How can I securely backup my wallet?
Whatever wallet you decide to use to store your cryptocurrency, it's super important to make sure that you have a secure backup for your wallet.
Having a backup means that if you lose the original wallet (e.g. your computer explodes and takes your software wallet with it, or if you drop your hardware wallet down the toilet), you haven't lost any of your cryptocurrencies - you can just use your back up to re-install them on a new wallet.
How do I back up my wallet?
Each wallet will have its own backup instructions. A backup will typically consist of a "seed phrase" which is 12 to 24 words long and is unique to you and your wallet.
With that seed phrase, you will be able to re-install your wallets onto a new device.
Back up instructions for some of the common wallets are below:
How should I store my seed phrase?
Obviously storing your recovery phrase securely is very, very important! You might want to keep copies in a few different places - e.g. in a safe, and give two people you trust half of the phrase each. If you want to leave your cryptocurrency to someone in your will, it's a good idea for your lawyer or accountant to have a securely stored copy as well.
Keep in mind:
- Do not take a photo of your recovery seed
- Never upload it to the Internet
- Do not store it in the cloud
- Do not store it on your computer
- Your wallet, nor do we store your recovery phrase. If you lose this, you cannot recover your assets.
What you should NEVER do is store your seed phrase online. We've heard stories of people who have had their online accounts (e.g. email or Evernote) hacked and have had their seed phrases stolen. If anyone has access to your seed phrase, they have access to all your cryptocurrency wallets.
You can also set up a DIY secure storage system using Keepass - check out our step-by-step instruction guide here.
The user assumes all responsibility and risk for the use of third party services to store crypto currencies or virtual assets. Ensure that you do your own research before using any service, and are aware of the risks involved. Easy Crypto will not be liable for any damages caused by the use of a wallet or exchange provider.