Why You Should Secure Your Bitcoin Recovery Phrase Using Coinplate Steel Crypto Backup
Learn how to secure your Bitcoin recovery phrase
- What is a seed recovery phrase
- Why should you take special care of your recovery phrase
- How can you secure your mnemonic recovery phrase
What is a seed recovery phrase?
Bitcoin and other cryptocurrencies like Ethereum, Dogecoin, Cardano etc. use a system where you can easily recover your wallet. Nowadays it works almost always in BIP39 standard which is much easier than previous solution with private keys. Wallet software generates a list of words and asks user to write it down on a piece of paper and put it in secure location. This list of words is called mnemonic recovery phrase, seed phrase or backup seed phrase and it allows to grant full access to the wallet it was generated from.
All of above applies to hardware wallets like Ledger Nano, Trezor, Keystone and also software wallets like MetaMask or MyEtherWallet and proprietary crypto wallets because all of them use BIP39 standard.
Why should you take special care of your recovery phrase?
With your Bitcoin mnemonic phrase or recovery seed phrase, anyone have full access to your whole wallet including all your funds. This means you should store it in secure location so no one but you can access it. It is also good idea to have multiple copies of your seed phrase.
Your mnemonic phrase written on piece of paper, even if stored in a locked safe or buried down in a pile of other documents is still a piece of paper. Different kind of situation can put your backup phrase in danger and make it unreadable in the future. Paper can be destroyed easily.
Imagine your upstairs neighbor got a water leakage just above your room where you store your paper seed phrase. Paper can become unreadable when wet. The same applies for situation where your neighbor creates little fire and fire brigade floods your apartment with water.
Also with a fire situation, paper is easily destroyed. Even if your insurance will pay you back for your destroyed apartment and this nice hi-fi audio set. No one ever will pay you for your lost cryptocurrency because you lost your cryptocurrency recovery phrase with a piece of paper.
There are numerous situation like these above where an accident or small disaster could make your funds disappear. But the most common situations where people loose access to their funds forever are the most stupid like. There are countless stories of teenagers or students loosing their cryptocurrency wallets and portfolios worth now millions of dollars because their mom threw this weird piece of paper with other rubbish away. It also happens often that after a few months one forgot that he put his paper recovery phrase with other documents and throws it away with them during cleaning.
How can you secure your mnemonic recovery phrase using steel bitcoin wallet?
Stainless steel is much stronger than paper. Stainless steel crypto wallets like Coinplate Alpha or Coinplate Grid can survive a house fire or collapse, getting run over by a truck and still be perfectly readable after 10, 20 or even more years. Coinplate stainless steel wallets are rust resistant and waterproof. Stainless steel survives well even in ocean water, so you will rest assured that it will last for decades.
Metal crypto wallets like Coinplate Alpha, Coinplate Grid or Coinplate Punch are exceptionally sturdy and can survive almost anything.
Coinplate Alpha is built used two ultra thick stainless steel sheets bolted together with stainless screws. This backup solution weighs 2.5lbs or 1kg.
However the best part is that, all you need to secure your bitcoin or cryptocurrency portfolio is $50 or $60 and 10 minutes of time. It is so easy to make a backup and anything you need is included in the set, without the need of separate tools or special knowledge. You can easily backup your hardware or software wallets recovery phrase on Coinplate cold wallets by using included automatic marking tool to mark your mnemonic phrase permanently in stainless steel. This is very small price for a lifetime long peace of mind.