A recovery phrase, or seed phrase, is the 12/18/24 words generated by your hardware wallet during the initial setup process. It is used to encrypt your private key into an easier-to-understand format (i.e. instead of a string ‘random’ of letters and numbers) which can then be used to identify, authenticate, and grant you access to the cryptocurrency in your wallet. Therefore, anyone who knows your recovery phrase can access your wallet and funds.
Not to mention that if your hardware wallet breaks, is stolen, or is misplaced, your recovery phrase can be used to restore it. But if your recovery phrase is stolen or misplaced, there is no bank or institution to back you up or give you a replacement. And because of the secure nature and random mathematical sequences used to generate the private key, there’s no way you or anyone else can recover it, so you will lose access to your cryptocurrency.
So, it’s vital that you keep it private and secure.
But what are the best ways in which to protect your recovery phrase?
FIRSTLY, HERE IS WHAT NOT TO DO WITH YOUR RECOVERY PHRASE
When you set up your hardware wallet, you are asked to take note of the recovery phrase. Of course, you could simply write down your recovery phrase on the piece of paper provided, but this isn’t the most durable option.
There are also a few other things we recommend you NEVER do:
- Store your recovery phrase online, where it can be easily hackable
- Take a screenshot or mobile photo of your recovery phrase because someone can simply hack into your computer/mobile and copy it
- Store it on email or cloud services
- Rely on your memory alone to remember your recovery phrase
SO, WHAT CAN YOU DO?
The most effective way to keep your recovery phrase safe is with a recovery phrase storage device, such as the Billfodl. The Billfodl is constructed of 316 stainless steel, with a melting point of almost 1400 degrees celsius. It can withstand more than double the temperature of an average house fire and it’s impervious to any type of electrical hazard. Using a randomised set of character tiles, you simply recreate your recovery phrase in the steel unit, creating an almost indestructible backup. The most important part of all though, is that it keeps your recovery phrase offline, away from the risk of hacking.
RECOVERY PHRASE CHECKER
Once you’ve recorded down your recovery phrase, you want to make sure you’ve done it correctly!
AND IF YOU’RE REALLY SERIOUS ABOUT KEEPING YOUR CRYPTO SAFE…
The Faraday Bag is a great addition to your lineup of cryptocurrency security tools! A Faraday bag is a small, portable, affordable accessory that blocks electromagnetic fields. It protects electronics from being damaged by radio frequency interference (RFI) by not allowing radio frequency or electromagnetic pulse waves to pass through the material. The Faraday bag will also ensure the protection of your electronic devices during an EMP (Electromagnetic Pulse, which can be caused by solar flares). This means you can store your Ledger, Trezor or KeepKey hardware wallet within the Faraday bag, to ensure the devices and your digital assets are unaffected in the event of an EMP.
Here at Coinstop, we want to help you secure your future! That’s why we stock the very best in digital security. From hardware wallets to recovery seed phrase storage devices, our products will help you to become your own bank.
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