Crypto News US

• Recovery or Seed phrase- a string of words securing your crypto wallet.
• The idea was widely adopted after 2013’s Bitcoin Improvement Proposal 39 (BIP-39).

Recovery seed, sometimes also known as seed phrase, is a randomized cryptographic security code which secures your access to your crypto wallet. Basically, it comprises 12 to 24 words chosen from a list of 2048 words. It is a sequential list of English words containing all necessary information to recover your digital assets wallet.

The idea of the Recovery seed was introduced as a part of the Bitcoin Improvement Proposal 39 (BIP -39) that took place in 2013. The Proposal established a standard for deterministic wallet. Deterministic wallets are wallets which have one recovery seed to control all of the private keys held in the wallet. Additionally, BIP-39 also describes the list of 2048 words. 

Why is Recovery Seed Important?

Think of a situation, when you lost or forgot your password of your crypto wallet, but thankfully, you have a recovery seed that helps you access your wallet. You can’t access your wallet without the help of a recovery seed. So, it’s important to note your recovery seed in a proper well being and keep it secure till the time you have a crypto wallet. 

Ways to Store Recovery Seed Safely

From the earlier paragraph, you came to know how important it is to safeguard your recovery seed as it plays an important role in accessing your wallet. So, here are some ways by which you can keep your recovery seed safely

1. Jot it down

It is highly recommended you note down your recovery seed anywhere. However, it’s essential to keep the information in a secure place. 

2. Never save it online

Secondly, it is very important you keep your recovery phrase in a device not connected to the internet. As a device accessed with the internet, it can make it easy for hackers to hack your device and know the recovery phrase, therefore, leading to a huge loss. So, it’s important to not store your recovery phrase on any internet connected device.

3. Only you should know the place where the phrase is kept

Last but not the least, it is important you and only you should know the place where you kept your recovery seed. As, if it is known by others, then someone can take the benefit of your phrase. So, it is important that you maintain the safety, secrecy and security while keeping the recovery seed. 

Difference between Private keys and Recovery Seed

People often mislead and assume that both private keys and recovery seed are the same. In a literal manner, they both are different. The former is used for transacting and using your crypto, while the latter is used for accessing your wallet. So, they both differ in the way they are used. 

Conclusion

In a nutshell, the Recovery seed helps in accessing your crypto wallet. Additionally, they are generated automatically. If the recovery seed gets lost, it will financially harm you. In addition to this, we have also learned that although private keys and recovery phrases are two different concepts, people get confused and assume both to be the same.Lastly, you must always remember to keep it secure and safe.