Never ever lose it! It's only the most important thing to save! When creating a wallet you will be prompted to save a paraphrase using both Meta Mask for or just creating a wallet with Blockchain. Here we see the download screen after setting up your wallet with using the “create a new wallet feature” under addresses.
Here we see a the Meta Mask paraphrase displayed when creating a new wallet using the meta mask service, it gives you the option to download or copy the address.
In both these cases it is very important to save this pass-phrase for future access to your account, if you lose this paraphrase at any point while having access you should transfer anything its holding to a new wallet where you do have this paraphrase
Saving and having it secured.
I save my paraphrase in a locked physical notebook.
This paraphrase was used in a random test account with a random phone number.
