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<title>What is a BIP39 Passphrase? Enhancing the Security of Your Crypto Wallet</title>
<link>https://getcoinplate.com/blog/what-is-a-bip39-passphrase-enhancing-the-security-of-your-crypto-wallet/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Fri, 22 Mar 2024 20:52:18 +0000</pubDate>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=4077</guid>
<description><![CDATA[<p>What is a BIP39 Passphrase? Enhancing the Security of Your Crypto Wallet Introduction In the world of cryptocurrencies, security is...</p>
<p>The post <a href="https://getcoinplate.com/blog/what-is-a-bip39-passphrase-enhancing-the-security-of-your-crypto-wallet/">What is a BIP39 Passphrase? Enhancing the Security of Your Crypto Wallet</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<h1 class="wp-block-heading" id="h-what-is-a-bip39-passphrase-enhancing-the-security-of-your-crypto-wallet">What is a BIP39 Passphrase? Enhancing the Security of Your Crypto Wallet</h1>
<h2 class="wp-block-heading" id="h-introduction">Introduction</h2>
<p>In the world of cryptocurrencies, security is of utmost importance. One of the key components in securing your digital assets is protecting your wallet’s seed phrase. But did you know that you can add an extra layer of security to your wallet by using a BIP39 passphrase?</p>
<p>A BIP39 passphrase is an optional phrase that you can add to your seed phrase to create a completely new set of addresses and private keys for your wallet. This means that even if someone gets hold of your seed phrase, they won’t be able to access your funds without also knowing your passphrase.</p>
<p>Understanding and using BIP39 passphrases is crucial for anyone who takes the security of their cryptocurrency holdings seriously. In this article, we’ll dive deep into what BIP39 passphrases are, how they work, and why they’re such an important tool in your crypto security arsenal.</p>
<h2 class="wp-block-heading" id="h-what-is-a-bip39-seed-phrase">What is a BIP39 Seed Phrase?</h2>
<p>Before we can fully grasp the concept of a BIP39 passphrase, we need to understand what a <a href="https://getcoinplate.com/blog/seed-phrases-guide/" target="_blank" rel="noreferrer noopener">BIP39 seed phrase</a> is. A seed phrase, also known as a mnemonic phrase, is a list of 12 or 24 words that are used to generate the private keys and public addresses associated with your cryptocurrency wallet.</p>
<p>These words are not just any random words – they are selected from a predefined <a href="https://getcoinplate.com/blog/official-bip39-word-list-mnemonic-in-english-verified/" target="_blank" rel="noreferrer noopener">list of 2048 words</a>. The specific order of the words in your seed phrase is what determines the private keys that control access to your wallet.</p>
<p>It’s absolutely essential to keep your seed phrase secure. Anyone who gains access to your seed phrase can control the funds in your <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/" target="_blank" rel="noreferrer noopener">wallet</a>. This is why it’s not only important to keep your seed phrase safe but also to create reliable backups.</p>
<p>While you can write your seed phrase on a piece of paper, it’s much more secure to use a durable backup method like engraving it on a metal plate. Products like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a> are specifically designed for this purpose, offering a fireproof and waterproof solution for storing your seed phrase.</p>
<p>In the next section, we’ll explore how adding a passphrase to your seed phrase can take your wallet’s security to the next level.</p>
<h2 class="wp-block-heading" id="h-how-a-passphrase-works-adding-a-passphrase-to-your-bip39-seed">How a passphrase works – adding a Passphrase to Your BIP39 Seed</h2>
<p>A BIP39 passphrase is an optional extra word or phrase that you can add to your seed phrase. It acts as a “25th word” for 24-word seed phrases or a “13th word” for 12-word seed phrases. The passphrase is not selected from the predefined list of 2048 words – it can be any word or phrase you choose.</p>
<p>When you add a passphrase to your seed phrase, it completely changes the derived <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/" target="_blank" rel="noreferrer noopener">private key</a>s and public addresses for your wallet. In essence, it creates a new “hidden” wallet with a different set of keys and addresses, while still being tied to your original seed phrase.</p>
<p>Think of it like a secret compartment within a safe. Your seed phrase is the key to the safe, but your passphrase is the key to the secret compartment inside the safe. Even if someone gets hold of your seed phrase, they won’t be able to access the funds in your “hidden” wallet without also knowing your passphrase.</p>
<p>It’s important to note that passphrases are different from seed phrases in a key way. While seed phrases are generated from a predefined list of words, passphrases can be any word or phrase you choose. </p>
<h2 class="wp-block-heading" id="h-benefits-of-using-a-bip39-passphrase">Benefits of Using a BIP39 Passphrase</h2>
<p>Using a BIP39 passphrase offers several key benefits that significantly enhance the security of your cryptocurrency funds:</p>
<ol>
<li><strong>Protection against seed phrase theft</strong>: In the unfortunate event that your seed phrase is stolen, a passphrase acts as an additional line of defense. Without knowledge of your passphrase, a thief would be unable to access the funds in your wallet, even if they have your seed phrase.</li>
<li><strong>Multiple wallets from a single seed</strong>: By using different passphrases with the same seed phrase, you can create multiple “hidden” wallets. This feature is particularly useful for organizing your funds, separating them for different purposes, or maintaining privacy by not revealing your total cryptocurrency holdings.</li>
<li><strong>Plausible deniability</strong>: Since the existence of hidden wallets cannot be proven without knowing the associated passphrases, you can maintain plausible deniability about the extent of your cryptocurrency holdings. If you were to reveal your seed phrase under duress, your hidden wallets would remain secure and unknown.</li>
</ol>
<p>By leveraging these benefits, a BIP39 passphrase becomes an indispensable tool for anyone serious about cryptocurrency security.</p>
<h2 class="wp-block-heading" id="h-best-practices-for-bip39-passphrases">Best Practices for BIP39 Passphrases</h2>
<p>To maximize the security benefits of BIP39 passphrases, it’s essential to follow these best practices:</p>
<ol>
<li><strong>Choose something memorable but hard to guess</strong>: Your passphrase should strike a balance between being unique and complex enough to resist guessing attempts, while still being memorable enough for you to recall when needed. Avoid using common phrases, quotes, or personal information that could be easily guessed by others or brute-force hacked..</li>
<li><strong>Avoid using the same passphrase for multiple wallets/seeds</strong>: Each passphrase should be unique to the specific wallet and seed phrase it’s associated with. Reusing passphrases across multiple wallets or seed phrases significantly increases the risk of a security breach, as a compromised passphrase could grant access to multiple wallets.</li>
<li><strong>Consider how to securely back up and pass on the passphrase if needed</strong>: While you could theoretically rely on your memory, you may want to consider a secure backup strategy. This could involve creating a direct backup, a cryptic hint that only you would understand, sharing parts of the passphrase with trusted family members. Either way it is preferable to use a durable backup like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>.
<ul>
<li>If you decide to create a physical backup of your passphrase or a hint to it, using a durable method is crucial. Products like Coinplate Alpha provide a fireproof and waterproof solution for securely storing sensitive information like passphrases, ensuring their longevity and resilience against any imaginable hazards.</li>
<li>Metal backups offer significant advantages over paper or digital storage methods. They are much more resilient against fire, water, and other environmental threats that could easily destroy paper or digital backups, providing long-term protection for your passphrases. They also offer a truly offline backup that can’t be hacked.</li>
</ul>
</li>
<li><strong>Understand the risks – forgetting the passphrase means losing access to funds</strong>: It’s crucial to understand that forgetting/losing your passphrase will result in permanently losing access to the associated wallet and the funds it contains. There is no way to recover a forgotten passphrase, emphasizing the importance of choosing a passphrase that you can remember and having a secure backup strategy in place.</li>
<li><strong>Techniques for creating strong and memorable passphrases</strong>: Some effective techniques for creating strong and memorable passphrases include combining words from different languages, using a mix of seemingly unrelated words, or creating an acronym from a memorable phrase. The key is to create something that is unique, complex, and easily memorable to you, but difficult for others to guess. </li>
</ol>
<p>By adhering to these best practices, you can ensure that your BIP39 passphrases provide the highest level of security for your cryptocurrency funds.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2024/03/bitcoinpadlocks.jpg"><img fetchpriority="high" decoding="async" width="446" height="400" src="https://getcoinplate.com/wp-content/uploads/2024/03/bitcoinpadlocks.jpg" alt="" class="wp-image-4084" srcset="https://getcoinplate.com/wp-content/uploads/2024/03/bitcoinpadlocks.jpg 446w, https://getcoinplate.com/wp-content/uploads/2024/03/bitcoinpadlocks-300x269.jpg 300w" sizes="(max-width: 446px) 100vw, 446px" /></a></figure></div>
<h2 class="wp-block-heading" id="h-implementing-bip39-passphrases-in-your-wallet">Implementing BIP39 Passphrases in Your Wallet</h2>
<p>Step-by-step guide on how to set up a passphrase in popular hardware wallets:</p>
<ul>
<li>Open your wallet’s settings and look for an option to enable or set up a passphrase. This may be labeled as a “25th word”, “extension word”, or simply “passphrase”. It might require resetting your wallet.</li>
<li>Follow the prompts to enter your chosen passphrase. You may be asked to enter it twice to confirm.</li>
<li>Once the passphrase is set, your wallet will display a new set of addresses and private keys associated with the passphrase.</li>
</ul>
<p>Additional tips on using passphrases in your wallet:</p>
<ol>
<li><strong>Importance of enabling passphrase protection</strong>: Enabling passphrase protection is a critical step in securing your wallet. Without a passphrase, your funds are only as secure as your seed phrase. By adding a passphrase, you create an additional layer of security that protects your funds even if your seed phrase is compromised.</li>
<li><strong>Considerations for using passphrases across different devices</strong>: If you use your wallet on multiple devices, you’ll need to enter your passphrase on each device to access the associated wallet. Make sure to only enter your passphrase on trusted devices to maintain the security of your funds.</li>
<li><strong>Reminder to create secure backups of your passphrase</strong>: After setting up your passphrase, it’s crucial to create a secure backup using a durable method like Coinplate Alpha. This ensures that you can access your wallet even if you lose access to your primary device.</li>
</ol>
<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>
<p>In conclusion, a BIP39 passphrase is an optional phrase that you can add to your seed phrase to create a new set of addresses and private keys for your cryptocurrency wallet. By using a passphrase, you add an extra layer of security to your wallet, protecting your funds even if your seed phrase is compromised.</p>
<p>We strongly encourage all cryptocurrency users to consider using passphrases to enhance the security of their wallets, especially in case of large value of coins. However, it’s essential to use them carefully and to have a secure backup plan in place. Remember, forgetting your passphrase means permanently losing access to the associated wallet and funds.</p>
<p>When creating a backup of your passphrase, we recommend using a durable metal backup like <a href="http://Step-by-step guide on how to set up a passphrase in popular wallets:" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>. Metal backups offer superior protection against environmental hazards compared to paper or digital storage methods.</p>
<p>Ultimately, BIP39 passphrases play a crucial role in the broader context of cryptocurrency security. By using passphrases and following best practices, you can significantly reduce the risk of theft and unauthorized access to your funds, ensuring the long-term safety of your cryptocurrency investments.</p>
<h2 class="wp-block-heading" id="h-frequently-asked-questions">Frequently Asked Questions</h2>
<ol>
<li><strong>Are BIP39 passphrases case-sensitive?</strong><br>Yes, BIP39 passphrases are case-sensitive. Make sure to enter your passphrase exactly as you set it up, including any uppercase or lowercase letters. Passphrases usually can also include special characters and numbers.</li>
<li><strong>Can I change my passphrase later on?</strong><br>Yes, you can change your passphrase at any time. However, keep in mind that changing your passphrase will create a new set of addresses and private keys, essentially creating a new wallet. You’ll need to transfer your funds from the old wallet to the new one.</li>
<li><strong>How can I regain access if I forget my passphrase?</strong><br>Unfortunately, if you forget your passphrase, there is no way to regain access to the associated wallet and funds. The passphrase is not stored anywhere and cannot be recovered. This is why it’s crucial to choose a memorable passphrase and to have a secure backup strategy.</li>
<li><strong>Is there a limit to how long my passphrase can be?</strong><br>No, there is no technical limit to the length of your passphrase. However, for the sake of memorability and practicality, it’s generally recommended to keep your passphrase relatively short, while still maintaining a high level of complexity and uniqueness. Furthermore, each wallet can have it’s own length limit so make sure to check if that’s the case. For example Ledger wallets allow 100 characters while Trezor 50 characters. Overly long and complicated passphrases don’t offer much added security, so usually 15-25 characters are more than enough.</li>
<li><strong>Do I need to use a passphrase or is it optional?</strong><br>Using a BIP39 passphrase is entirely optional. It’s an additional security measure that you can choose to implement based on your personal security needs and risk tolerance. However, for users with significant cryptocurrency holdings, using a passphrase is strongly recommended to provide an extra layer of protection for your funds.</li>
</ol>
<p>The post <a href="https://getcoinplate.com/blog/what-is-a-bip39-passphrase-enhancing-the-security-of-your-crypto-wallet/">What is a BIP39 Passphrase? Enhancing the Security of Your Crypto Wallet</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></content:encoded>
</item>
<item>
<title>Unveiling the Mystery of Crypto Wallets: Where Are Your Coins Really Stored?</title>
<link>https://getcoinplate.com/blog/where-are-your-coins-really-stored/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Wed, 26 Jul 2023 09:12:00 +0000</pubDate>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[Storing cryptocurrency]]></category>
<category><![CDATA[bitcoin]]></category>
<category><![CDATA[resources]]></category>
<category><![CDATA[wallets]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3625</guid>
<description><![CDATA[<p>Unveiling the Mystery of Crypto Wallets: Where Are Your Coins Really Stored? I. Introduction Just picture this: You’ve recently delved...</p>
<p>The post <a href="https://getcoinplate.com/blog/where-are-your-coins-really-stored/">Unveiling the Mystery of Crypto Wallets: Where Are Your Coins Really Stored?</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading">Unveiling the Mystery of Crypto Wallets: Where Are Your Coins Really Stored?</h1>
<h2 class="wp-block-heading" id="h-i-introduction">I. Introduction</h2>
<p>Just picture this: You’ve recently delved into the fascinating world of cryptocurrencies. You’ve got some Bitcoin, maybe a little Ethereum, and you’re keeping it all in a shiny new digital wallet. But do you ever wonder where your coins really are? If you think they’re stored in your digital wallet, well, you’re not alone. This is a common misconception that often leads to a great deal of confusion about the nature of cryptocurrency storage.</p>
<p>The concept of a ‘wallet’ in the crypto world is quite a bit different from the physical one you might have in your pocket right now. Its function and importance, however, are equally significant in the realm of digital currencies. Cryptocurrencies are changing the way we think about and interact with money, and digital wallets are a big part of that shift.</p>
<p>In this article, we’re going to pull back the curtain on the mystery that surrounds crypto wallets. We’ll dive deep into how they function, their role in cryptocurrency transactions, and most importantly, the critical importance of backup and security. By the end, you’ll have a clear understanding of where your coins really are and how to keep them secure.</p>
<h2 class="wp-block-heading" id="h-ii-understanding-cryptocurrency-transactions">II. Understanding Cryptocurrency Transactions</h2>
<p>When it comes to cryptocurrency transactions, think of it as a kind of digital ballet. It’s a carefully orchestrated exchange involving public and <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/">private keys</a>, and it’s these keys, rather than physical coins, that are central to the process.</p>
<p>Here’s how it works: Your public key is like your mailbox address; anyone can send you cryptocurrencies to this address. But to access and spend those coins, you need a private key – a kind of secret password only you should know. It’s this interplay between public and private keys that enables cryptocurrency transactions to happen.</p>
<p>All these transactions are recorded on something called a blockchain – a sort of public ledger that’s transparent and virtually tamper-proof. It’s blockchain technology that keeps the system secure and trustworthy, and each coin’s blockchain records every transaction ever made with that coin.</p>
<p>But what about ‘ownership’ of a cryptocurrency? It’s an interesting concept in the digital age. When you ‘own’ a cryptocurrency, what you really have is the private key to access a particular address on the blockchain. That address has a specific value associated with it – the amount of cryptocurrency you ‘own’. So, as you can see, ‘storing’ your coins in a wallet is a bit of a misnomer, but more on that later.</p>
<p>That’s a glimpse into the world of cryptocurrency transactions. But there’s more to it, especially when it comes to the role of wallets in managing these keys and transactions.</p>
<h2 class="wp-block-heading" id="h-iii-unpacking-the-crypto-wallet">III. Unpacking the Crypto Wallet</h2>
<p>So, let’s get into the heart of the matter: the <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/">cryptocurrency wallet</a>. If we’re being precise, your wallet doesn’t store your cryptocurrencies. What it does is manage the keys associated with them – the private and public keys we talked about earlier. Your wallet is more of a keychain, securely storing your keys and making them readily available for when you need to access your coins or make transactions.</p>
<p>There’s quite a variety when it comes to cryptocurrency wallets. Some are online, connected to the internet and offering convenience at the potential cost of security. Others are offline, or ‘cold,’ providing increased security by keeping your keys away from potential online threats. You’ll also find wallets classified as software, which run on your computer or mobile device, and hardware wallets, physical devices designed to store your keys securely offline. Each type has its pros and cons, and the choice often comes down to a trade-off between convenience and security.</p>
<p>Here’s how your crypto wallet operates: When you want to access or spend your coins, your wallet uses your private key to sign a transaction, proving it’s you who’s initiating it. And since it’s all about the keys rather than the coins, the phrase ‘storing your coins in a wallet’ can be a little misleading. Remember, your coins are recorded on the blockchain, and your wallet simply manages the keys you need to access and move them.</p>
<h2 class="wp-block-heading">IV. The Importance of Secure Key Management</h2>
<p>Let’s talk about the elephant in the room: security. Remember that private key we’ve been discussing? It’s like the key to a safety deposit box, only much more critical because there’s no bank manager to call if you lose it. You alone are responsible for keeping it safe. If it falls into the wrong hands, your cryptocurrencies could be spent without your consent.</p>
<p>Losing access to your crypto wallet can happen in a few ways: You could forget your password, your hardware wallet could be damaged or lost, or your private key could be stolen in a security breach. Any of these scenarios could result in loss of access to your coins, and since there’s no central authority to step in and help, you’re pretty much out of luck unless you’ve taken the right precautions.</p>
<p>That’s where the wallet backup process comes into play, with a focus on the seed phrase. A <a href="https://getcoinplate.com/blog/seed-phrases-guide/">seed phrase</a> is like a master key to your wallet. It’s a series of words that can be used to recover your wallet, and therefore your coins, if you lose access to your private key. That’s why securely backing up your seed phrase is one of the most critical steps you can take in managing your cryptocurrencies securely.</p>
<figure class="wp-block-image size-full is-resized"><a href="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg"><img decoding="async" src="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg" alt="bitcoin keys
" class="wp-image-3399" width="840" height="561" srcset="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg 1000w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-600x401.jpeg 600w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-300x200.jpeg 300w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-768x513.jpeg 768w" sizes="(max-width: 840px) 100vw, 840px" /></a></figure>
<h2 class="wp-block-heading" id="h-v-safeguarding-your-seed-phrase-the-essential-backup">V. Safeguarding Your Seed Phrase: The Essential Backup</h2>
<p>Let’s delve a little deeper into this idea of a seed phrase. A seed phrase, also known as a recovery phrase or backup phrase, is a list of words which store all the information needed to recover a Bitcoin wallet or other cryptocurrency wallets. Imagine it as the last line of defence, or rather, the ultimate recovery tool if you lose access to your wallet.</p>
<p>The role of a seed phrase in wallet recovery cannot be understated. It’s your lifeline. Should you lose your private key or access to your wallet for any reason, your seed phrase is the only way you can reclaim your cryptocurrencies. No seed phrase, no recovery. It’s as simple as that.</p>
