BlockWallet, is a non-custodial cryptocurrency wallet, that empowers users with complete control over their assets, rather than relying on centralized entities. As attractive this level of autonomy is it comes with added responsibility.
The key ensuring the security of your assets lies in properly safeguarding your seed phrase.
What is a Seed Phrase?
A seed phrase is a unique set of words that acts as the key to your wallet, allowing you to restore your account should you lose access. Therefore, it is necessary to ensure that you have your seed phrase backed up and stored safely.
Never share your seed phrase with anyone. Those requesting your seed phrase likely have malicious intent and may attempt to steal your funds.
How to Secure Your Seed Phrase
The importance of your seed phrase cannot be understated. It is vital that you secure it in a safe place and not on your computer or cloud data storage.
Defining your Threat Model
Understanding your threat model is essential for determining the best method to store your seed phrase.
- Remote attacks, such as malware or phishing over the internet, pose the most significant risk for most users.
- Physical theft is less common but still presents a danger for potential targets.
By evaluating your specific situation and potential threats, you can tailor your seed phrase storage strategy accordingly.
Consider the following popular methods to store your seed phrase:
- Write it on paper: Jot down your seed phrase on a piece of paper and store it in a secure location, such as a safe.
- Engrave on steel: Engrave your seed phrase on a steel plate to eliminate the vulnerabilities associated with paper storage.
- Store in multiple locations: Divide your seed phrase into parts and store each part in different secure locations to avoid a single point of failure.
- Keep it simple: Adding layers of complexity may increase the risk of locking yourself out of your seed phrase. Aim for simplicity.
- Maintain privacy: Be mindful of your privacy and avoid becoming a target for malicious actors.
Safeguarding your seed phrase plays a significant role in protecting your funds in BlockWallet. Make it a priority to back up and securely store your seed phrase while never sharing it with anyone. By following the guidelines in this article and understanding your threat model, you can develop a personalized strategy to secure your cryptocurrency assets effectively.