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Simplifying Security: Recovery Phrase
Simplifying security by renaming to Recovery Phrase.
At Blockchain.com, we’re committed to making the world of crypto easier to understand and navigate. One of the most important, yet sometimes confusing, aspects of crypto is securing your assets. Recently, we’ve made a change that aims to streamline keeping your crypto safe: we’re renaming “Secret Private Key Recovery Phrase” to simply Recovery Phrase.
Why the change?
In 2020 we renamed the DeFi Wallet’s 12-word seed phrase to “Secret Private Key Recovery Phrase” after discovering some users were being tricked into sharing their 12-words with scammers online. While “Secret Private Key Recovery Phrase” helped in limiting the impact of this, the industry has developed significantly since then. Many other crypto wallets and our industry peers are using just Recovery Phrase, and using different terminology has become less helpful for our users. We believe that Recovery Phrase better reflects the core function of this critical piece of information. It’s the phrase that helps you regain access to your crypto.
What is a Recovery Phrase?
Your Recovery Phrase is a unique set of 12 words that acts as the master key to your Blockchain.com DeFi Wallet. It’s like a secret code that unlocks your crypto holdings, even if you lose your device.
Here’s why your Recovery Phrase is so important:
- Backup to the Backup: If you lose access to your Blockchain.com DeFi Wallet, your Recovery Phrase can restore your funds.
- You Own Your Crypto: Your Blockchain.com DeFi Wallet is secured by your Recovery Phrase, putting you in control of your crypto. Blockchain.com does not have access to your Recovery Phrase.
Remember, your Recovery Phrase is still a secret
- Never share your Recovery Phrase with anyone. Blockchain.com will never ask for it, and you should be wary of anyone asking you to share it.
- Store your Recovery Phrase securely. Write it down on paper, and keep it in a safe place.
By simplifying the terminology and emphasizing the importance of secure storage, our mission is to empower user to manage their crypto with confidence.
Have questions? The Blockchain.com Learning Portal offers a wealth of resources on wallets, security, and more.
Together, let’s make crypto a more accessible and secure experience for everyone.
This information is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax or financial advice from a professional advisor. The purchase of crypto entails risk. The value of crypto can fluctuate and capital involved in a crypto transaction is subject to market volatility and loss. Digital currencies are not bank deposits, are not legal tender, and are not backed by the government. Blockchain.com’s products and services are not subject to any governmental or government-backed deposit protection schemes. Legislative and regulatory changes or actions in any jurisdiction in which Blockchain.com’s customers are located may adversely affect the use, transfer, exchange, and value of digital currencies.
It’s not too late to be early
Simply verify your ID, add a payment method, and buy crypto.
It’s not too late to be early
Simply verify your ID, add a payment method, and buy crypto.
