Brain Wallet
Tue, Apr 15A brain wallet is a method of storing cryptocurrencies in your mind, relying on your ability to memorize your seed phrase.
Seed phrases are given to you when you first create a wallet. They can be provided by mobile wallets on your smartphone, desktop wallets on your computer or Mac when you install standalone software, or web wallets offered by platforms like Coinbase or the MetaMask browser extension.
If you remember your seed phrase, you can completely recover your wallet on any computer or smartphone.
However, using your memory as your main wallet is an extremely poor choice. Why, you may ask? Because if you pass away, all your cryptocurrency and digital assets will be lost. That’s not good. You’re gone, and so is your wealth.
What makes it a bad idea to rely on a brain wallet for your cryptocurrencies? Seed phrases consist of 12, 18, or 24 random words. I can hardly remember my own name, and now I’m expected to recall up to 24 words in the correct order. Are you serious?
Even though seed phrases are made up of relatively simple words, there are still quite a few of them. If you forget just one word or mix up the order, you risk losing everything.
If you are determined to use a brain wallet, don’t let it be your only wallet or backup method. Consider using a combination of a brain wallet and a paper wallet.
Even better, if you enjoy making life a bit more challenging, take a piece of wood and carve your private key or seed phrase into it. Just ensure it’s legible.
But seriously, forget all that and simply write down your private key or seed phrase on a piece of paper and store it in a secure place, like a bank safety deposit box. You can thank us later!
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