Polkadot Support (2024)

How to Store Your Mnemonic Phrase and Backup File Safely Print

Modified on: Wed, 5 Apr, 2023 at 1:18 PM

If you ever lose access to your account, the only ways to restore it are your mnemonic phrase or your account's JSON backup file in combination with a password. You must keep them secure and private to ensure you can access your account anytime, and nobody else can.

⛔ READ THIS FIRST!Do not share your mnemonic phrase, backup file, raw seed, or password with anyone! No official representative will ever ask you for this information or suggest you enter it on a third-party website. Learn more about protecting yourself from scams on our Wiki.

TABLE OF CONTENTS

  • Storing your mnemonic phrase
  • Storing your JSON backup file
  • Storing your raw seed

Storing your mnemonic phrase

The mnemonic phrase is the key to your account. If you lose access to your account (e.g., you forget the password), you can always restore it with the mnemonic phrase. Each mnemonic phrase generates a unique account, so you cannot change it, unlike the password. It gives full access to your account to anyone who has it, so you need to keep it secret and safe. The mnemonic phrase is shown to you once when creating an account. The wallets we support and most of the wallets in the ecosystem use 12-word mnemonic phrases. However, some wallets, like the Ledger hardware wallet, use 24 words.

  • Write your mnemonic phrase down on paper.
  • Make sure to write all 12 or 24 words in the correct order. The same words in a different order won't restore your account.
  • We recommend having several copies of the mnemonic phrase in separate locations: e.g., one in your home safe and one in a safety deposit box at your bank.
  • To protect your mnemonic phrase from physical damage, you can store it in a sealed plastic bag to prevent water damage, in a fireproof safe, etched in metal, etc.
  • Do not store your mnemonic phrase on any electronic device. Do not store it on a USB drive, on your computer, on your phone, or in the cloud.Do not take screenshots or send it to yourself via email or messenger.
⚠️ ATTENTIONYour password does not protect your mnemonic phrase!It is only used to encrypt your account locally on your device. The mnemonic phrase alone can give full access to your account, which is why you can use your mnemonic phrase to restore the account if you forget your password. As a result, an attacker doesn’t need to know your password to compromise your account, just your mnemonic phrase.

Storing your JSON backup file


JSON is a file format for storing and sharing data that uses human-readable text. Your JSON backup file is named like this: your_account_address.json. Unlike your mnemonic phrase, your JSON backup file is password-protected. It has all the information to restore your account, but you cannot just read it because it is encrypted for safety. To restore your account with the JSON backup file, you must have both the file and the password to decrypt it. If you don't have a backup file yet, you can create it for your account or all of them at once:

How to export your JSON backup file

  • You can save your JSON backup file on any electronic medium. It's safer to store it on a USB drive than on a device connected to the internet.
  • You can make several copies of the backup file and store them on different devices in case one of them gets damaged.
  • Your backup file is only as secure as the password you used to encrypt it. The recommended way to create passwords is with a dedicated password manager app. It can create random, unique passwords and store them securely.
  • Otherwise, you can use a password of random four to five words. These are nearly impossible for computers to guess due to the number of combinations possible but are much easier for humans to remember.
  • Do not reuse your password for any websites or apps.
  • Do not store your password in the same place as your backup file.

Storing your raw seed

Raw seed is a hexadecimal number derived from the mnemonic phrase. It can also be called a private key. Most of the wallets in the ecosystem provide a mnemonic phrase instead of a raw seed. However, if you created your Polkadot account in an older wallet or the vanity generator, you may have a raw seed and no mnemonic phrase. To restore your account from the raw seed, you'll need to use the Polkadot-JS UI web wallet instead of the Polkadot browser extension.

Like the mnemonic phrase, your raw seed gives full access to the account to anyone who knows it. It isnot password-protected.

  • Save your raw seed in a temporary text document andprint it using a non-public printer.
  • We recommend having several copies of the printed raw seed in separate locations and protecting them from physical damage.
  • Make sure to permanentlydelete the text document with your raw seed after you print it.
  • Do not store your raw seed online or on any electronic device.
  • When restoring your account with the raw seed, double-check it after entering it to avoid any mistakes or typos.
  • We recommend having a secondary backup option, like exporting your JSON backup file, whenever possible.
Please let us know below if you found this article helpful or feel free to contact us if you need further assistance.

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Disclaimer: We always strive to provide you with the best support we can and we take all care to ensure that our instructions are accurate and concise. However, following these instructions properly, as well as the general management of your accounts and funds, is ultimately your responsibility. Web3 Foundation cannot be held liable for any accidental loss of funds or any other damage you might incur.