<p>When it comes to <a href="https://getcoinplate.com/blog/the-best-crypto-seed-phrase-storage-the-ultimate-guide/">storing your seed phrase</a>, security is paramount. One might think to simply jot it down in a document on their computer or a piece of paper, but these methods carry significant risks. Digital copies can fall prey to hacking or data loss, while a piece of paper is vulnerable to physical hazards like fire or water damage.</p>
<p>Instead, consider the best practices for securely storing your seed phrase. Ideally, you want to keep it offline, in a secure location only you know about. Durable, fireproof, and waterproof containers can be a good choice. Avoid making digital copies or taking photos, which could be hacked or stolen.</p>
<p>That’s where products like <a href="https://getcoinplate.com/product/coinplate-alpha/">Coinplate</a> come in. Coinplate offers ultra-durable <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet/">metal crypto wallets</a>, specifically designed to keep your seed phrase safe and secure. Made with materials that can withstand extreme conditions, a Coinplate wallet provides a robust and secure way to store your seed phrase. It adds an extra layer of security and gives you peace of mind knowing that your lifeline to your cryptocurrencies is well-protected. Think of it as a safety deposit box, specifically crafted for your digital wealth. It’s a small investment that offers a big payoff: the security of your cryptocurrencies.</p>
<h2 class="wp-block-heading" id="h-vi-conclusion">VI. Conclusion</h2>
<p>As we conclude our exploration into the world of cryptocurrency storage, let’s take a moment to recap. Your crypto wallet doesn’t store your coins; instead, it manages the keys that allow you to access and transact with your digital currencies. These keys, particularly your private key, are the true gatekeepers of your digital wealth.</p>
<p>The security of your private key and your seed phrase, the backup key to your wallet, is paramount. Losing them can mean losing access to your cryptocurrencies, with no central authority to turn to for recovery. That’s why having a secure, reliable method to store your seed phrase is essential.</p>
<p>Consider investing in a robust backup solution like Coinplate’s metal crypto wallets. It’s about ensuring the longevity and security of your seed phrase, providing you the peace of mind that comes from knowing your digital wealth is well-protected.</p>
<h2 class="wp-block-heading" id="h-vii-frequently-asked-questions-faqs">VII. Frequently Asked Questions (FAQs)</h2>
<h3 class="wp-block-heading" id="h-a-do-i-physically-own-any-coins-in-my-crypto-wallet">A. Do I physically ‘own’ any coins in my crypto wallet?</h3>
<p>No, your wallet doesn’t physically store any coins. Instead, it holds the keys that allow you to access your digital currencies on the blockchain. When we talk about ‘owning’ cryptocurrency, we mean owning the private key that lets you access a particular address on the blockchain, where the amount of cryptocurrency you ‘own’ is recorded.</p>
<h3 class="wp-block-heading" id="h-b-can-i-recover-my-cryptocurrencies-if-i-lose-my-wallet-access">B. Can I recover my cryptocurrencies if I lose my wallet access?</h3>
<p>Yes, but only if you’ve backed up your seed phrase. The seed phrase is a list of words that can recover your wallet, and therefore your coins, if you lose access to your private key. Without your seed phrase, you won’t be able to regain access to your cryptocurrencies.</p>
<h3 class="wp-block-heading" id="h-c-why-should-i-consider-a-metal-crypto-wallet-for-storing-my-seed-phrase">C. Why should I consider a metal crypto wallet for storing my seed phrase?</h3>
<p>Metal crypto wallets, like Coinplate, offer a robust and secure solution for storing your seed phrase. They are resistant to fire, water, and corrosion, providing longevity and durability. Storing your seed phrase in such a wallet keeps it safe from both physical and digital threats, ensuring that your backup key is protected no matter what.</p>
<p>The post <a href="https://getcoinplate.com/blog/where-are-your-coins-really-stored/">Unveiling the Mystery of Crypto Wallets: Where Are Your Coins Really Stored?</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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</item>
<item>
<title>Crypto Crisis Control: What to Do When Your Seed Phrase or Wallet is Compromised</title>
<link>https://getcoinplate.com/blog/compromised-seed-phrase-or-wallet/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Wed, 19 Jul 2023 08:41:00 +0000</pubDate>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[Storing cryptocurrency]]></category>
<category><![CDATA[security]]></category>
<category><![CDATA[seed phrase backup]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3621</guid>
<description><![CDATA[<p>Crypto Crisis Control: What to Do When Your Seed Phrase or Wallet is Compromised I. Introduction Cryptocurrency ownership is about...</p>
<p>The post <a href="https://getcoinplate.com/blog/compromised-seed-phrase-or-wallet/">Crypto Crisis Control: What to Do When Your Seed Phrase or Wallet is Compromised</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading">Crypto Crisis Control: What to Do When Your Seed Phrase or Wallet is Compromised</h1>
<h2 class="wp-block-heading" id="h-i-introduction">I. Introduction</h2>
<p>Cryptocurrency ownership is about more than just buying and selling digital assets; it’s about maintaining the keys to your financial kingdom, known as the seed phrase. In the complex world of blockchain and crypto, a seed phrase serves as the backbone of your wallet security, acting as a master key to your digital wealth. But what happens when that security is jeopardized when your seed phrase falls into the wrong hands?</p>
<p>In this critical situation, every second counts. A compromised seed phrase could lead to devastating losses if not handled swiftly and correctly. We’ll describe what a seed phrase is, how to recognize if it’s been compromised, the essential steps to take when that happens, and, most importantly, how to prevent such a scenario in the first place. Let’s dive in!</p>
<h2 class="wp-block-heading" id="h-ii-understanding-seed-phrases">II. Understanding Seed Phrases</h2>
<p>A seed phrase, also known as a recovery phrase or backup phrase, is a sequence of words, typically 12 to 24, which serves as a secure backup for accessing and restoring your <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/">cryptocurrency wallet</a>. Think of it as a master password that generates the private keys to your digital assets. This phrase is usually presented to you when you set up a new wallet, and it’s your responsibility to keep it safe and confidential.</p>
<p>In the crypto universe, your seed phrase is the cornerstone that connects you to your digital assets on the blockchain. Whether you’re interacting with decentralized applications, transacting in digital currencies, or participating in a DAO (Decentralized Autonomous Organization), your <a href="https://getcoinplate.com/blog/seed-phrases-guide/">seed phrase</a> is the cryptographic key that gives you access.</p>
<p>But just as a key can open a door, it can also lock you out. If your seed phrase is lost, forgotten, or worse, stolen, you stand to lose access to your digital wealth. A compromised seed phrase can lead to unauthorized transactions, theft of assets, and in worst-case scenarios, complete loss of your digital portfolio. The decentralized nature of blockchain means there’s no customer service hotline to call for help, making the security of your seed phrase paramount to your crypto journey.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1.png"><img decoding="async" width="800" height="534" src="https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1.png" alt="" class="wp-image-2357" srcset="https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1.png 800w, https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1-600x401.png 600w, https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1-300x200.png 300w, https://getcoinplate.com/wp-content/uploads/2022/06/seed-phrase-paper-1-768x513.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<h2 class="wp-block-heading" id="h-iii-signs-that-your-seed-phrase-has-been-compromised">III. Signs That Your Seed Phrase Has Been Compromised</h2>
<p>Just like a well-secured house shows signs of intrusion, there are indicators to help you identify a potentially compromised seed phrase. Depending on your wallet, these signals include:</p>
<p><strong>1. Unexpected Transactions: </strong>If you notice unfamiliar transactions on your crypto wallet, it could be a sign that someone else has access.</p>
<p>2. <strong>Wallet Reset Notifications:</strong> Receiving notifications about wallet resets or password changes you didn’t initiate are strong indications of a compromise.</p>
<p>3. <strong>Access from Unknown Devices or Locations: </strong>Many wallet applications will notify you when your account is accessed from a new device or unusual location. Pay close attention to these alerts.</p>
<p>4. <strong>Unsuccessful Login Attempts:</strong> Multiple failed login attempts might indicate that someone else is trying to access your wallet.</p>
<p>Remember, the consequences of a compromised seed phrase can be devastating, leading to unauthorized transactions, loss of assets, or even loss of access to your entire digital portfolio. This underscores the need for prompt action and robust security measures.</p>
<h2 class="wp-block-heading" id="h-iv-what-to-do-if-your-seed-phrase-is-compromised-step-by-step-guide">IV. What to Do if Your Seed Phrase is Compromised: Step-by-Step Guide</h2>
<p>If you suspect your seed phrase has been compromised, swift action is crucial. <br>Here’s a step-by-step guide on what to do:</p>
<p>1. <strong>Move Your Funds:</strong> As an immediate measure, transfer your assets to a new wallet with a secure seed phrase. It’s essential to do this as quickly as possible to prevent unauthorized transactions.</p>
<p>2. <strong>Set up a New Wallet:</strong> Create a new crypto wallet with a new, secure seed phrase. Be sure to follow all recommended security practices during setup.</p>
<p>3. <strong>Verify your Actions:</strong> Once you’ve transferred your assets to your new wallet, double-check the transactions to ensure everything has been moved correctly.</p>
<p>4. <strong>Report the Incident:</strong> If your wallet provider offers support, report the incident to them. They might not be able to retrieve stolen funds, but they can provide advice and potentially improve their security measures.</p>
<p></p>
<p>Long-term measures to consider:</p>
<p>1. <strong>Invest in Secure Backups</strong>: A physical backup, like the ultra-durable <a href="https://getcoinplate.com/">Coinplate</a>, can provide a secure means of storing your seed phrase.</p>
<p>2. <strong>Maintain Digital Hygiene and Privacy:</strong> Regularly update your device’s software, use secure networks, and be cautious with downloads and email attachments.</p>
<p>3. <strong>Education:</strong> Stay informed about the latest scams and phishing techniques used by hackers.</p>
<p>Remember, your seed phrase is your crypto lifeline. Protect it like your digital life depends on it – because it does!</p>
<h2 class="wp-block-heading" id="h-v-importance-of-secure-seed-phrase-backups">V. Importance of Secure Seed Phrase Backups</h2>
<p>Having a backup of your seed phrase is akin to having a lifeboat on a ship—it’s your safety net if anything goes wrong. Just like you wouldn’t sail without a lifeboat, you shouldn’t navigate the crypto world without a secure backup. If your device is lost, damaged, or compromised, a backup of your seed phrase will allow you to regain access to your crypto wallet and assets.</p>
<p>There are various methods to back up your seed phrase, each with its pros and cons. Some people write it down on paper, but paper can be easily damaged or lost. Others may store it digitally, but this exposes the seed phrase to online hacking risks.</p>
<p>That’s where the <a href="https://getcoinplate.com/product/coinplate-alpha/">Coinplate</a> comes in. Coinplate is an ultra-durable metal crypto wallet designed to safely store your seed phrase. Unlike paper or digital backups, Coinplate is resilient to physical damage like fire, water, or corrosion. It’s a physical device where you can engrave your seed phrase, ensuring that even in the worst scenarios, your seed phrase remains intact and accessible.</p>
<p>Using Coinplate is straightforward. You simply mark your seed phrase onto the metal plates with an automatic punch tool. This simple, one-time process creates a practically indestructible backup of your seed phrase.</p>
<h2 class="wp-block-heading" id="h-vi-preventive-measures-to-secure-your-seed-phrase">VI. Preventive Measures to Secure Your Seed Phrase</h2>
<p>Securing your seed phrase isn’t a one-time task. It requires continuous vigilance and routine checks. Here are some best practices:</p>
<ul type="1">
<li><strong>Never Share Your Seed Phrase:</strong> This is the golden rule. Your seed phrase is for your eyes only. Never disclose it online, and be wary of phishing attempts that ask for it.</li>
</ul>
<ul>
<li><strong>Use Trusted Networks and Devices:</strong> Avoid accessing your wallet on public Wi-Fi networks or shared devices, as they can be vulnerable to cyber-attacks.</li>
</ul>
<ul>
<li><strong>Regularly Check Your Wallet:</strong> Routinely monitor your wallet for any unfamiliar activity. Early detection of unauthorized transactions can limit potential damages.</li>
</ul>
<ul>
<li><strong>Beware of Phishing Scams: </strong>Always double-check emails or messages claiming to be from your wallet provider or any other crypto service. They may be scams attempting to trick you into revealing your seed phrase.</li>
</ul>
<p>By adhering to these measures and creating a durable backup of your seed phrase, you’re taking a significant step towards ensuring your digital wealth remains safely in your hands.</p>
<h2 class="wp-block-heading" id="h-vii-conclusion">VII. Conclusion</h2>
<p>In this journey through the labyrinth of cryptocurrency security, we’ve shed light on the critical importance of a seed phrase, the dangers of it being compromised, and the vital signs to look out for in such situations. We’ve also highlighted the steps to take if you find yourself in the unfortunate situation of a compromised seed phrase.</p>
<p>However, it’s crucial to remember that prevention is better than cure. Ensuring you have a secure backup of your seed phrase—i.e. using a <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet/">metal crypto wallet</a> like Coinplate—is your first line of defence. This, coupled with consistent vigilance and robust security practices, can go a long way in keeping your digital wealth secure.</p>
<p>Cryptocurrency offers a world of opportunities, but it also comes with its own set of challenges. As you continue to navigate this landscape, remember to stay proactive, informed, and vigilant. Your crypto security is in your hands, so hold onto it tightly!</p>
<h2 class="wp-block-heading" id="h-viii-frequently-asked-questions-faqs">VIII. Frequently Asked Questions (FAQs)</h2>
<h3 class="wp-block-heading" id="h-what-is-the-best-way-to-store-a-backup-of-my-seed-phrase-securely">What is the best way to store a backup of my seed phrase securely?</h3>
<p>   – Using a physical, resilient backup like the Coinplate is one of the most secure methods. It allows you to store your seed phrase in a manner that’s resistant to physical damage and insulated from online threats.</p>
<h3 class="wp-block-heading" id="h-what-other-steps-can-i-take-to-secure-my-cryptocurrency-wallet-beyond-my-seed-phrase">What other steps can I take to secure my cryptocurrency wallet beyond my seed phrase?</h3>
<p>   – Beyond your seed phrase, consider using <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/">hardware wallets</a> for storing your crypto assets, enable two-factor authentication, keep your software up-to-date, and always use secure and trusted networks. Additionally, stay informed about the latest security measures and threats in the crypto world.</p>
<p>The post <a href="https://getcoinplate.com/blog/compromised-seed-phrase-or-wallet/">Crypto Crisis Control: What to Do When Your Seed Phrase or Wallet is Compromised</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<title>Deciphering the Last Word of a Seed Phrase: Understanding the Checksum</title>
<link>https://getcoinplate.com/blog/seed-phrase-last-word-checksum/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Wed, 12 Jul 2023 09:01:00 +0000</pubDate>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[key terms]]></category>
<category><![CDATA[resources]]></category>
<category><![CDATA[seed phrase]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3610</guid>
<description><![CDATA[<p>Deciphering the Last Word of a Seed Phrase: Understanding the Checksum I. Introduction A wave of digital transformation has been...</p>
<p>The post <a href="https://getcoinplate.com/blog/seed-phrase-last-word-checksum/">Deciphering the Last Word of a Seed Phrase: Understanding the Checksum</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading" id="h-deciphering-the-last-word-of-a-seed-phrase-understanding-the-checksum">Deciphering the Last Word of a Seed Phrase: Understanding the Checksum</h1>
<h2 class="wp-block-heading" id="h-i-introduction">I. Introduction</h2>
<p>A wave of digital transformation has been sweeping across the globe and the world of finance hasn’t been immune. At the heart of this transformation are cryptocurrencies – digital or virtual currencies that use cryptography for security. Bitcoin, Ethereum, and a multitude of others now populate this crypto-universe, with their decentralized control distinguishing them from traditional fiat currencies.</p>
<p>While the potential of cryptocurrencies is significant, their use and storage come with unique challenges. Unlike traditional money, which can be stored in physical wallets, bank accounts, or under a mattress, cryptocurrencies require a different kind of ‘wallet’ – a digital one. And this is where ‘seed phrases’ come into the picture.</p>
<p>A seed phrase – sometimes referred to as a ‘recovery phrase’ or ‘backup phrase’ – is a crucial piece of information used to secure these digital wallets. It’s essentially your crypto safety net. But within this string of seemingly random words, lies an even more cryptic element: the ‘last word’ of the seed phrase, which serves a specific function as the ‘checksum.’</p>
<h2 class="wp-block-heading" id="h-ii-understanding-seed-phrases">II. Understanding Seed Phrases</h2>
<p>So what exactly are these <a href="https://getcoinplate.com/blog/seed-phrases-guide/" target="_blank" rel="noreferrer noopener">seed phrases</a>? In essence, a seed phrase is a list of words that store all the information needed to recover a cryptocurrency wallet. It acts as a master key to the vault of your digital assets. Typically, a seed phrase consists of 12, 18, or 24 words. These words are not randomly chosen but are generated from a specific list of 2048 words, known as the <a href="https://getcoinplate.com/blog/official-bip39-word-list-mnemonic-in-english-verified/" target="_blank" rel="noreferrer noopener">BIP39 word list</a>.</p>
<p>Seed phrases play an essential role in securing your digital wallet. They allow you to access your wallet and make transactions. More importantly, they enable you to recover your wallet in case your device is lost, stolen, or damaged. Simply put, losing your seed phrase can be likened to losing the key to an irrecoverable safe.</p>
<p>The structure of a seed phrase is designed for maximum security. The words appear random to the human eye but are mathematically related and determined by an algorithm. The first several words are, in a way, your ‘personal key,’ while the last word of your seed phrase, which we’ll be focusing on, serves a very specific and vital function – it acts as a ‘checksum.’</p>
<p>This introduction to seed phrases and their composition sets the stage for a deeper understanding of the concept of the ‘checksum,’ the purpose it serves, and the importance of the ‘last word’ in your seed phrase.</p>
<h2 class="wp-block-heading" id="h-iii-what-is-a-checksum">III. What is a Checksum?</h2>
<p>At its core, a checksum is a simple mechanism used to check the integrity of data. It’s essentially a calculated value that depends on the content of a data set. In the realm of computer science and data transmission, checksums serve a crucial purpose – they help detect errors that may have been introduced during its storage or transmission.</p>
<p>Let’s illustrate this with a simple example. Suppose you send a file over the Internet. Along with that file, you also send a computed checksum. The receiver of the file then re-computes the checksum on their end. If the two checksums match, it’s highly likely that the file was not corrupted during transmission.</p>
<p>Now, how does the concept of checksums apply to cryptocurrencies and blockchain? Remember that transactions in the blockchain need to be extremely secure and error-free, given that we’re dealing with valuable digital assets. Checksums in this context help ensure that the address you’re sending your precious cryptocurrency to is correct and that no mistakes have been made in the input – a single mistyped character could result in irreversible loss of assets.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1.png"><img loading="lazy" decoding="async" width="800" height="454" src="https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1.png" alt="" class="wp-image-3614" srcset="https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1.png 800w, https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1-600x341.png 600w, https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1-300x170.png 300w, https://getcoinplate.com/wp-content/uploads/2023/07/calculator-1-768x436.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<h2 class="wp-block-heading" id="h-iv-the-last-word-of-a-seed-phrase-the-checksum">IV. The Last Word of a Seed Phrase: The Checksum</h2>
<p>The concept of the checksum also applies to the ‘last word’ in a seed phrase. It’s not there by chance or as a filler. It plays a specific, calculated role in the security and integrity of your digital wallet.</p>
<p>This last word, acting as a checksum, is a way to ensure that the rest of your seed phrase has been accurately recorded. In other words, it is derived from, and dependent on, all the previous words in your seed phrase.</p>
<p>Here’s how it works. When a seed phrase is created, an algorithm is run on the first several words of the seed phrase. The output of this algorithm gives us the last word of the seed phrase – the checksum. Now, let’s say you want to recover your wallet using your seed phrase. When you input your seed phrase, the recovery system will run the same algorithm on the first several words. If the output matches the last word you’ve entered, voila – you’ve got access! If not, you’re alerted that something’s wrong, preventing you from potentially locking yourself out of your wallet.</p>
<p>The importance of this checksum cannot be overstated. It is your built-in error check, your final line of defence ensuring that you have accurately recorded and input your seed phrase. Without it, the consequences could be disastrous – potentially locking you out of your own digital assets. Hence, understanding this ‘last word’ and its function as a checksum is vital in your cryptocurrency journey.</p>
