Empower control with self custody. Seed Phrases, private keys, and why “not your keys, not your crypto” is important.

Wallets and Self Custody

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<p><span style="color: #000000;">Get started with a Wallet and learn what different types do.</span></p>
<h2><span style="color: #000000;">What is a crypto wallet?</span></h2>
<p><span style="color: #000000;">A crypto wallet is a digital or software-based way to access your cryptocurrencies.</span></p>
<p><span style="color: #000000;">Unlike a regular wallet, a crypto wallet doesn&rsquo;t actually hold your assets. Instead, it stores credentials called private keys that give you access to your assets on the blockchain.</span></p>
<p><span style="color: #000000;">Depending on the type of crypto wallet you have, you can:</span></p>
<ul>
<li style="color: #000000;"><span style="color: #000000;">Send, receive, and pay with crypto</span></li>
<li style="color: #000000;"><span style="color: #000000;">Store crypto</span></li>
<li style="color: #000000;"><span style="color: #000000;">Create a digital &ldquo;vault&rdquo; online that only you can acces</span></li>
<li style="color: #000000;"><span style="color: #000000;">Interact with web3 applications that let you lend and borrow against your cryptK 3 Buy, sell, and store NFT</span></li>
<li style="color: #000000;"><span style="color: #000000;">Earn on your crypto in a crypto rewards account</span></li>
</ul>
<p><span style="color: #000000;">Crypto wallets store your public and private keys as well as a linked receiving address so you can send and receive crypto securely</span></p>
<h2><span style="color: #000000;">How a crypto wallet works</span></h2>
<p><span style="color: #000000;">Crypto wallets consist of three parts: a public key, a private key, and a public receiving address.</span></p>
<p><span style="color: #000000;">Whenever someone sends crypto from their wallet, they must use their private key to &ldquo;sign,&rdquo; or confirm, the transaction. This digital signature is like a fingerprint, unique to each individual and their private key, proving that the transaction is coming from the legitimate owner of the wallet and hasn&rsquo;t been tampered with.</span></p>
<h2><span style="color: #000000;">What are private and public keys?</span></h2>
<p><span style="color: #000000;"><img src="https://cdn.buttercms.com/ejCiUsNmRie5CZOenCjj" alt="undefined"></span></p>
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<p><span style="color: #000000;">Crypto wallets all begin with a private key, a long, randomized string of letters and numbers. These private keys can also take the form of a QR code or mnemonic phrase.</span></p>
<p><span style="color: #000000;">This private key is used to generate a public key through an encryption process. While it&rsquo;s easy to verify that a specific private and public key fit together as a pair, you can&rsquo;t &ldquo;work backwards&rdquo; and figure out a private key from its public key.</span></p>
<p><span style="color: #000000;">This &ldquo;one-way&rdquo; &mdash; or &ldquo;trap-door&rdquo; &mdash; encryption, makes it possible to share a public key without worry that someone will figure out your private key and steal your crypto.</span></p>
<p><span style="color: #000000;">Next, the public key undergoes a mathematical function that &ldquo;compresses&rdquo; it into a receiving address (either a QR code or a shorter string of numbers and letters) where you can actually send crypto.</span></p>
<p><span style="color: #000000;">You can generate many public keys &mdash; each with their own separate receiving address &mdash; from one private key.</span></p>
<p><span style="color: #000000;">Most of the time, you don&rsquo;t interact directly with these digital keys. Instead, they get stored in wallet files or managed by crypto wallet apps.</span></p>
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<h2><span style="color: #000000;">What makes crypto wallets secure?</span></h2>
<p><span style="color: #000000;">Cryptocurrency relies on cryptography, the art of protecting data through codes and digital puzzles called ciphers.</span></p>
<p><span style="color: #000000;">When you use your private key to sign a transaction, the network can verify that the private and public keys represent a pair &mdash; while still maintaining the privacy of the information.</span></p>
<p><span style="color: #000000;"><strong>Since anyone can remove funds from an address with that address&rsquo;s matching private key, it&rsquo;s critical to protect your private key information.</strong></span></p>
<p><span style="color: #000000;">Again, crypto wallets usually manage your private and public keys for you, but it&rsquo;s important to know that they exist and what they do.</span></p>
<h2><span style="color: #000000;">Why crypto wallets matter</span></h2>