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    Polkadot Support (2024)

    FAQs

    Could Polkadot reach $1000? ›

    While some view this as an opportunity due to low crypto prices, predictions about Polkadot reaching $1,000 are not for the near term, with 2027 or later being the most common estimates. It's important to understand Polkadot's history and the progress it's made to assess its future potential. Polkadot, initiated by Dr.

    Is Polkadot dead coin? ›

    Polkadot consistently has more developers than any ecosystem other than Ethereum, so in that sense it's still alive. Polkadot's on-chain activity has consistently been reaching all-time highs, so in that sense it's still alive.

    What has happened to Polkadot? ›

    What's next for Polkadot? The Polkadot blockchain and its native token DOT suffered during the first half of 2024. The platform announced that it was starting work on its next stage of development, Polkadot 2.0. Our price predictions suggest that the rest of 2024 could be bearish for DOT.

    Is Polkadot still a good buy? ›

    Without an enthusiastic developer community, Polkadot is dead in the water and not a worthwhile long-term investment. The most optimistic scenario is fast adoption with a rapid increase in projects and users, accompanied by significant technological advancements.

    How many Polkadot to be a millionaire? ›

    But to turn a new $1,000 investment into $1 million, Polkadot's price would need to rally above $6,000 and propel its market cap to about $9 trillion.

    Can a dot reach 500 dollars? ›

    To reach a value of $500, basically, the market cap has to grow 21 times which is more than Ethereum's market cap today. It won't go $500 atleast for few years from now, but yeah maybe in next 5–10 years if the overall crypto market grows it can.

    How many Polkadot are left? ›

    The current circulating supply of Polkadot is 1.41B.

    How risky is Polkadot? ›

    Polkadot has a volatility of 4.19 and is 5.24 times more volatile than Dow Jones Industrial. 37 percent of all equities and portfolios are less risky than Polkadot.

    Does DOT coin have a future? ›

    Our real-time DOT to USD price update shows the current Polkadot price as $4.21 USD. Our most recent Polkadot price forecast indicates that its value will increase by 2.85% and reach $4.33 by September 12, 2024.

    Is Polkadot the next big thing? ›

    Now, based on my technical and fundamental analysis, I can confidently say that Polkadot is the Next Big Thing in the cryptocurrency market, and investing $5,000 in the Polkadot ecosystem could yield massive returns.

    Which crypto will boom in 2024? ›

    Top 10 Cryptos in 2024
    CoinMarket CapitalizationCurrent Price
    Ethereum (ETH)$287.89 billion$2,393
    Binance Coin (BNB)$73.99 billion$507.14
    Solana (SOL)$62.45 million$133.76
    Ripple (XRP)$30.62 billion$0.54
    6 more rows
    Sep 6, 2024

    Why Polkadot has no max supply? ›

    The total supply of DOT changes every era. DOT is inflationary, with a fixed annual inflation of 10%, and doesn't have a maximum supply. This fixed inflation can be changed through a referendum.

    Will Dot reach $100? ›

    Can Polkadot Reach $100? Yes, the price of Polkadot's DOT can reach $100, and we expect it to do so in the 2030s, with 2040 being the first time it spends a whole year above $100.

    Should I sell my Polkadot? ›

    Assuming the 90 days trading horizon and your above-average risk tolerance, our recommendation regarding Polkadot is 'Strong Sell'.

    What is the outlook on Polkadot? ›

    According to your price prediction input for Polkadot, the value of DOT may increase by +5% and reach $ 5.649517 by 2030.

    How high can Polkadot realistically go? ›

    How High Can Polkadot Realistically Go? Telegaon experts think that by 2050, Polkadot can reach a maximum of $370 per coin.

    How much will Polkadot be worth in 2040? ›

    Polkadot price prediction overview
    YearDOT price prediction
    2026$36.36
    2030$50.9
    2035$75
    2040$100
    2 more rows

    How much will 1 Polkadot be worth in 2030? ›

    Polkadot's Long Term Price Prediction
    YearsAvg PriceHighest Price
    2029$9.59$11.51
    2030$9.40$11.28
    2031$14.14$16.97
    2032$13.74$16.48
    8 more rows

    Will Polkadot Skyrocket? ›

    Our real-time DOT to USD price update shows the current Polkadot price as $4.24 USD. Our most recent Polkadot price forecast indicates that its value will increase by 2.12% and reach $4.33 by September 14, 2024.

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