No Be Wallet Dey Secure Your Funds, Na Seed Phrase

[Joeboy]

I hail una my very own people. I know say private keys/seed phrase security no be new gist any longer for this space, but I decide make I revisit this matter because of one conversation wey I get with one padi of mine. Him talk say:
"Him dey plan secure better hardware wallet, and once he gets this done, Him no need worry about losing his funds ever again.”

E dey true sha say hardware wallet dey give better protection for your private keys pass any kind exchange or mobile wallet, but the main koko be say na your seed phrase be the real backbone of your funds, not even the wallet itself.

Make I break am down wella as e dey be, so our newbies go fit follow through

- Your hardware wallet fit spoil due to dust or whatnot or make thief even carry am. And for those wey dey rely on mobile or desktop wallet, your phone fit drop for water, laptop fit even crash, but if your seed phrase dey kampe,  you go fit restore your wallet and claim your coins anytime and anywhere.

- And for those wey dey use CEX for long term storage, know this say Dem dem fit freeze your account or hacker fit attack am. If you later move your coins from CEX enter any of your self custody wallet, na the seed phrase fit give you full control over am( in cases where you go looseguard ur private key).

My Final Words for this tori be say wallet apps fit stop work or even vanish from play/app store, hardware wallet fit old or spoil da one sef dey, but ur seed phrase wey be the master- key go still remain valid as long as blockchain still dey alive. Seedphrase dey function just like land document, so as far as e dey intact, your property(coins) dey secured.

[George Edward]

well basically seed phrase are the most important part of your wallet. So it's s good to keep you seed phrase well and safe because when your wallet in any way gets lost the only way to recover your cryptocurrency is your seed phrase. So looking at the bigger picture seed phrase are prioritize as the master piece.

[kingstep]

My Final Words for this tori be say wallet apps fit stop work or even vanish from play/app store, hardware wallet fit old or spoil da one sef dey, but ur seed phrase wey be the master- key go still remain valid as long as blockchain still dey alive.

What happens when you store your coin in an exchange that ends up being hacked? What will then be the use of your seed phrase? Seed phrase is important but as much as it's important, the wallet one uses is also important.

There's not supposed to be a comparison between seed phrase and wallet because all wallet have seed phrase but not all wallet are secured which makes it necessary that one choose the right wallet that's safest and isn't subsciptible to hack. Hardware wallet gives you full control of your coin but if you're using anyhow wallet like a random exchange, it's as if you're giving the exchange the right over your coin.

[rachael9385]

You dey right because this thing wey you talk nah the same as person wey get ATM card but all of a sudden the person just forget em withdrawal pin. Actually I just use this ATM matter as an example, although you fit go bank change another pin but anything wey deal with crypto currency, seed phrase and your wallet, my dear just comot your mind because without your seed phrase you no go fit get access to the asset wey you get inside your wallet.

[Joeboy]

What happens when you store your coin in an exchange that ends up being hacked? What will then be the use of your seed phrase? Seed phrase is important but as much as it's important, the wallet one uses is also important.

There's not supposed to be a comparison between seed phrase and wallet because all wallet have seed phrase but not all wallet are secured which makes it necessary that one choose the right wallet that's safest and isn't subsciptible to hack. Hardware wallet gives you full control of your coin but if you're using anyhow wallet like a random exchange, it's as if you're giving the exchange the right over your coin.

Exchange are of course not advisable for long-term storage due to potential hackers and other security breach. Remember that hardware wallet are physical devices just like your mobile phones and as such, they are prone to theft and physical damage. Now if something like this happens, it is your seedphrase that makes it possible to recover and gain access to your funds.

For clarification, no comparison was been done in the writeup, infact fam, the main point in the post was simply to highlight that even if you’re using the most secure wallet in the whole wide world, it’s your proper handling of the seed phrase that makes it possible to regain access to your crypto wallet in case you loose guard your phone or hardware wallet.

[SatoPrincess]

You dey correct na seed phrase be the main koko. The wallet way you choose also dey very important because if you go pick hardware wallet way hackers fit hack your seed phrase no go save you. Wallet security dey very important as well.

