A seed phrase is a collection of words. It can be used to access or recover your crypto’s in your wallet. Therefore, seed phrases can be considered as a back up of your wallet. The seed phrase consists of 12-24 random words.
The wallet software tells you to write the seed phrase down on paper. It should be considered as cash or jewelry, so you should keep it safe. This means you should never type it into any website.
However, seed phrases are still a safe way to back up your wallet. An attacker needs to perform 2128 operations to guess your personal seed phrase. This is basically unattainable.
Important: LiteBit does not provide Seed phrases itself.