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<p><span style="color: #000000;">A crypto wallet provides a secure way to store your cryptocurrency, send, and receive it. You can also track your crypto balance and transactions and swap one cryptocurrency for another.</span></p>
<p><span style="color: #000000;">Arguably, though, the greatest benefit is the ability to custody your own funds, or Be Your Own Bank&reg;.&nbsp;</span></p>
<p><span style="color: #000000;">When you hold assets at a traditional financial institution, like a bank or broker, you entrust them with your private information and rely on them to keep your funds safe. They may also charge fees for their services.</span></p>
<p><span style="color: #000000;">With any cryptocurrency wallet that lets you remain in control of your private keys, you are in complete control of your assets. No one can access your funds without your permission, and you don&rsquo;t have to pay anyone to custody your funds.</span></p>
<p><span style="color: #000000;">This gives you full control of your cryptocurrency and helps keep it safe from hacks, scams, and theft. In countries facing high levels of inflation or capital controls, crypto wallets give people a way to store value that can&rsquo;t be confiscated by their governments.</span></p>
<p><span style="color: #000000;">Crypto wallets that let users hold their private keys make self-custody possible for everyone.</span></p>
<p><span style="color: #000000;">That said, not all crypto wallets are created equal. Read on to discover the different kinds of crypto wallets you can select.</span></p>
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<h2><span style="color: #000000;">Kinds of crypto wallets</span></h2>
<p><span style="color: #000000;">There are two main types of crypto wallets: custodial and non-custodial.</span></p>
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<p><span style="color: #000000;"><img src="https://cdn.buttercms.com/Kn1ehCdGTVm6Mw4OuLfL" alt="undefined"></span></p>
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<h2><span style="color: #000000;">Custodial wallets</span></h2>
<p><span style="color: #000000;">Custodial wallets are like bank accounts.</span></p>
<p><span style="color: #000000;">They are managed by a third party, which could be an exchange, a company, or even just another crypto user. These wallets are convenient because you don&rsquo;t have to worry about losing your private keys or managing them yourself.</span></p>
<p><span style="color: #000000;">However, custodial wallets come with risks. Because a third party manages your crypto, they also control your crypto keys. This means that if the company goes out of business or is hacked, your crypto could be at risk.</span></p>
<h2><span style="color: #000000;">Non-custodial wallets</span></h2>
<p><span style="color: #000000;">Non-custodial wallets are the opposite of custodial wallets.</span></p>
<p><span style="color: #000000;">With a non-custodial wallet, you are the only one who has access to your private keys. This might sound like a recipe for disaster (after all, if you lose your keys, you lose your crypto), but non-custodial wallets actually offer two big advantages.</span></p>
<p><span style="color: #000000;">First, because you are the only one who has access to your private keys, non-custodial wallets are much more secure than custodial wallets. If a non-custodial wallet is hacked, your crypto is safe because the hacker does not have your private keys.</span></p>
<p><span style="color: #000000;">Second, non-custodial wallets give you full control of your crypto. This means that you can use your crypto however you want, without having to worry about third-party restrictions.</span></p>
<h2><span style="color: #000000;">Choosing a crypto wallet</span></h2>
<p><span style="color: #000000;">When choosing between a custodial or non-custodial wallet, there is no perfect choice. Each has tradeoffs. The key is finding a wallet that best fits your needs.</span></p>
<p><span style="color: #000000;">If you are new to crypto or just want to dip your toe in the water, a custodial wallet might be a good choice. These wallets are easy to use and require no special expertise.</span></p>
<p><span style="color: #000000;">If you want total control over your crypto or plan on using web3 applications, a non- custodial wallet is the way to go. These wallets might be slightly more complicated to use, but they offer greater security and flexibility.</span></p>
<p><span style="color: #000000;">Blockchain.com gives you custodial and non-custodial wallet options in the same app, making it easy to buy, sell, store, and secure your crypto with less effort than managing multiple wallets or apps.</span></p>
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Crypto Wallets Explained: Secure Your Crypto & Choose the Right Wallet Type (Custodial vs Non-Custodial).

What is a crypto wallet?

