Many known and anonymous friends have been filing complaints, at the same time seeking for help to restore/ get back their crypto wallet. However, the first question I normally ask them is “Do you have the wallet Passphrase?” Well, many have proven to have misplaced theirs, while others find it difficult to even understand what I meant with the question.
As a concerned blogger, as well as someone who is opportune to direct the public with writing, I’m here today to briefly show you all the safest ways to secure Wallet Passphrase, 2FA key, Mnemonic, Private Key, Keystore JSON, and many other important documents or files.
This method is going to show you in other to save and secure your wallet Passphrase, 2FA key, Mnemonic, etc is absolutely the best and easiest from my own side of view. You can also render your own contribution using the comment box if you have a suggestion to add up to this post as we move ahead.
Before commencing with the secure method to save Wallet Passphrase, 2FA key, Mnemonic, Private Key, Keystore JSON, etc, I will like to explain each and every one of these mentioned security method above.
A crypto wallet passphrase is an optional feature that can be used in addition to your seed phrase to restrict access to your crypto wallet. Passphrases offer extra security in the event that your seed phrase is exposed, or if someone else gains access to your hardware wallet.
It also allows you to create multiple crypto wallets from a single seed phrase – in this way, you could even create a dummy wallet that would provide “plausible deniability” of your true holdings. If you lose your passphrase, you will likely lose access to your crypto!
This passphrase can be seen while creating Cold wallets such as Trust wallets, Enjin, Safepal, Atomic wallet, etc. It is also available in the Blockchain wallet via Settings. This is strictly advised to be saved in a place only you can have access to it. Exposing of this will result in the loss of your wallet.
Just as defined by the oxford dictionary as a pattern of letters, ideas, or associations which assists in remembering something just like memory card storage.
These phrases are usually 12 or 24 words long. Each word in the phrase tends to be unrelated to another. Wallet providers will usually provide you a mnemonic phrase when you open a new account — and it’s incumbent on you to write it down carefully and store it in a safe place.
A private key is an extremely large number that is used in cryptography, similar to a password. Private keys are used to create digital signatures that can easily be verified, without revealing the private key.
The Keystore is an encrypted version of your private key in JSON format. It is a fancy version of your private key that is protected by a password of your choosing. When this Keystore is used in conjunction with a password, it resembles the private key.
Keystore is safer than the private key because you need a password to access it. When you are creating your password make sure it is strong and not the same as your email or other social media account passwords. It should instead be a new password that has a mixture of symbols, letters, and numbers.
2FA key also known as Two-Step Authenticator is a cryptographic device that displays a two-factor authentication value.
It’s a piece of hardware — usually something like a keychain fob, which can be used to authenticate to another piece of hardware generating the same key on the back end.
As said earlier, apart from the 2fa key, other listed security backups are strictly advised while signing up on a cold wallet. Moreover, on a popularly used Blockchain wallet, you won’t get to save this before proceeding in creating your wallet. You will be asked to provide only Email, Password, and pin instead. Meanwhile, you can go ahead to save the passphrase on the settings and input it to any other wallet of your choice.
On the other hand, 2fa or two-step authenticators are available on Exchange wallets like Binance, Kucoin, Hotbit, Gate.io, Mexc, OKcoin, etc. This 2FA does have two options while toggling it on which include the SMS method and the Google Authenticator app method.
Choosing the SMS method won’t ask you to backup any 2fa key, as it will send an SMS code to your embedded number for confirmation while it switches on. But unfortunately, this method misbehaves sometimes as code SMS will refuse to enter because of network issues.
On the other side is the Google Authenticator app. This app is available for both iOS and Android devices and is absolutely free. Having this method chosen will require you to back up the given key first, then download the Google Authenticator app and input the key. You will be asked to get the random number is generated by the app before it expires for the activation of the 2FA.
Unfortunately, this google authenticator app doesn’t back up the 2FA keys. This means once the app deletes or wipes data that all set up done in the app will disappear, and this has brought a series of losses to individuals in the crypto world.
Having explained this much so far, let’s commence with our primary goal which is the safest way to secure wallet Passphrase, 2FA key, Mnemonic, Private Key, Keystore JSON, etc.
Secure Method to Backup your wallet Passphrase, 2FA key, Mnemonic, Private Key, Keystore JSON
I get to have an encounter with a friend some weeks ago, during our conversation it happens that his Blockchain isn’t opening, and me trying to render my help by asking him to import the passphrase in another wallet. Deliberately shock me by saying he didn’t have it… What! And his friend said his own is being kept with her grandma.
At this point, I come in with a few questions that his friend which remain unanswered till today. My questions were “what if something happens to your grandma (God forbid)?” “What if water flows down to where it’s stored?” “What if there’s a fire breaks out?” Now ask yourself these questions as well and see if really you’re safe LoL.
Using Google keep will require signing in with your Gmail account as it is a Google note app. Any note composed on Google keep will synchronize with the default email you sign in to the app with and will forever remain intact.
The app also has options to upload pictures, files, as well as Audio. Awesomely, the Google keep is also embedded on the Gmail account when logged in on PC. Any file or documents saved on Google keep remains the same, and also it responds to changes. Moreover, you can part your documents as well with anybody (maybe next of kin) email to see all written notes in the app. You can download the Google keep Note App for iOS on Apple Store and Google Play Store for Android devices.
Offline saving of your keys is perfect but I prefer online. Online is risky but at the same time, it is worth it. It’s risky because of hackers, but it is perfect in the sense that you can access your wallet right from any other device. Assuming something happens to you on your way and right there you need to access your wallet for some funds, you can easily borrow a stranger phone and get your phrases back then log in and make your sales.
Additionally, I will advise you to make use of the password you’re using on the default email of your Google keep is very strong and not exposed to the internet to avoid losing everything at a go.