Topic: Important of seed phrase (Read 298 times)

Let me also comment on this topic because our experts have already given you the right answer. It is good that after creating your noncustodial wallet that you write down your seed phrase on a paper and keep them in a safe place, in three or more different locations where you can reach alone.

I love the idea of writing it on a steel plate because it is fire proof and water proof, unlike paper that can easily be affect by water and fire. Your seed phrase is your coins and that is why you must keep it away from third party to avoid wallet compromise.

Were I go like put mouth na the seed phrase side,  because any person wey use cryptocurrency suppose know sey cryptocurrency wey everyone wey dey buy and sell bitcoins e need no say bitcoin seed phrase dey every important, do you no say without seed phrase a wallet address for no dey secured, and another thing be say make we dey use good wallet as op talk dey keep our bitcoins and others of our coin if I no dey lie, that noncustodial wallets dey very save for we to use and keep our wallet, is not good as some people dey talk make we carry our coins dey keep for exchange wallet and if something happen to exchange we no go see our coins again, make we no play with this thing we I talk ooh or wetin people wey very well dey advice us

Hmm, I get your point Sha, but seed phrase if you misplace am your coins done lose, but if na bank volt pin number you go fit still get your money and get new volt pin but you no go fit get new seed phrase for that same wallet if you misplace the former one. (Hope you dey get my points?)
As you open your wallet either ELECTRUM wallet or any other wallet, if you done write your seed phrase down nah for you to keep am for save place, anywhere way you think say nai they more saffer for you, na that kind of place you go keep am so that e no go loss or for some body to see am.
The thing way make some fiat banks no dey safe na because say people nai they incharge of the system (customer service) if you need anything call them or chart them up them go reply you once but e no dey like that for any Bitcoin wallet way get seed phrase because that weed phrase nah your key to take unluck your wallet anytime when you need to put the seeds.

Utilizing a custodial wallet that you do not have access to its private key to store your Bitcoin is not a good practice because if anything happens to that centralized exchange like a hack you will not have access to your assets, and you will lose your assets if the centralized exchange can no longer pay it customers. Using Bitcoin comes with the risk of protecting your wallet from being compromised. When looking for a wallet to store your Bitcoin choose a noncustodial wallet that gives you full access to your Bitcoin any time you feel like accessing it, like an "electrum wallet" or the ones mentioned above. A wallet holds a piece of secret information called a private key or seed phrase it is your responsibility to protect your wallet's private key or seed phrase after creating a wallet and never share it with anyone. You can back up your wallet with a USB key, paper, and CDs and keep it in a location only known to you, with a wallet backup you can easily recover your wallet when you lose your device.

Both names are similar and it maybe correct, its a decentralized finance and as cryptocurrency vendors you can use the name as noncustodial wallets which will be understandable by crypto enthusiast, I know the reason you says that, the wallets that is close to decentralization is a bitcoin core, I hope why you said so is because of the network processing of bitcoin core, the difference between noncustodial wallets and custodial wallet is that the custodial wallet can be act in capacity of centralized cryptocurrency and they can't retain full ownership of your assets, as noncustodial wallets does.

They are referred to as noncustodial wallets.

The wallets that are close to decentralization is Bitcoin Core, or running your own Electrum server or any other wallet that you can run your own full node, like Armory wallet. Yet, they are not decentralized wallets because there is nothing called decentralized wallet. Bitcoin wallets are either noncustodial or custodial wallet. The only thing that is decentralized about full node wallets is not because they are wallets but because they are full nodes and they are contributing to the decentralized bitcoin network by validating blocks and transactions.

I love this topics and keep this up, more of this will improve the discussion on the local board. Wetin I get to talk about this whole matter na say, people never still understand the necessity of using wallets wey dey give you full control by giving you better access to ur seed phrase, private key dem. Why this kind wallet dey important na say if something happen to the wallet itself with having thsie sensitive information stored, you fit import your wallet go another wallet and get access to your coins but when you use wallets wey no give you access to this thingy, if anything happen to the wallet and e just go offline, you dun lose everything be dat. Again exchange no be wallet, all those people using remintano, binance or other popular exchange choices are at risk or losing their coins on the platforms. If anything happen to those exchanges you no go get access to your coins dem again.



