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As interest in virtual currencies grows, investing in cryptocurrencies has become more popular.
Perhaps ten years ago it was still an unknown and “scary” asset to buy due to the uncertainty of its use and reliability of protection, which caused a boom in the creation of wallets and ledgers to store digital currency.
This is where the security of your wallet comes in. The need to store the seed phrase arises..
In this post we will discuss What exactly is seed phrase storage, why is securing your crypto with it important, and explore the best hardware wallets for storing seed phrases.
Table of contents
What is seed phrase storage?
Most people store their cryptocurrencies on a “wallet” – these wallets can be hot (connected to the internet, where it is easier for hackers to access your blockchains and private keys) or cold wallet (It does not rely on an internet connection to store your private keys, so it is more secure.)
A cryptocurrency wallet works just like a physical wallet for storing paper money and coins. Imagine that each banknote in your hand represents a separate “virtual address” where your cryptocurrencies are kept.
Each address needs its own key, like a password, that gives you access to your blockchain.
Now, this all seems pretty obvious. But that’s where extra security comes in. Use seed phrase storage on hardware wallet.
This means that all of your seed phrases are stored on a single physical metal plate, such as the one in Bitcoin Materialwhich stores all your addresses and protects your private keys from hackers.
It is actually a backup for your wallet security.
How are seed phrases created and used to protect you from hackers?
Initial phrases are usually 12 to 24 words long. They are like a secret phrase that lets you into a private club, giving you unrestricted access to everything inside.
These phrases are created using the BIP39 standard, from List of 2048 words Which are randomly assembled to create an unhackable secret phrase.
Why You Need to Secure Your Seed Phrases
To store your seed phrase, there are several options. You can write it down on a piece of paper, email or text it to yourself, or try to memorize it… but the problem with all of these options is:
What happens if you lose that piece of paper, your account gets hacked or you forget a word in the phrase?
If you lose the seed phrase in your wallet, that’s it. There is no help center you can contact or recovery method available. You have lost all your cryptocurrencies forever..
This is why we recommend storing your seed phrase on a hardware wallet.
Chris Brooks, along with his son Charlie, are the founders of cryptocurrency recovery company Crypto asset recovery, They told Cointelegraph in an interview,“In his experience, human error can wipe out wealth. People should be more concerned about leaving their seed phrase or private keys in paper wallets that can be accidentally thrown away.”
Take James Howells, a Bitcoin miner, for example, who lost £162m Bitcoin value Because he got rid of his old computer. If James had kept his information on an electronic wallet instead of his computer’s hard drive, he could have kept his wealth.
Hard Wallets: The Safe Option
With a wide variety of cryptocurrency wallets available, such as Ledger, Trezor, Material Bitcoin, and Safepal S1, to name a few, choosing the right one can become difficult and confusing.
For example, Ledger offers three different versions of its hardware wallet: Ledger Nano S Plus, Ledger Nano X, and Ledger Stax. All three versions use a 24-word seed phrase recovery and are stored on a USB or E Ink touchscreen.
The problem here is… they are still technically hot wallets, and rely on you being connected to a computer or mobile phone.
On the other hand, the Material Bitcoin hardware wallet is a An indestructible steel plate that you use to engrave your seed phrase onto using a punch..
It may seem a bit old-fashioned to have your phrase engraved on a plate, but this way, it’s 100% in your hands.
There is no possible way for a hacker to get into your account to steal your seed phrase, also referred to as a mnemonic phrase, and since the plate is made of AISI 304L stainless steel, it is unbreakable, waterproof and fireproof.
The great thing about protecting your private keys with a seed phrase is that The main advantage of a cold hardware wallet is that you can control where it is stored and who has access to it..
No need to worry if your memory fails, or if your email gets hacked.
All you have to do is keep your Bitcoin materials in a safe place at home, and everything will be fine!
Frequently Asked Questions About Storing Seed Phrases
How do you store seed phrases?
- Seed phrases can be stored in three different ways.
- Paper wallet: It’s exactly what it sounds like. Use a pen and paper to write down your secret healing seed phrase. Remember, if the paper gets wet, catches fire, or tears… you’re in big trouble!
- Hard disk or USB: Storing your seed phrase as a digital copy has its benefits, such as being accessible, but remember not to use it on a device that is connected to the internet. Otherwise, your phrase is vulnerable to being hacked.
- Metal devices: The safest and most unbeatable way.
What is the best way to store my seed phrase?
- The best way to store your seed phrases is undoubtedly a wallet made of steel. This will ensure that your wallet remains safe, even in the event of a fire.
Can hackers get your seed phrase?
- Well… it all depends on whether you are using a computer, mobile device or USB to store your sensitive information? If so, the answer is yes. They can be easily hacked. But storing your private phrase on a physical wallet, like Material Bitcoin, is 100% unhackable.
What is the controversy surrounding the Ledger Wallet?
- For many years, Ledger Wallet has prided itself on being a top-notch secure wallet for storing seed phrases. The problem arose when Ledger released Recover, a recovery service that could extract a lost 24-word seed phrase. The problem? This meant that you were not in control of your seed phrase, which meant that Ledger itself could expose your private keys.
Why Physical Bitcoin Leads the Way in Seed Phrase Security
Seed phrases are the guardians of your cryptocurrency.Their security cannot be overstated.
Choosing Bitcoin Material to protect your crypto investments is the most reliable option, as it gives you complete control over your private keys and seed phrase.
Since non-custodial cold wallets are the best option, Material Bitcoin offers you everything you need in terms of protecting your wealth.
