Why is it critical to store your Secret Phrase in a safe place?
The 12-word secret phrase is the key to your account and controls access to all your coins. It is essential to keep this phrase (and derivation path for derived accounts) safe and away from preying eyes! Remember that if you lose it, no third-party bank, government institution, or business can help you retrieve your cryptocurrencies. At the same time, anyone who obtains the secret phrase has total access to your account, so it’s critical not to share it and show it. You have full responsibility for handling your accounts safely.
Here are some – although not all–best practices for keeping your 12-word secret phrase secure:
- Store the secret phrase on offline devices, especially when the account holds a significant amount of funds. This is your cold wallet.
- Interact with dApps with an account that holds a smaller amount of funds. This idea ensures that even if someone gains access to your account, you won’t lose most of your funds.
- Write it down and store it physically in a safe or deposit box – although many deposit boxes don’t come with guarantees.
- Store it on a safe USB drive.
- Some crypto enthusiasts go as far as engraving it on a metal plate to ensure longevity.
- Do your own research on cybersecurity and storing secret phrases (seed phrases).
- Whatever you do, don't share it with anyone!