Never share your seed –

‘Never share your seed’. A phrase that we often hear in the Bitcoin world. But what does that mean? Easy. Never share your seed set with anyone! No one, but really no one but yourself, should know the seed set of your bitcoin wallet!

First of all, it is important to know exactly what your ‘seed’ is. The seed, also called ‘seed phrase’, is a composition of 12 or 24 random words and is the backup of your bitcoin wallet. Your seed set therefore always gives access to the wallet. Even if you have forgotten your password or no longer have access to the wallet for another reason. So be aware that if someone (anyone!) asks you for your wallet’s seed (in any way and for any reason!), this is someone trying to access your wallet and seed it on who made your bitcoins.

So always think carefully about whether you can and want to trust whoever asks for your seed set. In principle, those to whom you can entrust your seed set will only be the people who are close to you (family, friends) and thus have known you for a long time. Even with these people, you will have to consider whether it is useful to tell them the seed phrase of your wallet, the more people who know it, the greater the chance of leaks (besides, it is also a big liability for them to keep your seed phrase safe). must be stored). And for the people who do not belong to this circle, the following always applies: Never give your seed!

However, there are many different ways to try to get the seed set from the unsuspecting layman. For example, there are many e-mails circulating where this is attempted. To a novice bitcoiner, or someone less familiar with the laws of the Internet, such an email may appear authentic because the sender appears to be a well-known and reliable source (e.g. a well-known hardware wallet provider such as Ledger or Trezor). It also regularly happens that contact is even sought by telephone.

That this is happening may be caused by a data breach that occurred at Ledger where millions of customer data was leaked. Because criminals have access to personal data, they were able to approach their victims very directly and personally. Additionally, they knew their victims owned a Ledger and therefore possibly Bitcoin (or other cryptocurrencies). For example, people were called on their private number and addressed directly by their first name. Therefore, always hang up immediately when you are contacted by phone by someone offering you to trade bitcoins (or other cryptocurrencies) on his/her platform. Always ignore any email coming from a hardware or software wallet provider, (Bitcoin) exchange, trading expert or financial advisor that contains a link to an external website: these are so-called phishing emails. The site you are redirected to is a fake site that serves to retrieve data and extract your seed phrase.

Do you still think it is too risky to be the only one who knows the seed phrase of your bitcoin wallet because you are afraid of losing it or maybe it will be lost? There are various solutions to the latter problem that are resistant to fire and water damage. Worried about losing your seed? So take a look at solutions like Shamir’s Secret, where you cut a seed phrase into several parts and store it in different places. For example, if you choose to split your seed into 3 parts, you can then regain access to your wallet with 2 of the 3 parts. Please note that this way of storing your seeds may also introduce additional vulnerabilities. For extra security, you can also think about the MultiSig solution, a transaction can only be sent if it is provided with a ‘signature’ of, for example, 2 of the 3 keys. So there are several ways to make sure your seed is safe. Choose the one that suits you best!

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