Protecting our money comes like second nature for most people. We lock cash away in safes, secure bank accounts with passwords, and keep credit cards out of reach from prying eyes.
However, when it comes to the newer financial institutions and the cryptocurrency world in particular, how can we evolve our approach to safeguarding wealth?
The main tool in keeping a crypto wallet as secure as your online banking is the seed phrase. It’s a sequence of words that acts as the master key to your crypto wallet. It’s your ultimate backup, capable of restoring your funds if your wallet is lost or compromised. But in the same vein as how people find their email accounts or social media profiles compromised through lack of security, there are some pretty common ways that many people unknowingly jeopardize their crypto assets with unsecure seed phrases.
Mistake #1: Storing Your Seed Phrase Digitally
When smartphones and cloud-storage have become as normal to us as pen and paper, the thought of storing important information digitally seems like a no-brainer. It’s convenient, accessible, and easy to organize. However, when it comes to your crypto seed phrase, going digital is a serious security hazard.
Storing your seed phrase on your phone, computer, or even a cloud service makes it vulnerable to hacks, malware, and phishing attacks. Cybercriminals are constantly on the lookout for weak points, and a digitally stored seed phrase is like leaving your front door unlocked.
Even a well-protected device can be compromised. Remember: if your seed phrase exists in any digital form, it’s only as secure as the device it’s stored on. The safest bet? Keep it offline and out of reach from potential attackers.
Mistake #2: Sharing Your Seed Phrase
Sharing your seed phrase is like handing over the keys to your safe deposit box. Once someone has it, they have complete control over your crypto wallet.
Think of it this way: you wouldn’t share your bank PIN or online banking password with anyone, so why treat your seed phrase any differently? Even well-meaning friends or family members could unintentionally put your funds at risk by mishandling or misplacing the information.
The rule is simple: never share your seed phrase with anyone, ever! If someone asks for it, even if they’re claiming to be from your crypto wallet provider (a not uncommon scam) don’t share it!
Mistake #3: Using A Paper Backup Only
Just jotting down what your seed phrase is on a scrap of paper and tossing it in a drawer might seem like a quick fix, but it’s far from secure. Paper is pretty easy to misplace and it’s also pretty flimsy and can be damaged by water or destroyed in a house fire. Simply put, relying on such a fragile storage method is a hefty gamble to be making with your finances.
For true peace of mind, consider using a purpose-built seed phrase storage solution like the Coin Plate Alpha. Made from durable, fireproof metal, it’s designed to withstand life’s unexpected disasters while keeping your seed phrase safe and sound.
Your crypto security is only as strong as your weakest link. Don’t let improper storage put your assets at risk, invest in a reliable backup that stands the test of time.
Mistake #4: Not Checking Your Seed Phrase Works When You Set It
Be honest… Did you double-check your seed phrase after setting it up? If not, you could be in for a nasty surprise down the line.
Mistakes happen. Typos, incorrect word orders, or even missing words can render your seed phrase useless when you need it most. The worst time to discover this is during a wallet recovery attempt when your funds are on the line.
Take a moment after setup to perform a wallet reset and restore using your seed phrase. It’s a simple extra step that ensures everything works as intended, giving you peace of mind that your crypto assets are truly secure.
Mistake #5: Using Easy-to-Guess Words
When some people set up their crypto wallet, they may well be tempted to skip using a random seed phrase generator and instead choose words they find easier to remember. This might feel convenient at the time, but it’s also a major security risk.
Picking familiar or meaningful words can make your seed phrase more predictable, especially to anyone who knows you well enough to guess anything like; important dates, names, or favorite phrases. Think of it like reusing the same password across multiple accounts: it’s just asking for trouble.
For maximum security, use a seed phrase generator like this one we have, they’re literally designed to be unpredictable and make it practically impossible for anyone to guess; even those who know you best.
Keep Your Seed Phrase Safe & Keep Your Crypto Secure
To wrap things up, it really is as simple as avoiding the common mistakes we’ve talked about above if you’re wanting to make sure your crypto wallet stays as secure as possible.
So don’t leave your crypto security to chance. Invest in a reliable, long-term backup like the Coin Plate Alpha. Made from fireproof, corrosion-resistant metal, it’s built to withstand the unexpected and keep your seed phrase safe.
Ready to secure your wallet the right way? Get Your Coin Plate Alpha Here and protect your crypto assets for the long haul.