Your crypto wallet keys are so important that you absolutely need a backup. But how do you safely back up your crypto wallet keys?
Crypto wallets are extremely useful for storing your precious funds, but are vulnerable to cybercriminals, as well as losses due to device or server malfunction. When any of these events occur, you risk losing your crypto funds. This is why it is crucial to back up the private keys of your wallet (which prove that your crypto account is yours and are vital for the recovery of the wallet).
But you can prevent this by backing up your cryptocurrency wallet keys. So how do you do it?
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1. Use an opening sentence
A seed phrase works the same as a traditional password, but is much longer. It consists of a set of words (usually between 12 and 24 words) and is unique to each user. It is not a sentence, but a random combination of different words (e.g. toe, box, connect, cricket, etc.), which makes it virtually impossible to predict or guess. Your seed phrase will ensure that you have access to everything associated with it, including your private keys.
But be very careful here. A seed phrase cannot be changed like your social media or email passwords can. It is designed to be incredibly secure as an immutable default backup password for your crypto accounts. So be sure to keep this phrase safe once it is given to you. It’s also a good idea to divide your opening sentence into two or more parts so that it can never be stolen in its entirety.
2. Export your keys
It is always a good idea to export your private keys to an external location. However, it is important to note that exporting your keys will display them as clear and readable text, making them easy to use for cybercriminals if your device or account is under attack, or for people near you. see your keys on the screen (so make sure you perform the export process when alone in a private area).
However, exporting your private keys to another location means that they have been backed up and are available to you in an emergency. Just make sure that you export them to an important device or virtual location and that they are protected after being exported.
The process of exporting your keys differs depending on which wallet you are using, so it is best to go to the wallet provider’s website and look at the FAQ section or just search for how to export your keys. keys from the wallet of your choice via a search engine. . It’s not a very difficult process, anyway, so give it a try if you know you have a secure location prepared for your keys.
3. Backing up the portfolio file
When you back up your crypto wallet file, the private keys will be backed up with it, making it a viable virtual backup option. This, again, should be done alone and never in public.
You can save this crypto wallet file by copying the master key to a text file and saving it on a separate device. Alternatively, you can create a unique QR code to store your master key and then print it out, making it a form of physical backup (which we’ll talk about next).
You can also store this QR code on a device, but be aware that this makes it more vulnerable to malware and theft. If you want to store your wallet file or QR code on a device, try software designed for it, not just your notes app.
4. Physical backup
This is probably the easiest of all the backup methods because you don’t need any technical knowledge to do it. Physical backup involves using a device or object that is not virtual, such as a piece of paper or a USB drive, to back up your private keys.
The good thing is that it completely prevents your private keys from being stolen by cybercriminals or lost through server crash or malfunction. However, you need to be careful what you use to physically back up your keys. For example, a piece of paper can be easily found or accessed if it is not kept in a safe place (or accidentally destroyed), and a USB drive is easy to lose (or be physically stolen).
If you want to physically back up your keys this way, make sure that you have an ultra-secure location, such as a safe or hidden container, that no one else knows about. This way, you can safely back up your keys without having to worry about them going missing.
Additional Cryptocurrency Wallet Key Backup Methods
There are several more ways to back up your private keys, but these aren’t as secure or easy as the suggestions above, so we recommend that you look at the first five options first.
The first of these methods is a trustworthy person. You can share your private keys with someone you trust, ensuring they are never written down, virtually or physically, in the backup process. However, you then run the risk that your trusted person will lose the private key (s) in memory.
Another less common form of private key backup is through cryptographic art (like an NFT). This ensures that your key is hidden in an unconventional way, which cybercriminals are unlikely to consider. However, this technology is quite new and is not easy to do either. But it could provide a super secure and obscure way to hide your private wallet keys.
It should also be noted that we do not recommend storing your private keys, seed phrases on password storage software, as these can be infiltrated by cyber criminals. Like any other software, they are vulnerable to malfunction or server failure. However, if you are ready to use such a program, try a popular and recommended one, such as NordPass, Dashlane, or Keeper.
If you want to keep your crypto safe, your wallet needs this extra backup
While it’s easy to think that our crypto wallets are designed to be secure, they are never entirely secure and therefore should be protected as much as possible. A backup is a great option to ensure that you will always have access to your crypto funds, rain or shine. So, try one or more of these methods to be safe in the knowledge that your funds are not going to disappear on you.