<h2 class="wp-block-heading" id="h-v-bip39-recoverer-a-handy-tool-for-seed-phrase-checksum-verification">V. BIP39 Recoverer: A Handy Tool for Seed Phrase Checksum Verification</h2>
<p>As you navigate through the world of cryptocurrencies, tools that simplify complex processes are always welcome. One such tool that stands out is the <a href="https://getcoinplate.com/bip39-recoverer-seed-phrase-recovery-tool/" target="_blank" rel="noreferrer noopener">BIP39 Recoverer</a> by Coinplate. This tool is a lifesaver when it comes to dealing with seed phrases, particularly if you’re facing issues with your checksum.</p>
<p>The BIP39 Recoverer offers an effortless way to calculate the last word of a seed phrase, or any other missing word for that matter. It leverages the principles we’ve discussed above, applying the checksum algorithm to provide all possible matching words for the missing spots in your seed phrase.</p>
<figure class="wp-block-image size-large"><a href="https://getcoinplate.com/bip39-recoverer-seed-phrase-recovery-tool/" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="1024" height="392" src="https://getcoinplate.com/wp-content/uploads/2023/07/image-1-1024x392.png" alt="BIP39 Recoverer tool" class="wp-image-3616" srcset="https://getcoinplate.com/wp-content/uploads/2023/07/image-1-1024x392.png 1024w, https://getcoinplate.com/wp-content/uploads/2023/07/image-1-600x230.png 600w, https://getcoinplate.com/wp-content/uploads/2023/07/image-1-300x115.png 300w, https://getcoinplate.com/wp-content/uploads/2023/07/image-1-768x294.png 768w, https://getcoinplate.com/wp-content/uploads/2023/07/image-1-1320x505.png 1320w, https://getcoinplate.com/wp-content/uploads/2023/07/image-1.png 1400w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
<p>Using the BIP39 Recoverer is straightforward. First, you need to input the known part of your seed phrase into the tool. Then, you select the missing word position, and the tool computes all the words that could potentially fit into that spot, including the last word. What’s more, you can use the BIP39 Recoverer offline for added security. This means you can download the tool, disconnect from the internet, and then use it to recover your seed phrase, minimizing the risk of exposure to potential online threats.</p>
<p>While tools like the BIP39 Recoverer are extremely handy, it’s also essential to understand that you can manually verify a seed phrase using the checksum with some math, but we will not go into details of that now.</p>
<h2 class="wp-block-heading" id="h-vii-conclusion">VII. Conclusion</h2>
<p>Navigating the realm of cryptocurrencies can be as intriguing as it is daunting. One critical part of this journey is understanding the security measures in place to protect your digital assets, particularly the role of seed phrases. As we’ve discovered, within every seed phrase, the last word carries a unique function – acting as a ‘checksum’ to ensure the validity and integrity of your seed phrase.</p>
<p>Mastering these concepts is not just about learning the ropes of cryptocurrency management. It’s about embracing the responsibility of being your own bank. It’s about understanding that the safety and security of your cryptocurrency wallet lie in your hands, and every single word in your seed phrase, especially the last one, is an essential part of that security.</p>
<h2 class="wp-block-heading" id="h-viii-frequently-asked-questions">VIII. Frequently Asked Questions</h2>
<h3 class="wp-block-heading" id="h-what-happens-if-the-last-word-of-my-seed-phrase-or-checksum-is-incorrect">What happens if the last word of my seed phrase, or checksum, is incorrect?</h3>
<p>If the last word or the checksum of your seed phrase is incorrect, you’ll most likely be unable to access your wallet. This is because the checksum acts as a validation mechanism for the seed phrase. Tools like the <a href="https://getcoinplate.com/bip39-recoverer-seed-phrase-recovery-tool/" target="_blank" rel="noreferrer noopener">BIP39 Recoverer</a> can assist you in these scenarios to find the correct word.</p>
<h3 class="wp-block-heading" id="h-can-i-choose-my-own-last-word-in-the-seed-phrase">Can I choose my own last word in the seed phrase?</h3>
<p>No, you can’t. The last word in a seed phrase is a calculated checksum based on the rest of the seed phrase. It is specifically generated to add an extra layer of validation and security to your digital wallet.</p>
<h3 class="wp-block-heading" id="h-what-are-some-best-practices-for-keeping-my-seed-phrase-safe">What are some best practices for keeping my seed phrase safe?</h3>
<p>Treat your seed phrase as you would treat a physical key to a vault. Keep it secret, keep it safe. Don’t share it with anyone and don’t store it digitally as it can be susceptible to hacking. Consider backing it up using durable metal crypto wallets like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate</a> and keeping it in a secure location.</p>
<h3 class="wp-block-heading" id="h-can-i-change-my-seed-phrase-or-the-checksum-if-i-feel-it-s-been-compromised">Can I change my seed phrase or the checksum if I feel it’s been compromised?</h3>
<p>If you believe your seed phrase has been compromised, the best course of action is to create a new wallet and transfer your assets to that new wallet. The seed phrase for a wallet, including the checksum, is deterministic and cannot be changed once generated.</p>
<h3 class="wp-block-heading" id="h-what-should-i-do-if-i-lose-my-seed-phrase">What should I do if I lose my seed phrase?</h3>
<p> If you lose your seed phrase, you essentially lose access to your wallet and all its assets. This underlines the importance of keeping your seed phrase safe. If you still have access to your wallet, consider creating a new one and transferring your assets before you lose access to the original wallet.</p>
<p>The post <a href="https://getcoinplate.com/blog/seed-phrase-last-word-checksum/">Deciphering the Last Word of a Seed Phrase: Understanding the Checksum</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<title>Understanding Derivation Paths in Cryptocurrency: Easy-To-Follow Guide</title>
<link>https://getcoinplate.com/blog/derivation-paths-guide/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Fri, 07 Jul 2023 16:37:11 +0000</pubDate>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[Storing cryptocurrency]]></category>
<category><![CDATA[BIP39]]></category>
<category><![CDATA[guides]]></category>
<category><![CDATA[wallets]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3598</guid>
<description><![CDATA[<p>Understanding Derivation Paths in Cryptocurrency: Easy-To-Follow Guide I. Introduction Welcome to the world of cryptocurrency, where words like ‘derivation path’...</p>
<p>The post <a href="https://getcoinplate.com/blog/derivation-paths-guide/">Understanding Derivation Paths in Cryptocurrency: Easy-To-Follow Guide</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading">Understanding Derivation Paths in Cryptocurrency: Easy-To-Follow Guide</h1>
<h2 class="wp-block-heading" id="h-i-introduction">I. Introduction</h2>
<p>Welcome to the world of cryptocurrency, where words like ‘derivation path’ float around as if they were as commonplace as ‘wallet’ or ‘transaction.’ But what exactly is a derivation path? Put simply, a derivation path is a ‘route’ or ‘direction’ that your Hierarchical Deterministic (HD) wallet uses to generate new addresses. Think of it as a map to your treasure; only in this case, the treasure is your cryptocurrency!</p>
<p>Now, you might wonder, why should I bother about this seemingly technical concept? Here’s why – understanding derivation paths empowers you with control and safety over your crypto assets. For instance, if you ever find yourself switching wallets or trying to recover funds, knowing your derivation path is crucial. It’s not something you need to think about every day, but when the need arises, you’ll be grateful for your understanding of it.</p>
<p>Our aim in this article is to demystify the concept of derivation paths. By the end of this read, you’ll have a solid grasp of what a derivation path is, why it’s important, and how it interacts with your cryptocurrency wallet.</p>
<h2 class="wp-block-heading" id="h-ii-basics-of-cryptocurrencies-and-wallets">II. Basics of Cryptocurrencies and Wallets</h2>
<h3 class="wp-block-heading" id="h-a-quick-overview-of-cryptocurrencies">A Quick Overview of Cryptocurrencies</h3>
<p>Before we dive into the specifics, let’s first revisit the basic concept of cryptocurrencies. Cryptocurrencies are digital or virtual forms of currency that use cryptography for security. Unlike traditional currencies, they are decentralized and typically operate on a technology called blockchain, which is a distributed ledger enforced by a network of computers (or nodes).</p>
<h3 class="wp-block-heading" id="h-what-is-a-cryptocurrency-wallet">What is a Cryptocurrency Wallet?</h3>
<p>Think of a cryptocurrency wallet as your personal interface to the blockchain – similar to how your online bank account is an interface to the regular monetary system. It stores your private and public keys (we’ll get to these shortly), allows you to send and receive digital currencies, and monitors your balance. However, contrary to popular belief, cryptocurrencies aren’t stored in the wallet itself. Instead, they are stored on the blockchain and your wallet just gives you access to them.</p>
<h3 class="wp-block-heading" id="h-the-role-of-keys-in-cryptocurrency-wallets">The Role of Keys in Cryptocurrency Wallets</h3>
<p>Now, what’s all this talk about keys? In the context of cryptocurrency wallets, we have two types of keys – public keys and <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/">private keys</a>. Your public key is like your email address – you can share it with others so they can send you cryptocurrency. On the other hand, your private key is akin to your email password – you use it to access and manage your funds. Therefore, protecting your private key is critical to the security of your cryptocurrencies.</p>
<p></p>
<h2 class="wp-block-heading" id="h-iii-hierarchical-deterministic-hd-wallets">III. Hierarchical Deterministic (HD) Wallets</h2>
<h3 class="wp-block-heading" id="h-what-are-hd-wallets">What are HD Wallets?</h3>
<p>Let’s delve into the world of Hierarchical Deterministic Wallets, commonly known as HD Wallets. In the most basic terms, an HD Wallet is a system of creating and managing multiple wallet addresses. It leverages a unique method to generate an almost infinite number of public and private key pairs from a single, initial root key, known as the <a href="https://getcoinplate.com/blog/seed-phrases-guide/">seed phrase</a>.</p>
<h3 class="wp-block-heading" id="h-why-are-hd-wallets-essential-in-the-crypto-world">Why are HD Wallets Essential in the Crypto World?</h3>
<p>HD Wallets have become indispensable in the world of digital currencies for two primary reasons: privacy and convenience. Because HD Wallets can generate a new address for every transaction, they enhance privacy by making it harder for others to track your transactions. In terms of convenience, with a single backup phrase (the seed), you can recover all your addresses and private keys, thus avoiding the hassle of managing a separate key for each address.</p>
<h3 class="wp-block-heading" id="h-multiple-keys-from-a-single-root-key">Multiple Keys from a Single Root Key</h3>
<p>This is where the ‘magic’ of HD Wallets comes to light. The seed (or root key) of an HD Wallet is like fertile soil from which a tree with countless branches (addresses with corresponding private keys) can grow. This branching is deterministic, meaning that given the same seed, the resulting ‘tree’ of addresses will always be the same. This unique feature streamlines key management, enhances security, and maintains user privacy.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/07/depositboxesroom-1.png"><img decoding="async" src="https://getcoinplate.com/wp-content/uploads/2023/07/depositboxesroom-1.png" alt="Safe deposit boxes room" class="wp-image-3603"/></a></figure></div>
<h2 class="wp-block-heading" id="h-iv-understanding-derivation-paths">IV. Understanding Derivation Paths</h2>
<h3 class="wp-block-heading" id="h-derivation-paths-in-hd-wallets">Derivation Paths in HD Wallets</h3>
<p>Now, you might wonder, how do we navigate this tree of addresses? This is where derivation paths come into play. A derivation path is simply the ‘route’ your HD Wallet takes to derive a particular key pair from the seed. It’s like a set of instructions that guide the wallet from the root of the tree (seed) to a particular branch (address).</p>
<h3 class="wp-block-heading" id="h-structure-of-a-derivation-path">Structure of a Derivation Path</h3>
<p>A typical derivation path looks like this: m/44’/0’/0’/0/0. But what does it mean? Each number in the path corresponds to a level in the tree hierarchy. The apostrophe (‘) denotes a hardened key, which is a key derivation process with an added layer of security.</p>
<h3 class="wp-block-heading" id="h-examples-of-common-derivation-paths-and-their-meanings">Examples of Common Derivation Paths and Their Meanings</h3>
<p>Different cryptocurrencies have standard derivation paths that wallets follow. For example, the path m/44’/0’/0’/0/0 is the standard for Bitcoin’s first address in the first account, while m/44’/60’/0’/0/0 is for Ethereum. The number 44′ is the purpose field set aside for wallets following the BIP44 standard, and the next numbers denote the coin type (0′ for Bitcoin, 60′ for Ethereum), account, change (0 for external/public, 1 for internal/change), and index of the address in the account.</p>
<h3 class="wp-block-heading" id="h-how-to-interpret-a-derivation-path">How to Interpret a Derivation Path</h3>
<p>Reading a derivation path is straightforward once you understand its structure. Following our example, m/44’/0’/0’/0/0, it tells your HD Wallet to:</p>
<ol type="1">
<li>Start at the master key (m).</li>
<li>Follow the BIP44 standard (44′).</li>
<li>Derive the key for Bitcoin (0′).</li>
<li>Access the first account (0′).</li>
<li>Choose the external chain, used for public addresses (0).</li>
<li>And finally, generate the first address in this sequence (0).</li>
</ol>
<p>By altering these paths, you can create different addresses for different use cases, giving you full control over your HD Wallet.</p>
<p>In our next section, we’ll discuss how derivation paths contribute to wallet security and the role they play in wallet interoperability.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/07/image.png"><img loading="lazy" decoding="async" width="800" height="493" src="https://getcoinplate.com/wp-content/uploads/2023/07/image.png" alt="BIP32 derivation tree HD wallet" class="wp-image-3601" srcset="https://getcoinplate.com/wp-content/uploads/2023/07/image.png 800w, https://getcoinplate.com/wp-content/uploads/2023/07/image-600x370.png 600w, https://getcoinplate.com/wp-content/uploads/2023/07/image-300x185.png 300w, https://getcoinplate.com/wp-content/uploads/2023/07/image-768x473.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<h2 class="wp-block-heading" id="h-v-the-role-of-derivation-paths-in-wallet-security">V. The Role of Derivation Paths in Wallet Security</h2>
<h3 class="wp-block-heading" id="h-how-derivation-paths-contribute-to-cryptocurrency-security">How Derivation Paths Contribute to Cryptocurrency Security</h3>
<p>As you’ve probably figured out by now, derivation paths play a crucial role in securing your cryptocurrencies. How, you might ask? By allowing you to generate different public addresses for each transaction. This feature can significantly enhance your privacy by making it difficult for others to link your transactions together or associate them with you. After all, in the digital world, privacy is a significant aspect of security. Popular <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/">hardware wallets</a> like Ledger use this to create a fresh Bitcoin address every time you want to receive coins in order to protect your privacy.</p>
<h3 class="wp-block-heading" id="h-preventing-key-reuse-with-hd-wallets-and-derivation-paths">Preventing Key Reuse with HD Wallets and Derivation Paths</h3>
<p>Another security aspect of HD Wallets and derivation paths is their ability to prevent key reuse. In a non-HD Wallet, you might be tempted to use the same address for multiple transactions, which could make you an easy target for malicious actors. However, with HD Wallets and the use of unique derivation paths, a new address is used for every transaction, reducing the risk of someone tracking your activity.</p>
<h3 class="wp-block-heading" id="h-the-role-of-derivation-paths-in-key-recovery">The Role of Derivation Paths in Key Recovery</h3>
<p>One of the major advantages of HD Wallets is the ability to recover all your keys using your root key or seed. This is where understanding your derivation path is vital. As the path dictates how the wallet derives addresses from the seed, using the correct derivation path during recovery ensures you can access all your previously used addresses. Otherwise, you might not be able to see or access your funds even though they are safely stored on the blockchain.</p>
<p>We’ve already established the importance of derivation paths in recovering your keys and accessing your funds. But here’s a question – should you create a backup of your derivation path, just like you do with your seed phrase?</p>
<p>The answer is yes, especially if your wallet uses non-standard derivation paths. While standard paths are often assumed when importing seeds into another wallet, non-standard paths may leave you unable to access your funds unless the correct path is specified. Therefore, noting down your derivation path alongside your seed phrase backup is a good practice. It’s not typically necessary for wallets following standard paths (like m/44’/0’/0’/0 for Bitcoin or m/44’/60’/0’/0 for Ethereum), but if your wallet provider or you yourself choose a custom path, documenting it becomes essential.</p>
<p>Think of it this way – your seed phrase is like a key to a safety deposit box, and your derivation path is the instructions to which box in the vault is yours. Without the correct instructions (or derivation path), you may find yourself lost in a sea of boxes, unable to locate your valuables.</p>
<p>Now, while we’re on the topic of backups, it’s vital to stress the importance of backing up your seed phrase. Hardware wallets, like <a href="https://getcoinplate.com/blog/ledger-nano-s-vs-trezor-one-comparison-guide/">Trezor or Ledger</a>, will prompt you to create a backup of your seed phrase when setting up the device. This seed phrase is the master key to your wallet, and losing it could mean permanently losing access to your funds.</p>
<p>When making a backup, consider using durable backup solutions, like <a href="https://getcoinplate.com/product/coinplate-alpha/">Coinplate Alpha</a>. It allows you to engrave or etch your seed phrase onto a metal plate, protecting it from potential hazards like fire or water damage that could destroy paper backups. Remember, in the world of cryptocurrencies, keeping your keys (and in this case, your seed phrase and derivation path) safe is paramount. In the end, you are your own bank, and the safety of your funds is in your hands.</p>
<h2 class="wp-block-heading" id="h-vi-how-derivation-paths-affect-interoperability">VI. How Derivation Paths Affect Interoperability</h2>
<h3 class="wp-block-heading" id="h-derivation-paths-and-usage-across-different-wallets-and-services">Derivation Paths and Usage Across Different Wallets and Services</h3>
<p>The standardization of derivation paths, such as seen in <a href="https://github.com/bitcoin/bips/blob/master/bip-0044.mediawiki">BIP44</a>, is essential for interoperability across different wallets and services. By following a standard path structure, you can import your seed into a different HD Wallet software and still derive the same addresses, assuming the new wallet follows the same standards. This opens up the flexibility for users to switch wallets or use multiple wallet services while maintaining control over their addresses.</p>
<h3 class="wp-block-heading" id="h-the-importance-of-knowing-your-derivation-path-for-compatibility-reasons">The Importance of Knowing Your Derivation Path for Compatibility Reasons</h3>
<p>Given the flexibility that standardized derivation paths offer, knowing your wallet’s derivation path is vital. It ensures that you can recover your wallet and all its addresses in different software, should the need arise. Moreover, not all wallets follow the same standards, and some may use proprietary or non-standard derivation paths. In such cases, knowing your derivation path is critical for recovery and compatibility.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1.png"><img loading="lazy" decoding="async" width="800" height="397" src="https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1.png" alt="bitcoin laptop keyboard" class="wp-image-3605" srcset="https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1.png 800w, https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1-600x298.png 600w, https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1-300x149.png 300w, https://getcoinplate.com/wp-content/uploads/2023/07/bitcoinkeyboard-1-768x381.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure></div>
<h2 class="wp-block-heading" id="h-vii-conclusion">VII. Conclusion</h2>
<p>The importance of knowing about derivation paths cannot be overstated. They are fundamental to how HD Wallets function, and understanding them can give you more control over your digital assets and can prove invaluable in situations of wallet recovery or migration. As we continue to embrace the age of digital currencies, concepts like these are no longer reserved for the tech-savvy alone.</p>
<p>So, as a next step, why not familiarize yourself with your wallet’s derivation paths? Whether it’s Bitcoin or Ethereum, or any other digital currency, knowing the ‘routes’ to your treasures will only empower you more. Remember, the world of cryptocurrency is all about taking control of your finances, and understanding derivation paths is one more tool for doing just that!</p>
<p>The post <a href="https://getcoinplate.com/blog/derivation-paths-guide/">Understanding Derivation Paths in Cryptocurrency: Easy-To-Follow Guide</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<item>
<title>The Ultimate Cryptocurrency Glossary: 50+ Essential Terms and Concepts Every Crypto Enthusiast Should Know</title>
<link>https://getcoinplate.com/blog/cryptocurrency-essential-terms/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Tue, 04 Apr 2023 19:15:25 +0000</pubDate>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[key terms]]></category>
<category><![CDATA[essentials]]></category>
<category><![CDATA[glossary]]></category>
<category><![CDATA[resources]]></category>
<category><![CDATA[terms]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3464</guid>
<description><![CDATA[<p>The Ultimate Cryptocurrency Glossary: 50+ Essential Terms and Concepts Every Crypto Enthusiast Should Know Introduction Cryptocurrencies are digital or virtual...</p>
