Do you want to lose your bitcoins just because of a silly mistake?
If your answer is “No, definitely not”, then read on…
Your seed phrase is one of the most important elements of your crypto wallet. It allows you to access your crypto wallet and stored funds, even if your wallet has been lost or deleted. Needless to say, you must keep your seed phrase safe to protect access to your crypto assets. But how can you store your seed phrase securely, and what storage mistakes should you avoid?
As a fail safe, your Seed represents all the value a crypto wallet holds. Lose the Seed and all it takes is your phone to be stolen or die, and those funds could die with it.
While setting set up your wallet, you are asked to note down the recovery seed. This is usually 12 or 18 or 24 random words.
Note: It’s also called the seed key, recovery key, seed phrase, etc. They all mean the same thing, If you haven’t taken a backup of your wallet’s recovery phrase, you should do that right now.
Now, you may ask where should I keep this recovery seed?
Best Tips for Storing Your Bitcoin Recovery Seed Safely
Here are a few important things that you should do:
- Don’t think too hard. Just take a pen and paper, and note down your recovery phrase. Don’t underestimate the power of a pen and paper. For ages, the paper has proven to be one of the most secure ways of handling important data. Archeologists still discover pieces of paper that are hundreds or thousands of years old. Contrast this to a computer, which will likely break down in under 10 years (tech updates).
- Create more than 1 copy of your recovery phrase and keep them all in different (but hidden) places. In case of a natural disaster (fire, flood, etc.), you will still have access to your other copies.
- Don’t take a screenshot or mobile photo of your recovery phrase because someone can simply hack into your computer/mobile and copy it.
- Never make a digital copy of your recovery phrase or store it on email or cloud services.
- If you are HODLing a significant amount of Bitcoin, keep your recovery phrase sheet laminated inside of a fireproof and waterproof vault because you never know when BTC becomes a million-dollar coin.
- Divide your recovery phrase into 2-3 parts. Put the first 4 words on a piece of paper, another 4 words on a different piece, and so on. Don’t forget to number the paper pieces because if you alter their sequence, you will not be able to access your coins.
- Use the “advanced recovery phrase” feature, which allows you to add custom passphrases to your recovery phrase. By doing this, you will secure your recovery seed for even longer, because even if someone gets hold of your recovery phase, you still hold your custom passphrase. This makes it impossible for the attacker to access your coins. Trezor wallet supports this feature.
4 Best Ways to Keep Your Seed Phrase Safe
An offline paper recovery sheet is fine as long as it remains dry and safe. This is where you should be using something as strong as steel to withstand the battle of time. Even if you want to use the paper version, there are smart ways to safely store seed words.
Here I have collected the best methods of storing seed words:
1. ELLIPAL Mnemonic Metal
ELLIPAL Mnemonic Metal is the best and the premium backup tool for 12/15/18/21/24 Mnemonic Phrases (Recovery Phrases). This is also one of the most usable seed phrase backup tools that you can use right now. It costs about $49 and its very easy for anyone to use that,There are several different types of these products, including Ledger’s Cryptosteel capsule and their Blindfodl steel plate. TREZOR also offer similar products.
2. Capsule Duo
A steel capsule works by separating each word of your seed phrase using both character plates and separator plates. It then securely locks them in using a deep thread that holds the capsule’s shell and core together.
The Cryptosteel capsule is designed to withstand extreme conditions and can store up to 123 individual characters. If you want to split your seed phrase, consider buying two capsules or storing part of the phrase in the capsule and part of it in a separate secure location.
This device costs $152 for a set of 2 that also allows you to make payments in cryptos.
Billfodl is the best and solid steel case to store and protect your 24-word recovery phrase, which is designed to resist fire, water, and other elements. Using character tiles, you recreate your recovery phrase in the steel unit, creating an almost indestructible backup,Ledger’s Blindfodl plate also comes with small engraved keys, but can only store 96 characters, instead of the Cryptosteel capsule’s 123. Such plates are also designed to withstand fire, water, and tampering. Though these forms of storage will, of course, cost more than a piece of paper or storage app, they are highly secure and are certainly a solid option for keeping that seed phrase super-safe.
Billfodl is available in the Ledger store for $100.
4. Stonebook Notebook for Cryptocurrency Seed Words
The Shieldfolio Stonebook is a 100% Offline Notebook that allows you to back up your entire Digital Fortune on durable water and tear-resistant pages. You can bundle this with a Ghost pen that lets your seed words be seen only under UV light.
How To Secure Your Cryptos, Bitcoin, and NFTs for Eternity?
To make sure your bitcoins stay around for a long time, you need to be smart and follow these tips.
If you somehow land up in trouble following these tips to keep Bitcoin recovery seed safe, you have done something wrong. Always make sure that you’re being smart and not putting yourself in a vulnerable position.
That said, I hope these insights will help you in securing your cryptos for ages!
What techniques or tools are you using to keep your cryptocurrencies safe? What other tips can you add to this list? Let me hear your thoughts in the comments below!