[I_Anime]

Seed phrases is never something to joke with have heard of folk that have lose large amount of money by just losing their 12 keys, one thing one need to always prioritize when come to wallet is your seed phrase or private key , because even though you delete that wallet or you stop that wallet seff you can use that seed phrase to still access your coin in another wallet same for hard ware wallet too , because your hardware wallet can increase the protection of your assets compared to other wallets (like hotwallet and stuff) , but physical attacks like water or fire can messed your hard ware wallet up

[Yablee0]

I hail una my very own people. I know say private keys/seed phrase security no be new gist any longer for this space, but I decide make I revisit this matter because of one conversation wey I get with one padi of mine. Him talk say:
"Him dey plan secure better hardware wallet, and once he gets this done, Him no need worry about losing his funds ever again.”

E dey true sha say hardware wallet dey give better protection for your private keys pass any kind exchange or mobile wallet, but the main koko be say na your seed phrase be the real backbone of your funds, not even the wallet itself.

Make I break am down wella as e dey be, so our newbies go fit follow through

- Your hardware wallet fit spoil due to dust or whatnot or make thief even carry am. And for those wey dey rely on mobile or desktop wallet, your phone fit drop for water, laptop fit even crash, but if your seed phrase dey kampe,  you go fit restore your wallet and claim your coins anytime and anywhere.

- And for those wey dey use CEX for long term storage, know this say Dem dem fit freeze your account or hacker fit attack am. If you later move your coins from CEX enter any of your self custody wallet, na the seed phrase fit give you full control over am( in cases where you go looseguard ur private key).

My Final Words for this tori be say wallet apps fit stop work or even vanish from play/app store, hardware wallet fit old or spoil da one sef dey, but ur seed phrase wey be the master- key go still remain valid as long as blockchain still dey alive. Seedphrase dey function just like land document, so as far as e dey intact, your property(coins) dey secured.

Actually you made a lot of points there and I totally agree with you on this matter, because you see the seed phrases e just be like a key or make I call am ticket way you fit use get access to your coins or assets , that why on no account way you go ever disclose your seed phrases to anybody only your own self.

Seed phrases way you see so some how I fit call am person life, because everything way you get, all your hustle through out the years way you don gather save for your wallet na that your seed phrases be as the key to it, anything way make another person (third party) see am or Sabi am your own don finished, so my people make una wise up, protect your seed phrases with every thing way you get.

[God Tim]

Seed phrases is never something to joke with have heard of folk that have lose large amount of money by just losing their 12 keys, one thing one need to always prioritize when come to wallet is your seed phrase or private key , because even though you delete that wallet or you stop that wallet seff you can use that seed phrase to still access your coin in another wallet same for hard ware wallet too , because your hardware wallet can increase the protection of your assets compared to other wallets (like hotwallet and stuff) , but physical attacks like water or fire can messed your hard ware wallet up

I think emphasize on the importance seed phrases and private keys in keeping your digital assets save is a very healthy thing to do as an investor you never csn tell when a hacker is trying to throw he/her moves and aslo i most say your comments just underscore the importance of securing managing seed phrases and private keys to protect and have a better longevity in keeping our digital assets save pulse pointing out that hardware wallet offer enchanted protection bur are still vulnerable to physical demage or attacks.

[Hatchy]

Your private keys are derived from your seedphrase, so even if you get a hardware wallet, it's very important to still back up your seedphrase just to ensure that you can access your funds in any unforeseen circumstances. Hardware wallets sometimes are prone to physical damages, develop faults and if care is not taken lost. But when you have your seedphrase stored securely, most of these things will not matter much..

and let's not forget that the coins aren't stored on your wallet device or apps, but the apps acts simply as an interface that connects you with the Blockchain and displays every possible assets connected to your seedphrase.. that's why you must keep it safe.

[SmartGold01]

My Final Words for this tori be say wallet apps fit stop work or even vanish from play/app store, hardware wallet fit old or spoil da one sef dey, but ur seed phrase wey be the master- key go still remain valid as long as blockchain still dey alive. Seedphrase dey function just like land document, so as far as e dey intact, your property(coins) dey secured.

