SendCrypto: Have you lost or broken your hardware wallet? Lost your seed phrase? We got your back?covered!
Hardware crypto wallets are known for giving customers complete control over their funds and providing increased protection, yet they are vulnerable to theft, destruction, and loss.
Is this to say that if your hardware wallet is lost, burned, or stolen, all of your Bitcoin (BTC) will be lost forever? Not in the least.
If you’ve lost access to your hardware wallet, you have a few methods for getting your cryptocurrency back. In that case, keeping access to the private keys would be the only prerequisite for recovering crypto assets.
A private key is a cryptographic string of letters and numbers that enables users to access cryptocurrency assets, execute transactions, and receive cryptocurrency.
Most crypto wallets include a private key in the form of a recovery phrase, which includes a human-readable backup that allows users to recover private keys. BIP39, the most prevalent standard for creating seed phrases for crypto wallets, is often utilized to enable the mnemonic form.
A BIP39 recovery phrase, also known as a seed phrase, is a password made up of 12 or 24 random syllables that is used to restore a crypto wallet. During the initial setup of a wallet, most crypto wallet platforms produce a seed phrase and encourage customers to write it down on paper.
No keys, No drive!
The security of the recovery phrase is far more crucial than keeping the hardware wallet safe, according to executives at key hardware crypto wallet companies Ledger and Trezor.
The saying “Not your keys, not your money” encapsulates the crypto community’s guiding philosophy of keeping a private key safe. Users are not truly in control of their currencies if they do not own their private keys, according to this notion.
Users of both Ledger and Trezor wallets can recover access to their wallets using a seed phrase and another hardware wallet.
“Any of the new Ledger wallets might be used to recover a user’s wallet and funds.” “Alternatively, customers might recover on a Trezor, SafePal, or another hardware wallet device,” said Charles Guillemet, chief technical officer of Ledger.
In the event that a user’s hardware wallet is lost, stolen, or destroyed, they can use software wallets to access their cash. “If you lose your Trezor but still have your recovery seed, you can recover your funds using any of the many hardware or software wallets available,” said Jan Andrak, Trezor’s chief information security officer.
Platforms like Electrum, Exodus, MetaMask, Samourai, Wasabi, Spot, and others are on the list of compatible software wallets, according to Ledger and Trezor officials.
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Attempts to eliminate a backup phrase
Because keeping access to a crypto wallet depends on the security of the recovery phrase, you may be asking how to effectively safeguard the seed phrase.
“One of the most important aspects in Bitcoin security is seed preservation,” Andrak told Cointelegraph. When it comes to BIP39 passwords, he identified three key threats: those created by the user, natural or man-made calamities, and theft.
The loss of a recovery phase is fairly common: a wallet user may throw it out by accident or just not realize the value of it when setting up the wallet.
Users may also make the mistake of storing their recovery word in the incorrect location, with one typical blunder being to simply post the phrase online. To avoid undesirable situations such as hacking, crypto wallet users should never digitize their seed words, according to Ledger’s Guillemet.
“It is critical for users to keep the recovery phrase safe. It should be kept in a secure location and not digitized — in other words, don’t send it as an email or a text file, and don’t photograph it.”
As a result, most crypto wallets advise their users to write down the seed phrase on a piece of paper and keep it somewhere safe.
At SendCrypto
We’ve said before that simplicity is one of our key pillars to make SendCrypto successful and user friendly! So one of the things that we are getting rid of, is the seed phrase! Since losing your seed phrase has been proved to be the worst nightmare, at SendCrypto we are replacing it with biometrics!
Your unique biometrics, will be stored in the cloud and on your device in the form of a short video, and if you lose, break or upgrade your device, all you have to do is to re-record your biometric video and our cutting-edge technology will match it with the original video and boom, you are back in your wallet! Simplicity in crypto is the key to mass adoption, and we are fully aware of it! We weren’t joking when we said that your grandma will be sending you crypto as a birthday gift!
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