What is Seed Phrase?
Let's find out Seed Phrase meaning, definition in crypto, what is Seed Phrase, and all other detailed facts.
The seed phrase (recovery phrase, backup seed phrase, or mnemonic phrase) is a randomly generated string of words obtained cryptographically from the wallet's private key. It's used by crypto wallet users to reclaim ownership and access to their cash on the blockchain, which means that anyone with your seed phrase might possibly move your funds to another wallet address.
It is matched with 12, 18, or 24 words (depending on the user's preference) from the BIP39 Wordlist (a list of 2,048 English words). This sequence can also be turned into a mapped number sequence that gives the user access to his wallet and a public-private key pair.
The software in a crypto wallet is meant to produce these phrases, which users are then expected to remember. This means that if the hardware fails, or if it's lost or stolen, they can always reinstall the wallet software and use the seed phrase to regain access to their funds.
Since storing seed phrases on devices connected to the internet is considered to be untrustworthy, a user should keep a copy of the seed phrase offline. The best way to do that is by writing down the phrase and storing it in some secure place, such as a safe.
Private keys can be safely stored in hardware (cold) wallets without the security issues associated with hot wallets. However, your seed phrase's security mostly depends on the way you choose to hide it.