A wallet is accessible by providing a unique, secret 24-word or 12-word passphrase, which is also commonly known as mnemonic or a secret passphrase. A secret recovery phrase is rendered when creating a wallet and should be stored in a secure location that only you know. A secret recovery passphrase is stored within a wallet natively as there is no external applications where you can recover or view it. You are able to access the secret passphrase anytime if you have access to your wallet. There is no individual or party who is responsible for your own passphrase(s) if the credentials are lost or forgotten.
If a user is locked out of the wallet, there’s no external applications where you can recover or view it. There is no individual or party who is responsible for your own passphrase(s). If the passphrase is lost or forgotten in the event that the wallet cannot be accessed, this includes all assets stored in the wallet, all funds and assets could potentially be lost forever.
On the other hand, if someone else (bad actor) gains access to the passphrase, they would also be able to take all of the assets stored in the wallet. This could result in significant financial loss.
Therefore, it is crucial to store the passphrase securely in a location that is not easily accessible to others. It is recommended to not save the passphrase on any computer or device that could be hacked or compromised.
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