Looking for the best place to store your seed phrase? It may seem like a basic problem you can easily find the solution to but unfortunately, it’s not as simple as it sounds. The storage option you should choose, besides providing security, should also offer a level of convenience. Without proper security, your seed phrase could easily fall into the wrong hands. On the other hand, if you store it too securely, you might end up losing it or forgetting it completely. A good storing option is both secure and easy to access and remember.
What is a Seed Phrase and Why Store it Securely?
A seed phrase also known as a recovery phrase, refers to a series of words, typically a 12, 18 or 24-word phrase, generated by the cryptocurrency wallet that gives you access to the crypto associated with that wallet. Whether you lose your hardware wallet or you forget your PIN, you can still gain access to all of the crypto associated with your wallet as long as you have your seed phrase,
So just imagine if you wouldn’t store your seed phrase securely and you misplaced your crypto wallet. That would probably mean one thing: losing your cryptos forever.
How to Securely Store Your Seed Phrase?
You may run into an article telling you to keep your seed phrase on a sheet of paper, but ask yourself this: how many times have you lost a document of any kind? Do you think it’s worth risking your cryptocurrencies? Most certainly not. Even if you could, writing your seed phrase on a sheet of paper is not a good idea as it leaves your funds unsecured.
Fortunately, there’s a wide range of methods to choose from in terms of keeping your seed phrase secured. Check out the list below:
Seed splitting refers to the process of separating some of the portions of the words and keeping them in different locations. However, take note that splitting your seed phrase in half is not an ideal option. Once you lose one of the splits, you can easily lose your coins altogether.
Some people use different splitting schemes to make the method more secure. For instance, you can opt to divide your seed words into a certain number of pieces to complete the seed.
For a 24-word seed, you can divide your seed words into 3 pieces while only using 2 pieces.
1st piece – Words 1-6
2nd piece – Words 8-24
3rd piece – Words 1-8 and 16-24
By doing so, you can lose one piece, use only 2 pieces and still complete the seed phrase. This method of seed splitting is best recommended for a 24-word seed phrase.
2. Safe Deposit Box
One of the most ideal places to store your seed phrase is inside a fireproof safe deposit box. This is a great choice, especially for people who completely avoid the use of technology. Although you can store a sheet of paper in a safe similar to how you keep your valuable documents, using a metal backup is a much safer option.
It is also recommended to split your seed phrase and store only a piece inside the safe. Avoid placing your safe deposit box in plain sight. Depending on the layout of your home, you can hide your safe in different places such as under the stairs, in the attic, in the wall, and even on the floor.
3. Crypto Steel Wallet
Another ideal seed phrase backup solution is the use of metal plates and capsules that are durable enough to withstand extreme conditions and have resistant to moisture and heat. When choosing a metal, make sure to choose one that offers a great balance between cost and durability such as stainless steel.
Cryptosteel Capsule, for instance, is a pocket-sized stainless steel capsule that can securely store up to 123 characters. It comes with all printable ASCII characters (96 different characters including space). Cryptosteel Cassette, on the other hand, can store up to 96 characters. It comes with its own kit of stainless steel tiles engraved on each side.
4. Cloud Storage
Another way to backup your seed phrase would be to store it in the Cloud. It offers a great level of convenience, reduces the risk of physical loss and protects your seed phrase from natural disasters. Although Cloud storage is not completely risk-free, proper encryption of your seed phrase minimises the risk and makes it an option that you might consider.
Your seed phrase is more than just a password. It cannot be changed, hence, it should be kept secured at all times. To make sure your seed phrase is safe, consider checking the list of options listed above.