Can you imagine yourself using an Ethereum wallet that doesn’t have recovery/backup options? I’m pretty sure you can’t and that’s expected. Creating a crypto wallet that you cannot recover is a recipe for loss of funds.
Before creating your Ethereum wallet or any other crypto wallet, make sure the wallet you want to use has good backup and recovery options. To be able to safely back up and restore your wallet, crypto wallets come with what is called a recovery phrase.
Recovery phrases, which you might hear called backup or seed phrases, consist of 12-24 words. It allows users to access their crypto wallet on another device in case the initial device is lost or stolen.
As an Ethereum wallet owner, you should safely store your Ethereum wallet recovery phrase. If you don’t know how to do that, this article has you covered. It explains what an Ethereum wallet is and shows you how to keep your recovery phrase safe. Let’s get to it.
What is an Ethereum Wallet Recovery Phrase?
An Ethereum wallet recovery phrase is a sequence of 12 to 24 words that serves as a backup for your Ethereum wallet. When you create your Ethereum wallet, a set of words is generated by the wallet as your recovery phrase. This seed phrase is the key to accessing your Ethereum and any other cryptocurrencies stored in that wallet
If you ever lose your wallet or it gets stolen, these words can help you get your Ethereum back. These words should never be shared with anyone because it makes your wallet susceptible to unauthorized access and your funds subject to loss.
When trying to restore your wallet, all you have to do is enter these words in the same order that it was given to you. Your wallet will then be recreated, and your Ethereum and other assets will be accessible again.
Tips for Safely Storing Your Ethereum Wallet Backup Phrase
It goes without saying that you need to keep your Ethereum wallet seed phrase safe, secure and inaccessible to anyone else. Below are 5 tips you can follow to ensure the safety of your Ethereum wallet recovery phrase.
- Keep it offline.
- Hide it securely.
- Have multiple copies.
- Never share it.
- Be prepared for emergencies.
1. Store Your Ethereum Wallet Recovery Phrase Offline
Keep this in mind – pen and paper, not screens. When you get your recovery phrase, it’s tempting to type it on your computer or take a screenshot for convenience. However, this is risky because if your computer is hacked or stolen, your recovery phrase can be accessed.
So, use an old-fashioned pen and paper to write it down. This reduces the chances of digital theft and ensures you have a physical, tangible backup. Additionally, you can split the recovery phrase and write the two halves on two different pieces of paper.
2. Hide Your Seed Phrase Securely
Treat your recovery phrase like it’s valuable because it is. Don’t just leave it lying around on your desk or stuck to your fridge where others might see it. Choose a hiding place that only you know about.
You wouldn’t leave your expensive jewellery lying around anywhere. So think of your Ethereum wallet recovery phrase as something as precious as that. It might be just a set of words but it grants access to your funds so don’t just leave it out in the open. You can keep it in a safe or a safety deposit box if you have one.
3. Have Multiple Copies of Your Recovery Phrase
What’s safer than having a copy of your recovery phrase? Having multiple copies. Accidents can happen, and paper can deteriorate over time. You can even forget where the location you hid your recovery phrase. To ensure you won’t lose access to your Ethereum if something happens to your primary copy, make a backup.
Write down your recovery phrase again and store it in a different, equally secure location. This way, you have options in case one copy is lost, damaged, or becomes unreadable.
4. Never Share Your Ethereum Wallet Recovery Phrase
Your recovery phrase is like a master key to your digital wallet, and sharing it with anyone, even close friends or family members, is a big no-no. Even if you trust the other person, you should still never share your recovery phrase or reveal the location. The best way to keep a secret is to never share it.
Scammers can be very convincing, and they might try to trick you into revealing it. So, always keep your recovery phrase to yourself and emphasize the importance of secrecy to those you trust.
5. Be Prepared for Emergencies
Think about what you’d do in an emergency situation, like a house fire or flood. Your recovery phrase should be easily accessible in such scenarios. So, while it should be hidden, it should also be within your reach when needed most.
This emphasizes the importance of having multiple copies of your Ethereum wallet recovery phrase. There should be a copy in a safely hidden yet easily accessible location. Consider using a fireproof and waterproof container to protect it from unexpected disasters.
Frequently Asked Questions about Ethereum Wallet Recovery Phrases
1. How do I recover my Ethereum Wallet?
To restore your Ethereum wallet, open the crypto wallet on your device, click on restore wallet/add the existing wallet depending on the type of Ethereum wallet you use. Then type in your recovery phrase in the exact order it was given to you.
2. What happens if I lose my Ethereum Wallet Recovery Phrase?
If you lose or forget where you kept your backup phrase, you might not be able to access your Ethereum wallet ever again. You cannot afford to lose it which is why you need to safely store your Ethereum wallet recovery phrase.
3. Can I store my Ethereum Wallet Recovery Phrase online?
If you must store your Ethereum wallet recovery phrase online, you can use a highly secure password manager to keep it safe. You can also store it on a USB flash drive or hard drive that you hardly use. Make sure you keep these drives secure.
4. Can someone guess my Ethereum Wallet Recovery Phrase?
It is highly unlikely that anyone can guess your recovery phrase because it is randomly generated by your wallet. The chances that anyone can correctly figure out all the 12-24 words are basically impossible.
Conclusion
Your Ethereum wallet recovery phrase is the key to your Ethereum and other digital assets. Treating it with the utmost care and following these tips will help ensure that your cryptocurrency remains secure and accessible whenever you need it.
Coinosh provides you with 12 words as your recovery phrase so you can easily restore your wallet in case of device loss or theft. Do everything within your power to safely store your Ethereum wallet recovery phrase so that your funds can be safe too.