Earlier I talked about the Private Key, now let me discuss what is Seed Phrase, how important it is and how secure it is
Here's a simple explanation from Binance academy:
You should note that wallets today rarely have just one private key – they're hierarchical deterministic (HD) wallets, meaning they can hold billions of different keys. All you need to know is a seed phrase, a collection of human-readable words that can be used to generate those keys. It may resemble the following:
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Unless you deliberately choose to use only one private key, you'll probably be asked to back up a seed phrase when you create a new wallet. When we discuss key storage later, the term keys will be used interchangeably to describe both private keys and seeds.
Take note and do not forget your seed phrase! make it secure and do not give it to anyone else - they can use it to import your keys into their wallets! that is how important it is.
They can also use it to steal funds from your wallet!
So how should you secure your seed phrase? Seed phrase is too long to memorize so you will probably need to write it down somewhere to you can just access that note incase you need it. But, here are some tips that you can do to secure your seed phrase (below tips are taken from Binance Academy)
1. Keeping your seed phrase saved on a device connected to the Internet isn't recommended. If you download a virus or your computer is hacked and controlled remotely, your phrase can be compromised.
2. Offline storage is much more secure. You could store the phrase physically or on an offline device. Even if you have a cold storage device that we'll discuss later, you should also backup the key if your device breaks.
3. If you decide to store your phrase physically, think about the material you'll use and where you'll keep it. Writing the words on a piece of paper that can be destroyed or easily lost at home isn't a good idea.
I hope this helped you guys!
