Problems of losing your seed phrase

Undoubtedly, losing the seed phrase is one of the biggest fears for any user who has a considerable amount of cryptoassets.

If so, little or nothing can be done to recover it. 

In this article, we will explain the actions you can take to avoid making this mistake.

Read on!

H2. Evaluate if you have really lost the seed phrase

First of all, we recommend you to check if you have really lost the phrase.

We don’t want you to panic, usually, it may be in a place you don’t remember such as inside a notebook, a box with papers, a file, folder or storage platform.

Check calmly.

H2. If you don’t have a backup, the situation is critical

If after searching you can’t find it or you don’t have a backup, the situation is definitely complicated.

Unlike conventional capital, cryptos work in a decentralized way, in other words, there is no entity that can help you regain access.

There are companies and freelancers that “promise” to recover your funds, we don’t want to judge the methods of these services, but being completely honest.

It is not a simple thing, if you do not know the case of Stefan Thomas who is about to lose 7000 BTC for not remembering his seed phrase, I invite you to take a look at the case online.

Generally, by misplacing the phrase and not having a backup, we unfortunately write off digital assets as lost.

H2. If you have a storage device, try to recover the seed phrase

Now, if you had the opportunity to store your phrase on a physical device, such as a hardware wallet, the chances of recovering your funds increase.

These devices allow you to restore your wallet as long as you have stored your seed phrase in a secure location.

Simply follow the manufacturer’s instructions.

H2. Check if the platform has recovery methods

Some platforms have alternative recovery methods.

For example, if you use an online wallet, check if it offers recovery options through security questions or two-factor authentication (2FA).

While, not all wallets offer this, it doesn’t hurt to take a look to save time.

H2. Be cautious

Hopefully, by this point in the article, you have already convinced yourself that protecting your seed phrase is paramount to accessing your cryptoassets.

The best way to deal with loss is to avoid it.

For this, we advise you to use a seed phrase protector. This one in particular works without internet access and encrypts your seed phrase on NFC cards and can make several backups which is great to avoid everything we have already talked about above.

Self-custody yes, but it is important that you have the knowledge to carry it out in the most robust way. “Not your keys – not your Crypto”.

Post Views: 30