Hello! Everyone. It’s bitbucket here. This guide will cover on safekeeping your private keys or your Recovery seed phrase for wallets like metamask.
You needn’t necessarily remember your private keys if you have your recovery seed phrases. Safekeeping those seed phrases is important, as these are nothing but the form of random strings (encryption) for the blockchain that remembers private keys; mostly it is for more than one wallet accounts.
If you fear seed phrases getting stolen, hacked, or lost, I recommend using something like protectedtext.com, an online notepad where nothing is sent to the server’s side, and everything is stored in the client side. You may even use online cloud storage service providers like mega.nz which promises to provide zero-knowledge encryption for your files. I would not recommend anyone use general cloud storage service providers like Google Drive or Dropbox at all.
It is always recommended to save private keys in encrypted form (hashing your private keys) rather than plain text before saving it in the cloud. It is even risky to copy the total private keys and seed phrases here and there directly from notepads to your web wallets because certain websites that might be running in the back-tab of your browser has the ability or may read the copied text, and there has been certain stories where funds were lost this way. Even if you need to copy your seed phrases from somewhere, it is recommended to copy a part of your seed phrases and then manually type a few other strings/words.
Security is the key element here, because you are your own bank operating from the blockchain, hence you can’t make a complaint about your funds getting stolen. Everything in blockchain is irreversible (cannot get reversed back), so there are always some bad actors to take advantage of it. It is always better to write down those seed phrases on a piece of paper and keep it safe as if it’s actual money. Exchanges and institutions store most of the funds in the same way where it has nothing to do online.
Let me know what you think on safekeeping the seed phrases in the comment section below.