<p>The post <a href="https://getcoinplate.com/blog/cryptocurrency-essential-terms/">The Ultimate Cryptocurrency Glossary: 50+ Essential Terms and Concepts Every Crypto Enthusiast Should Know</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading" id="h-the-ultimate-cryptocurrency-glossary-50-essential-terms-and-concepts-every-crypto-enthusiast-should-know">The Ultimate Cryptocurrency Glossary: 50+ Essential Terms and Concepts Every Crypto Enthusiast Should Know</h1>
<h2 class="wp-block-heading"><strong>Introduction</strong></h2>
<p></p>
<p>Cryptocurrencies are digital or virtual currencies that utilize cryptography for security and operate on a decentralized network called blockchain. The first and most popular cryptocurrency, Bitcoin, was introduced in 2009 by an anonymous individual or group known as Satoshi Nakamoto. Since then, thousands of cryptocurrencies have been created, each with its unique features and functions.</p>
<p></p>
<p>As the world of cryptocurrencies continues to evolve and expand, it’s essential to familiarize oneself with the terminology and concepts that define this space. Understanding the lingo not only helps you navigate the crypto landscape with ease but also empowers you to make informed decisions, whether you’re investing, trading, or simply engaging in discussions with fellow enthusiasts.</p>
<p></p>
<p>In this comprehensive guide, we’ll walk you through 50+ key terms and concepts every crypto enthusiast should know. We’ve divided the article into several sections, covering everything from the basics of cryptocurrency and blockchain technology to trading, DeFi, NFTs, and regulatory aspects. By the end of this article, you’ll have a solid foundation in cryptocurrency terminology, enabling you to confidently participate in the ever-growing crypto community.</p>
<p><em>Let’s dive in!</em></p>
<h2 class="wp-block-heading">II. Basics of Cryptocurrency</h2>
<h3 class="wp-block-heading">Cryptocurrency</h3>
<p>A <strong>cryptocurrency</strong> is a digital or virtual currency that uses cryptography for security and relies on a decentralized network for transactions. Cryptocurrencies enable peer-to-peer transactions without the need for intermediaries like banks or other financial institutions. The most well-known cryptocurrency is Bitcoin, although there are now thousands of other cryptocurrencies, often referred to as altcoins.</p>
<h3 class="wp-block-heading">Blockchain</h3>
<p>The <strong>blockchain</strong> is a decentralized and distributed digital ledger that records transactions across a network of computers. Each transaction is grouped with others in a “block” and added to the “chain” in a linear, chronological order. The blockchain’s design makes it secure and tamper-proof, as altering a block requires the consensus of the majority of the network, and any changes made would affect all subsequent blocks.</p>
<h3 class="wp-block-heading">Distributed Ledger Technology (DLT)</h3>
<p><strong>Distributed Ledger Technology (DLT)</strong> is a digital system that records transactions and asset ownership across multiple sites in a decentralized manner. Blockchain is a type of DLT, but not all DLTs are blockchains. DLTs can have various consensus mechanisms and architectures, allowing for different degrees of decentralization and security.</p>
<h3 class="wp-block-heading">Decentralization</h3>
<p><strong>Decentralization</strong> refers to the distribution of power and control away from a central authority or entity. In the context of cryptocurrencies, decentralization means that no single entity has control over the network or its transactions. This is achieved through the use of distributed ledger technology, such as blockchain, which allows for consensus among network participants rather than relying on a central authority. Decentralization is considered a key feature of cryptocurrencies, as it helps to promote transparency, security, and censorship resistance.</p>
<h3 class="wp-block-heading">Consensus Mechanism</h3>
<p>A <strong>consensus mechanism</strong> is a process by which a decentralized network of participants agrees on the state of a distributed ledger. Consensus mechanisms are crucial in maintaining the integrity and security of a cryptocurrency network. They ensure that all participants have a consistent view of the ledger, preventing double-spending and other fraudulent activities. There are various consensus mechanisms used by different cryptocurrencies, such as Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS), each with its advantages and trade-offs.</p>
<h2 class="wp-block-heading">III. Key Cryptocurrency Terms</h2>
<h3 class="wp-block-heading">Bitcoin</h3>
<p><strong>Bitcoin</strong> is the first and most well-known cryptocurrency, created in 2009 by an anonymous individual or group known as Satoshi Nakamoto. It is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries. Bitcoin operates on a blockchain network and uses a Proof of Work (PoW) consensus mechanism for securing and validating transactions. Bitcoin’s limited supply of 21 million coins and its pioneering role in the cryptocurrency space have made it highly valuable and often referred to as “digital gold”.</p>
<h3 class="wp-block-heading">Altcoins</h3>
<p><strong>Altcoins</strong> is a term used to describe all cryptocurrencies other than Bitcoin. They are called “alternative coins” because they were developed as alternatives to Bitcoin, aiming to improve upon or provide different features and use cases. Some popular altcoins include Ethereum, Litecoin, Ripple (XRP), and Cardano. There are thousands of altcoins available, each with its unique technology, consensus mechanism, and purpose.</p>
<h3 class="wp-block-heading">Tokens</h3>
<p><strong>Tokens</strong> are a type of digital asset that can represent various things, such as utility within a platform, a stake in a project, or a store of value. Tokens typically do not have their blockchain but are built on top of an existing blockchain, like Ethereum’s ERC-20 standard. Tokens can be created through a process called tokenization, which involves issuing a digital token to represent a real-world asset, such as stocks or real estate. Tokens can also be used for governance, voting rights, or accessing specific features within a platform. It’s important to note that tokens are different from cryptocurrencies (like Bitcoin), as they serve a more specific purpose within a particular ecosystem or project.</p>
<h3 class="wp-block-heading">Stablecoins</h3>
<p><strong>Stablecoins</strong> are a type of cryptocurrency designed to maintain a stable value by pegging them to an underlying asset or a basket of assets. These assets can include fiat currencies (like the US Dollar), precious metals (such as gold), or even other cryptocurrencies. Stablecoins were created to address the volatility often associated with cryptocurrencies, making them more suitable for everyday transactions and preserving value over time. Some well-known stablecoins include Tether (USDT), USD Coin (USDC), and DAI.</p>
<h3 class="wp-block-heading">Privacy Coins</h3>
<p><strong>Privacy coins</strong> are cryptocurrencies that focus on providing enhanced privacy and anonymity features to their users. They employ various cryptographic techniques and protocols to obfuscate transaction details, such as the sender’s and recipient’s wallet addresses and the transaction amount. This makes it difficult for third parties to trace transactions back to specific individuals, providing a higher level of privacy than most other cryptocurrencies. Some popular privacy coins include Monero (XMR), Zcash (ZEC), and Dash (DASH).</p>
<h2 class="wp-block-heading">IV. Wallets and Storage</h2>
<h3 class="wp-block-heading">Address</h3>
<p>A <strong>cryptocurrency address</strong> is a unique identifier used to receive and send digital assets within a blockchain network. Addresses are derived from a user’s public key and typically appear as a string of alphanumeric characters. Different cryptocurrencies have their own address formats, and it is crucial to use the correct address type when transacting to avoid losing funds.</p>
<h3 class="wp-block-heading">Wallet</h3>
<p>A <strong>wallet</strong> is a digital tool used to store, manage, and interact with cryptocurrencies. Wallets come in various forms, including software, hardware, and paper wallets. They contain a user’s public and private keys, enabling them to send, receive, and track their cryptocurrency holdings. Wallets can be designed for specific cryptocurrencies or support multiple coins and tokens.</p>
<h3 class="wp-block-heading">Public Key</h3>
<p>A <strong>public key</strong> is a cryptographic code, generated from a private key, that serves as an address for receiving cryptocurrencies. It is the public-facing part of the key pair, and users share their public keys to receive funds. Public keys can be shared without any risk, as transactions can only be created and signed using the corresponding private key. It’s important to note that transactions on the blockchain are identified by public keys, not personal information, providing a layer of anonymity for users.</p>
<h3 class="wp-block-heading">Private Key</h3>
<p>A <strong>private key</strong> is a secret cryptographic code that enables users to access and manage their cryptocurrencies. It is used to sign and authorize transactions, proving ownership of the assets associated with the corresponding public key. <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/" target="_blank" rel="noreferrer noopener">Private keys</a> must be kept secure and confidential, as losing or exposing them could result in the loss of funds or unauthorized access to your wallet. It is recommended to store private keys offline and use multiple backup methods to ensure their safety.</p>
<h3 class="wp-block-heading">Seed Phrase</h3>
<p>A <strong>seed phrase</strong>, also known as a mnemonic phrase or recovery phrase, is a series of randomly generated words that act as a backup for a cryptocurrency wallet. The <a href="https://getcoinplate.com/blog/seed-phrases-guide/" target="_blank" rel="noreferrer noopener">seed phrase</a> allows users to recover their wallet and access their funds in case their device is lost, damaged, or stolen. It is crucial to store the seed phrase securely and offline, as anyone with access to it can potentially gain control of the wallet and its funds.</p>
<h3 class="wp-block-heading">Be Your Own Bank</h3>
<p><strong>Be Your Own Bank</strong> is a popular concept within the cryptocurrency community that emphasizes the empowerment and financial independence that digital assets can provide. By using cryptocurrencies held in cold storage together with decentralized finance (DeFi) platforms, users can take control of their own financial assets, make transactions, and access financial services without relying on traditional banks or intermediaries. While this approach offers increased freedom and control, it also comes with greater responsibility for security and risk management.</p>
<h3 class="wp-block-heading">Cold Storage</h3>
<p><strong>Cold storage</strong> refers to the practice of storing cryptocurrency private keys offline to protect them from unauthorized access, hacking attempts, and other risks associated with internet-connected devices. Common cold storage methods include hardware wallets (such as <a href="https://getcoinplate.com/blog/ledger-nano-s-vs-trezor-one-comparison-guide/" target="_blank" rel="noreferrer noopener">Ledger or Trezor)</a>, paper wallets, and even metal wallets, like Coinplate. Cold storage is considered one of the most secure ways to store cryptocurrencies, especially for long-term holders or those with large amounts of assets.<br>With cold storage it is important to make a solid backup of your seed phrase. You can do that easily with <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a> – and ultra durable backup made of 100% stainless steel.</p>
<h3 class="wp-block-heading">Hardware Wallet</h3>
<p>A <strong>hardware wallet</strong> is a physical device designed to store a user’s cryptocurrency private keys securely offline. Hardware wallets provide a high level of security against online threats, such as hacking and phishing, as the private keys never leave the device. Popular hardware wallets include Ledger, Trezor, and KeepKey. It is essential to choose a reputable hardware wallet and follow best practices for securing the device and the seed phrase. It’s also important to use wallets that follow industry standards – check out the list of <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list-2022-updated/" target="_blank" rel="noreferrer noopener">BIP39 compatible hardware wallets</a>. </p>
<h3 class="wp-block-heading">Hot Wallet</h3>
<p>A <strong>hot wallet</strong> is a cryptocurrency wallet that is connected to the internet, allowing users to easily access and manage their assets for frequent transactions or trading. While hot wallets provide convenience and ease of use, they are more vulnerable to cyberattacks and hacks compared to cold storage options. It is generally recommended to store only a small portion of your cryptocurrency holdings in a hot wallet, with the majority kept in cold storage for enhanced security. See a list of <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list-2022-updated/#h-list-of-bip39-compatible-software-and-mobile-wallets-a-z" target="_blank" rel="noreferrer noopener">BIP39 compatible software wallets</a></p>
<h3 class="wp-block-heading">BIP39</h3>
<p><strong>BIP39</strong> (Bitcoin Improvement Proposal 39) is a widely adopted standard for generating mnemonic phrases, also known as seed phrases, for cryptocurrency wallets. <a href="https://getcoinplate.com/blog/what-is-bip39-mnemonic-phrase-2022-update/" target="_blank" rel="noreferrer noopener">BIP39</a> defines a <a href="https://getcoinplate.com/blog/official-bip39-word-list-mnemonic-in-english-verified/" target="_blank" rel="noreferrer noopener">list of 2048 words</a> and an algorithm for creating the seed phrase from a random number. The resulting seed phrase can be used to deterministically generate a wallet’s private keys and addresses, making it an essential backup and recovery tool for users.</p>
<h3 class="wp-block-heading">Passphrase</h3>
<p>A <strong>passphrase</strong> is an optional, user-defined series of characters added as an extra layer of security to a cryptocurrency wallet. When used in combination with a seed phrase, the passphrase creates a completely new set of private keys and addresses, effectively creating a hidden wallet. The passphrase must be kept secret and stored separately from the seed phrase, as forgetting or losing it can result in permanent loss of access to the associated funds.</p>
<h2 class="wp-block-heading">V. Transactions and Trading</h2>
<h3 class="wp-block-heading">Cryptocurrency Exchange</h3>
<p>A <strong>cryptocurrency exchange</strong> is a platform that facilitates the buying, selling, and trading of cryptocurrencies. Exchanges can support various trading pairs, including fiat-to-crypto and crypto-to-crypto. Users typically need to create an account and complete a Know Your Customer (KYC) process before trading on an exchange. Some popular exchanges include Binance, Coinbase, Kraken, and Bitfinex.</p>
<h3 class="wp-block-heading">Fiat-to-Crypto Exchange</h3>
<p>A <strong>fiat-to-crypto exchange</strong> allows users to buy and sell cryptocurrencies using fiat currencies, such as the US Dollar, Euro, or Japanese Yen. These exchanges often act as an entry point for newcomers to the crypto market, enabling them to convert their fiat money into cryptocurrencies and vice versa. Examples of fiat-to-crypto exchanges include Coinbase, Gemini, and Bitstamp.</p>
<h3 class="wp-block-heading">Crypto-to-Crypto Exchange</h3>
<p>A <strong>crypto-to-crypto exchange</strong> facilitates the trading of one cryptocurrency for another without involving fiat currencies. These exchanges typically offer a wide variety of trading pairs, allowing users to diversify their portfolios and take advantage of market opportunities. Examples of crypto-to-crypto exchanges include Binance, Poloniex, and KuCoin. There are also decentralized exchanges (DeX) like UniSwap that let users exchange cryptocurrencies in decentralized way, which we cover later.</p>
<h3 class="wp-block-heading">Order Book</h3>
<p>The <strong>order book</strong> is a real-time, public record of buy and sell orders for a specific trading pair on a cryptocurrency exchange. It provides valuable information about market depth, liquidity, and price levels. The order book is divided into two sides: the bid side, which represents buy orders, and the ask side, which represents sell orders. By analyzing the order book, traders can gain insights into supply and demand dynamics and make more informed trading decisions.</p>
<h3 class="wp-block-heading">Market Order</h3>
<p>A <strong>market order</strong> is a type of trading order that executes immediately at the best available market price. Market orders prioritize speed over price, ensuring that the order is filled quickly but not necessarily at the most favorable price. Market orders can be used when a trader wants to enter or exit a position rapidly, but they may be subject to slippage if there is insufficient liquidity in the market.</p>
<h3 class="wp-block-heading">Limit Order</h3>
<p>A <strong>limit order</strong> is a trading order that executes at a specified price or better. Limit orders allow traders to set a minimum or maximum price for buying or selling an asset, providing more control over the execution price compared to market orders. Limit orders remain in the order book until they are filled or canceled and can help to reduce slippage and improve trading results.</p>
<h3 class="wp-block-heading">Stop-Loss Order</h3>
<p>A <strong>stop-loss order</strong> is a type of trading order that helps traders minimize their losses by automatically selling a cryptocurrency when it reaches a predetermined price. Stop-loss orders are particularly useful for mitigating risks during periods of high volatility or for protecting profits on existing positions. Once the stop-loss price is reached, the order is converted into a market order, selling the asset at the best available price.</p>
<h3 class="wp-block-heading">Liquidity</h3>
<p><strong>Liquidity</strong> refers to the ease with which an asset can be bought or sold in a market without significantly affecting its price. High liquidity indicates that there is a large number of buyers and sellers in the market, resulting in tight spreads and lower slippage. Low liquidity, on the other hand, can lead to higher spreads and increased price volatility. Liquidity is an essential factor for traders to consider, as it can impact their ability to enter and exit positions efficiently.</p>
<h3 class="wp-block-heading">Arbitrage</h3>
<p><strong>Arbitrage</strong> is a trading strategy that involves exploiting price differences between different markets or exchanges. In the context of cryptocurrency, arbitrage typically involves buying a cryptocurrency on one exchange at a lower price and simultaneously selling it on another exchange for a higher price, profiting from the difference. Cryptocurrency arbitrage opportunities can arise due to discrepancies in exchange rates, liquidity, and market inefficiencies.</p>
<h3 class="wp-block-heading">Margin Trading</h3>
<p><strong>Margin trading</strong> is a practice that allows traders to borrow funds from an exchange or broker to increase their buying power and potentially amplify their gains. By trading on margin, traders can open larger positions than they would be able to with their own capital alone. However, margin trading also involves higher risks, as losses can be magnified, and traders may be subject to margin calls and forced liquidations if their account equity falls below a certain threshold.</p>
<h3 class="wp-block-heading">Short Selling</h3>
<p><strong>Short selling</strong> is a trading strategy in which a trader borrows an asset, typically from a broker or an exchange, and sells it in the hope of buying it back later at a lower price. Short selling allows traders to profit from falling prices and is often used as a hedging tool against market downturns. However, short selling can be risky, as potential losses are theoretically unlimited if the asset’s price continues to rise.</p>
<h3 class="wp-block-heading">Long Position</h3>
<p>Taking a <strong>long position</strong> in a cryptocurrency means that a trader is buying the asset with the expectation that its price will increase over time. Long positions can be established by either purchasing the asset directly or through derivative instruments, such as futures contracts or options. Profits from long positions are realized when the asset is sold at a higher price than the original purchase price.</p>
<h3 class="wp-block-heading">Hodler</h3>
<p>A <strong>hodler</strong> is a term used within the cryptocurrency community to describe someone who holds onto their digital assets for an extended period, regardless of market fluctuations. The term originated from a misspelling of “hold” in an online forum post and has since become a popular meme and investment strategy in the crypto space.</p>
<h2 class="wp-block-heading">VI. Blockchain and Network Concepts</h2>
<h3 class="wp-block-heading">Node</h3>
<p>A <strong>node</strong> is a computer or server that participates in a blockchain network by validating transactions, maintaining a copy of the blockchain, and propagating new transactions and blocks to other nodes. Nodes can be classified into full nodes, which store the entire blockchain history, and lightweight or “SPV” nodes, which only store a subset of the data. Running a node helps maintain the network’s decentralization and security.</p>
<h3 class="wp-block-heading">Mining</h3>
<p><strong>Mining</strong> is the process of validating transactions and creating new blocks in a Proof of Work (PoW) blockchain network. Miners use their computational power to solve complex mathematical problems, competing for the chance to add a new block to the chain and receive a block reward in the form of newly created cryptocurrency. Mining is crucial for maintaining the network’s security and decentralization but has faced criticism for its high energy consumption.</p>
<h3 class="wp-block-heading">Proof of Work (PoW)</h3>
<p><strong>Proof of Work (PoW)</strong> is a consensus mechanism used by some blockchain networks, such as Bitcoin and Ethereum (currently transitioning to Proof of Stake), to validate transactions and create new blocks. In PoW, miners compete to solve complex mathematical problems using their computational power. The first miner to solve the problem gets to add a new block to the blockchain and receives a block reward in the form of newly created cryptocurrency. PoW ensures the security and decentralization of the network but has been criticized for its high energy consumption.</p>
<h3 class="wp-block-heading">Proof of Stake (PoS)</h3>
<p><strong>Proof of Stake (PoS)</strong> is an alternative consensus mechanism to Proof of Work, designed to achieve network security and consensus with lower energy consumption. In PoS, validators are chosen to create new blocks and validate transactions based on the amount of cryptocurrency they hold and are willing to “stake” as collateral. Validators are rewarded with transaction fees or new tokens, incentivizing them to act honestly. PoS is used by various blockchain networks, including Cardano, Polkadot, and Ethereum 2.0.</p>
<h3 class="wp-block-heading">Delegated Proof of Stake (DPoS)</h3>