Crypto Wallets

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<p><span style="color: rgb(0, 0, 0);">If you&rsquo;ve been following the fallout of crypto exchange FTX, you&rsquo;ve likely heard the phrase, &ldquo;not your keys, not your crypto.&rdquo;</span></p>
<p><span style="color: rgb(0, 0, 0);">But what exactly does this mean?</span></p>
<h2><span style="color: rgb(0, 0, 0);">A non-custodial wallet gives you full control of your funds.</span></h2>
<p><span style="color: rgb(0, 0, 0);">There are two major types of crypto wallet, a custodial wallet and a non-custodial wallet.</span></p>
<p><span style="color: rgb(0, 0, 0);">A non-custodial wallet (Private Key Wallet in our app) gives you full control over your money.</span></p>
<p><span style="color: rgb(0, 0, 0);">Many contemporary service providers only offer custodial services where your crypto often never actually leaves their platform, as they are the custodian of your funds.</span></p>
<h2><span style="color: rgb(0, 0, 0);">That means you hold your private keys.</span></h2>
<p><span style="color: rgb(0, 0, 0);">When you sign up for a wallet, a unique public key and a private key is created.</span></p>
<p><span style="color: rgb(0, 0, 0);">You can think of the public key just like an email address, you can share it with anyone you want, but your private key is like a password that unlocks your ability to send crypto from your wallet.</span></p>
<h2><span style="color: rgb(0, 0, 0);">Never share your private keys with anyone.</span></h2>
<p><span style="color: rgb(0, 0, 0);">&ldquo;Not your keys, not your crypto&rdquo; means that if you don&rsquo;t hold your private key using either a self-hosted or private key wallet, then someone else actually has control of your money &mdash; like a third party crypto service provider.</span></p>
<p><span style="color: rgb(0, 0, 0);">Sharing that private key is basically like giving someone the keys to your safe deposit box or your house. For that reason, you should never share your private keys.</span></p>
<h2><span style="color: rgb(0, 0, 0);">While not everyone offers a non-custodial wallet, we do.</span></h2>
<p><span style="color: rgb(0, 0, 0);">Not every major crypto company offers or supports a non-custodial wallet like Blockchain.com does.</span></p>
<p><span style="color: rgb(0, 0, 0);">The Blockchain.com DeFi Wallet was the first wallet we ever built and represents the overall &ldquo;trustless&rdquo; ethos of cryptocurrency.</span></p>
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"Not Your Keys, Not Your Crypto" Explained. Learn self-custody & why it matters in crypto.

