summary: Seed Phrase is a collection cryptographically generated of words, that is simply employed to access a users crypto wallet.
content: Seed Phrase is a collection cryptographically generated of words, that is simply employed to access a user's Cryptocurrency wallet. Also known as seed recovery phrase, backup seed phrase, mnemonic seed, or mnemonic phrase, is utilized in recovering a cryptocurrency wallet. Seed Phrases are not linked to a particular cryptocurrency and can be used to access an entire portfolio of cryptocurrencies like Bitcoin (BTC), IQ token, Ethereum (ETH), and other blockchain-based assets. Security issues & Seed Phrase Users are to be oriented and aware of the risks that seed phrases pose to their cryptocurrencies. Users are to realize that: If they lose their seed phrase, then they lose access to their money. If someone else finds or steals their seed phrase, they gain access to the user's money. Losing Seed Phrases If a user ever loses access to his/her wallet, these can be loaded into any BIP32-compatible wallet to recover his/her funds. There are 2048 words on the BIP39 wordlist, which implies that a string of 12 words would have 128 bits of security. This means that an attacker would need to perform 2128 operations to guess a 12-word seed. It may look like a small number, but it certainly isn’t. It’s practically infeasible for even the most well-resourced attackers to crack this sequence (for now). The longer the seed, the more secure it is. Storing Seed Phrases Storing a seed phrase on a device that is connected to the Internet (a Computer, a Tablet, a Smartphone) or on the cloud itself, for instance in an email or in a text file, is dangerous as connected devices are usually unsafe and can be hacked relatively easily. Better Storing Since a seed phrase needs to be stored on offline support, the natural method is simply to write it down and store it in a secure place. Ideally, the seed phrase would need to be written down on a support that isn't vulnerable to common damage like humidity or fire. Paper is not a good choice, as it decays easily. A better solution that any user can find online is products to write their seed phrase on a stainless steel plate. Conclusion Seed phrases are not cryptocurrency-specific. They can be used across hundreds of cryptocurrencies; so that one seed can actually be used to recover an entire portfolio of coins and tokens. The majority of leading wallets allow the user to recover their funds with a seed phrase, provided they have correctly recorded it.