Seed Phrase Security

What is a seed phrase?

A seed phrase, also known as a recovery phrase, secret phrase or mnemonic, is a sequence of words that serves as a backup for a bitcoin or crypto wallet. It typically consists of 12 to 24 words and is automatically generated when creating a new wallet.

Your seed phrase is crucial for recovering access to your wallet in case of device loss or failure, allowing you to restore and regain control of your funds.

It's essential to keep the seed phrase secure and private, as anyone with access to it can potentially access the associated wallet.

NEVER share this phrase! Oyl will never ask you for your seed phrase and does not retain or store the phrase in any capacity.

Keeping your seed phrase secure:

Oyl is a non-custodial wallet. This means, we never have access to your wallet or your wallet’s seed phrase. The phrase is generated on your device securely and privately.

This means that Oyl can not help in recovering your seed phrase if lost or misplaced! Here are some secure methods to store this phrase and keep your assets safe:

1. Offline Storage: Storing the seed phrase offline, (e.g., on paper or a metal plate), and keep it in a physically secure location like a safe or lockbox.

2. Avoiding Digital Storage: Avoid saving your seed phrase in a digital capacity, as it's susceptible to hacking and malware. Refrain from taking screenshots or photos of it! Depending on your risk tolerance and the value of the assets you’re securing, you may want to secure your seed phrase in a secure password manager online, however, this comes with some risk and is not advised for securing high value digital assets.

3. Share Selectively: Only share the seed phrase with trusted individuals if absolutely necessary. Never disclose it online or to anyone who doesn't need access to your wallet.

4. Backup Copies: Create multiple copies of the seed phrase and store them in separate secure locations. This ensures redundancy in case one copy is lost or damaged.

5. Consider a Hardware Wallet: Hardware wallets are dedicated devices designed to securely store crypto keys and seed phrases. This offers an extra layer of protection against online threats. Oyl does not currently offer hardware a wallet integration, however, we are working on this and hope to offer hardware integration soon.