Why is it important?
Securing and safeguarding the Recovery Phrase is the most important step when using cryptocurrency, particularly for users with significant funds in the wallet. There are various options available for protecting the Recovery Phrase, each requiring different levels of commitment and security. Users should select the option(s) that best suit their needs.
The Recovery Phrase is the only method to restore access to the Valora wallet, and only the user knows it. If the phone is lost, stolen, or damaged, having a copy of the Recovery Phrase stored separately from the device becomes essential to regain access to the wallet and funds. It is crucial to store it securely to ensure continuous access whenever needed.
Best Practices
Below is a list of best practices for securing the Recovery Phrase. Valora encourages users to evaluate each tip:
- Use Valora's Email & Phone Backup option as an additional safeguard in case the recovery phrase is lost.
- Store the Recovery Phrase separately from the device used to access the wallet. This ensures that funds remain accessible even if the device is lost, stolen, or damaged.
- Keep a physical copy of the Recovery Phrase in a secure location.
- Ensure the Recovery Phrase is stored in a place that is memorable.
- If storing the Recovery Phrase online, make sure it is secured and encrypted.
- Avoid storing it in locations that others can access.
- Take preventive measures to protect the Recovery Phrase from damage or loss. Consider making multiple copies, using a cold wallet, or storing it in a fireproof safe.
For more information on the Recovery Phrase, refer to: