How not to lose tokens

How not to lose tokens

Freedom goes hand in hand with responsibility, and this is especially noticeable in the world of cryptocurrency. Assets can be freely owned and used without the risk of blocking transactions. Cryptocurrencies are the only digital asset owned by the owner. The owner of the wallet is the only person on the planet with access to money. But at the same time the owner is the only one responsible for the money. If you lose access to your wallet without saving your seed phrase, no one can help you. Unlike banks, which will provide a new card when handling a passport, a cryptocurrency wallet cannot be restored using a passport.

How to store a seed phrase?

In no case should you photograph a seed phrase on your phone and store it there. Applications often have access to files and, therefore, to the file with the seed phrase. Viruses also steal files from infected devices. It is extremely unsafe to store the seed phrase in this way.

Piece of paper

Oddly enough, writing the seed phrase on a piece of paper is a good storage option, but it has some disadvantages and requires improvement.

Paper is short-lived. It can burn, can get wet, might be lost and may decompose over time. In addition, someone else can find a leaflet with a seed phrase and gain access to assets.

The first problem is solved by storing seed phrase in multiple copies and in different places. The second problem is solved using creativity: it is not necessary to write down exactly 12 (or 24) words. You can compose a text in English, in which the third letter of every tenth sentence will be part of the seed phrase. Word order can also be non-standard. With this approach, storing the seed phrase on paper will be safer.

Encrypted media

But if you prefer digital media, then the seed phrase must be encrypted. For these purposes, it is better to use open source encryption software such as VeraCrypt. The password must be at least 16 symbols long, including some other symbols besides letters and numbers. But keep in mind that using the encryption program will be useless if you allow the secret installation of the keylogger on your device. Also, do not forget that something can happen to the information carrier and it will be lost, so there should be several copies of the information.

Own memory

A great way to preserve your seed phrase is to learn it. It's easy enough to do this in a couple of weeks. You can break it down into parts of 3-4 words and start memorising the first group, when gradually adding the following.

pitch - harvest - wife

impact - please - buddy

must - divert - moon

vague - behave - major

The most important thing is to enter the wallet more often by entering the seed phrase. At least once every couple of weeks. Otherwise, you can forget the phrase and lose access to funds. After being repeated several hundred times, the seed phrase will be stored in memory.

Where do you store the seed phrase? We are waiting for your options in the comments!

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by GramKit team
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