No be only about using wallets wey allow you access to your seed phrase but using a wallet wey give you total control without any monitoring spriit dey very important. If you're not using a wallet that gives you your;

• Seee phrase
• Private key
• RBF options
• multi address features
• multi security features
• is open source & non custodial
• fees selection features etc

Things plenty way you supposed dey watch out for before you choose a wallet and that's why you need to go with the suggestion of those wey get the knowledge and dun yarn you so. You see all those people wey dey use wallet like trust wallet (sorry) unless you no care about the security of your funds or Cz monitoring you no wahala but if you dey find full control use anyone wey get all the features wey I list above and more decentralized features.

Edit: Non custodial a more appropriate word instead of decentralized (altcoins language dun full my mouth)

As a Crypto enthusiast, it is very important to take note of your wallet security very serious  because it all bothers your assets and funds safety. However saving or keeping of assets in or with a third party exchange is not in anyways advisable as you have no ownership access to your assets because you do not have the keys to your wallet so therefore to be on the safe side every one is advised to have a well secured wallet just as listed above by our reputable member here  and remember this phrase " not your keys, not your coin" this would give you a clear understanding of how the wallet system works.

Creating a wallet, you must definitely get a seed phrase which would serve as keys to your personal wallet. With it you can access your assets saved on it wherever you are around the world but if lost, your assets is lost forever. So one would need to be careful how they handle their seed phrase.

So if you dey download wallet make you do well download better wallet wey get strong security features so that hackers no go fit enter your wallet through backdoor steal your funds and assets and too no too dey keep assets with third party exchange because Dem no go fit guarantee you your assets safety as e be say Dem dey prone to hack. So if your money go e don go be dat o. Make una dey careful o.

Seed phrase na very important part for saving our coins oo because e just be like our reserve bank volt pin and if any thing happen to am nai be say our coins and all our assets don get K-leg  be that. Well no be everybody how important the seed phrase be for this our crypto currency journey so most people just dey carry am play but proper orientation need to be given on how to actually secure and safely keep your seed phrase.

Prune node? I think you still have to download the whole blockchain if you don’t have a trustworthy third party directory, it only saves up space  on the drive and it has its own limitations like one cannot import a private key or an address to bitcoin core because it needs to verify the entire history of that key again and by so will have to download everything again, so prune node can only be use with a new wallet and can’t accept importations and that to me is not convenient.

Rather than a prune node how about just settling for a light or SPV wallet that has good reputation like the electrum you suggested first. Once you can’t run full node on bitcoin core better to just forget it entirely.

It depends on your locations. There is MTN and Airtel 5G in Nigeria. Downloading it with 4G is not bad either if you have good internet connection in your area, but obviously it will take longer time. My MTN 4G router can reach up to 3 mbps in daytime, and more than 5 to 7 mbps at night, up to 13 mbps. 1 or 2 weeks to download it is not bad, almost 500 gigabyte is not small. Starlink is too expensive. If you are in a good MTN 5G location, it has been reportedly faster than Starlink, but it is not what we should compare because they are both supper fast, but Starlink has the advantage to reach more locations and hidden areas where MTN and others data providers in Nigeria may not reach with their services.

If anyone do not want to download the whole blockchain, he can go for prune node. But downloading the full blockchain is better. After downloading the full blackchain and setting up the wallet or after setting up a prune node, all you need daily is not more than 10 gigabytes, 4G can handle that excellently, if the network is good.

We're talking about downloading 14 years of Bitcoin transaction history. Downloading Bitcoin core needs a good system speed, a good hard drive, and a solid internet connection. Do not even try to download Bitcoin core in Nigeria if you do not have a starlink internet connection. You might spend 2 weeks or months on a standby download using your Glo or MTN connection to be able to download Bitcoin core. It is possible to complete the task in 24-48 hours with a good system and hard drive and a solid internet connection.

