly get access to this except you with a key or possibly a fingerprint. A major upside to a safe deposit box is that a bank is way more secure than your home.
A downside to using a safe deposit box is that you would have to go to the bank any time you would need to use it. This could get super inconvenient depending on the time and place.
Splitting is probably the best and most secure way to store your crypto seed.
Splitting is when you take your seed phrase, which is usually 12 to 24 words, divide it up, and then hide the different sections in different places.
For example, you could split a 24 word seed phrase up into four six word sections. You could then hide four different sections in four different places, like two safes and two safe deposit boxes. You could even store them around your house in obscure locations if you don't have a safe or safe deposit box.
Just make sure you remember which locations you stored your recovery phrase.
What Not To Do When Storing Your Seed Phrase
You do not want to store your seed phrase in anything that someone could easily stumble upon like files in a filing cabinet, or on a sticky note at work. Make sure only you have access to your seed phrase.
Once you have successfully stored your seed phrase where only you can find it, you are ready to go! And let's hope you don't have to use it much.
A Few Other Things to Avoid
Now that you know what to do to securely store your seed phrase, let's take a look at some things that you should not do.
Using A Seed Recovery Website
Cryptocurrency is extremely valuable, so people want to get their hands on it, and by "it" I mean yours.
You will see many scams
in the wild west of crypto. One of these scams is a fake recovery website. These websites look super legit, but they are designed to get you to type your crypto seed so that they will have access to it. Before you know it, your crypto is gone.
There are obviously some real recovery websites out there, but using one breaks a very important rule - don't store your crypto seed online.
It's best just to avoid them all together.
Using A Password Manager
A password manager is great for things like storing your social media information, but not for things like crypto.
First, you're storing your seed phrase online, which you want to avoid entirely. It being online makes it vulnerable to hacking.
Second, usually password managers require a password to get into, which means if that password is accessed by someone they can get into your password manager. Not only will they be able to see your Facebook login information, but they'll also see your seed phrase. And I'm guessing they aren't trying to hack into your Facebook account to troll you.
Taking A Picture
Using your phone to take a picture of your seed phrase should be avoided.
I already mentioned that if you have automatic backup your picture will go to the cloud and be saved online. Again, this can be subject to hacking.
Another thing to worry about is if someone gets into your phone. They can see all of your pictures including your secret ones. You know what I'm talking about… *wink* *wink* I'm talking about your seed phrase!
Lastly, even if you don't automatically back up the photos to cloud storage or give your phone to anyone, it's possible that you could drop it, shatter your screen, and render it completely useless. Then not only will you be out of a phone, but you'll also lose access to your recovery seed phrase.
Just don't take a picture of it.
Writing your crypto seed phrase down is step one to keeping your recovery phrase safe. This can be done on anything from a piece of paper, to a metal plate, or a flash drive. Just don’t take any screenshots or keep it on your phone or computer.
Next you want to store your seed phrase somewhere safe. A fireproof safe or safety deposit box is a good secure way to store your seed phrase. An even better way is called splitting, which is where you hide different parts of your phrase in different locations.
Other things that you'll want to avoid are password managers, taking a picture of your seed phrase, and using seed recovery websites.
Now that you know how to securely store your cryptocurrency seed phrase you can learn other advice for investing in crypto