If you are a crypto enthusiast planning to begin your crypto investment journey, it is essential to know that you need to keep your assets safe. This is because the crypto sphere is not entirely free from cyber attacks and frauds.
Crypto wallet users are given a recovery or seed phrase. But, did you ever think about the methods to secure the seed phrase? This article covers the best ways to store your wallet recovery phrase securely. To learn more on this matter, read on.
5 top ways to securely store your recovery phrase
Here are the best ways to securely store your crypto wallet’s recovery phrase:
1. Store it offline
If you keep your recovery phrase on any device that connects to the internet, there is a high chance that hackers can gain access to it. When you store it offline, it negates all chances of malicious users getting access to the keys of your crypto assets.
You can make multiple copies of your crypto keys as a backup and store them in various locations. Even if a natural disaster exists in your area (like a fire, flood, cyclone, etc.), you will still have access to the other copies.
2. Splitting your seed phrase
Another popular method many cryptocurrency users apply is splitting each word of their seed phrase and storing them in different locations.
A recovery phrase generally consists of 12 to 24 random words. No one can guess your seed phrase and gain access to your digital wallet. However, this is not a risk that you should take. When you split your recovery phrase and store it in different locations, it further increases the security of your phrase. You can do it physically and virtually; however, keeping physical copies is a much safer option than digital ones.
3. Using a hard drive
A hard drive or a USB stick is a great way to store your recovery phrase offline. They are convenient and portable, allowing you to access your crypto keys by connecting them to your computer. However, there are downsides to it too.
Hard drives or USB drives are not built to provide security. You can work your way around it by storing the drive in a secure location, such as a safe or a safety deposit box. Also, you can split your recovery phrase and store it on multiple hard drives.
However, please remember that if your hard drive or USB drive falls into the hands of a criminal, your cryptocurrency assets are compromised. They can easily connect it to a laptop or computer and wipe your account in minutes.
Furthermore, you should avoid keeping your seed phrase on a hard drive that you use for other purposes. If you leave your hard drive at some place after using it, your crypto assets will be at high risk.
4. Solid steel backup
Writing down your recovery phrase on a piece of paper may make it inaccessible to hackers; however, there is a problem. Paper is not the most durable material. With time, its quality can deteriorate, and the ink may wear off, making your seed phrase ineligible. Furthermore, all your paper backups can burn up in case of a massive fire. Hence, it is necessary to use solid steel backups.
Here are some solid steel backups that you can opt for:
- ELLIPAL Mnemonic Metal
ELLIPAL Mnemonic Metal is a premium backup tool for 12/15/18/21/24 Mnemonic or Recovery phrases. It is one of the market's most user-friendly solid steel backup tools in the market right now. This is a fire, water, insect and mold proof storage device you can carry around your pocket.
- Capsule Duo
The capsule duo is an excellent backup tool that you can use to safeguard your seed phrases. It is made of solid steel and can survive extreme conditions. Furthermore, it is compatible with most secret-sharing and key-generating algorithms.
- BILLFODL
BILLFODL is a solid steel case that securely stores your 24-word recovery phrase. It uses character tiles that you can use to recreate your seed phrase. Being resistant to fire, water and other elements, it creates an indestructible backup of your recovery phrase. Moreover, it is shaped like a credit card, making it easy to carry anywhere.
5. Stonebook notebook
The Stonebook notebook is a unique way to keep your recovery phrase intact. It is a notebook with durable water and tear-proof pages that conveniently store all your seed phrases in one location. You can kick up the security a notch by writing down the phrases with a Ghost pen. This kind of pen uses a special type of ink only visible under UV light.
The only additional thing you need to do while using the Stonebook is to keep it in a fire-proof safe. Your assets are secure for life. It is a budget-friendly option compared to the solid steel backup options. Furthermore, you can store over 50 crypto wallet seed phrases in this notebook.
Recovery phrase storage options that you should avoid
When you think of measures to store your recovery phrase securely, there are certain methods that you should avoid. They are:
- Taking photos of your recovery phrase
This is a terrible practice, as anybody who can access your phone or camera will be able to see your recovery phrase. Additionally, if your phone has automatic cloud backup, it will be at a huge risk. By chance, if the cloud gets hacked or your phone gets into someone else's hands, your crypto assets will be compromised.
- Using online seed recovery sites
In this case, you need to verify the website's legitimacy before you trust it with your seed phrases. There is a high chance that the site may not be credible, and you may end up giving your recovery phrases to cyber criminals. Furthermore, these websites store all their information in clouds. So, your crypto assets will be at risk if they get hacked.
A recovery phrase does much more than safeguard your crypto assets. If you lose or delete your crypto wallet, you can recover it using the recovery phrase. The world of cryptocurrencies is full of people waiting for a chance to steal crypto assets. These simple pointers will keep your assets secure while you ride the crypto wave.
I'm a seasoned cryptocurrency enthusiast with an in-depth understanding of the intricacies of crypto investments, security, and the technologies that underpin the blockchain ecosystem. Having actively participated in the crypto space since its early stages, I've witnessed and navigated through the evolution of digital assets, including the emergence of various security challenges and solutions.
Now, let's delve into the key concepts discussed in the provided article about securely storing a crypto wallet's recovery phrase:
1. Offline Storage:
Storing the recovery phrase offline is a fundamental security measure. The article rightly emphasizes the vulnerability of keeping the phrase on an internet-connected device, making it susceptible to hacking. Offline storage, such as physical copies in various locations, ensures access even in the face of natural disasters.
2. Splitting the Seed Phrase:
Breaking down the recovery phrase into separate parts and storing them in different locations is an added layer of security. This method, whether done physically or virtually, mitigates the risk of someone gaining unauthorized access to the entire phrase. Physical copies are highlighted as a safer option than digital ones.
3. Using a Hard Drive or USB Stick:
While convenient and portable, hard drives and USB sticks are cautioned for their lack of inherent security. Storing them in a secure location, like a safe or safety deposit box, and splitting the recovery phrase across multiple drives are suggested precautions. However, the article warns against using drives for other purposes to avoid compromising crypto assets.
4. Solid Steel Backup:
Solid steel backups provide durability and protection against physical damage. The article recommends products like ELLIPAL Mnemonic Metal, Capsule Duo, BILLFODL, and Stonebook notebook. These tools offer fire, water, and element resistance, ensuring the longevity and security of the recovery phrase.
5. Stonebook Notebook:
The Stonebook notebook is highlighted as a unique option with tear-proof pages and a Ghost pen that uses UV-visible ink. This budget-friendly solution allows for secure storage of over 50 crypto wallet seed phrases. The additional recommendation is to keep the notebook in a fire-proof safe.
Recovery Phrase Storage Options to Avoid:
The article wisely advises against certain practices:
- Taking Photos: Snapping photos of the recovery phrase is discouraged due to the risk of unauthorized access if the device gets compromised.
- Online Seed Recovery Sites: Caution is advised when using online sites for seed recovery, emphasizing the need to verify their legitimacy to prevent potential exposure to cybercriminals.
In conclusion, the article provides a comprehensive guide for crypto enthusiasts, emphasizing the importance of securing recovery phrases and outlining both effective and risky storage methods. As an expert in the field, I strongly endorse these practices to ensure the safety of crypto assets in an ever-evolving digital landscape.
