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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

Therefore, the seed phrase is important

When you engage in cryptocurrency, you are introduced to new concepts just as they are. It may be relatively new terms that refer to something you already know what is, or it may be something you have no idea what is at all.

Perhaps the term “seed phrase” is such a term for you – that is, a term you may not have complete control over and wonder what it really means. Then you have come to the right place, because in this article we will go a little closer and get better acquainted with this concept.

What is a seed phrase?

Seed phrase is a term often used in connection with a specific type of cryptocurrency wallet. Hardware wallets , to be exact.

Many people prefer hardware wallets because it is said that they can withstand more than other types of cryptocurrency wallets, and that you have the opportunity to store cryptocurrencies in these for a much longer period than you can with other types. But that does not mean that the accident can not be out.

Despite its long and good durability, a hardware wallet can be damaged or lost. The latter is of course a result of your own actions, but that is not the point here. The point is that if any of this happens, then you naturally want to fix the problem – and you can through using the seed phrase.

The seed phrase comes from your private key

But where does the seed phrase actually come from? The seed phrase simply comes from your private key .

As you probably know from before, the private key is your key to the wallet itself. This key is used to access your cryptocurrency. It is in a sense a password, meant only for your eyes.

So your private key is not something you should share with anyone, although it can be tempting in some cases. Not even the person you trust the most in this world – not even if cryptocurrency is an interest you have in common.

In other words, the private key – and the seed phrase – is something that you have to keep in a safe place. And you have to make sure that you always know where you have them, because otherwise it can have really bad consequences.

Therefore, the seed phrase is important

Although the private key in several cases can be compared to a password, it is not quite as simple as you might think it is in the beginning.

If you add a password, for example to your e-mail address, you have an option called “forgotten password”. By clicking on it, you will receive an email to the backup email you have provided with a link to where you can create a new password.

However, it is not that simple with your cryptocurrency wallet. If you lose your private key, there is no way to get it back . That is why you have to keep this information in a safe place, otherwise you have simply thrown money out the window.

If, on the other hand, you have your private key, you can easily get your crypto wallet back:

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
  • mastercard payment
  • paypal payment
  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.