One of the most critical aspects of backing up your wallet is saving your recovery phrase.
In this article, we will explore the significance of recovery phrases and provide step-by-step instructions on how to save them.
What is a Recovery Phrase?
A recovery phrase is a sequence of words that is used to restore access to your cryptocurrency wallet in the event that you lose or forget your password.
This phrase is typically made up of 12 or 24 words and is generated when you first create your wallet. For reference, check out → Basics of a non-custodial wallet
Why is a Recovery Phrase Important?
A recovery phrase is vital to the security of your cryptocurrency holdings.
It acts as a backup that can be used to regain access to your funds in the event of a lost or forgotten password.
Without your recovery phrase, your cryptocurrency cannot be recovered, and you could potentially lose all your assets.
Saving Your Recovery Phrase
There are two primary scenarios where you need to save your recovery phrase:
Scenario 1: Saving Recovery Phrase at the Start of Wallet Creation
Generate your recovery phrase.
After creating the phrase, you must write it down and store it in a secure location.
Scenario 2: Saving Recovery Phrase After Wallet Has Been Created
If you have already created your wallet and have not secured your recovery phrase yet, you can still do so.
To access your recovery phrase, navigate to your wallet settings and select the "View recovery phrase" option.
Enter your password, and once confirmed, your recovery phrase will be displayed.
After recovering the phrase, you must write it down and store it in a secure location.