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New cryptocurrency investors make two common and easily avoidable mistakes: first, they store their cryptoassets online, which leaves their assets vulnerable to theft from hackers.
Second, when new investors do purchase a hardware wallet for proper offline storage, they fail to record and protect the wallet’s recovery seed phrase.
Moving your cryptoassets to a hardware wallet is an important first step to achieving security, but it's not enough to achieve complete protection. Setting up a hardware wallet without properly backing up your seed phrase still leaves your assets vulnerable to theft, loss, or damage.
That's because your seed phrase is like the "secret password" to your wallet. You can lose your wallet or forget your PIN number and still access your funds if you have your seed phrase!
But this also means that if your seed phrase ever gets lost, stolen, or damaged, you can lose access to your wallet. Even more critically, if a hacker or thief manages to access your seed phrase, they can get access to your wallet and steal your funds.
Clearly both of these scenarios must be avoided at all costs.
That's why experienced crypto investors both move their assets offline to hardware wallets, and use stainless steel Billfodl devices to record and safely store their seed phrases.