<p><strong>Delegated Proof of Stake (DPoS)</strong> is a consensus mechanism that builds upon Proof of Stake (PoS) by introducing a voting system to select a limited number of validators. In DPoS, token holders vote for validators, known as delegates or block producers, who are responsible for validating transactions and creating new blocks. This approach aims to improve scalability and efficiency compared to traditional PoS, but it may sacrifice some level of decentralization.</p>
<h3 class="wp-block-heading">Staking</h3>
<p><strong>Staking</strong> is the process of participating in the proof-of-stake (PoS) consensus mechanism by locking up a certain amount of cryptocurrency in a wallet to support the network’s operations. Staking helps secure the network and maintain its decentralization. In return, users who stake their tokens can earn rewards, such as additional tokens or a share of transaction fees.</p>
<h3 class="wp-block-heading">Smart Contract</h3>
<p>A <strong>smart contract</strong> is a self-executing contract with the terms of the agreement directly written into code. Smart contracts run on blockchain networks, such as Ethereum, and automatically execute predefined actions when specific conditions are met. They enable trustless, decentralized applications and facilitate complex transactions without the need for intermediaries.</p>
<h3 class="wp-block-heading">Oracle</h3>
<p>An <strong>oracle</strong> is a data provider that supplies external, real-world information to blockchain networks and smart contracts. Oracles play a crucial role in bridging the gap between on-chain and off-chain data, enabling smart contracts to access information, such as price feeds, weather data, or sports results, from outside the blockchain. Oracles can be centralized or decentralized, and their reliability and trustworthiness are essential for the proper functioning of many decentralized applications (dApps).</p>
<h3 class="wp-block-heading">Scalability</h3>
<p><strong>Scalability</strong> refers to a blockchain network’s ability to handle a growing number of transactions and users while maintaining adequate performance and security. Many existing blockchain networks, such as Bitcoin and Ethereum, face scalability challenges due to the inherent trade-offs between decentralization, security, and throughput. Various solutions, including layer 2 scaling technologies, sharding, and alternative consensus mechanisms, are being developed to address these challenges.</p>
<h3 class="wp-block-heading">Fork (Hard and Soft Forks)</h3>
<p>A <strong>fork</strong> is a change in a blockchain’s protocol, resulting in a divergence from the original version. Forks can be classified into two types:</p>
<ul>
<li><strong>Hard fork:</strong> A hard fork is a permanent change that creates a new, incompatible version of the blockchain. Nodes must update their software to the new protocol, or they will be unable to participate in the network. Hard forks can result in the creation of two separate blockchains and cryptocurrencies, such as Bitcoin and Bitcoin Cash.</li>
<li><strong>Soft fork:</strong> A soft fork is a backward-compatible change to the blockchain protocol. Nodes running the old software can still validate and propagate transactions, but they may not fully recognize or understand the new rules. Soft forks can be used to introduce new features or improvements without causing a network split, as long as a majority of nodes adopt the changes.</li>
</ul>
<h3 class="wp-block-heading">51% Attack</h3>
<p>A <strong>51% attack</strong> is a potential vulnerability in Proof of Work (PoW) and some Proof of Stake (PoS) blockchain networks, where an attacker gains control of more than 50% of the network’s hashing power or staking power. This level of control allows the attacker to manipulate the blockchain by censoring transactions, double-spending coins, or performing other malicious actions. A successful 51% attack can severely undermine the trust and security of a blockchain network, but the cost and complexity of such an attack make it increasingly difficult as the network grows larger and more decentralized.</p>
<h2 class="wp-block-heading">VII. DeFi and NFTs</h2>
<h3 class="wp-block-heading">Decentralized Finance (DeFi)</h3>
<p><strong>Decentralized Finance (DeFi)</strong> refers to a broad ecosystem of financial applications and services built on blockchain technology, particularly Ethereum. DeFi aims to create an open, permissionless, and transparent financial system by removing intermediaries, such as banks and traditional financial institutions. DeFi platforms and protocols enable a wide range of financial activities, including lending, borrowing, trading, and earning interest on assets, all without the need for a central authority.</p>
<h3 class="wp-block-heading">Yield Farming</h3>
<p><strong>Yield farming</strong>, also known as liquidity mining, is a popular DeFi strategy that involves staking or lending cryptocurrencies to earn rewards, often in the form of tokens or interest. Yield farmers typically seek out the highest possible returns by moving their assets between different platforms and protocols. While yield farming can be lucrative, it also carries risks, including smart contract vulnerabilities, impermanent loss, and market volatility.</p>
<h3 class="wp-block-heading">Liquidity Pools</h3>
<p><strong>Liquidity pools</strong> are pools of tokens locked in a smart contract that enable decentralized exchanges (DEXs) and other DeFi platforms to facilitate transactions and provide liquidity. Users can contribute their tokens to liquidity pools and earn fees or rewards in return. These rewards are often proportional to the user’s share of the total pool and the volume of transactions facilitated by the pool. However, liquidity providers should be aware of the risks, such as impermanent loss, which can occur when the prices of the pooled tokens fluctuate.</p>
<h3 class="wp-block-heading">Decentralized Exchanges (DEX)</h3>
<p><strong>Decentralized exchanges (DEXs)</strong> are a type of cryptocurrency exchange that operates without a central authority, allowing users to trade directly with one another through smart contracts. DEXs typically offer greater privacy, security, and control over funds compared to centralized exchanges. Some popular DEXs include Uniswap, SushiSwap, and PancakeSwap. It’s important to note that DEXs can have lower liquidity and higher trading fees than their centralized counterparts.</p>
<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>
<p><strong>Non-Fungible Tokens (NFTs)</strong> are unique digital assets that represent ownership of a specific item, such as art, collectibles, virtual real estate, or even digital representations of physical assets. NFTs are built on blockchain technology, which ensures the authenticity, provenance, and scarcity of these digital items. NFTs have gained widespread attention for their use in various industries, including art, gaming, and sports. Some well-known NFT platforms and marketplaces include OpenSea, Rarible, and NBA Top Shot.</p>
<h2 class="wp-block-heading">VIII. Regulation and Compliance</h2>
<h3 class="wp-block-heading">Know Your Customer (KYC)</h3>
<p><strong>Know Your Customer (KYC)</strong> is a regulatory process used by financial institutions and cryptocurrency exchanges to verify the identity of their customers. KYC procedures typically involve collecting personal information, such as name, address, and identification documents, to prevent fraud, money laundering, and other illicit activities. While KYC requirements can vary between jurisdictions, they generally aim to ensure transparency and compliance with anti-money laundering (AML) regulations.</p>
<h3 class="wp-block-heading">Anti-Money Laundering (AML)</h3>
<p><strong>Anti-Money Laundering (AML)</strong> refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising the origins of their illegally obtained funds through financial transactions. AML regulations apply to banks, financial institutions, and cryptocurrency businesses, requiring them to implement internal controls, report suspicious transactions, and conduct customer due diligence, including KYC checks. AML compliance is essential for maintaining the integrity of the financial system and combating financial crime.</p>
<h3 class="wp-block-heading">Initial Coin Offering (ICO)</h3>
<p>An <strong>Initial Coin Offering (ICO)</strong> is a fundraising mechanism used by blockchain-based projects to raise capital by selling newly created tokens or cryptocurrencies to investors. ICOs gained significant popularity during the 2017-2018 cryptocurrency boom, as they allowed startups to bypass traditional venture capital funding methods. However, the ICO market has since faced increased regulatory scrutiny due to concerns over fraud, investor protection, and securities law compliance. As a result, many projects have shifted towards alternative fundraising methods, such as Security Token Offerings (STOs) and Initial Exchange Offerings (IEOs).</p>
<h3 class="wp-block-heading">Security Token Offering (STO)</h3>
<p>A <strong>Security Token Offering (STO)</strong> is a type of fundraising method that involves the sale of digital tokens representing ownership in an underlying asset, such as equity, real estate, or revenue streams. Unlike ICOs, STOs are explicitly designed to comply with securities regulations, providing investors with legal rights and protections. STOs have emerged as a more regulated and transparent alternative to ICOs, offering a bridge between traditional finance and the world of digital assets.</p>
<h3 class="wp-block-heading">Central Bank Digital Currency (CBDC)</h3>
<p>A <strong>Central Bank Digital Currency (CBDC)</strong> is a digital form of a country’s fiat currency issued and regulated by its central bank. CBDCs aim to leverage blockchain technology to enhance the efficiency, security, and accessibility of the monetary system. Unlike cryptocurrencies, CBDCs are centralized and subject to government control, ensuring that they maintain the same legal status and stability as traditional fiat currencies. Several central banks worldwide, including those in China, the European Union, and the United States, are actively exploring or piloting CBDC initiatives.</p>
<h2 class="wp-block-heading">IX. Conclusion</h2>
<p>In this article, we’ve covered a wide range of important cryptocurrency terms, vocabulary, and glossary items, from the basics of blockchain technology and cryptocurrencies to wallets, trading, DeFi, NFTs, and regulatory compliance. Understanding these terms is crucial for anyone looking to navigate the ever-evolving world of digital assets successfully.</p>
<p>As the cryptocurrency ecosystem continues to grow and innovate, staying informed and up-to-date on the latest developments is essential. New projects, technologies, and regulations are constantly emerging, which can impact the market and create new opportunities for investors, traders, and enthusiasts alike. By staying informed, you’ll be better equipped to make informed decisions and capitalize on the dynamic nature of the crypto space.</p>
<p>We hope that this comprehensive guide has provided you with a solid foundation for understanding the key terms and concepts in the cryptocurrency world. However, this is just the beginning of your journey. As you delve deeper into the world of digital assets, you’ll likely encounter new terms and ideas that will further enrich your knowledge and experience. We encourage you to continue exploring, learning, and participating in this exciting and transformative industry.</p>
<p><br><em>This article is being updated regularly.</em></p>
<p>The post <a href="https://getcoinplate.com/blog/cryptocurrency-essential-terms/">The Ultimate Cryptocurrency Glossary: 50+ Essential Terms and Concepts Every Crypto Enthusiast Should Know</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<title>Seed Phrases Explained: The Essential Guide to Securing Your Cryptocurrency Wallets</title>
<link>https://getcoinplate.com/blog/seed-phrases-guide/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Sun, 05 Mar 2023 20:43:00 +0000</pubDate>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[Uncategorized]]></category>
<category><![CDATA[guides]]></category>
<category><![CDATA[security]]></category>
<category><![CDATA[seed phrase]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3393</guid>
<description><![CDATA[<p>Seed Phrases Explained: The Essential Guide to Securing Your Cryptocurrency Wallets Introduction There is one crucial element that keeps your...</p>
<p>The post <a href="https://getcoinplate.com/blog/seed-phrases-guide/">Seed Phrases Explained: The Essential Guide to Securing Your Cryptocurrency Wallets</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
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<h1 class="wp-block-heading" id="h-seed-phrases-explained-the-essential-guide-to-securing-your-cryptocurrency-wallets">Seed Phrases Explained: The Essential Guide to Securing Your Cryptocurrency Wallets</h1>
<h2 class="wp-block-heading">Introduction</h2>
<p>There is one crucial element that keeps your coins and tokens safe and secure: the seed phrase. It’s a mainstay of the cryptocurrency industry and for good reasons, which we’ll cover below. This blog post will walk you through the ins and outs of seed phrases, their importance, and how they work to safeguard your digital assets. If you’re looking to understand seed phrases, we’ve got you covered.</p>
<p>Seed phrases play a critical role in the world of cryptocurrency. Seed phrases are acting as a safety net that enables you to recover your software or hardware wallet in case of loss, theft, or damage. Anyone who wants to keep their digital assets secure should understand how seed phrases work. They are crucial for keeping your cryptocurrencies safe in the long term.</p>
<p>In this blog post, we’ll explore the basics of seed phrases, their importance for crypto holders and how they work in wallets to secure your coins. We’ll also cover the best practices for safeguarding your seed phrase and recovering a wallet using a seed phrase. </p>
<p>At the end of this article, you’ll find answers to frequently asked questions surrounding this topic. So, let’s dive into the fascinating world of seed phrases and discover why they’re so crucial for cryptocurrencies.</p>
<h2 class="wp-block-heading">What is a Seed Phrase?</h2>
<h3 class="wp-block-heading">Definition of a seed phrase</h3>
<p>A seed phrase, also known as a mnemonic phrase or recovery phrase, is a sequence of words that acts as a backup for your digital wallet’s private key. The seed phrase is created from a predefined list of words in a specific way. They are also set in a given order and include secret information about the key to your cryptocurrency wallet. You can use the seed phrase to regain access to your wallet and all coins in case of wallet damage or loss.</p>
<h3 class="wp-block-heading">The role of seed phrases in securing cryptocurrency wallets</h3>
<p>Seed phrases serve as a critical security measure for software and hardware wallets. They ensure that users can recover their funds if their wallet becomes inaccessible, lost, or damaged. By securely storing your seed phrase, you maintain full control over your wallet and the cryptocurrencies it holds. </p>
<p>Seed phrases effectively act as a “master key” that can unlock your wallet and grant access to your funds in case your private key is lost or compromised. It is important to note that without the correct seed phrase, you may lose access to your digital assets permanently.</p>
<h3 class="wp-block-heading">Common types of seed phrases (12, 18, 24 words)</h3>
<p>Seed phrases typically come in three main variations, consisting of 12, 18, or 24 words. The length of the seed phrase directly correlates with the level of security it provides. The 12-word seed phrases offer a good enough level of protection and should be safe for at least the next few years. </p>
<p>Longer phrases, especially 24-words long, will be safe for the next 20-50 years. Still, the number of combinations possible with 24-word seed phrases is so big, that they will take decades to crack even with future tech. This might change though, when mass-available quantum computers arrive. In the past the most common type was a 12-word seed phrase, now everyone moved to 24-word phrases.</p>
<p>Regardless of the length, it’s essential to <a href="https://getcoinplate.com/blog/the-best-crypto-seed-phrase-storage-the-ultimate-guide/" target="_blank" rel="noreferrer noopener">store your seed phrase securely</a> and treat it with the utmost care. The loss or exposure of your seed phrase could lead to the permanent loss of your digital assets or unauthorized access to your wallet.</p>
<h2 class="wp-block-heading">How Seed Phrases Work</h2>
<h3 class="wp-block-heading">The relationship between seed phrases and private keys</h3>
<p>Seed phrases and private keys share a unique relationship. The seed phrase is essentially a human-readable representation of your wallet’s private key. When you create a new digital wallet, a private key is generated, which is then used to derive a corresponding public key and wallet address. The private key is crucial for authorizing transactions, and losing it would mean losing access to your funds.</p>
<p>To make it easier for users to manage and recover their private keys, seed phrases were introduced. By using a seed phrase, you can regenerate your wallet’s private key and regain access to your funds. Even if your original wallet is lost or compromised.</p>
<p>You can read more about this in our <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/" target="_blank" rel="noreferrer noopener">Ultimate Guide To Private Keys And Recovery Seed Phrases</a></p>
<h3 class="wp-block-heading">Types of seed phrase and standards (BIP39, BIP32, BIP44)</h3>
<p>Industry standards play a vital role in generating and using seed phrases. Specifically, Bitcoin Improvement Proposals (<a href="https://github.com/bitcoin/bips" target="_blank" rel="noreferrer noopener">BIPs</a>) like BIP39, BIP32, and BIP44 are crucial in this regard.</p>
<h3 class="wp-block-heading">BIP39 standard</h3>
<p><a href="https://getcoinplate.com/blog/what-is-bip39-mnemonic-phrase-2022-update/" target="_blank" rel="noreferrer noopener">BIP39</a> is the algorithm responsible for generating the mnemonic phrase from a wallet’s private key. This standard also defines a carefully selected <a href="https://getcoinplate.com/blog/official-bip39-word-list-mnemonic-in-english-verified/" target="_blank" rel="noreferrer noopener">list of 2,048 words</a> used to create the seed phrase.</p>
<p>The BIP39 algorithm takes the wallet’s private key and rewrites it into an easy-to-read seed phrase. It uses a predefined word list, cryptographic algorithms and a secure source of randomness to create your seed phrase. BIP39 is the most commonly used standard for generating seed phrases. </p>
<h3 class="wp-block-heading">Industry standards for increased security</h3>
<p>There are other important standards regarding seed phrases, like BIP32 and BIP44. The BIP32 describes the method of creating Hierarchical Deterministic (HD) wallets, which is used by most wallets on the market. Deterministic wallets allow users to generate many private keys and addresses from a single seed phrase. It enhances privacy because, with it, you can create a new address for each transaction without needing multiple seed phrases. You can also keep many crypto addresses in the same wallet, protected with a single seed phrase.</p>
<p>BIP44 is important because it enables compatibility between different wallets. It describes a method of using the standardized structure for deterministic wallets. This allows users to switch between various wallet providers. In essence, using the same seed phrase and crypto accounts with different wallet brands.</p>
<p>We recommend using wallets compatible with BIP39, BIP32 and BIP44 for security reasons. These standards enable seamless switching between different brands and vendors. It’s essential to keep in mind that not all wallets available on the market implement these standards. You should check this in the technical specification of each wallet. We’ll make a guide into this in the future, in the meantime, you can check our list of <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list/" target="_blank" rel="noreferrer noopener">BIP39 compatible wallets</a>.</p>
<h3 class="wp-block-heading">Other types of phrases</h3>
<p>As we said earlier, the BIP39 (together with BIP32 and BIP44) is the most commonly used type of seed phrase. There are other types of seed phrases used in specific wallets only. Like Electrum wallet which uses similar seed phrases as BIP39 wallets, but it’s not compatible with them.</p>
<p>Moreover, there are now some hardware and software wallets that don’t use any type of seed phrases at all. Generally speaking, we don’t recommend using wallets that you can’t move to a wallet from a different vendor. A savvy crypto holder should rather play safe and be able to restore their funds if the wallet’s maker goes out of business.</p>
<h3 class="wp-block-heading">Importance of entropy and randomness in generating seed phrases</h3>
<p>Entropy, or randomness, is a crucial component in generating seed phrases. High entropy ensures that each seed phrase is unique and extremely difficult to guess or crack. The more random the seed phrase, the stronger the security it provides.</p>
<p>When creating a seed phrase, random numbers (entropy) are generated, which are then combined with the wallet’s private key. This process ensures that the resulting seed phrase is both unique and secure. To maximize the security of your seed phrase, it is essential to set up the new wallet with a trusted wallet or tool. You should use a wallet or tool with a strong random number generator when setting up your wallet. Check out our <a href="https://getcoinplate.com/bip39-seed-phrase-mnemonics-generator-offline-online-tool/">BIP39 Seed Phrase Generator</a></p>
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<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg"><img loading="lazy" decoding="async" width="1000" height="668" src="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg" alt="bitcoin keys" class="wp-image-3399" srcset="https://getcoinplate.com/wp-content/uploads/2023/03/image-2.jpeg 1000w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-600x401.jpeg 600w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-300x200.jpeg 300w, https://getcoinplate.com/wp-content/uploads/2023/03/image-2-768x513.jpeg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a></figure></div>
<h2 class="wp-block-heading">Safeguarding Your Seed Phrase</h2>
<h3 class="wp-block-heading">Best practices for storing seed phrases</h3>
<p>To ensure the security of your digital assets, it’s essential to store your seed phrase safely. Here are some good practices to follow:</p>
<ol>
<li><strong>Writing it down on paper</strong> <strong>(easy but not best)</strong>: One of the simplest methods is to write down your seed phrase on a piece of paper. This approach keeps your seed phrase offline and away from potential digital threats. Paper backups can be destroyed or lost easily, this is why it’s crucial to store the paper in a secure location, like a safe or a safety deposit box, to protect it from damage or theft.</li>