That is right and most time people think is wallet or address, what matters is how we secure our seedphrase that counts how secure our investment could be. Securing seedphrase guaranteed our investment to last, although we must know and learn Dust attack that may likely affect your wallet or even updating your wallet to wrong app. I have came across a post then when a manager updated his wallet and all his funds were wipe out entirely so when making an update on our wallets or app we should be that careful to know that we are actually updating it to the right wallet and not scam site because lot of things are going on this cryptocurrency space.

[Tonimez]

I think people need to understand this particular thing about the importance of seed phrases. In this life where we can loose any of our gadgets at anytime either by theft, accident or misplacement, I think everyone needs to have his seed phrase in a safe place. Another problem about seed phrases is that storing them online is also not advisable since any hack into your Google account means a complete hack of all your earnings. This is why having a hard copy of your seed phrase is the best even though it still has it's own limitations which could also be misplacement or rodents / insect  attack.

I'm currently facing same situation with one of my wallets, not being able to locate where I wrote them down. And you know that due to this continuous login that we do have our wallets do make it very difficult to remember your login details not to talk of your seed phrases. Everyone must be careful because You are your seed phrase!

[Achalugo BTC]

That is right and most time people think is wallet or address, what matters is how we secure our seedphrase that counts how secure our investment could be. Securing seedphrase guaranteed our investment to last, although we must know and learn Dust attack that may likely affect your wallet or even updating your wallet to wrong app. I have came across a post then when a manager updated his wallet and all his funds were wipe out entirely so when making an update on our wallets or app we should be that careful to know that we are actually updating it to the right wallet and not scam site because lot of things are going on this cryptocurrency space.

That's true, without seed phrase, your wallet might be a threat, because seed phrase is like a password to your wallet or address.
And securing your seed phrase is important because it is also helping us to protect our wallet or address from any potential scams such as dust attack just as you have said earlier.

That is why, we should always stay informed and also be careful on any app we are using for an exchange.

[SmartGold01]

That is right and most time people think is wallet or address, what matters is how we secure our seedphrase that counts how secure our investment could be. Securing seedphrase guaranteed our investment to last, although we must know and learn Dust attack that may likely affect your wallet or even updating your wallet to wrong app. I have came across a post then when a manager updated his wallet and all his funds were wipe out entirely so when making an update on our wallets or app we should be that careful to know that we are actually updating it to the right wallet and not scam site because lot of things are going on this cryptocurrency space.

That's true, without seed phrase, your wallet might be a threat, because seed phrase is like a password to your wallet or address.
And securing your seed phrase is important because it is also helping us to protect our wallet or address from any potential scams such as dust attack just as you have said earlier.

That is why, we should always stay informed and also be careful on any app we are using for an exchange.

Whenever you hears about address this has nothing to do with security, address is just like your bank account number and scammer can't do anything with your bank account number, but can compromise your password that you used. When storing your information we usually protects our ATM card and pin, so the wallet seedphrase is like our ATM pin and anyone with the access to our pin can like empty's your account but can't do anything your bank account number.

[CryptSafe]

OP, all you have said is quite alright, not everybody knows what you have explained here, but I believe now those who do not understand the ecosystem will do so after taking their time to read this thread. Actually, a wallet is just like a safe where funds and assets are kept, then the seed phrase is what can grant one access to the wallet with the assets. This is just like a house owner who owns a house but can only access the house when they use their key to open the door to the house, so they can enter the house. Without the seed phrase, one is nowhere near the asset because that is what would grant them access to the funds in that wallet.

This is why we are advised to store our keys very safe and privately, because it is through them we can access our funds, but if lost, we can never be able to do so. However, while saving it, it should be kept in a place where only you can access it.

[PremiumcryptoHub]

There's not supposed to be a comparison between seed phrase and wallet because all wallet have seed phrase but not all wallet are secured which makes it necessary that one choose the right wallet that's safest and isn't subsciptible to hack. Hardware wallet gives you full control of your coin but if you're using anyhow wallet like a random exchange, it's as if you're giving the exchange the right over your coin.