It is not necessary to run one. However, running a node benefits the network and increases your privacy.

All the wallets that I will mention are open source wallets.

Best bitcoin wallets for privacy: Bitcoin Core or your can run your own Electrum server. Bitcoin Core is easier to setup.
Best bitcoin desktop online wallet: Electrum and Sparrow
Best bitcoin mobile online wallet: Bluewallet and Electrum
Best coinjoin wallet: Sparrow and Samourai
Best bitcoin-only hardware wallet: Passport
Best altcoin hardware wallet: Trezor (coinjoin on Trezor is not advisable and not recommended, it is Wasabi coinjoin)
For altcoins: Unstoppable wallet

Another recommendable hardware wallet is Keystone
Because of AOPP, people do not support Bitbox02. Although , it is a good wallet. If you are not from Switzerland, you are not affected. Bitcoin enthusiasts are not in support of AOPP. I support full control and privacy, I will not recommend the wallet.

If you are having little amount of bitcoin, you can go for online wallet. If you are using an online wallet, your seed phrase and private key are online. Code storage are more secure and safei. If you want to hold huge amount of coins, it is better to go for cold wallet.

Example of a cold wallet: https://electrum.readthedocs.io/en/latest/coldstorage.html
Hardware wallet keeps private key offline as well

Among all the wallets you mentioned, I will recommend Bitcoin Core and Electrum. Ledger and Ledger Nano are still the same wallets that you are referring to, they are one of the worst wallets so far. Not recommended.

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It is worth to know that Bitcoin Core or running your own Electrum server will require downloading of bitcoin blockchain which will require almost 500 gigabyte of data. It also needs around 5 to 10 gigabytes daily. This may not be the best choice for people in Nigeria because of poor electricity.

Seed phrase are random generated words that serve as your wallet’s security.
Open source wallets like electrum do generate seed phrase to you so that any time you are willing to access your Bitcoin in any device you can import these seed phrase and access your coin.

Saving your seed phrase is very important that is why it always advisable to be saved offline to prevent hack of email or anywhere you save them online.

You can write them down in a book or diary to save them, or make sure you write them on any place you know it is secure and less risky to anything like water, fire and so on to avoid been burnt or washed away by water.

Using washers to save your seed phrase can be helpful but it is expensive, just as this thread by fillippone explain how it is been done here.

Thank you for highlighting the importance of seed phrases and the need to secure wallet practices. It's good or important for everyone in the cryptocurrency space to understand how to safeguard their assets.

Can you explain the process of creating and storing a secure seed phrase for a cryptocurrency wallet?

A seed phrase is very important to secure so that you will not lost your coin unaware. Some of us used a exchange wallet to save their coins and some times the newbies like us does not know the important of securing our wallet, I'm making this post because of my level mates that is ignorant of important of security in a wallet address. Many of us uses a remintano exchange wallet address to save our coins why they does not have a good quality of security like having a seed phrase in their wallet to security the coins.

I brought this seed phrase matters to our local board so that we may realize our mistakes should in case some of us do keep coins in exchange, is not good to keep coins in exchange because when the exchange is on maintenance and without proper notification to the users of the exchange platform they will not have access to make withdrawal in the platform, and another thing that come to my mind is that keeping coins in exchange is at your own risky because the exchange can be hacked and your funds will not be find.

I will like us to be using a wallet that have a seed phrase like Electrum wallet and other wallets you know that have a strong security to save your coins so that it will not be hacked or taken by another person. And it's good to secure our seed phrase and not to expose our seed phrase to the public because some of the seed phrase when you see another person's seed phrase you can import the wallet from another device and a coins in that particular wallet can be withdrawn to another wallet without your consent.

Some of us that complained of missing of coin in a wallet, it happens that why it happened that coins missed in a Wallis because of exposing of seed phrase to the public, if we avoid storing our information on Internet and in our emails our seed phrase will not be exposed.

This should be recommended for some one that want to save bitcoin

1. Ledger
2. Bitcoin core
3. Ledger Nano
4. Bitpay
5. Crypto.com l DeFi Wallet
6. Electrum