
The first rule of crypto is: Never share your wallet seed phrase with anyone. Ever.
Wallet Security: Three Types of ‘Secret’
Most companies in the traditional technology world require users to create an account before they can use a service. The sign-up process typically involves entering your personal details online or on a smartphone app. This data is then usually stored on a server that belongs to the company.
However, through the advent of blockchain technology, there is now a new way to secure user data.
A typical cryptocurrency wallet does not require any user information. Instead, it simply relies on three types of “secret” to keep the wallet and the associated accounts private, safe and secure.
These include: the seed phrase, the password, and the private keys.
Keep reading to find out more.
The Seed Phrase
When researching the world of cryptocurrency, you are bound to come across a term known as the seed phrase.
A seed phrase is a random group of words that is generated by a crypto wallet during the initial setup. These words and the specific order in which they appear represent the code needed to access a wallet.
Occasionally, the seed phrase will be referred to by a different name but will serve the same exact function.
For example, MetaMask, which is one of the most popular wallets in the world, refers to this as the Secret Recovery Phrase (SRP).
The seed phrase is cryptographically generated when the wallet is set up and no one but the user has access to this code. This means that not even the company is able to control the wallet.
Wallets that give users access to the seed phrase are known as non-custodial wallets since only the user has access to this code.
Whoever has the seed phrase has full control of the wallet to which it belongs. For that reason, it should be kept very safe.
You can write down your seed phrase on a piece of paper and store it somewhere secure, away from unwanted eyes.
NOTE: Do not reveal your Secret Recovery Phrase to anyone under any circumstance. If someone asks for it, they are likely trying to steal your funds.
Here is MetaMask reminding their users not to share their SRP with anyone, even in a customer service scenario.
⚠️🚨 Fake emails like this will attempt to capitalize on fear and urgency, with the goal of turning you into a victim.
— MetaMask 🦊💙 (@MetaMask) March 12, 2022
Remember: MetaMask will NEVER ask you for your secret recovery phrase. pic.twitter.com/9owjbi2pd7
The Password
The password is a lot less technical than the seed phrase. That’s because it is simply used to secure the wallet application itself.
You will be prompted to enter your password when you open the app on your in-browser extension or smartphone.
It adds an extra layer of security to your crypto assets.
The Private Keys
A private key is a string of letters and numbers that provides access to crypto assets stored within a wallet.
Some wallets, such as MetaMask, enable users to create multiple different accounts within the same wallet. Notably, each account contains its own private key.
While the seed phrase is used to restore an entire wallet along with all the associated accounts, a private key can be used to import one specific account.
The private keys should be kept safe in the same way as the seed phrase.
When browsing the internet, you will likely come across scammers who will attempt to steal your private keys from you.
REMEMBER: Never share your private keys with anyone.
MetaMask support will never ask for your seed phrase or private keys. Those can be used to drain your accounts.
— MetaMask 🦊💙 (@MetaMask) September 27, 2018
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News

'Floktober' marks the beginning of the year's final quarter, and FLOKI's community may be expecting some significant announcements to emerge...
Unlocking the Exciting Potential of October for Floki
Certain moments stand out as pivotal junctures in the world of cryptocurrencies. For the Floki community, one such moment is the arrival of October, affectionately dubbed "Floktober." It is a name born from the collective enthusiasm of Floki's community.
This is the start of the year's final quarter, and some significant Floki-themed announcements may be on the horizon.
A Glimpse into Floki's Roadmap
Behind this excitement lies a compelling reason: many major milestones on Floki's roadmap are nearing fruition.
#FLOKI 2023 ROADMAP UPDATE
— FLOKI (@RealFlokiInu) June 22, 2023
We are VERY CLOSE to delivering on several key promises on the $FLOKI 2023 roadmap, so we believe an update is long overdue to show where we are at.
Here is a quick overview of some of the exciting things our devs are working on behind the scenes that… pic.twitter.com/EjGj284jCk
These impending developments encompass a spectrum of significant initiatives, including staking, a noteworthy upgrade for the FlokiFi Locker, introducing a mysterious protocol named Project TL, and the eagerly awaited mainnet launch of Valhalla, Floki's groundbreaking metaverse game.
