Glossary - ChicksX

Mnemonic Phrase is a sequence of words that secures access to a cryptocurrency wallet by generating private keys.

Mnemonic Phrase is a set of typically 12 to 24 words used to back up and recover cryptocurrency wallets. These words are derived from the wallet's private key and provide a human-readable format for securing and accessing your crypto assets. When setting up a wallet, users are given a Mnemonic Phrase, which must be stored securely. Losing this phrase can result in permanent loss of access to the wallet. Conversely, anyone with this phrase can access the associated funds. It is crucial for users to keep their Mnemonic Phrase private and secure to protect their assets.