I have wondered for long, if there is anyway to recover my private keys when they get lost or when I don't remember them.
You don't remember what? Fifty base58 characters, case sensitive? Are you mad? You should never memorize private keys. Hell, you shouldn't even look at them, there's no benefit and it adds a little risk to mess it up.
No clouds, no mails, no private keys. Just generate a seed phrase on an airgapped device. Let me quote myself:
Steps to configure an air-gapped Bitcoin wallet only device. - Close your curtains.
- Download Tails (a privacy and security focused Linux distro)
- Verify the binaries <- Important step, you need to ensure the integrity of the OS. Do it on a clean environment.
- Burn the OS image to a USB.
- Take the device and physically remove any Wi-Fi antennas (and obviously, Ethernet cables if any).
- Plug the USB to that device, and start up.
You can see that Electrum comes pre-installed. The device will not connect in any network. It's also recommended to encrypt the electrum part of the USB (as shown in the Tails start screen), in case someone gains access to the USB.