What is a Seed Phrase?
As we all know, crypto wallets like the ELLIPAL Titan help you generate private keys and store them securely inside, allowing you the access your assets at any time. However, if you lose your wallet, is your asset gone forever?
The answer is no, nothing should come between you and your asset, not even losing access to your wallet. Everything can be recovered using the Seed Phrase.
Seed phrase and also known as recover phrase. They are a random set of 14, 18, or 24 words that are given to you by your wallet when you create a new account. It is a mnemonic version of the private key generated by your wallet for the sake of backup.
Seed Phrase vs. Private keys
As described, seed phrases are derived from the private keys. They are the mnemonic version of the private key so that it is easier to remember for human users. Seed phrases are given to the user at the beginning so that they can be used to recover lost funds if the wallet is lost or stolen. Seed phrases can be regenerated back into private keys, which will, in turn, regenerate the lost wallet.
Private keys on the other hand are not meant to be seen by humans at all. They give direct access to the wallet it is linked to so it is very sensitive information.
What is the Importance of a Seed Phrase? Why is a Seed Phrase Necessary? What Happens if Someone Gets Your Seed Phrase?
The seed phrase is very important because it can help you regenerate your account if you happen to lose it. It is very useful because it can be used on any kind and brand of wallet. You and your assets are never bound to a single brand of wallet.
If the wallet you are using has server problems or you have security doubts about your wallet, you can use the seed phrase to move your asset to a new trustworthy wallet.
Due to this flexibility of the seed phrase, it is very important to keep the seed phrase only to yourself and protect it well. If someone else gets a hand on your seed phrase, they will be able to recover your account on their wallet and steal all of your cryptos.
Users must be wary of many phishing scams online that will try to get your seed phrase at every opportunity. Just remember that do not give away your seed phrase, no matter what anyone tells you.
How to Get a Seed Phrase?
Whenever you create a new account in your wallet, the wallet will generate your private keys. This private key will then be automatically changed into a seed phrase. Before you can start using your account, the wallet will show you your seed phrase and you must note it down immediately because the wallet will not show you the seed phrase again.
How to Protect Seed Phrases?
It is very important to protect your seed phrases properly because it is the only backup to your crypto, and if stolen, your whole account is in danger.
Most people will write down their seed phrases on a piece of paper and store it somewhere hidden and safe. Nonetheless, paper is prone to damage and degradation.
The best way to store and protect your seed phrases is by using a steel wallet like the ELLIPAL Mnemonic Metal. Steel wallets like this allow you to engrave your seed phrase in steel so it will never be damaged by water or fire.