Storing the Master Password
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To be honest, the best way to store a master password is to print off a number of physical copies of it for safe keeping. For example: you could keep a copy in a safe at home and keep a copy in a safety deposit box at the bank.
The problem with storing the actual password on the device will include:
If the app uses proper encryption:
- You'll need to remember how to decrypt it (which you could still forget)
If the app doesn't user proper encryption, or none at all
- It may be compromised if your device is stolen, or if restored via iCloud backup.
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