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?
Yes, it is possible to memorise your seed phrases, but I strongly advise against it. The human brain is funny at times, it may disappoint you even if you do not have any health issues. It gets worse when it's been long you task yourself in remembering them.
Why not find a means to secure the paper or code one of the phrases?
Would you try?
I wouldn't try this bro, it's risky. The best is to write it down manually and keep it safe.
What are the benefits? ... and the setbacks.
There are no benefits here if I would be sincere with you. It would have been beneficial if human brains were reliable.