Mnemonic Code Converter. How safe is this tool to use. iancoleman io
31 sats \ 8 comments \ @bitcoinMoon 15 Jun 2023 bitcoin
Hello! We are talking about the site https://iancoleman.io/bip39/ and the creation of a mnemonic phrase. The situation is the following. I don't want to spend money on a hardware wallet. In addition, hardware wallets fail, become obsolete from a technical point of view. I want to create a Bitcoin savings wallet that is not intended for spending.
So. I'm planning to create a SEED phrase on a computer that doesn't connect to the network at all. Unfortunately, it is impossible to install anything on it, including Electrum. Otherwise, I would just create Electrum and not do it. iancoleman.io allows you to generate a phrase offline.
Has anyone used a similar method? And I'm also wondering if there is a possibility that after entering my created phrase into Electrum (for example) there will be some problems? Is there some kind of failure? Since I’m not going to enter the phrase now: the wallet is created exclusively for accumulation. Of course, the time will come for him too, and sooner or later the phrase will have to be entered. Is it possible that there is some random or special error in the iancoleman.io program (or utility) itself, which will lead to the loss of digital assets? Thank you in advance.
write
preview
related posts
31 sats \ 3 replies \ @021da48107 15 Jun 2023
I've used the iancoleman tool and it works great, the source code is all open too so you can check it out yourself, and as @DarthCoin mentioned, use it offline.
hardware wallets fail, become obsolete from a technical point of view.
This all applies to a computer (laptop or otherwise) that is offline 100% of the time. In fact I'd say an airgapped OS becomes obsolete quicker than a hardware wallet since doing updates to an airgapped OS is more difficult than a hardware wallet.
That said I don't have anything against an airgrapped OS wallet, DarthCoin's guides are where I'd look to get started on that.
reply
0 sats \ 2 replies \ @bitcoinMoon OP 15 Jun 2023
Yes. Thank you. I'm just investigating this issue. By the way, "checking the original sound" is easy. But how to do this if you do not have pronounced technical properties. We have to be guided by common sense and the recommendations of people who buy something technology.
reply
0 sats \ 0 replies \ @021da48107 15 Jun 2023
You learn how to read code, or you trust others to read it for you and say it's good. I know lots of people don't know how to read code, and that's fine, source code being open is still better than it being closed.
reply
0 sats \ 0 replies \ @bitcoinMoon OP 15 Jun 2023
Yes. Thank you. I'm just investigating this issue. By the way, "checking the original sound" is easy. But how to do this if you do not have pronounced technical properties. We have to be guided by common sense and the recommendations of people who understand technology.!!!!!!!
reply
10 sats \ 3 replies \ @DarthCoin 15 Jun 2023
iancoleman tool is OK and you should use it offline (save the page or download it from the github too) and run it on an offline clean OS like TailsOS (to not have any suspicion).
I explained in these 2 guides how basically you can use an offline wallet only for depositing:
reply
0 sats \ 1 reply \ @bitcoinMoon OP 16 Jun 2023
My version of creating a savings wallet is not bad, but! BUT! The https://iancoleman.io/ tool generates a seed phrase according to the BIP39 specification. At the same time, if you want to spend money in the future, then a person without professional technical knowledge may encounter problems. When I entered the phrase created through the https://iancoleman.io/ tool into Electrum, the wallet said the following:
Warning: BIP39 seeds can be imported in Electrum, so that users can access funds locked in other wallets. However, we do not generate BIP39 seeds, because they do not meet our safety standard. BIP39 seeds do not include a version number, which compromises compatibility with future software. We do not guarantee that BIP39 imports will always be supported in Electrum.
That's how it is!
reply
0 sats \ 0 replies \ @DarthCoin 16 Jun 2023
That's why is better to save also the derivation path, MPK, first 10 generated addresses together with your seed. So when you restore it in a app like Electrum, to be certain you restored the right one.
reply
0 sats \ 0 replies \ @bitcoinMoon OP 15 Jun 2023
Yes. This is good stuff. I am very grateful to you!
reply