Perhaps all cryptocurrency users have more than once experienced the anxiety of losing their secret keys. The loss of which would result in the loss of digital assets.
In order to solve this problem, cryptocurrency wallets employ mnemonic phrases. These are more modern tools to protect Bitcoin and other cryptocurrencies, eliminating the need to store long and confusing keys.
Mnemonics are a way to remember individual facts or significant amounts of information easily. Mnemonics can be in the form of a song, a rhyme, an abbreviation, an image, a phrase, or a single sentence.
Let’s look at how mnemonics wallets contribute to cryptocurrency users.
What Is a Mnemonic Phrase?
A Mnemonic phrase is often referred to as a recovery or seed phrase. It contains 12-24 keywords whose sequence provides access to the user’s private keys.
Most cryptocurrency wallets use mnemonic phrases to properly protect users’ assets to access the associated wallet’s funds. Anyone with access to a mnemonic phrase can use the funds of the associated wallet, so wallet owners must be careful to keep their secret code in a secure location, preferably offline.
Seed phrases are part of the BIP39 standard, representing a technically sophisticated rule-matching mechanic that facilitates the task of managing complex private keys.
Each word is associated with a number when forming seed phrases, so an outsider cannot intercept the seed phrase. In addition, the random number generator mechanism ensures that numbers and their associated words are chosen in random order. This results in your seed phrases being secure and unrecognizable to another person.
Why Are Mnemonics Used in Blockchain Wallets?
When registering a crypto wallet, the user sets a password and a mnemonic phrase that is needed to access the wallet from any user-friendly device.
This Recovery Phrase can be useful for a user in case of loss of the device where they installed the wallet or loss of the password. To restore the user account, it will be necessary to enter the seed phrase on the new device. Then, the user can recover a new wallet with the funds.
Examples of Mnemonic Phrases
The mnemonic code of the BIP39 standard may be of the following form:
- 12 words: alpha afford bundle fit fatigue vast upper youth wood vacuum toddler skirt.
- 24 words: smoke sketch until typical pause network object random banner attitude common divert coral excite furnace frequent green harsh increase laugh level vendor whip year.
Where to Get the Seed Phrase?
You can get Seed Phrases directly when installing a cryptocurrency wallet right after registering with it. It is necessary to quickly write down the secret words in the correct sequence, write them down in a safe place, and in no case pass them on to anyone.
How Do I Back Up My Seed Phrase?
The easiest and most proven way is to write the seed phrase on a piece of paper. No matter how many ways have been invented, this method remains one of the most reliable. It can be written by hand or printed out and kept in a secure place where only you will have access to this important piece of paper. The place for secure storage can be in a safe or behind a painting.
Knowing where you will keep this important paper is up to you. You can also make several copies and hide them in different places in case the initial one gets lost. You can use engraved metal plates as an alternative to a piece of paper; many companies have begun to produce such plates specifically for cryptocurrency holders.
Several other methods, like hardware password managers and cloud services, may work for you. These techniques can be combined in any sequence, depending on your experience, preferences, views, and ideas about safety.
How to Import a Mnemonic Seed Phrase From Another Wallet?
To import a mnemonic phrase, you must:
- Select ‘Import wallet’ on the platform.
- Click the ‘Mnemonic phrase’ button and enter the mnemonic phrases for the wallet.
- Click ‘Start’ to import.
When the pop-up window appears with the message ‘Wallet imported successfully.’ You should understand that the wallet has been imported.
Conclusion
To avoid worrying about the security of your digital assets, you should be smart about storing your private keys, which enable transactions and access and be careful about storing your mnemonic phrases, which facilitate seamless wallet recovery. For greater security, it is recommended that you keep your private keys and mnemonic phrases offline.
FAQ
What is a mnemonic in a wallet?
Mnemonic phrases are an optimized version of private keys for easier memorization. You can use a mnemonic or seed phrase to confirm transactions and recover lost cryptocurrency wallet accounts. Mnemonic phrases or seed phrases consist of 12–24 lists of words.
How do I import a crypto wallet?
To import Seed Phrases, just install a cryptocurrency wallet that supports them and write it down after registering an account.
