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If you have a cryptocurrency wallet, whether hardware (Trezor, Ledger) or software (Electrum), you may have generated a 12 or 24 word mnemonic phrase. This phrase must be kept secure because it is effectively the key to all of the funds stored in your wallet. Anyone with access to this recovery seed can access and transfer your funds, unless you have a 25th word passphrase, in which case they would require that too.
With this in mind, this is a non-comprehensive list of things not to do with your recovery seed if you want to keep your wallet secure.
- Digital
- Enter the phrase on any untrusted website.
- Enter the phrase on your computer unnecessarily.
- Save the phrase in any kind of file on your computer or smartphone.
- Take a digital photo of the phrase.
- Email or message the phrase to yourself or to anyone else.
- Enter the phrase on any untrusted website.
- Physical
- Print the phrase.
- Speak the phrase out loud.
- Display the phrase in front of a camera, reflective surface in view of a camera, or in a way where someone can view it (such as in front of a window or in view of people).
- Write the phrase in a way where the writing may transfer to the surface underneath it.
- Trusting Other People
- Tell anyone the phrase.
- Store the phrase in a location that someone else has access to or that can be broken into.
- Single Point of Failure
- Store only one copy of the phrase.
- Store the phrase in a way where it is probable that you will forget its location or how to decipher its encoding at a later date or if you have a lapse of memory.
What Else?
Please share in the comments what other tips you have for keeping your recovery seed safe!