“Not your keys, not your crypto”, Explained

Not Your Keys, Not Your Crypto

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<p><span style="color: rgb(0, 0, 0);">No phrase in crypto has proven more true over the past few months as: &ldquo;not your keys, not your crypto.&rdquo;</span></p>
<h2><span style="color: rgb(0, 0, 0);">Before you start</span></h2>
<p><span style="color: rgb(0, 0, 0);">This article works best if you</span></p>
<ul>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">already own crypto &mdash; even on apps/exchanges besides Blockchain.com</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">already have a Blockchain.com Wallet account (web or app)</span></li>
</ul>
<p><span style="color: rgb(0, 0, 0);">If you don&rsquo;t own crypto or have a Blockchain.com Wallet account, <a href="https://login.blockchain.com/en/#/signup?product=wallet" rel="follow noopener" target="_blank" style="color: rgb(0, 0, 0);">sign up today</a>.</span></p>
<h2><span style="color: rgb(0, 0, 0);">Receiving crypto via the Blockchain.com App</span></h2>
<ol>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Open the App, and navigate to the DeFi tab</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Select Receive</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Type the name or symbol of a cryptocurrency like &ldquo;Bitcoin&rdquo; or &ldquo;BTC.</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Select the crypto to reveal options to Copy Address or Share Address</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Ensure the address is correctly pasted or entered by the sender</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">To monitor incoming transactions, visit the Activity tab.</span></li>
</ol>
<h2><span style="color: rgb(0, 0, 0);">Sending crypto via the Blockchain.com App</span></h2>
<ol>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Open the App, and navigate to the DeFi tab</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Select Send</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Type the name or symbol of a cryptocurrency like &ldquo;Bitcoin&rdquo; or &ldquo;BTC.</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Select the crypto to reveal the Send details, and enter the receiving address</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Enter the amount you&rsquo;re sending and review the transaction fee</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Select Continue to review your transaction details and fees</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Click Send to confirm.</span></li>
</ol>
<h2><span style="color: rgb(0, 0, 0);">A note on networks</span></h2>
<p><span style="color: rgb(0, 0, 0);">If you have crypto across multiple networks, check that you&rsquo;re sending and receiving to the right ones, especially if you&rsquo;re consolidating balances from multiple places.</span></p>
<p><span style="color: rgb(0, 0, 0);">When you send or receive from your Blockchain.com Wallet, the network&rsquo;s name is displayed on the Send or Receive screen. If the destination account does not support this network, the funds will not be credited to your other account and may be lost.</span></p>
<p><span style="color: rgb(0, 0, 0);">If the funds are sent on a network other than the one indicated, they won&rsquo;t be credited to your wallet and may be lost.</span></p>
<h2><span style="color: rgb(0, 0, 0);">Backing up your wallets</span></h2>
<p><span style="color: rgb(0, 0, 0);">The most important step you can take to secure your Wallet is to write down your Secret Private Key Recovery Phrase and keep it somewhere safe offline.</span></p>
<p><span style="color: rgb(0, 0, 0);">This phrase contains the private keys to your Wallet, allowing you to restore your Wallet and access your funds.</span></p>
<p><span style="color: rgb(0, 0, 0);">🔐 When it comes to creating and backing up your wallet, Blockchain uses the current industry standard. Our wallet implements BIP44 to generate accounts and addresses, and BIP39 to generate the Secret Private Key Recovery Phrase (or seed, as it is also called). The recovery phrase generated in your Blockchain wallet is compatible with other bitcoin wallets that implement BIP44/BIP39.</span></p>
<p><span style="color: rgb(0, 0, 0);">Once the wallet is backed up it is backed up forever, regardless of how many funds you send or receive over time.</span></p>
<p><span style="color: rgb(0, 0, 0);">Private keys grant complete access to funds kept at those crypto addresses. For this reason, you should never share this information with anyone.</span></p>
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<p><span style="color: rgb(0, 0, 0);">To back up your wallet, follow these steps</span></p>
<ol>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Go to Setting</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Scroll down to Security and tap Backup phrase</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Tap and hold the blurred image</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Write down your phrase, and <strong>store it securely</strong>.</span></li>
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Crypto on Your Terms: Send & Receive Crypto with Blockchain.com's DeFi Wallet.

