A brain wallet refers to storing cryptocurrencies in your mind by using your brain and the power of memorization to remember your seed phrase.
Seed phrases are provided to you when you create a wallet for the first time.
Seed phrases are provided by mobile wallets on your smartphone, by desktop wallets on your computer or Mac when installing standalone software, or web wallets provided by the likes of Coinbase exchange or MetaMask browser extension wallet.
If you know your seed phrase, you can fully recover your wallet to any computer device or smartphone.
Using your memory as your primary wallet is an absolutely horrible idea.
Why do you ask?
Well, if you die, your cryptocurrency and digital assets are all gone. Bad.
You’re dead and you’ve lost it all.
Why else is it a horrible idea to store your cryptocurrencies in a brain wallet?
Seed phrases are a collection of 12, 18, or 24 random words.
I can barely remember my name and now I’m tasked with remembering up to 24 words, in a specific order.
Are you crazy?
Even though seed phrases are comprised of fairly basic words, there are still a whole bunch of them.
If you forget just one or forget the order of all of the words, you’ve lost it all.
If you’re completely sold on using a brain wallet, don’t let it be the only wallet or backup method you use.
Use a combination of a brain wallet and a paper wallet.
Better yet, as it seems you like life just a bit more difficult than most people, grab a piece of wood and carve your private key or seed phrase into the wood.
Make sure it’s readable.
Seriously, now forget all of that and copy your private key or seed phrase on a piece of paper and store it somewhere safe, like in a bank safety deposit box.
Thank us later!