What is a ‘Secret Recovery Phrase’ and how to keep your crypto wallet secure

 12-word phrase  

Your Secret Recovery Phrase (SRP) is a unique 12-word phrase that is generated when you first set up HEAD2HEAD Wallet. Your funds are connected to that phrase. If you ever lose your password, your SRP allows you to recover your wallet and your funds. Write it down on paper and hide it somewhere, put it in a safety deposit box, or use a secure password manager. Some users even engrave their phrases into metal plates! (Storing your SRP in a physical, offline format eliminates the risk of hacking.) With HEAD2HEAD Wallet, control over your wallet belongs to the holder of a master key (that’s YOU!).

 

Not even the team at HEAD2HEAD Wallet can help you recover your wallet and its accounts if you lose your Secret Recovery Phrase.

As long as you keep this phrase safe and sound, no one can sign unauthorized transactions from your wallet's account(s).
There are a lot of benefits to using a self-custody wallet. For example:
* No institution can manipulate your access to your funds. Ever heard the phrase "not your keys, not your crypto"? Well, this is what it refers to. If you use a custodial wallet (where an organization or third party essentially controls the wallet, and acts according to your instructions), there's very little other than trust preventing the custodian from making off with your funds.
* No merchant you transact with via HEAD2HEAD Wallet can access more of your personal data than you reveal.
* Your HEAD2HEAD Wallet wallet can be used almost like a passport, enabling digital proof of identity. The Ethereum Name Service (ENS) is perhaps the most prominent example that self-custodial wallet ownership is increasingly following this route.

The trade-off? Because a HEAD2HEAD Wallet wallet is self-managed, the responsibility for keeping that wallet safe is entirely yours. Never ever share your Secret Recovery Phrase with anyone.

Sharing your SRP with someone would be like handing over the PIN code to your bank card, or the keys to your house. It would give that person the ability to access and transfer all of your funds. The HEAD2HEAD Wallet team will never ask you for it. If anyone or any website asks you to share it, they’re trying to scam you. If you’re more of a visual learner, this quick video should help.

Here are a few basic security tips to help you keep your wallet secure

What’s the difference between a Secret Recovery Phrase and a password? Why do I need both?

How to reveal (and recover) your Secret Recovery Phrase

Don’t share your SRP and private keys

If you have a large number of tokens in your accounts, consider getting a hardware wallet.