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20 sats \ 0 replies \ @021da48107 8 Jun 2023 \ on: Seed phrase - memorise it bitcoin
If you have a great memory (you probably don't) and are 100% confident you won't forget the phrase then remembering the phrase is a nice option. Few downsides I see with it:
- What happens when you get in a car accident that damages your brain to the point that you can't remember the phrase?
- How do you pass your bitcoin on to your heirs?
- Unless you can remember 123 (or 122 if you use a custodian) you can't use multisig. Maybe this doesn't matter since you are just remembering your phrase? As someone else mentioned, someone could torture you and get you to give them the phrase. With a multi-sig they could torture you all they want and they can't get the bitcoin, assuming you don't have all your sigs in the same place at the same time.
You could also search a "border wallet" which I know sparrow supports.
Few other things:
- I think the best option is a multsig with metal backups, never keep enough sigs together to tx unless you 100% need to.
- Your HODL wallet should not have money going out once a month and you don't need to sign to send money to a wallet.
- As @DarthCoin has mentioned many times, you should have multiple wallets. If you are sending coins from your HODL wallet every month, you are doing it wrong, that should happen from a non-HODL wallet.