Just remembered that I have written the recovery seed phrase of my Electrum on a piece of paper somewhere in my place. I'm wondering what could go wrong since my place isn't too secured. How about trying to memorize it? Is it possible?
Would you try?
What are the benefits? ... and the setbacks.
If you are asking us we can you memorize it then how can we know but if you are asking should I memorize it, well if you think you can memorize it for the long term then do it, there is not better place to save your key then saving in brain or memorizing. But if you think you can't memorize it for the long term then don't do it, you will just forget it and it will become a problem for you. I will say if you are living in a place where it's not safe, for example, if you think some roommates will read it and can extract your funds then encrypt your seed phrase.
I encrypted my seed phrase using a method of adding pairs of words in between you can also do the same, or you can spend some time learning encryption like the basic techniques to encrypt your seed phrase this way, if any roomie finds it can't really get benefit out of it because it's encrypted.
But if you think it will get stolen encrypted too, then store the encrypted version on your device as well although many will say its not a reliable place but still, if you think you are not clicking on so many links and downloading blots or unnecessary apps then you are good to safe it in your device.