<li><strong>Using metal backups</strong>: For an even more durable solution, consider using a metal backup to store your seed phrase. <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet-in-2022-and-years-to-come/" target="_blank" rel="noreferrer noopener">Metal backups</a> are designed to withstand fire, water damage, and other physical threats that could destroy a paper backup. These are heavy-duty metal plates with engraved or stamped letters, ensuring long-lasting protection. One of the best examples of metal backup is <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a> – the ultra-durable seed phrase backup.</li>
<li><strong>Keeping multiple copies</strong>: To minimize the risk of losing access to your wallet, you should create multiple copies of your seed phrases. It’s also important to store them in different secure locations. This strategy ensures that even if one copy is lost or destroyed, you still have a backup available to regain access to your funds.</li>
</ol>
<h3 class="wp-block-heading">What to avoid when storing seed phrases</h3>
<p>To maintain the security of your seed phrase, it’s essential to avoid certain actions:</p>
<ol>
<li><strong>Storing your seed phrase digitally</strong> (e.g., screenshots, hard drive, cloud storage). Keeping your seed phrase on electronic devices exposes it to hackers and unauthorized access. Keeping your seed phrase offline and in a physical format is crucial to prevent these risks. Also, you should never take photos of your seed phrases.</li>
<li><strong>Sharing them with others</strong>. Never share your seed phrase with anyone. This includes including friends, family, or customer support representatives. Your seed phrase is the key to your digital assets, and sharing it with others could lead to unauthorized access and loss of funds. Always keep your seed phrase private and secure to protect your digital wallet.</li>
</ol>
<h2 class="wp-block-heading">Recovering a Digital Wallet with a Seed Phrase</h2>
<h3 class="wp-block-heading">When and why wallet recovery is necessary</h3>
<p>You might need to recover your wallet in some situations like when you lose access to your digital wallet or it’s damaged. In these cases, having your seed phrase is crucial for regaining access to your funds and ensuring the security of your digital assets. You will also need your seed phrase when you want to switch to a different wallet or create a backup.</p>
<p>Moreover, most people don’t realize that hardware wallets use pin codes to secure their contents. When you forget the pin code or input the wrong one by mistake, it will lock itself out. If that happens, your wallet will erase all data including your private keys and crypto accounts. That’s why you need a good backup of your seed phrase, even if not planning to keep your coins for the long term.</p>
<div class="wp-block-image is-style-default">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/03/image-1.jpeg"><img loading="lazy" decoding="async" width="1000" height="667" src="https://getcoinplate.com/wp-content/uploads/2023/03/image-1.jpeg" alt="trezor wallet pin lock" class="wp-image-3398" srcset="https://getcoinplate.com/wp-content/uploads/2023/03/image-1.jpeg 1000w, https://getcoinplate.com/wp-content/uploads/2023/03/image-1-600x400.jpeg 600w, https://getcoinplate.com/wp-content/uploads/2023/03/image-1-300x200.jpeg 300w, https://getcoinplate.com/wp-content/uploads/2023/03/image-1-768x512.jpeg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a></figure></div>
<h3 class="wp-block-heading">Step-by-step process for recovering a wallet using a seed phrase</h3>
<p>To recover your digital wallet using your seed phrase, follow these steps:</p>
<ol>
<li>Get a new wallet. For software wallets, you should download and install the wallet software. In the case of a hardware wallet, you need to get a new device or clear data on a current one. Make sure that your new wallet is compatible with your seed phrase (e.g., BIP39, BIP32, BIP44 compliant wallets).</li>
<li>Select the recovery option. Upon launching the wallet software, look for the “restore wallet,” “recover wallet,” or a similar option. It allows you to recover your wallet using your seed phrase.</li>
<li>Enter the seed phrase. Carefully input your seed phrase in the order it was originally presented. Be cautious about potential typos and ensure you input the words in the correct sequence.</li>
<li>Set a new password (optional). Depending on the wallet, you might be prompted to set a new password or PIN for added security. Make sure to choose a strong and unique password that you can remember.</li>
<li>Verify the wallet address and balance. After finishing the wallet recovery process, check your addresses and balances. It will allow you to ensure everything went well and everything got restored correctly.</li>
</ol>
<h3 class="wp-block-heading">Risks and challenges associated with wallet recovery</h3>
<p>Wallet recovery using a seed phrase can come with certain risks and challenges, including:</p>
<ol>
<li><strong>Incorrect seed phrase entry</strong>. Mistyping or entering words in the wrong order can result in failure to recover your wallet or, in some cases, create a new, empty wallet. If that happens, you can try our <a href="https://getcoinplate.com/bip39-recoverer-seed-phrase-recovery-tool/" target="_blank" rel="noreferrer noopener">BIP39 Recoverer tool</a>, which helps to restore broken seed phrases.</li>
<li><strong>Compatibility issues</strong>. Ensure that the wallet software you use to recover your wallet is compatible with the seed phrase format (e.g., BIP39, BIP32, BIP44).</li>
<li><strong>Security risks</strong>. Be cautious when entering your seed phrase during the recovery process. Especially when using a device that might be compromised or in a public setting. Always ensure you’re using a secure and trusted device to minimize the risk of unauthorized access.</li>
<li><strong>Loss of seed phrase</strong>. Losing your seed phrase altogether can make wallet recovery impossible. Thus, It’s crucial to safeguard it using the best practices outlined earlier in this post and proper backup like Coinplate.</li>
</ol>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/03/image-4.jpeg"><img loading="lazy" decoding="async" width="1000" height="668" src="https://getcoinplate.com/wp-content/uploads/2023/03/image-4.jpeg" alt="seed phrase paper backup with trezor wallet" class="wp-image-3401" srcset="https://getcoinplate.com/wp-content/uploads/2023/03/image-4.jpeg 1000w, https://getcoinplate.com/wp-content/uploads/2023/03/image-4-600x401.jpeg 600w, https://getcoinplate.com/wp-content/uploads/2023/03/image-4-300x200.jpeg 300w, https://getcoinplate.com/wp-content/uploads/2023/03/image-4-768x513.jpeg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a></figure></div>
<h2 class="wp-block-heading">Frequently Asked Questions about Seed Phrases</h2>
<h3 class="wp-block-heading">1. Can I use my seed phrase with multiple wallets?</h3>
<p>Yes, you can use your seed phrase with multiple wallets as long as they are compatible with the same seed phrase standards (e.g., BIP39, BIP32, BIP44). This enables users to have the same wallet on different devices. Plus it allows switching to different wallet providers without losing access to digital assets.</p>
<h3 class="wp-block-heading">2. What if I lose my seed phrase?</h3>
<p>If you lose your seed phrase, you may be unable to recover your digital wallet and access your cryptocurrency holdings. This highlights the importance of <a href="https://getcoinplate.com/blog/the-best-crypto-seed-phrase-storage-the-ultimate-guide/" target="_blank" rel="noreferrer noopener">storing your seed phrase</a> using the best practices mentioned earlier in this post. If you suspect that your seed phrase has been compromised, you shoudl move your funds to a new wallet with a different seed phrase as soon as possible.</p>
<h3 class="wp-block-heading">3. Can I change my seed phrase?</h3>
<p>Seed phrases are generated using cryptographic algorithms and are directly tied to your private keys. As a result, you cannot change your seed phrase for an existing wallet. If you want a new seed phrase, you will need to create a new wallet and transfer your funds to the new wallet. Remember to securely store the new seed phrase and dispose of the old one carefully.</p>
<h3 class="wp-block-heading">4. How secure is my seed phrase?</h3>
<p>Seed phrases are designed to be secure and resistant to brute-force attacks. It is extremely difficult, if not impossible, for an attacker to guess or hack your seed phrase. Special cryptographic algorithms paired with entropy and randomness make this practically impossible.</p>
<p>However, the security of your seed phrase ultimately depends on how well you safeguard it. Storing your seed phrase securely and offline, avoiding digital storage, and not sharing it with others are crucial steps in maintaining the security of your digital assets.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="800" height="180" src="https://getcoinplate.com/wp-content/uploads/2023/03/image.png" alt="secure your seed phrase with ultra durable backup" class="wp-image-3395" srcset="https://getcoinplate.com/wp-content/uploads/2023/03/image.png 800w, https://getcoinplate.com/wp-content/uploads/2023/03/image-600x135.png 600w, https://getcoinplate.com/wp-content/uploads/2023/03/image-300x68.png 300w, https://getcoinplate.com/wp-content/uploads/2023/03/image-768x173.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure></div>
<h2 class="wp-block-heading">Conclusion</h2>
<p>Anyone using Bitcoin (or other cryptocurrencies) should understand the basics of seed phrases. Seed phrases play a critical role in securing digital wallets and ensuring that users can recover their wallets if needed. By having a clear grasp of the concept of seed phrases, you can manage your digital assets and mitigate potential risks.</p>
<p>We strongly encourage readers to follow the best practices for seed phrase security discussed in this blog post. You can significantly reduce the chances of losing access to your digital assets with a few simple steps we covered in the article. Storing your seed phrase securely, using reliable backup methods, and keeping multiple copies, will make you sleep well . Always focus on your seed phrase security and take necessary precautions to protect your investments.</p>
<p>The post <a href="https://getcoinplate.com/blog/seed-phrases-guide/">Seed Phrases Explained: The Essential Guide to Securing Your Cryptocurrency Wallets</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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</item>
<item>
<title>The Ultimate Comparison: Ledger Nano S vs Trezor Model One</title>
<link>https://getcoinplate.com/blog/ledger-nano-s-vs-trezor-one-comparison-guide/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Sun, 19 Feb 2023 15:44:50 +0000</pubDate>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[hardware wallets]]></category>
<category><![CDATA[Storing cryptocurrency]]></category>
<category><![CDATA[Uncategorized]]></category>
<category><![CDATA[bitcoin]]></category>
<category><![CDATA[guides]]></category>
<category><![CDATA[hardware wallet]]></category>
<category><![CDATA[Ledger]]></category>
<category><![CDATA[Ledger Nano S Plus]]></category>
<category><![CDATA[security]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=3340</guid>
<description><![CDATA[<p>Ledger Nano S vs Trezor One – The Ultimate Comparison Introduction – two bestselling hardware wallets compared In the past...</p>
<p>The post <a href="https://getcoinplate.com/blog/ledger-nano-s-vs-trezor-one-comparison-guide/">The Ultimate Comparison: Ledger Nano S vs Trezor Model One</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading">Ledger Nano S vs Trezor One – The Ultimate Comparison</h1>
<p></p>
<h2 class="wp-block-heading" id="h-introduction-two-bestselling-hardware-wallets-compared">Introduction – two bestselling hardware wallets compared</h2>
<p>In the past few years, investing in cryptocurrencies like Bitcoin, Ethereum, and Litecoin has become popular. Many people do this to diversify their portfolios. But as cryptocurrency becomes more popular, theft and fraud become more likely. Cryptocurrency is kept in digital wallets, which can be hacked or otherwise broken into.</p>
<p>Hardware wallets like the Ledger Nano S and Trezor Model One have become popular ways to solve this problem. Hackers will have a much harder time getting to your private keys if you store your cryptocurrency on these small devices.</p>
<p>In this article, we’ll compare two of the most popular hardware wallets on the market: the Ledger Nano S vs Trezor One. We’ll look at how well they’re designed and made, how easy they are to use if they support cryptocurrencies, how much they cost, and how much they’re worth. By the end of this article, you’ll have a better idea of how these two devices are different and will be able to choose which one is best for you.</p>
<p>It’s crucial to make a backup of your hardware wallet in case it gets lost or broken. Ledger Nano S (plus) and Trezor Model One both provide you with a recovery seed phrase. You should keep it safe in a metal crypto wallet like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>. This is the case for all hardware crypto wallets in general.</p>
<p>Let’s get started and look at the Ledger Nano S vs Trezor One more closely.</p>
<h3 class="wp-block-heading" id="h-update-new-improved-model-ledger-nano-s-plus">Update: New improved model – Ledger Nano S Plus</h3>
<p>Since the Ledger Nano S came out, Ledger has come out with the Ledger Nano S Plus, which is an updated version of the device. The Ledger Nano S Plus offers improved processing power, and more storage capacity. The Ledger Nano S Plus makes handling many cryptocurrencies easier but overall is very similar to the previous model. Even though the Ledger Nano S Plus costs a little more than the Nano S, it might be worth it for people who need more space or more advanced features. Since that, the earlier model – Ledger Nano is discontinued and now you can only buy the newer version – Ledger Nano S Plus.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus.png"><img loading="lazy" decoding="async" width="800" height="354" src="https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus.png" alt="New improved Nano S Plus" class="wp-image-3345" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus-600x266.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus-300x133.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/nanoplus-768x340.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<h2 class="wp-block-heading" id="h-why-you-should-use-a-hardware-wallet-instead-of-a-software-wallet">Why you should use a hardware wallet instead of a software wallet</h2>
<p>Software wallets are easy to use and can be accessed from anywhere with an internet connection. But they are more likely to be hacked or infected with malware. Hardware wallets, on the other hand, are physical devices that store your private keys offline. This adds an extra layer of security against possible cyber threats. Hardware wallets are thought to be a safer way to store large amounts of cryptocurrency. While software wallets are better for smaller transactions and day-to-day use.</p>
<h2 class="wp-block-heading" id="h-design-and-build-quality">Design and Build Quality</h2>
<p>The way the Ledger Nano S and Trezor Model One look is the first thing you’ll notice about them. Both devices are small and lightweight, so you can take them with you wherever you go. But there are some differences in how they are made and how they look that may be important to think about.</p>
<p>The Nano S looks sleek and modern. It is made of black plastic and has a small OLED screen that shows details about transactions. The device is about the size of a USB stick and has two buttons on the front for navigating. It comes with a lanyard that can be attached to a keychain or other items.</p>
<figure class="wp-block-image size-full is-resized"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800.png"><img loading="lazy" decoding="async" src="https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800.png" alt="Ledger Nano S Plus next to Trezor Model One" class="wp-image-3348" width="800" height="412" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800-600x309.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800-300x155.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/ledger-nano-s-plus-vs-trezor-one800-768x396.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a><figcaption class="wp-element-caption">Both wallets look modern and sleek</figcaption></figure>
<p>The Trezor One, on the other hand, has a larger, rectangular screen and a white (or black) plastic body that makes it look a bit more retro. It has two buttons on the front like the Ledger Nano S, but they are in a different place. The Trezor Model One is a little bigger than the Ledger Nano S, and it has a keychain attachment as well.</p>
<p>Both devices are made well and will last for a long time. They are made to stand up to wear and tear, so if you take care of them, they should last for many years. The Nano S, on the other hand, is a bit more durable. It has a metal case that gives it an extra layer of protection. The Trezor One is made entirely of plastic, which may worry some users.</p>
<p>Overall, both devices are well-made and last about the same amount of time. In terms of looks and materials, the choice between them may come down to what you like best.</p>
<h2 class="wp-block-heading" id="h-security-ledger-nano-s-vs-trezor-one">Security – Ledger Nano S vs Trezor One</h2>
<p>Security is the most important thing to think about when it comes to hardware wallets. Both the Ledger Nano S and Trezor Model One offer robust security features that make them the most secure way to store cryptocurrency.</p>
<p>The Ledger Nano S has a chip called a Secure Element. This chip can’t be changed, so it keeps your private keys safe from people who shouldn’t be able to get to them. It also has a PIN code and a <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/" target="_blank" rel="noreferrer noopener">recovery seed</a>. If your device is lost or stolen, you can use the PIN code and recovery seed to unlock and restore it. The Ledger Nano S also supports two-factor authentication, which gives your account an extra layer of security.</p>
<p>The Trezor One also has a PIN code, a recovery seed, and a Secure Element chip. Trezor hardware wallets, take security one step further by using open-source firmware. It means that it has been checked by security experts and found to be safe. This means that the code has been tested carefully and is less likely to have bugs or hidden doors.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin.png"><img loading="lazy" decoding="async" width="800" height="450" src="https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin.png" alt="Trezor one pin code" class="wp-image-3347" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin-600x338.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin-300x169.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/trezorpin-768x432.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a><figcaption class="wp-element-caption">Security PIN input on Trezor One</figcaption></figure>
<p>Both wallets offer about the same level of security and will keep your private keys safe. But the open-source firmware of the Trezor Model One may be more appealing to users who value trust and transparency.</p>
<p>During recovery from the seed phrase, on Ledger Nano S you enter your seed words with built-in screen and buttons. This is the most secure way of doing wallet recovery, as it keeps your seed phrase safe. On the other hand, by default Trezor One makes you enter your seed phrase on your computer. Your PC could be infected by viruses so this is not ideal.</p>
<p>Both Trezor One and Ledger Nano S feature passphrase protection. It lets you make your wallet even more secure by requiring a passphrase along with your PIN code.</p>
<p>As far as physical security goes, both devices are resistant to attacks like tampering and hacking. They are set up to delete all the data if someone tries to break into the device.</p>
<p>Overall, both Trezor and Ledger have strong security features that make them very safe ways to store your cryptocurrency. In terms of the security features they offer, the choice between them may come down to what you like best. It’s important to note that both wallets are BIP39 compatible which is the industry standard for seed phrases.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase.png"><img loading="lazy" decoding="async" width="800" height="436" src="https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase.png" alt="Trezor Model One recovery seed phrase" class="wp-image-3350" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase-600x327.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase-300x164.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/trezor_one_recovery_phrase-768x419.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a><figcaption class="wp-element-caption">Paper recovery phrase backup for Trezor One</figcaption></figure>
<p>It’s important to have a backup in case your hardware wallet gets broken, lost, or stolen. Users of both the Ledger and Trezor wallets get a recovery seed phrase when setting it up, and by default, most people use paper for backups. Paper backup is not a good way to <a href="https://getcoinplate.com/blog/the-best-crypto-seed-phrase-storage-the-ultimate-guide/" target="_blank" rel="noreferrer noopener">store your seed phrase</a>. It is advisable to use a solid, metal device for storing recovery seed phrases. This makes sure that your cryptocurrency is safe even if the hardware wallet stops working.</p>
<h2 class="wp-block-heading" id="h-cryptocurrency-support">Cryptocurrency support</h2>
<p>When picking a hardware wallet, it’s important to think about which cryptocurrencies it can store. Both the Ledger Nano S and the Trezor Model One support a wide range of popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and many others.</p>
<p>The Ledger Nano S can store more than 1,000 different types of digital currency, including all ERC-20 tokens. It also works with Ripple, Bitcoin Cash, and Stellar, among other altcoins. The device is managed by software called Ledger Live, which is updated regularly to support new cryptocurrencies as they come out.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins.png"><img loading="lazy" decoding="async" width="800" height="405" src="https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins.png" alt="Different cryptocurrencies as coins" class="wp-image-3352" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins-600x304.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins-300x152.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/cryptocurrencies-coins-768x389.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<p>The Trezor Model One only works with a smaller number of cryptocurrencies than the Ledger device, but it still works with more than 1,000 different coins. It also works with all ERC-20 tokens and a number of alternative cryptocurrencies, such as Bitcoin Cash, Litecoin, and Dash.</p>
<p>Overall, both devices support a large number of cryptocurrencies, but the Ledger Nano S has a few more choices than the Trezor Model One. But for most users, the difference in the cryptocurrencies that can be used may not be a big deal when making a choice.</p>
<p>Both devices support a wide range of cryptocurrencies, but not all of them. Before buying a hardware wallet, you should look into which coins it can store to make sure it meets your needs.</p>
<h2 class="wp-block-heading" id="h-ease-of-use">Ease of use</h2>