How to self-custody your crypto with Blockchain.com

Self-Custody with us

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<h2><span style="color: #000000;">Why is your seed phrase important?</span></h2>
<p><span style="color: #000000;">A seed phrase is your last resort when it comes to accessing the keys to your crypto. Should you ever get locked out of or lose your crypto wallet, your seed phrase can get you back in.</span></p>
<p><span style="color: #000000;">But, lose the seed phrase, and the crypto is gone, so keeping your seed phrase secure is a critical step in the process of self-custodying your crypto.</span></p>
<p><span style="color: #000000;">We&rsquo;ll cover what a seed phrase is, best practices for managing your seed phrase, and what makes the Blockchain.com Secret Private Key Recovery Phrase unique.</span></p>
<h2><span style="color: #000000;">What is a seed phrase?</span></h2>
<p><span style="color: #000000;">Every time someone makes a crypto wallet, a series of numbers is created, which is called a seed. Using those numbers, the wallet program will generate a phrase of 12 or 24 random words, each associated with a specific number in the seed.</span></p>
<p><span style="color: #000000;">A seed, or recovery, phrase may look like this:</span></p>
<p><span style="color: #000000;"><img src="https://cdn.buttercms.com/XDgG0adQy6lAizM2QFYa" alt="undefined"></span></p>
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<p><span style="color: #000000;">Part of what makes a seed phrase unique is the order of the words; they must be entered in the correct order for the phrase to work. When the seed phrase is entered into the wallet, access is granted, even if the user has lost their private key, had their phone stolen, or their hardware wallet has been destroyed.</span></p>
<p><span style="color: #000000;"><strong>Remember: Blockchain.com will never ask you for your seed phrase. Anyone asking for this information should be considered a scammer.</strong></span></p>
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<h2><span style="color: #000000;">Seed phrase vs. private key</span></h2>
<p><span style="color: #000000;">While a private key and a seed phrase are both important parts of your wallet, there is a difference between them.</span></p>
<p><span style="color: #000000;">A private key is a series of numbers and letters associated with the wallet that allows a user to digitally sign transactions. The only function of the seed phrase is to associate crypto on the blockchain with a specific wallet.</span></p>
<p><span style="color: #000000;">It is essential to keep both the private key and the seed phrase private and secure. Anyone with access to your seed phrase can get into your wallet, and with your private key, they&rsquo;d be able to withdraw any funds held there.</span></p>
<h2><span style="color: #000000;">What if I lose my seed phrase?</span></h2>
<p><span style="color: #000000;">If you lose your seed phrase, you lose access to that wallet and the crypto held with those keys.</span></p>
<p><span style="color: #000000;">This is a risk inherent in any self-custody arrangement. However, with a self-custody arrangement you are not reliant on a third-party custodian to properly manage your funds and grant you access to them when you need it.</span></p>
<p><span style="color: #000000;">The seed phrase is an essential security layer of security. It cannot be bypassed, so you can be assured that no one can access your wallet without it. While the possibility of losing your seed phrase is real, there are lots of ways to protect your seed phrase and keep it secure.</span></p>
<h2><span style="color: #000000;">Secure your seed phrase</span></h2>
<p><span style="color: #000000;"><img src="https://cdn.buttercms.com/TcYmJ5MIQMeM19i3fg1j" alt="undefined"></span></p>
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<p><span style="color: #000000;">Whenever you create a wallet, you&rsquo;ll receive a seed phrase for that specific wallet. You may have multiple wallets, resulting in multiple seed phrases.It is a common practice for many crypto users to store their crypto across several wallets. This ensures that if a specific wallet is ever lost, they don&rsquo;t lose all of their assets.First, there are a few ways you should never store your seed phrase</span></p>
<ul>
<li style="color: #000000;"><span style="color: #000000;"><strong>In your memory.</strong> People forget things, and if you have multiple wallets, remembering your recovery phrases in the correct order for all of them may become too difficult</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>On any device.</strong> The notes section on your phone, a file on your computer or even on a USB &mdash; all are easily compromised and are not good places to store your seed phrase. If a device can be connected to the internet, the information on that device is susceptible to being stolen.</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>On the cloud.</strong> This can be done, but it&rsquo;s not ideal. Storing sensitive information on the cloud makes it vulnerable to attacks from all sorts of bad actors. Because data held on the cloud is connected to the internet, it is more likely to be targeted by cybercriminals.</span></li>
</ul>