FLOKTOBER! ⏳⏰🔥
— B (Da Viking) (@100bviking) September 22, 2023
"B," a prominent member of Floki's core team, has provided insights into the heightened anticipation within the community.
“October has historically been a good month for crypto. Even more so for Floki! So much so that our community has named the month of October "Floktober". This is generally used to refer to the good vibes and positive news that tend to come in for Floki in the month of October,” 'B', a core team member at Floki, told BSC News. “I don't think this October will be different. Our team has been working extra hard for a long time now, and I believe starting in October and leading to the end of the year, we can finally start showing what we've been working on!”
Lets delve into the updates that may soon emerge:
FlokiFi Locker: A Key Upgrade on the Horizon
FlokiFi Locker, the digital asset locker protocol introduced by the Floki team, is set to undergo a significant upgrade. This versatile platform allows users to securely lock various assets, including Liquidity Pool (LP) tokens, fungible tokens, NFTs, and multi tokens, reducing the the risk of a rug.
Currently, FlokiFi boasts an impressive $8.77 million worth of assets locked, accompanied by 72 NFTs. Prominent projects like ApeSwap, Biswap, and Chainlink have already chosen to collaborate with Floki for FlokiFi Locker. The community might anticipate a crucial upgrade announcement in the fourth quarter of this year.
Project TL: A Mystery Waiting to Unfold
Another development ostensibly on the horizon is the unveiling of Project TL. At this point, the details surrounding Project TL remain hidden in mystery, leaving the community in eager anticipation. Followers hope for more information to emerge as the days unfold, shedding light on this unknown project's purpose and potential impact.
Valhalla Metaverse Game Release: A Gaming Revolution
In gaming, Floki's Valhalla metaverse game is generating considerable excitement. Set to be released in Q4 2023, Valhalla represents a play-to-earn NFT gaming metaverse, combining blockchain technology and immersive gaming experiences.
Valhalla rewards players not only with $FLOKI for their in-game battles but also with complete ownership of in-game assets, which they can freely trade on platforms like FlokiPlaces. This metaverse game, powered by the FLOKI token, reportedly incorporates A-level game mechanics on the blockchain. This includes on-chain gaming interactions and upgradeable NFTs.
As Floktober approaches, the Floki community eagerly awaits these upcoming events, each carrying the potential to shape the future of Floki.
Floktober's Potential
Floki has sought to turn "Floktober" into a beacon of innovation and anticipation each year. Over recent times, the organization has utilized October as a canvas for its marketing endeavors, calling it "Floktober."
One of the boldest strokes in Floki's marketing palette was witnessed in October 2021. The cryptocurrency embarked on an audacious journey, commandeering 300 iconic London red city buses and adorning The Tube Underground with its branding for the entire month.
With this, Floki harbors a vision of broader mainstream exposure, with the ultimate goal of being embraced by a more extensive and diverse user base.
A Macro Support Zone: Insights from Crypto Tony
Crypto analyst Crypto Tony provides valuable perspective on Floki's current positioning. With an observation that "FLOKI is sat on a macro support zone," there is a sense of stability and resilience underpinning the cryptocurrency.
$FLOKI / @RealFlokiInu - Update #Flokitober is around the corner, and with $DOGE looking hot for a pump, well i expect some magic from the leaders
— Crypto Tony (@CryptoTony__) September 27, 2023
Also note that #FLOKI is sat on a macro support zone. Accumulation time legends pic.twitter.com/XVNrkXoIo1
As we venture deeper into Floktober, the Floki community remains poised for what promises to be an exciting chapter in the cryptocurrency's narrative.
Floki's ability to transform October into a month of celebration, innovation, and strategic advancement is characteristic of its so far dynamic approach to the world of cryptocurrency. With each passing Floktober, the Floki community and its supporters eagerly anticipate the revelations and developments that will shape the Floki ecosystem.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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