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?
How am I supposed to know this? It may be possible for me to memorize a whole text book, but that might not be the case to you. It's best that you find the most suitable ways to adapt to the system of being your own security.
Would you try?
What are the benefits? ... and the setbacks.
Yes... I'll definitely memorize them. Benefits? Well, that's just about you being on the safer side. The big setback is life itself; if anything happens and you lay down lifeless, that's the end!
Besides, if we talk about brain injury, depending on how serious a memory loss is you might even forget where you hid your private key or that bitcoin is all together!
In that case, it's pointless to be self-reliant . You've got kids? Teach the eldest amongst them and, show 'em.
If i have learned anything by studying psychology, is that we can't purely trust just our own brains, or others to remember something correctly. With a photographic memory situation could be better, but most brains are wired to fail when they need to be accurate. And be it words or numbers, we get easily confused if someone applies pressure to us. If we could trust our brains, tricks like gaslighting wouldn't work, and lots of grifters would be out of job.
Being confident that you would remember phrases means just that you are confident so far about it. But trusting just your own brain because you haven't encountered situation where you blanked, you are just putting your savings in unnecessary risk.
What comes to point of op, there are several ways to store your privatekey or seed phrase. And i would take a page from Vitalik, as he had the private key in 2 parts, and other part was stored with his family. When he needed the rest of it, he picked up the phone, asked for them and typed them out.
And when no one knows where you have stored the rest of it, you can easily recover if one of them is stolen. Not to mention that you know you might be compromised and move the cryptos to other wallet completely before criminals get to it.