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?
Memorising it would be a nice idea but even as that, you must try as much as possible to still write and keep your Seed phrase In a safe and reliable place till you need them.
Would you try?
I don't think if I can try it by memorising it, because there is no need when I can equally save them in a better place.
What are the benefits? ... and the setbacks.
The only Benefit I know is that you will be able to import your see phrase anywhere without a paper work.