<p>When picking a hardware wallet, you should think about how easy it is to use. Both the Ledger Nano S and the Trezor Model One are made to be easy to use, but their interfaces and overall ease of use are a little bit different.</p>
<p>The Ledger hardware wallet is known for how sleek it looks and how easy it is to use. It has a small OLED screen that shows information about transactions and asks users to confirm or reject them. The device is controlled by two physical buttons, which are used to navigate the menus and confirm actions.</p>
<p>On the other hand, the Trezor Model One has a larger screen that makes it easier to read transaction details and move through the menus. It also has a slightly easier-to-use interface than the Ledger Nano S. </p>
<p>Both devices are easy to set up and use, but the Trezor Model One may be easier for crypto beginners. The Ledger Nano S may need a little more getting used to before it can be used, since it has a smaller screen and a more complicated interface.</p>
<figure class="wp-block-image size-large"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/mockup2.png"><img loading="lazy" decoding="async" width="1024" height="410" src="https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-1024x410.png" alt="Ledger Live desktop and mobile app" class="wp-image-3343" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-1024x410.png 1024w, https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-600x240.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-300x120.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-768x307.png 768w, https://getcoinplate.com/wp-content/uploads/2023/02/mockup2-1536x614.png 1536w, https://getcoinplate.com/wp-content/uploads/2023/02/mockup2.png 1640w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption class="wp-element-caption">Ledger Live desktop and mobile</figcaption></figure>
<p>Both devices have easy-to-use software that makes it easy to manage and access your cryptocurrency. The Ledger Live software that the Ledger Nano S uses is updated regularly with new features and supported coins. Ledger also offers the possibility to connect Nano S to the mobile device and use their mobile app wallet. The app is availbe on both Android and Apple devices. The Trezor Wallet software that the Trezor Model One uses is also quite good and easy to use. But their mobile wallet is only available on Apple mobile devices at the moment.</p>
<p>Overall, both devices are easy to use, but the Trezor Model One may be better for beginners because it has a bigger screen and a simpler interface.</p>
<h2 class="wp-block-heading" id="h-price-and-worth">Price and Worth</h2>
<p>When thinking about buying a hardware wallet, price is an important thing to think about. Both the Ledger Nano S and the Trezor Model One have prices that are about the same, but their value for money is different.</p>
<p>At about $79, the Ledger Nano S plus is one of the least expensive hardware wallets on the market. Even though it’s cheap, it has strong security features and works with a lot of different cryptocurrencies. The device is also strong and can handle a fair amount of wear and tear, which makes it a good deal for the price.</p>
<p>The Trezor Model One is priced slightly similarly to the Ledger Nano S Plus, at around $69. Even though it costs more or less the same as the Ledger Nano S, it has a bigger screen and an easier-to-use interface. This makes it a good choice for people who may not be as familiar with hardware wallets. The device is also made to last and is built to last.</p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport.png"><img loading="lazy" decoding="async" width="800" height="374" src="https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport.png" alt="Trezor Model One black with card and passport" class="wp-image-3351" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport-600x281.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport-300x140.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/trezoronewithpassport-768x359.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<p>When figuring out the value of each device, it comes down to what you want and what you need. The Ledger Nano S may be a better deal for people who care most about price and a wide range of supported cryptocurrencies. On the other hand, the Trezor Model One may be a better choice for people who care most about how easy it is to use and how big the screen is.</p>
<p>Both manufacturers also offer more expenive options. Ledger Nano X and Trezor Model T are premium products, that comes with extra capabilities like Bluetooth connectivity.</p>
<p>It is also important to think about how using a hardware wallet could save you money. By keeping your cryptocurrency in a hardware wallet, you can avoid potential losses due to hacking or other security breaches, which can save you money in the long run.</p>
<p>Overall, both devices are a good deal for what they cost, and the one you choose will depend on your own needs and preferences.</p>
<h2 class="wp-block-heading" id="h-customer-help-and-service">Customer help and service</h2>
<p>Customer service is an important thing to think about when it comes to hardware wallets. Both the Ledger Nano S and the Trezor Model One have customer service, but they aren’t always available or quick to help.</p>
<p>The Ledger Nano S has different ways to help customers, such as a knowledge base, user manuals, and a support ticket system. Users can also talk to customer service directly through the Ledger website or through social media. But some users have said they had to wait a long time for a response from customer service, which can be frustrating.</p>
<p>The Trezor Model One also has a number of ways for customers to get help, such as a knowledge base, user manuals, and a contact form. Users can also get in touch with customer service directly through email or social media. </p>
<p>It’s also important to note that there are active communities of users for both devices who are willing to help and support new users. People who are new to using hardware wallets and need extra help getting started may find these communities helpful.</p>
<p>Overall, both devices have customer service options that are good enough. But the Trezor may have better customer service than Ledger. Both devices also have active user communities that can offer more support and help when needed.</p>
<h2 class="wp-block-heading" id="h-a-must-have-a-backup-for-your-hardware-wallet">A must-have: a backup for your hardware wallet</h2>
<p>It’s important to remember that even the safest hardware wallets can still be damaged, lost, or stolen. Because of this, it is very important to have a good plan B in place in case something like this happens. Both the Ledger Nano S and the Trezor Model One give users a recovery seed phrase. Seed phrases help to regain access to the wallet if their device is lost or broken.</p>
<figure class="wp-block-image"><a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://getcoinplate.com/wp-content/uploads/2022/10/secure-your-seed-phrase-bannerNtnp.png" alt="Secure your seed phrase with ultra durable stainless backup"/></a></figure>
<p>The best way to keep this seed phrase safe is in a <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet-in-2022-and-years-to-come/" target="_blank" rel="noreferrer noopener">metal crypto wallet </a>meant for backup and recovery, like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>. By taking this extra step to protect your recovery seed phrase, you can rest easy knowing that even if your hardware wallet fails, your cryptocurrency will still be safe.</p>
<h2 class="wp-block-heading" id="h-conclusion-which-of-the-crypto-hardware-wallets-is-better-for-you-in-2023">Conclusion – which of the crypto hardware wallets is better for you in 2023?</h2>
<p>The Ledger Nano S and the Trezor Model One are two of the most popular hardware <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list-2022-updated/" target="_blank" rel="noreferrer noopener">wallets</a> on the market. Both have strong security features, are easy to use, and are priced similarly.</p>
<p>In terms of security, both devices use advanced encryption methods and offer two-factor authentication to keep users’ cryptocurrency safe. </p>
<figure class="wp-block-image size-full"><a href="https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook.png"><img loading="lazy" decoding="async" width="800" height="388" src="https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook.png" alt="Ledger Nano S with notebook" class="wp-image-3349" srcset="https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook.png 800w, https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook-600x291.png 600w, https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook-300x146.png 300w, https://getcoinplate.com/wp-content/uploads/2023/02/ledgerwithnotebook-768x372.png 768w" sizes="(max-width: 800px) 100vw, 800px" /></a></figure>
<p>The Trezor One might be a bit easier to use because it has a bigger screen and a simpler interface. This may be better for people who haven’t used a hardware wallet before. On the other hand, the Ledger Nano S Plus supports more cryptocurrencies and is usually less expensive.</p>
<p>In the end, your personal preferences and needs will determine which of these two devices you choose. Both devices are very safe and give you a good value for what you pay for them. People who care more about how easy it is to use may like the Trezor One. While people who care more about how cheap it is and how many cryptocurrencies it supports may like the Ledger Nano S.</p>
<h3 class="wp-block-heading">Our opinion</h3>
<p>In our opinion, both base models from Ledger and Trezor are well sufficient for most users, but we tend to prefer Ledger devices. If you are looking for more features or have a higher budget, you could take a look at their premium offerings: Ledger Nano X and Trezor Model T respectively.</p>
<p>No matter which device you choose, using a hardware wallet is an important step in protecting your cryptocurrency. It provides you with a much higher security level than one provided by software wallets.</p>
<p>By taking the time to do research and choose a high-quality hardware wallet like the Ledger Nano S or Trezor Model One, you can be sure that your cryptocurrency investments are safe and secure. Remember to not stop there and make a proper, solid backup of your hardware wallet recovery phrase with metal backup like <a href="https://getcoinplate.com/" target="_blank" rel="noreferrer noopener">Coinplate</a> to be truly safe.</p>
<p></p>
<p>The post <a href="https://getcoinplate.com/blog/ledger-nano-s-vs-trezor-one-comparison-guide/">The Ultimate Comparison: Ledger Nano S vs Trezor Model One</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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</item>
<item>
<title>Most Durable Metal Crypto Wallets: A Comprehensive Buyers Guide for 2023</title>
<link>https://getcoinplate.com/blog/the-best-metal-crypto-wallet/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Mon, 10 Oct 2022 18:58:51 +0000</pubDate>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[Cryptocurrency basics]]></category>
<category><![CDATA[metal crypto wallet]]></category>
<category><![CDATA[seed phrase storage]]></category>
<category><![CDATA[Uncategorized]]></category>
<category><![CDATA[guides]]></category>
<category><![CDATA[security]]></category>
<category><![CDATA[wallets]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=2857</guid>
<description><![CDATA[<p>Most Durable Metal Crypto Wallets: A Comprehensive Buyers Guide for 2023 It is crucial to use hardware wallets and metal...</p>
<p>The post <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet/">Most Durable Metal Crypto Wallets: A Comprehensive Buyers Guide for 2023</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading" id="h-most-durable-metal-crypto-wallets-a-comprehensive-buyers-guide-for-2023">Most Durable Metal Crypto Wallets: A Comprehensive Buyers Guide for 2023</h1>
<p></p>
<p>It is crucial to use hardware wallets and metal backups for the ultimate security of your cryptocurrency holdings. No matter if holding Bitcoins, Ethereum or Dogecoins, you are the only person responsible for the safety of your funds. It is no accident that in the crypto sphere, we say “Be your own bank”, so you have to act like it and protect your funds well. Metal wallets for your seed phrases are one of the best ways possible to protect your funds.</p>
<p>Proper backups are essential to keep your Bitcoin and other cryptocurrencies safe. Both software and hardware wallets need a form of backup, which is usually a recovery phrase (seed phrase). You have to keep a copy of it safe to not lose your funds, and it is best to mark it on some durable metal, like stainless steel. This is why metal crypto wallets are so important to any crypto holder.</p>
<p>In this article, we will explore why you need a solid recovery phrase backup and what are the best metal crypto wallets on the market.</p>
<p>Contents:</p>
<ol>
<li><strong><a href="#h-why-do-you-need-a-metal-cryptocurrency-wallet">Why do you need a metal cryptocurrency wallet?</a></strong></li>
<li><a href="#h-metal-crypto-wallet-how-it-protects-your-backup"><strong>Metal crypto wallet – how it protects your backup</strong></a>
<ul>
<li><a href="#h-misplacing-risk">Misplacing risk</a></li>
<li><a href="#h-fire-and-heat-damage">Fire and heat damage</a></li>
<li><a href="#h-water-and-moisture-damage">Water and moisture damage</a></li>
<li><a href="#h-burglary-or-theft-risk">Burglary or theft risk</a></li>
<li><a href="#h-house-collapse-and-other-disasters">House collapse and other disasters</a></li>
<li><a href="#h-time-deterioration-and-ink-fading">Time deterioration and ink fading</a></li>
</ul>
</li>
<li><strong><a href="#h-what-is-the-best-metal-crypto-wallet">What is the best metal crypto wallet?</a></strong></li>
<li><strong><a href="#h-extra-tips-from-our-team-on-keeping-your-wallet-recovery-phrase-safe">Extra tips from our team on keeping your wallet recovery phrase safe</a></strong></li>
</ol>
<p></p>
<h2 class="wp-block-heading" id="h-why-do-you-need-a-metal-crypto-wallet">Why do you need a metal crypto wallet?</h2>
<p>Both hardware and software wallets require you to write down a backup password (a seed phrase). Which you will use to restore the wallet and your accounts if the wallet is broken or damaged. Every user of hardware or software wallet is strongly encouraged to make a backup of their seed words and keep it safe. This is good advice as you will need this wallet backup if you put your pin wrong a few times and the wallet erases itself, or it simply breaks down one day.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="361" src="https://getcoinplate.com/wp-content/uploads/2022/10/trezor-pin-remaining.jpg" alt="one should backup Trezor hardware wallet with metal crypto wallet" class="wp-image-2862" srcset="https://getcoinplate.com/wp-content/uploads/2022/10/trezor-pin-remaining.jpg 800w, https://getcoinplate.com/wp-content/uploads/2022/10/trezor-pin-remaining-600x271.jpg 600w, https://getcoinplate.com/wp-content/uploads/2022/10/trezor-pin-remaining-300x135.jpg 300w, https://getcoinplate.com/wp-content/uploads/2022/10/trezor-pin-remaining-768x347.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure></div>
<p>Most users just write down their hardware wallet backup – a <a href="https://getcoinplate.com/blog/is-a-seed-phrase-the-same-as-a-private-key-the-ultimate-guide-to-private-keys-and-recovery-seed-phrases/">seed phrase</a> – on a piece of paper and are done. But you have to understand, that this backup is essential to owning your coins. </p>
<p>If the paper backup is destroyed or lost, you can lose access to your funds forever, and paper can be damaged or misplaced easily. This is why it is so important to have this backup made on something more durable. </p>
<p>Metal cryptocurrency wallets are made from ultra-thick stainless steel plates and are super easy to use. <strong>With the best metal crypto wallets like <a href="https://getcoinplate.com/product/coinplate-alpha/">Coinplate Alpha</a>, you can make an ultra-durable backup in just a few minutes on your kitchen table.</strong></p>
<p>Steel crypto wallets are essential to keeping your hardware or software wallet backup safe. We have to say it again, you have to keep your wallet backup phrase safe, or you can lose all your funds. Crypto steel backups are the best way to protect your wallet’s recovery phrase against any possible disasters.</p>
<h2 class="wp-block-heading" id="h-metal-crypto-wallet-how-it-protects-your-backup">Metal crypto wallet – how it protects your backup</h2>
<p>From our own experience, we can say that you should protect your wallet recovery phrase against the most common accidents and disasters. You never know what the future will bring, but you can be much more secure by simply using a proper recovery phrase backup. This way you will avoid almost all risks for your hardware wallet and let you sleep well for years<strong>. </strong>You can focus on watching your portfolio grow and not worrying about where you put this weird paper slip in a few years.</p>
<h3 class="wp-block-heading" id="h-seed-phrase-misplacing-risk-can-cost-you-millions-but-it-s-easily-preventable">Seed phrase misplacing risk – can cost you millions but it’s easily preventable</h3>
<p><strong>For most people, the biggest risk is simply misplacing the backup.</strong> There are countless stories of people throwing away a piece of paper with their wallet’s backup as it was stored with other documents. Cleaning your office desk, and clearing your attic or garage can result in throwing out your paper backup. However, it will be much easier to notice a heavy metal object like a metal crypto wallet, than a piece of paper stuck in other documents.</p>
<p>Especially as most people will hide their precious backup in the big pile of other papers just so it will not be found to be a burglar. In reality, they usually forget where it was hidden after some time, not to mention their parents or spouses. Quite often this backup will be simply thrown away by your family member as it doesn’t look like something important at all.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="309" src="https://getcoinplate.com/wp-content/uploads/2022/10/rubbish.jpg" alt="Don't use paper for your hardware wallet's seed phrase backup, use proper steel crypto wallet" class="wp-image-2863" srcset="https://getcoinplate.com/wp-content/uploads/2022/10/rubbish.jpg 800w, https://getcoinplate.com/wp-content/uploads/2022/10/rubbish-600x232.jpg 600w, https://getcoinplate.com/wp-content/uploads/2022/10/rubbish-300x116.jpg 300w, https://getcoinplate.com/wp-content/uploads/2022/10/rubbish-768x297.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure></div>
<p>The best metal cryptocurrency wallets like Coinplate have special mounting holes. This means you can secure them to a wall, attic beam or your house foundation thanks with ease. In the box, you will even find some wood screws for that, so you can put it in a secure location right away.</p>
<h3 class="wp-block-heading" id="h-fire-and-heat-damage-ink-and-paper-stand-no-chance-better-use-a-fireproof-metal-wallet">Fire and heat damage – ink and paper stand no chance, better use a fireproof metal wallet</h3>
<p><strong>Your standard paper seed phrase backup will stand no chance against house fires.</strong> Your backup could be destroyed, even if not burned directly because heat makes ink fade. To keep things even worse, when the fire brigade arrives, they will spray gigantic amounts of water all over your house, apartment or block of flats. </p>
<p>Even if the fire was in your neighbour’s flat, they will probably totally soak your place just to contain the fire. The water will definitely destroy your paper backup along with all paper photos and other documents.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="307" src="https://getcoinplate.com/wp-content/uploads/2022/10/fireman.jpg" alt="Good metal crypto wallet should survive house fire and being soaked" class="wp-image-2864" srcset="https://getcoinplate.com/wp-content/uploads/2022/10/fireman.jpg 800w, https://getcoinplate.com/wp-content/uploads/2022/10/fireman-600x230.jpg 600w, https://getcoinplate.com/wp-content/uploads/2022/10/fireman-300x115.jpg 300w, https://getcoinplate.com/wp-content/uploads/2022/10/fireman-768x295.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure></div>
<p>Furthermore, ink on paper could fade while being exposed to heat much earlier than you expect. Standard pen or printer ink should resist fading for at least 5 years. But if you keep your paper backup next to a radiator, computer or sunny windows, it could make your paper backup worthless much sooner.</p>
<p>This is much different with a proper crypto steel wallet. Stainless steel metal wallets can withstand temperatures of up to 1.400°C/2.500°F. While house fires reach up to 850°C/1.500°F, but usually are less than that. Thanks to their strong build, the best metal wallets will survive also a rapid cool down from generous soaking by firemen, without risk of cracks. Water will also not be a problem at all. Because you will literally mark your phrase in stainless steel, it will be not vulnerable to any heat sources. Unless you throw it into a blast furnace. </p>
<h3 class="wp-block-heading" id="h-water-and-moisture-damage-your-recovery-phrase-backup-has-to-survive-that">Water and moisture damage – your recovery phrase backup has to survive that</h3>
<p><strong>When it comes to paper, nothing will destroy your paper wallet backups faster than water and moisture</strong>. This is a reason, why libraries and archives spend millions on keeping their storage facilities dry.</p>
<p>Direct contact with water will probably be enough to make your paper copy of the recovery phrase unreadable. In the best scenario, it will make it difficult to read. If you are able to spread the paper and dry it out, you might save the paper itself but the ink will be probably gone or smudged.</p>
<p>Water damage can result from different things. Water sprinklers activated by the fire alarm in your office or even your upstairs neighbour’s faulty pipes can destroy your stuff. Even in your own house, the dishwasher or washing machine can flood your place and you might not be able to notice before it soaks the room below.</p>
<p>Furthermore, paper documents happen to be destroyed quite often by moisture and mold. Keeping your paper backup in an attic, garage, tools shed or self-storage room can make it vulnerable to moisture and mold damage.</p>
<p>With metal, it is no issue, especially if you use stainless steel crypto wallet that could be literally kept in water for years, without a problem. Good grades of stainless steel are corrosion-resistant and can even withstand exposure to salt water. So you will have literally nothing to worry about. Furthermore, a well-made metal crypto backup will also survive freezing and thawing without a problem.</p>
<h3 class="wp-block-heading" id="h-burglary-or-theft-risk">Burglary or theft risk </h3>
