The security of your crypto wallet depends on you keeping your seed phrase secure and safe. Although the twelve-word phrase can be long and hard to remember, there is only one way to restore your wallet if you lose it. We’ve all heard the nightmare stories of people locked out of their funds, so let’s see why and how that happens. Here are some things you need to know about seed phrases, including how to restore your crypto wallet if necessary.
What is a seed phrase
A seed phrase (or backup recovery phrase) is a mnemonic device that allows you to restore your crypto wallet. They are 12 words long, and wallets tie your seed phrase to the wallet’s unique Private Key address. Cryptocurrency wallets don’t contain any currency. Rather they store Private Keys that allow you access to your account balance on an exchange or web wallet service. If you lose your private key, there is no way to restore it without your seed phrase. That means your funds may be gone forever.
How do I restore my wallet
If you are looking for how to restore your crypto wallet, there is a way. The way involves using your seed phrase. Once you create a wallet, whether in an online exchange or on a hardware wallet, you’ll receive the seed phrase that identifies it. When you receive your seed phrase, make sure you keep it safe. The best way to do this is to write it down and keep it somewhere you’ll have access. Better still, have two copies in separate places.
If you’re confident that your old wallet is damaged beyond repair or you lost the device, your funds aren’t lost. Look up how to import a wallet to your preferred platform. You can do this on an app, website, or physical wallet. Open a new wallet on the device, and follow the instructions you found to import an old wallet. From there, the platform will direct you to input your seed phrase. You should have access to your funds again soon enough.
What happens if I lose my seed phrase
Without your seed phrase, you won’t be able to restore your wallet. If that happens, then all of your cryptocurrency will be permanently lost. There is no way around it. Unlike regular passwords, you can’t change or update seed phrases. There are horror stories of people locked out of wallets that are now worth millions or more. If you set up your wallet on an online exchange, you can try contacting them. It’s unlikely they’ll be able to do anything without your seed phrase, but you can always try. If you’ve lost your seed phrase and still have access to your wallet, you might want to transfer funds to a new one. You can keep everything in a wallet you’ve recently received the seed phrase for and keep it safe. Or, as a last-ditch alternative, you might hire people specializing in locked wallets.
Other tips for safekeeping a seed phrase
Keep your seed phrase encrypted somewhere on your hard drive in a place that no one else can access. If you’re using a piece of paper, write out multiple copies and store them in safe deposit boxes. You could also laminate it. When printing multiple copies, make sure one of them is in a safe place near you in case you need to access it unexpectedly.