What is the importance of having a list of recovery words for my digital assets?

3 answers

• Andrei BodakinJul 25, 2020 · 5 years ago
  Having a list of recovery words for your digital assets is crucial for ensuring the security and accessibility of your funds. In the event that you lose access to your wallet or forget your password, the recovery words act as a backup that allows you to regain control over your assets. It serves as a failsafe mechanism to prevent permanent loss of your funds. Make sure to store your recovery words in a safe and secure place, preferably offline, to protect them from potential hacking or theft.
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• Rajnish KrJan 24, 2023 · 2 years ago
  Recovery words are like a safety net for your digital assets. They provide you with a way to recover your funds in case of emergencies or unforeseen circumstances. By having a list of recovery words, you can easily restore your wallet and regain access to your assets. It's important to keep your recovery words private and secure, as anyone who gains access to them can potentially steal your funds. Treat your recovery words with the same level of care and security as you would with your passwords or PINs.
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• MárcioOct 09, 2020 · 5 years ago
  BYDFi, a leading digital asset exchange, emphasizes the importance of having a list of recovery words for your digital assets. It is a fundamental security measure that ensures the safety of your funds. With a recovery word list, you have a backup plan in case you lose access to your wallet or forget your password. BYDFi recommends storing your recovery words in a secure offline location, such as a hardware wallet or a piece of paper kept in a safe place. Remember to never share your recovery words with anyone, as it could lead to unauthorized access and potential loss of your assets.
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