<p>Most people keep their paper backups where the burglars always look: their books, in the safe, with other important documents. They do that because these are the places where your paper backup will be not exposed to fire or water. Some people even keep their seed phrase backup together with the hardware wallet, which should be avoided. More creative and better hiding spots are usually more susceptible to moisture or weather in general. This means that burglars can find it while searching around your apartment and turn everything upside down.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="341" src="https://getcoinplate.com/wp-content/uploads/2022/10/burglar.jpg" alt="Best metal crypto wallets will not gather attention from burglars" class="wp-image-2865" srcset="https://getcoinplate.com/wp-content/uploads/2022/10/burglar.jpg 800w, https://getcoinplate.com/wp-content/uploads/2022/10/burglar-600x256.jpg 600w, https://getcoinplate.com/wp-content/uploads/2022/10/burglar-300x128.jpg 300w, https://getcoinplate.com/wp-content/uploads/2022/10/burglar-768x327.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure></div>
<p>With a durable metal crypto wallet, however, you can hide it anywhere, knowing that no weather, water or anything else could destroy it. Want to hide it in your dog’s house? How about putting it inside drywall? Maybe you will like to bury it in the ground, grandpa style? </p>
<p>With a good quality stainless steel crypto wallet like Coinplate, you can do that and sleep well at night. You can get creative and come up with some really good hiding spots that will not be found by burglars or nosy family members. Furthermore, the best metal crypto backups have removable branding and don’t look interesting to anyone, even if found. For example, Coinplate metal wallets have a very simple look and resemble a slab of steel or a piece of scrap metal.</p>
<p>We already mentioned it earlier but solid seed phrase storage solutions should have a way to securely mount it with screws. If needed, you can fix it to the attic beam, inside of your dog’s house or even somewhere in your kids’ tree house. This gives you a lot of flexibility when it comes to finding a perfect hiding spot.</p>
<h3 class="wp-block-heading" id="h-house-collapse-and-other-disasters">House collapse and other disasters</h3>
<p>This is something that anyone doesn’t want to experience in their lifetime. But your house or apartment building could be damaged or destroyed by natural or man-made disasters. Houses all around the world are destroyed by fire and flooding. Mining or fracking operations, and disasters like earthquakes, hurricanes or tornadoes also happen. If that happens to you, your paper backup with all your portfolio will be gone. Remember that even if it’s worth now $20k, it could be worth 10x in a few years and you will much regret not taking care of your backup.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="355" src="https://getcoinplate.com/wp-content/uploads/2022/10/housecollapsed.jpg" alt="Good metal crypto wallet can survive house collapsing or even a tornado" class="wp-image-2866" srcset="https://getcoinplate.com/wp-content/uploads/2022/10/housecollapsed.jpg 800w, https://getcoinplate.com/wp-content/uploads/2022/10/housecollapsed-600x266.jpg 600w, https://getcoinplate.com/wp-content/uploads/2022/10/housecollapsed-300x133.jpg 300w, https://getcoinplate.com/wp-content/uploads/2022/10/housecollapsed-768x341.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure></div>
<p>Getting a good metal crypto wallet will let you fix it with screws to your house foundations or basement. You could also just bury it in the ground, where it should survive even major disasters like tornadoes and house fires. The metal backups like Coinplate should also survive the house collapsing thanks to their durable build.</p>
<h3 class="wp-block-heading" id="h-time-deterioration-and-ink-fading">Time deterioration and ink fading</h3>
<p>When it comes to ink from your printer, even if it’s a laser one, time will make your documents fade away. The same with ink from your pen. Depending on the quality of the ink, the writing could start to fade even after just five years and make the document unreadable. This will happen even faster when exposed to heat, humidity or sun. This is why paper backups of your software or <a href="https://getcoinplate.com/blog/bip39-compatible-wallets-list-2022-updated/">hardware wallets</a> are not a great idea. Especially when most cryptocurrency owners tend to hold their coins for a long time.  </p>
<p>Furthermore, there are critters around that just happen to like eating paper. Various rodents and insects love eating your books and other documents. The worst part is that they usually eat the inner parts of your paper stack or book, so you might not be able to notice it for a long time.</p>
<p>Some people try to increase the durability of their paper backup by wrapping it in a ziplock or laminating it. However, this doesn’t change the fact that ink can fade and paper in plastic can get moldy with no air circulation.</p>
<p>Metal crypto wallets where you physically mark your seed phrase with indentation will last for decades. Plus, no rodent or insect can eat that, even if they want to. Time will also not be an issue when the material itself is rust-resistant. You could probably pass your Coinplate backup to your grandchildren and it will still be like new.</p>
<h2 class="wp-block-heading" id="h-what-is-the-best-metal-crypto-wallet">What is the best metal crypto wallet?</h2>
<p>We discussed some risks that your paper backup is susceptible to. Good crypto metal wallets should be able to withstand all of that without being vulnerable to other possible risks.</p>
<p>To sum up, <strong>the best metal crypto wallet should be:</strong></p>
<ul>
<li><strong>Fireproof</strong> to withstand house fires</li>
<li><strong>Waterproof </strong>to survive rain, soaking by firemen and high air-humidity</li>
<li><strong>Rust-resistant</strong> & corrosion-resistant to survive decades even in a humid environment</li>
<li><strong>Easy to overlook</strong> (simple looks and no logos) to not draw attention</li>
<li><strong>Easy to hide</strong> (mounting holes, compactly built) so you can find a great hiding spot</li>
<li><strong>Ultra durable</strong> (solid build) to survive disasters like a house collapsing</li>
<li><strong>Offline and hackerproof</strong> to completely avoid being exposed to hackers</li>
<li><strong>Easy to use and read</strong>, so you will not make a mistake while making your precious backup or reading it in a few years.</li>
</ul>
<p>With this in mind, it is advisable to use stainless steel crypto wallet for your seed phrase storage or try to make it yourself.</p>
<h2 class="wp-block-heading">Coinplate Alpha – ultra durable crypto wallet.</h2>
<p><strong>The best metal crypto wallets available on the market like <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>, are exceptionally durable plus easy to use and read. </strong>We made Coinplate Alpha with all the above qualities in mind, right from the design phase. You can be sure it will not disappoint you so you can sleep well at night. At the same time, it’s easy thanks to the innovative layout, and the automatic center punch is included in the box, so you can start right away.</p>
<p>Coinplate crypto wallets are made from thick stainless steel plates, connected with solid bolts. The layout itself is deeply engraved with high-powered lasers. You can also use mounting holes to fix it in some creative hiding spot. You don’t have to trust our own words though. Coinplate backups were stress tested by 3<sup>rd</sup> party and performed great. You can see the <a href="https://getcoinplate.com/blog/coinplate-received-a-stellar-triple-a-rating-in-jameson-lopps-stress-tests/">stress test results</a> and check how they survived being heated up with a blow-torch, acid bath and crushed with a hydraulic press.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="700" height="417" src="https://getcoinplate.com/wp-content/uploads/2022/05/CAset2CR700-tnp.png" alt="Coinplate Alpha - ultimate metal crypto wallet" class="wp-image-1191" srcset="https://getcoinplate.com/wp-content/uploads/2022/05/CAset2CR700-tnp.png 700w, https://getcoinplate.com/wp-content/uploads/2022/05/CAset2CR700-tnp-600x357.png 600w, https://getcoinplate.com/wp-content/uploads/2022/05/CAset2CR700-tnp-300x179.png 300w" sizes="(max-width: 700px) 100vw, 700px" /></a><figcaption class="wp-element-caption"><a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha – the ultimate seed phrase backup </a></figcaption></figure></div>
<p>Thanks to removable logo stickers, you can make it look just like a slab of steel, so Coinplates are easy to hide. Coinplate comes with a full set of accessories. This includes tamper-evident stickers and an automatic punch tool. So you can start right away and make your backup in a few minutes, no extra tools needed.</p>
<p>Remember that you always can make some kind of DIY metal backup. But keep in mind it might be harder than it looks and the tools required are not that cheap.  </p>
<h2 class="wp-block-heading" id="h-extra-tips-from-our-team-on-keeping-your-wallet-recovery-phrase-safe">Extra tips from our team on keeping your wallet recovery phrase safe:</h2>
<ul>
<li><strong>The order of words in your seed phrase is important.</strong> Don’t ever change the order of the words in the seed phrase, it will make your seed phrase unusable.</li>
<li><strong>Don’t take photos of your backup and avoid even reading it aloud</strong> to avoid intercepting it by malware or hackers.</li>
<li><strong>Don’t input your seed phrase (or even parts of it) into a computer</strong> <strong>or other electronic devices</strong> apart from hardware wallets.</li>
<li><strong>You should only use seed phrases generated randomly</strong>, preferably by the wallet.</li>
<li><strong>Always double or triple-check if you marked your seed correctly</strong>. You may use a recovery check feature of your wallet to do that.</li>
<li><strong>Use tamper-evident stickers</strong> to protect your seed backup or hardware wallet and be sure no one used them when you weren’t watching.</li>
<li>You should avoid encrypting or making your seed phrase hard to read if you are not sure you will be able to decipher it back in 5-10 years. It will be better to just use a passphrase (25<sup>th</sup> word) and make a solid backup of it separately from the seed.</li>
<li>Use extra passphrase or seed phrase splitting if you are worried that someone might access your seed phrase or force you to show it. Please be aware that these are some advanced techniques that require prior research.</li>
</ul>
<p>The post <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet/">Most Durable Metal Crypto Wallets: A Comprehensive Buyers Guide for 2023</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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<item>
<title>Coinplate received a stellar Triple A rating in Jameson Lopp’s stress tests!</title>
<link>https://getcoinplate.com/blog/coinplate-received-a-stellar-triple-a-rating-in-jameson-lopps-stress-tests/</link>
<dc:creator><![CDATA[Adam]]></dc:creator>
<pubDate>Wed, 07 Sep 2022 12:04:20 +0000</pubDate>
<category><![CDATA[announcements]]></category>
<category><![CDATA[crypto security]]></category>
<category><![CDATA[seed phrase storage]]></category>
<category><![CDATA[Storing cryptocurrency]]></category>
<category><![CDATA[security]]></category>
<category><![CDATA[seed phrase backup]]></category>
<guid isPermaLink="false">https://getcoinplate.com/?p=2607</guid>
<description><![CDATA[<p>Coinplate received a stellar Triple A rating in Jameson Lopp’s stress tests! We are delighted to see that Jameson Lopp...</p>
<p>The post <a href="https://getcoinplate.com/blog/coinplate-received-a-stellar-triple-a-rating-in-jameson-lopps-stress-tests/">Coinplate received a stellar Triple A rating in Jameson Lopp’s stress tests!</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
]]></description>
<content:encoded><![CDATA[
<h1 class="wp-block-heading">Coinplate received a stellar Triple A rating in Jameson Lopp’s stress tests!</h1>
<p>We are delighted to see that Jameson Lopp appreciated the design and durability of our products. All our products – <a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a>, <a href="https://getcoinplate.com/product/coinplate-grid/" target="_blank" rel="noreferrer noopener">Grid</a> and <a href="https://getcoinplate.com/product/coinplate-punch/" target="_blank" rel="noreferrer noopener">Punch</a> received the best possible Triple A rating.</p>
<p>Jameson’s stress tests are known to be demanding and include:</p>
<ul>
<li><strong>heating the plates to 2000°F / 1093°C</strong> with a large propane torch and then throwing them in cold water,</li>
<li><strong>submerging in a bucket of 16% muriatic acid</strong> (<strong>hydrochloric acid</strong>) and left for 12 hours or until bubbling ceases,</li>
<li><strong>20-ton hydraulic press</strong> <strong>is used to deform the device</strong>, after which the data is checked for readability.</li>
</ul>
<p>As already stated, all Coinplate seed phrase backups performed great in these tests.</p>
<p>Jameson Lopp received one standard retail package each of our products: Coinplate Alpha, Coinplate Grid and Coinplate Punch a few months ago.</p>
<p>We did some improvements to the design since Jameson received our products. The improvements included a slightly looser fit of screws to minimize problems with opening the device after it is deformed by heat or impact.<br></p>
<p>Please note that Jameson performed all tests consecutively, on the same unit. Meaning that he first performed the heat test, then the acid test and later crushed it with a press all using the same unit.</p>
<p>Check the results below. You can see the full test using links on the left side of the table.</p>
<figure class="wp-block-table"><table><tbody><tr><th>Device</th><th>Overall Grade</th><th>Heat Grade</th><th>Corrosion Grade</th><th>Crush Grade</th><th>Price</th></tr><tr><td><a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/reviews/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Coinplate Alpha</a></td><td>A</td><td>A</td><td>A</td><td>A</td><td>$79</td></tr><tr><td><a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/reviews/coinplate-grid/" target="_blank" rel="noreferrer noopener">Coinplate Grid</a></td><td>A</td><td>A</td><td>A</td><td>A</td><td>$75</td></tr><tr><td><a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/reviews/coinplate-punch/" target="_blank" rel="noreferrer noopener">Coinplate Punch</a></td><td>A</td><td>A</td><td>A</td><td>A</td><td>$65</td></tr></tbody></table><figcaption class="wp-element-caption">fragment of table from Jameson’s <a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/" target="_blank" rel="noreferrer noopener">article</a></figcaption></figure>
<p></p>
<p>Jameson Lopp noted: </p>
<p><em>“One thing I’ll note about the Coinplate devices – they are <strong>hefty</strong>. Each plate weighs over a pound; the joined plates weigh nearly 3 pounds.”</em></p>
<p>We made our plates from top grade, heavy and thick plates so they can be as durable as possible.</p>
<p>The layout was also reviewed favorably by Jameson as he noted: <em>“The device is large and hefty, there are no problems punching the divots into it.” </em> </p>
<p>The center punch markings are not that well visible in his first photo, but you can see later in the acid test that these are indeed deep marks. Since the center punch makes clean, smooth holes, it might be hard to make a good photo of them in bright lighting, as Jameson experienced: <em>“trying to see the markings in a photo is pretty tough”</em>. These are however, well visible with the naked eye.</p>
<h2 class="wp-block-heading" id="h-heat-stress-test">Heat stress test</h2>
<p>The test procedure:</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p><em>In order to simulate slightly hotter than house fire temperatures, a large propane torch is used to apply a 2000°F / 1093°C flame that is over 4” in diameter. This temperature was verified using a scientific thermometer with a high end sensor capable of reading temperatures up to 2500°F / 1371°C.</em></p>
<p><em>Heat is applied for 10 minutes or until device failure is observed. From my experience, if failure occurs during the heat test, it usually takes place around the 5 minute mark.</em></p>
<p><em>Finally, in order to simulate a house fire being extinguished by firefighters, the device is submerged into a bucket of water to quickly cool it down.</em></p>
<cite>Jameson Lopp’s <a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/how" target="_blank" rel="noreferrer noopener">stress test methodology</a></cite></blockquote>
<p><strong>Our flagship product – Coinplate Alpha performed admirably in the heat test. </strong></p>
<p><strong>Coinplate Alpha remained readable, the plates were still joined tightly together, protecting the seed phrase.</strong></p>
<p>You can see that the logo sticker on the front got burned up, just as expected and desirable. The removable branding on the sticker makes it harder for the unauthorized person to spot the device as something valuable.</p>
<p>Coinplate Alpha was heated to 2000°F / 1093°C and then suddenly cooled down in the bucket of water – blacksmith’s style. This is what caused a thin layer of rust appearing on the surface of stainless steel. You can see later that is was easily removed by acid, exposing the healthy, natural stainless steel surface underneath. </p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="724" height="800" src="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_heat_lopp.png" alt="" class="wp-image-2609" srcset="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_heat_lopp.png 724w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_heat_lopp-600x663.png 600w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_heat_lopp-272x300.png 272w" sizes="(max-width: 724px) 100vw, 724px" /><figcaption class="wp-element-caption">Coinplate Alpha after a therapy with a <em>2000°F / 1093°C</em> propane torch</figcaption></figure></div>
<p>However, Jameson had some problems opening the device after it was heated and rapidly cooled down due to deformation and a tight fitting of screws in the unit he received. Since then we improved the design and adjusted the fit of the screws for easier opening.</p>
<p>The main purpose of seed phrase backup is to protect your seed phrase in case of disaster, even if opening might get a little bit hard after some extreme situations. Please note that after a disaster, when it is hard to open the device with a wrench, you can use power tools to cut the edge/drill out the screw and open it if needed.</p>
<h2 class="wp-block-heading" id="h-corrosion-stress-test">Corrosion Stress Test</h2>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>The device is submerged in a bucket of 16% muriatic acid and left for 12 hours or until bubbling ceases. Are strong acids a threat vector you should be worried about? Probably not, but these tests are extreme in order to see which devices stand out from the pack!</p>
<cite>Jameson Lopp’s <a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/how" target="_blank" rel="noreferrer noopener">stress test methodology</a></cite></blockquote>
<p><strong>Again, full success. The photo shows clearly that the full layout is well-visible and readable.</strong></p>
<p>Also, the markings made with the center punch are also well readable. One could argue that after this acid bath, the punch marks are even more readable than before – it is because the acid oxidized the parts inside the holes and increased the contrast.</p>
<p>Jameson noted: <em>We can see that although some of the parts of the template had their dark lines erased, both the template and data remain deeply etched and intact.</em></p>
<p>The acid also removed the slight layer of rust from previous test with propane torch.</p>
<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="800" height="595" src="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_acid_lopp.png" alt="" class="wp-image-2610" srcset="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_acid_lopp.png 800w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_acid_lopp-600x446.png 600w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_acid_lopp-300x223.png 300w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_acid_lopp-768x571.png 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Coinplate Alpha after a muriatic (hydrochloric) acid bath</figcaption></figure></div>
<p>One thing to note is, that Jameson tested the device opened. In most situations, you can expect even better performance against any corrosive agents because when the device is closed, any liquid has a hard time getting inside. It is assuring, that even if fully exposed, it performs more than well enough.</p>
<h2 class="wp-block-heading" id="h-crush-stress-test">Crush stress test</h2>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>A 20 ton hydraulic press is used to deform the device, after which the data is checked for readability. In some cases the device may need to be pried open or deformed further in order to access the data. Do you need to worry about this level of pressure? Probably not unless you’re keeping the device at the bottom of the Mariana Trench or in a structure that could collapse on top of it like a mine or a large building.</p>
<cite>Jameson Lopp’s <a href="https://jlopp.github.io/metal-bitcoin-storage-reviews/how" target="_blank" rel="noreferrer noopener">stress test methodology</a></cite></blockquote>
<p><strong>No data loss – success.</strong></p>
<p>Even this extreme test that simulates large building collapse showed that Coinplate Alpha is ultra durable. It is not a surprise for us as it was designed and made that way!</p>
<p>Also, you can see in the photo, that Jameson opened the device before crushing it. He used his press on a single plate, not on a double plate sandwich. This means that in real-world situations, even high impact and pressure will not scratch your seed phrase inside.  Coinplate steel crypto wallet offers exceptional protection against destruction, and it is even stronger when closed. This is quite unique Coinplate feature.</p>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="646" src="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_crush_lopp.png" alt="" class="wp-image-2613" srcset="https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_crush_lopp.png 800w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_crush_lopp-600x485.png 600w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_crush_lopp-300x242.png 300w, https://getcoinplate.com/wp-content/uploads/2022/09/coinplate_alpha_crush_lopp-768x620.png 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Coinplate Alpha after crushing with 20ton hydraulic press</figcaption></figure>
<p></p>
<h2 class="wp-block-heading">Summary</h2>
<p>As noted above, Jameson Lopp’s stress tests prove again that Coinplate Alpha (and our other <a href="https://getcoinplate.com/blog/the-best-metal-crypto-wallet-in-2022-and-years-to-come/" target="_blank" rel="noreferrer noopener">metal crypto wallets</a>) offers exceptional protection of your seed phrase against any possible disasters and accidents.</p>
<p>You can be sure that your Coinplate will protect your precious seed phrase even in extreme situations.</p>
<p><a href="https://getcoinplate.com/product/coinplate-alpha/" target="_blank" rel="noreferrer noopener">Get Coinplate Alpha</a> today and protect your seed phrase for decades.</p>
<p>The post <a href="https://getcoinplate.com/blog/coinplate-received-a-stellar-triple-a-rating-in-jameson-lopps-stress-tests/">Coinplate received a stellar Triple A rating in Jameson Lopp’s stress tests!</a> appeared first on <a href="https://getcoinplate.com">Coinplate</a>.</p>
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