It's vital to keep your seed phrase safe at all times. Lacking your seed phrase could cost you all your money saved in a wallet. That's why you must guard it not only from water damage and fire but also from dropping it by mistake. Long-term seed phrase backup tools can assist you with long-lasting seed phrase storage.
Why seed phrase is so important
Almost all cryptocurrency wallets use seed phrases as a backup. This includes wallets for Bitcoin, Ethereum and others. Most people use software or hardware wallets to keep their private keys safe .They're tamper-proof as they use a seed phrase, a single access code instead of multiple private keys. With a seed phrase you are both able to access your whole wallet but also get recovery code in case your wallet breaks down. When setting up, your wallet will ask you to write a copy of your mnemonic seed phrase on paper, so that your family will be able to recover it if it breaks down after you're gone.
People need to remember that seed phrases are literal seeds for their wallets. Almost all wallets today are set up using BIP39 standard to create seed phrases, which are also known as mnemonic phrases or seed words. Accessing accounts is a great concept, but efficiently accessing accounts accurately requires strong security to prevent malfunction. Electronic wallets on other computers can easily become corrupted by malware or user error. All wallets can easily become locked if the PIN/password is compromised several times. A strong seed phrase makes it easier to recover your wallet.
There are many reasons why your paper wallet backup could be associated with problems or problems. For instance, your bank account on your computer that provides seed backup is vulnerable to malicious software, which can take control of your computer. On top of that, if your seed backup is associated with your computer, that makes it
When an ink pen does fade, it may make new ink appear dark. It can affect anything with the ink, not just pens. Some manufacturers’ ink can fade on paper from some time to another.
Paper is very susceptible to water penetration and the effects of moisture. Roof and pipe leaks and rising water create a moisture problem in a home. Flooding is usually what happens as a result of these same problems.
If you ever lose your seed recovery phrase, you lose all your cryptocurrency stored in a wallet.
Why paper is not a good idea
Paper is flammable. If you experience a fire in your house all of the paper backups you have of your money, including paper backup in a metal safe, will be destroyed. A hard drive and software wallet, on the other hand, will be relatively safe. Even if you have backups in the cloud, if your computer fails you will be left with no access to your funds. As your fire department douses the fire, flood waters will ruin one of your safekeeping. Just imagine that. Recovering from a fire is incredibly hard, if not impossible, with the environment inside the house.
Most of your lost valuables will be paid off by your insurance company. If it pays you for your destroyed house and furniture and maybe even some nice art collection, but it will not do a thing for your digital assets if your seed phrase burned down.
What to do
Additionally, you may simply mess up your old paper backups and forget about them after a time or your family member may disregard your paper backups to be less important to them and just throw them out.
If you are serious about keeping your fund safe, you should really learn how to store your seed phrase securely. The best way is to use a durable metal crypto backups like Coinplate.