<p><span style="color: #000000;">Physical methods of storage work best, with the simplest solution being to write down your seed phrase when it&rsquo;s created. Writing your seed phrase down is the bare minimum for storing it, but here are some other good ways to store your seed phrase:</span></p>
<ul>
<li style="color: #000000;"><span style="color: #000000;"><strong>Lockbox or safe. </strong>Now that you&rsquo;ve written your recovery phrase down, put it somewhere safe&ndash;like a safe. You can purchase a lockable file box or small safe at many retail stores or online, and many of these are waterproof and fire-resistant</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>Safe Deposit Box.</strong> A safe deposit box in a bank can be a great place to store your seed phrase, but it will cost you money on a recurring basis to maintain. This can be a good option for storage if you want to leave crypto in a will, since you can share the safe deposit box information instead of the seed phrase in the legal documents</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>Durable materials.</strong> There are several services that can be used to engrave or etch your seed phrase onto a material like stainless steel. The paper you write your seed phrase on can be destroyed by water, fire, or pests, so a durable material helps ensure it lasts through a tough situation.</span></li>
</ul>
<p><span style="color: #000000;">Another way to manage your seed phrase is to duplicate, divide, and disperse it.</span></p>
<p><span style="color: #000000;">Some crypto users will make multiple copies of their seed phrase, keeping each copy in a different location. One copy might go in their personal safe at home, and another copy goes into a safe located elsewhere, like a climate-controlled storage facility.</span></p>
<p><span style="color: #000000;">Other people choose to break up their seed phrase; the first four words go into one safe deposit box, the second four words go into a different safe deposit box at a different bank, and the third set of four words goes into another vault at a third bank.</span></p>
<p><span style="color: #000000;">This might sound like a lot of work, but these methods can help you keep your crypto safe.</span></p>
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<h2><span style="color: #000000;">Your Secret Private Key Recovery Phrase</span></h2>
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<p><span style="color: #000000;">When you create a non-custodial Private Key Wallet at Blockchain.com, you&rsquo;ll receive a seed phrase just like you would when you create a wallet anywhere else.</span></p>
<p><span style="color: #000000;">Within the Blockchain.com app, you&rsquo;ll have multiple Private Key Wallets; as a simple example, if you hold BTC and ETH, you&rsquo;ll have two Private Key Wallets, resulting in two seed phrases (one for each wallet).</span></p>
<p><span style="color: #000000;">Since managing these seed phrases is so important, we&rsquo;ve provided an extra layer of protection: the Secret Private Key Recovery Phrase.</span></p>
<p><span style="color: #000000;">You can think of the Secret Private Key Recovery Phrase as your &ldquo;master password&rdquo; for all of the crypto in your Blockchain.com wallets. Because of the non-custodial structure of our Private Key Wallet, we never store or have access to your Secret Private Key Recovery Phrase.</span></p>
<p><span style="color: #000000;">Your 12-word Secret Private Key Recovery Phrase is a seed of all the private keys of all the addresses generated within the wallet, and will allow you to restore access to your funds even if you lose access to your original wallet.</span></p>
<p><span style="color: #000000;">This unique seed phrase is important for a few reasons:</span></p>
<ul>
<li style="color: #000000;"><span style="color: #000000;"><strong>Backup to the backup.</strong> If you ever lose the private key to one or even all of your wallets, you&rsquo;ll be able to restore the funds in that wallet with your Secret Private Key Recovery Phrase.</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>Trading Account access.</strong> Your Trading Account is a custodial wallet, and uses a password to log in. If you ever forget or lose this password, you can get back into your Trading Account using the Secret Private Key Recovery Phrase and reverifying your identity for us to make sure it&rsquo;s you.</span></li>
<li style="color: #000000;"><span style="color: #000000;"><strong>You own your crypto.</strong> This is the reason behind the Private Key Wallet in the first place&ndash;your keys, your crypto. Your Secret Private Key Recovery Phrase ensures that you alone&ndash;not a custodian&ndash;have access to your crypto, and that you&rsquo;re able to access it.</span></li>
</ul>
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<blockquote>
<p><span style="color: #000000;">&ldquo;If you haven&rsquo;t moved your money on-chain, it&rsquo;s a good time to do that. The whole &lsquo;not your keys, not your crypto&rsquo; thing -it&rsquo;s real. You should directly have your crypto; it&rsquo;s the whole point of crypto.&rdquo; </span><br><span style="color: #000000;">- Peter Smith, CEO of Blockchain.com at Token 2049</span></p>
</blockquote>
<p><span style="color: #000000;"></span></p>
</div>
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Seed Phrase Recovery: Your Key to Crypto Self-Custody (Avoid Loss & Secure Storage Tips)

