BlockWallet is a non-custodial cryptocurrency wallet that puts users in total control of their funds. This means that users are ultimately in charge of the safety of their funds instead of centralized entities. Many cryptocurrency enthusiasts appreciate this level of sovereignty, yet it comes with additional responsibility.
The most important aspect of safeguarding your funds is keeping your seed phrase secure. Your seed phrase is the key to your wallet. It makes it possible to restore your account after losing access. You can import your seed phrase to access the funds held on your BlockWallet account. Always back up your seed phrase and store it in a safe place.
WARNING: Never disclose your seed phrase. Anyone asking for your seed phrase is most likely trying to steal your funds.
Storing Your Seed Phrase Securely
If your seed phrase is not stored securely, you risk losing access to the funds held in your wallet. For this reason, you must write down your seed phrase word for word when setting up your address for the first time.
While users can debate the best exact way to store your seed phrase, it’s highly recommended that you keep it offline. This ensures that bad actors do not gain access to your seed phrase in the event of a hack or scam.
Every user should assess their needs individually to determine how to store their seed phrase. Some of the popular methods include:
- Write your seed phrase on a piece of paper and keep it somewhere secure, such as a safe
- Engrave your seed phrase on a piece of steel to avoid vulnerabilities associated with paper
- Store parts of your seed phrase in multiple secure locations to avoid having a single point of failure
In general, you can be creative in how you store your seed phrase as long as it meets your own needs and risk assessment. However, keeping your seed phrase offline is by far the safest option.
It’s worth considering that adding additional layers of complexity increases your chances of locking yourself out of your seed phrase. Keeping it simple for yourself is recommended. In addition, you should think about your privacy at all times and avoid becoming a target.
Your seed phrase is the most factor in keeping your funds safe. Always back it up and store it in a secure place. Never disclose your seed phrase to anybody.