The scariest thing about using a self-custody crypto wallet is having to secure the seed phrase. If you don’t secure it too much, then someone can come in or hack into it, and if you secure it too much again, then you may forget some security or what the solution is.
Remember that there is a better or more pleasant option for everyone, and therefore not the best one for everyone. So make your choice and we’ll give you some ideas to help you do that.
It’s also worth noting that here we’re purely talking about how to save the seed phrase, rather than what kind of wallet to use. The comparison between wallets is a topic for another day.
It’s a secret password that can be used to recover no matter what happens to any hardware or software. If your computer crashes or your hardware wallet stops working, you can use the seed phrase to access your wallet again.
Stored on PC
Many people do this with their passwords, but we can tell you from the start that it’s not very secure. You won’t have to remember the password or phrase because you’ll have it stored somewhere, but that’s why pretty much anyone can get to it.
A hacker can get to it, as well as a person who might steal your computer or laptop or use it for a while to find this seed phrase.
Written on a paper
This is a technique used by many older people to remember and store different passwords for different accounts. And as I’m sure you’re aware, it’s not that secure.
If you have the passwords and the phrase written down somewhere, anyone who gets hold of the paper can get hold of all your information as you have several passwords and your seed phrase written on the paper.
But you can have a place that you must not tell anyone where you put the sheet or perhaps in a book on some page where no one will look and even if they did they would not realize what the number or letter combination is for. This is probably the only way, but then you must have at most 1 or two such passwords or phrases otherwise you will have several of them all over the apartment and just a little look around and everyone would find a password for something or even your seed phrase.
Split Across Multiple Locations
You can also split the phrase into several parts and store each of the parts in a different place, making it really hard for a hacker or thief to get to all of them. You can then change these places or your seed phrase.
In many cases, if you’re worried that someone has already figured it out, you change it as quickly as possible if they haven’t gotten to it completely, and then you can do something like that again just in different places or hidden in a different way.
It’s mostly about how you experiment with it, but there are a few different options on the internet that might help you make an even better decision if you haven’t already. There are actually many different ways that you can use.