More financial freedom means more financial responsibility
- Wallet security seed phrase
- Private keys and hard wallets
What is a seed phrase and how to back it up?
The use of a seed phrase is a standard most crypto-wallets use. It's a list of several words randomly generated when you create a wallet account. The words (and sometimes word order) are unique to you and serves to access your address. It's a back-up key in case you cannot access your private address any other way.
- Because it provides access to your private address ONLY YOU SHOULD KNOW THE SEED PHRASE AND YOU MUST BACK IT UP.
- When you create a MetaMask digital wallet, for example, you will be given a 12-word seed phrase. Save it. DeFiner does not control any of your personal/private data on our servers. Everything is encrypted on your phone and protected via your DeFiner password. If you lose access to your wallet account (perhaps because you cannot recall your login credentials), you can restore your account using your seed phrase.
Read more about MetaMask seed phrase here:
Don’t share your seed phrase and private keys
Anyone who has your seed phrase or private keys could send Ether or tokens from your accounts. Never share them with anyone--even those claiming they are from the wallet company. They will never ask for you to provide this. If someone claims to be a MetaMask team member and asks for your seed phrase, report this person to us via:email@example.com.
If you have large amount of ETH/token in your accounts, consider getting a hardware wallet.
Hardware wallets are commonly thought to be the safest and most robust way to store your Ether or other tokens. It signs transactions through the private keys which are stored offline. Learn more about them here.
There is no such thing as too much safety. This basic guide is by no means comprehensive. Always learn how to better protect your tokens through communities, informative material, or discussion channels like this.