CryptoURANUS Economics: Mnemonic Phrase: Defined in CryptoCurrency

CryptoCurrencies


Thursday, August 9, 2018

Mnemonic Phrase: Defined in CryptoCurrency

Mnemonic Phrase: Defined in CryptoCurrency



A mnemonic phrase (also mnemonic seed or seed phrase) is defined as a secret list of words used in sequence to gain access to your cryptocurrencies.


mnemonic-seed-phrase-image


“Mnemonic” just means a memory aid such as rhymes, abbreviations and songs that help you remember something else. A mnemonic phrase is a group words, often 12 or more, created when a new wallet is made to store your cryptocurrency.


If your the computer running your wallet broke, you could use your mnemonic phrase to recover your wallet and crypto. The words must be typed in exactly in the same sequence they were created.

Most people store their phrases on a piece of paper and then keep that in a safe place. Your phrase must be kept secret, anyone who discovers it can steal your crypto.

Mnemonic is pronounced: nuh-mon-ic.

3 comments:

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