As far as I know, the seed phrase of every wallet we use is equivalent to the personal key, so it has become extremely sensitive and important for each of us to keep it secure. It is largely true that not every wallet has the same security measures, so each of us needs to securely store the important part needed to recover and access the wallet because there we all automatically use all the processes to keep our funds safe. Maybe everyone knows that there are some wallets that have a very low probability of online hacking because their seed phrases can be easily stored offline, my idea this is the safest and there will be no exchange rights of any kind.

[Ever-young]

well basically seed phrase are  more secured than  wallet.indeed  wallet may provide a good interface and functionality yes .but it's s good to keep you seed phrase well and safe because when your wallet in any way gets lost the only way to recover your cryptocurrency is your seed please. So looking at the big picture,seep phrase are prioritize as the master piece  .

Both the wallet and the seed phrase are just as important to me, because if your wallet gets compromised while your seed phrases are safely stored somewhere, your funds will also be at heavy risk. For example, if you misplaced your device where your wallet is, your wallet could be accessed by the person in current custody of that device and even when he doesn't have your seed phrases, your funds could still be at risk of theft. So the priority should be securing your wallet and your seed phrases, not the other way around.

[Pi-network314159]

- And for those wey dey use CEX for long term storage, know this say Dem dem fit freeze your account or hacker fit attack am. If you later move your coins from CEX enter any of your self custody wallet, na the seed phrase fit give you full control over am( in cases where you go looseguard ur private key).

actually it is not ideal to keep or store your assets on centralize exchange. CEX is only meant to exchange your coins to fiat or to swap one coin to the other and not a place to store your coins. the best place to store your bitcoin or any other coin like ETH for long term is the cold wallet. while your hot wallet can be used for regular convenience, fast and easy cryptocurrency transaction. the most important thing is to keep your private key safe because bot cold and hot wallet if any of the private key is compromised, then all coin will still be lost regardless of the type of wallet you store them.

[Coyster]

Your seed phrase is your wallets recovery "tool", so obviously anybody who has it, has the assets in the wallet, but there are other ways to lose your seed phrase, other than losing it physically, and that is where a lot of things come into play, things such as the wallet you use.

Your wallet can be compromised online and the attacker go steal your keys and your funds, you fit use closed source wallet and lose your assets as Atomic Wallet customers did, you fit keep your wallet for phone wey you dey use download unsafe files and lose your funds through that means. I can go on and on, but you already understand what i am talking about, everything matters: your physical backup, the wallets used, if it is a cold or hot storage, etc.

[Sonia_123]

My Final Words for this tori be say wallet apps fit stop work or even vanish from play/app store, hardware wallet fit old or spoil da one sef dey, but ur seed phrase wey be the master- key go still remain valid as long as blockchain still dey alive.

What happens when you store your coin in an exchange that ends up being hacked? What will then be the use of your seed phrase? Seed phrase is important but as much as it's important, the wallet one uses is also important.

There's not supposed to be a comparison between seed phrase and wallet because all wallet have seed phrase but not all wallet are secured which makes it necessary that one choose the right wallet that's safest and isn't subsciptible to hack. Hardware wallet gives you full control of your coin but if you're using anyhow wallet like a random exchange, it's as if you're giving the exchange the right over your coin.

When you have a well secured wallet or an exchange without a seed phrase of what use is the wallet or a trusted exchange be to you.
 
If you forget an alphabet or a number in your seed phrase/password how can you access your funds, I see seed phrase as a very important tool in securing your funds, you can get another wallet, but without protecting and keeping those seed phrase save how do you now manage your account and that is why more emphasis are being made on keeping our password/seed phrase safe .
Hackers can't get your seed phrase except you release it to them , and saving all your funds in an exchange is not always adviceable, that is why you have wallet to keep your funds, exchanges can be hacked at anytime, hard or software can break down or go bad will be replaced at anytime, but when seed phrase is lost or forgotten can't be replaced,all you had will be gone forever all you have to do is to start afresh from the beginning.