protecting your key phrase
Basically, when you download a new wallet, they provide you with a twelve word key phrase that you have to write down. If you lose that key phrase, you lose your money. No way to get it back. If someone knows your key phrase, they can take your money even if they don't have your wallet.
if you lose your password, you can just enter your key phrase and make a new password. If you have an Arculus card wallet, if you lose your card, you can go to the app and enter your key phrase and buy a new card and then access the crypto that was in the lost wallet.
The KEY PHRASE is the key though. This is what needs to stay hidden. I was stupid enough to take screenshots of my key phrase and to write it down on a word document on my desktop computer. These things are not hidden from hacker bots. Any app you have on your computer has permission to look at everything on your computer or on your phone. So how do you handle key phrases?
Write it down in a physical notebook.
But what if you lose the notebook or you spill beer on it and it becomes unreadable or the maid throws the note away. These are things that actually happen. One man wrote it on a piece of paper, and the cleaning lady threw it in the trash. He lost 500 million dollars' worth of crypto and never recovered it. If he had given 400 million dollars' worth to his children, then he would still be wealthy and his children would have the protection that money provides.
The best way to protect your keyphrase is a two step process that is mentioned in the book "MEME COIN HANDBOOK" by Junk Bonk.
Here is what to do:
Think of four words that are easy, and that have a common theme. For example, four words that have to with cooking, or with pirates, or with the Wild West, etc.
Let's say: Blackbeard, ship, anchor, treasure
These four words have a pirate theme. Right? That will make it easy just in case you forget what the words are. So basically, we will insert those words into the twelve word key phrase (but don't bunch the four words together). When you want to use the key phrase, you just have to remember which four words don't belong in the key phrase, remove them, and then you'll have your key phrase (in the order the words were in). But hackers and hacker bots won't know this.
Once you mix the four words into the twelve words, you will have sixteen words. Move that fake key phrase onto a word document and upload to the cloud. Also, put it on a memory stick flash drive or a mini card (You can get these for $8 on Amazon). Now you have five places where your key phrases are kept. But make sure you include a few notes such as which crypto it is, and which wallet it is (but don't say the name of the wallet. Use a nickname that will remind you of the actual name of the brand)
Further protect your assets by giving your crypto assets to your children with each child having their own cold storage wallet. Just make sure they study the book "Meme Coin Handbook" first.
These steps are mandatory. Sure, it's doing something new. But you will have peace of mind. Even though it's EASY, everyone finds to hard to sit down and do these things. The best way is to get your favorite meal and drink, and then sit down with a notebook and pen, and write down the steps. then follow those steps. At most it will only take an hour. Most people do not do these things to save their financial life and their children's future even though it's EASY. But if you associate it with your favorite food and drink, you will look forward to it and will enjoy it, and it will save your life and the lives of your children. THE FUTURE IS DIGITAL.
