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Everyone says:
If you do not hold private key to your BTC, you do not own BTC.
Technically speaking I do not hold the private key, but I do have the 12 words backup phrase.
I would like to know if my funds are safe - will I receive coins on both forks - in case of the chain split?
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Yes, blockchain generates address deterministically as per BIP 44, and uses mnemonic backup phrases as per BIP 39, so you can recover all your keys using that mnemonic. It is compatible with any other wallet which follows BIP 39 and 44, and because it allows you to regenerate your private keys, it is equivalent to backing up the keys themselves. So you should be safe.
References:
So the BCC will just appear in my wallet in blockchain.info? – user56552 – 2017-08-01T02:20:44.510
No, it is unlikely that blockchain.info will display your BCC balance, as it is a Bitcoin wallet not a BCC wallet. You will most likely have to import your private key into a separate BCC wallet – MeshCollider – 2017-08-01T07:15:54.440