In general you can choose to backup mnemonic phrases, keystore or private key of the wallet, but TokenPay strongly recommends you to backup your wallet mnemonic phrases.
Here are the reasons:
- Keystore is an encrypted private key, it is not easy to write down all the code correctly. Moreover, users often think that the keystore is secure and they transmit or store it through the network. It will lead to leaking of keystore which will greatly increase the risk of asset theft.
- The security level of the private key is the same as mnemonic phrases. They are both unencrypted private keys. However, it is inconvenient to copy and save the private key. Once the transcription is wrong, it is difficult to correct and retrieve it.
- If you lost your mnemonic phrase and you haven’t backed it up, it can’t be retrieved. So after creating the wallet, please backup the phrase immediately.
- A mnemonic is a private key that is not protected by any encryption measures. Once someone gets your mnemonic, it is equivalent to controlling your wallet. Keep the mnemonics away from the internet and do not lose it.
- When backing up mnemonics, the best way to do it is to use physical tools, for example copying them on a piece of paper, and take good care of it.
- In order to ensure the mnemonic phrase is accurately backed up, the cross-validation method is recommended to ensure the phrase is correct.