What is a seed phrase?

Seed Phrases, Explained

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<p><span style="color: rgb(0, 0, 0);">Technically, a private key is a secret string of numbers and letters that proves your ownership of a bitcoin wallet address, allowing you to access and send your crypto.</span></p>
<h2><span style="color: rgb(0, 0, 0);">What is a private key?</span></h2>
<p><span style="color: rgb(0, 0, 0);">Think of a private key as a password to your crypto wallet.</span></p>
<p><span style="color: rgb(0, 0, 0);">In the same way that giving someone your email password grants them access to all your emails, giving someone your wallet&rsquo;s private key grants them access to all your crypto.</span></p>
<p><span style="color: rgb(0, 0, 0);">Technically, a private key is a secret string of numbers and letters that proves your ownership of a bitcoin wallet address, allowing you to access and send your crypto.</span></p>
<h2><span style="color: rgb(0, 0, 0);">Why would I use a private key?</span></h2>
<p><span style="color: rgb(0, 0, 0);">&ldquo;Not your keys, not your crypto&rdquo; is more than just a meme.</span></p>
<p><span style="color: rgb(0, 0, 0);">It&rsquo;s a half-warning, half-reminder that bitcoin and other cryptocurrencies belong to those who control the private keys.</span></p>
<p><span style="color: rgb(0, 0, 0);">If you don&rsquo;t have the private keys to the wallet where your crypto lives, then you do not technically control the crypto at that moment. You&rsquo;re trusting a third party.</span></p>
<p><span style="color: rgb(0, 0, 0);">Example: You put some crypto on an exchange to trade. The exchange will store your crypto at an address held by the exchange, not you. This means that if the exchange goes offline due to heavy traffic or disables withdrawals due to a volatility spike, you will not have full, uncompromised access to your crypto assets.</span></p>
<p><span style="color: rgb(0, 0, 0);">The only way to get full control? Using an account where you have the private keys.</span></p>
<h2><span style="color: rgb(0, 0, 0);">So, what&rsquo;s a public key address?</span></h2>
<p><span style="color: rgb(0, 0, 0);">A public key address is like an email address: you can send crypto to it, and you send crypto from it.</span></p>
<p><span style="color: rgb(0, 0, 0);">While anyone can send crypto to a public key address, only the holder of the private key can send from the address. Sort of like crypto launch codes.</span></p>
<p><span style="color: rgb(0, 0, 0);">However, there is one huge difference: while your emails are private even if someone knows your address, a public key address in crypto is more like a vault with transparent walls: everyone can see inside.</span></p>
<p><span style="color: rgb(0, 0, 0);">That&rsquo;s right. If you know a public key address, you can see the crypto contents inside. In fact, you can even check out a list of the <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" rel="follow noopener" target="_blank" style="color: rgb(0, 0, 0);">100 richest bitcoin addresses here</a>.</span></p>
<h2><span style="color: rgb(0, 0, 0);">What are the risks of using a private key?</span></h2>
<p><span style="color: rgb(0, 0, 0);">Since private keys are incredibly hard to crack due to their cryptography, hackers go after crypto holders directly instead.</span></p>
<p><span style="color: rgb(0, 0, 0);">Every day, even savvy crypto users fall victim to phishing, social engineering, and malicious softwareÔ</span></p>
<ul>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);"><strong>Phishing:</strong> someone obtaining your password, often with fake website</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);"><strong>Social engineering:</strong> scammers using social media details to realistically impersonate&nbsp;someone whom you might send money (e.g. a loved one)</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);"><strong>Malware:</strong> malicious viruses and software exploits that drain your crypto wallet</span></li>
</ul>
<p><span style="color: rgb(0, 0, 0);">This usually happens due to avoidable human errors, such as a user falling for a scam that tricks them into giving up their private key or visiting an insecure website.</span></p>
<h2><span style="color: rgb(0, 0, 0);">How do I keep my private keys and crypto safe?</span></h2>
<p><span style="color: rgb(0, 0, 0);">Here are some ways to keep your private keys out of unwanted hands:</span></p>
<ul>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Writing down an offline copy that&rsquo;s not on a (hackable) compute</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Do not share your private key with anyone; no one from Customer Success (from&nbsp;Blockchain.com or any other reputable company) will ever DM you or request&nbsp;access to your private keys</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Store your crypto in a private key wallet when not trading</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">Double check verified websites&ndash;often scammers will change a &ldquo;.com&rdquo; to a &ldquo;.org&rdquo;</span></li>
</ul>
<h2><span style="color: rgb(0, 0, 0);">Test your knowledge</span></h2>
<ol>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">A private key is ______________ . It can be thought of as a ________ .</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">If someone has access to your private key, they can __________.</span></li>
<li style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">One way to keep your private keys safe is _________ .</span></li>
</ol>
<p><span style="color: rgb(0, 0, 0);">If you can fill in the blanks above, you&rsquo;re well on your way to private key prosperity.</span></p>
</div>
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Your Crypto's Password: Understanding Private Keys & Safe Storage Tips.

Wallets and Self Custody

Wallets and Self Custody

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