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Hello SN Friends,
It’s been a while since I realized that Security will become a growing concern as Bitcoin reaches mass adoption and hit new all times high… It might become a thing to track down people, break in their house to find hardware wallets and Seed plates in a near future…
I feel less and less confident about keeping a Secured Seed Phrase storage device as someone willing to find it would eventually finish to do so.
The only way to secure that seed phrase in my opinion is to have it only stored in your brain ( which implies the risk of forgetting it 🤣)
I realized that it is very hard to remember 24 random words without practicing everyday… But it is way easier to remember 24 words that you would pick by yourself in a first place…
So my question is directed to people that have some background on cyber security and math… The point of 24 random words is to increase entropy and make that combination almost impossible to brute force because of the randomness…
How much is that entropy reduced if you choose yourself your 24 words so you can have a better chance to remember them and avoid the necessity to back them up with a physical device?
Is the security you gain worth the drop in entropy ( if any ), and would you recommend generating your own seed phrase ?
In advance, thank you for your honest feedback my friends!
The only way to secure that seed phrase in my opinion is to have it only stored in your brain.
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How much is that entropy reduced if you choose yourself your 24 words so you can have a better chance to remember them
A LOT. Do not do this.
An immense amount of work has been done over years on these subjects and you just need to look for it and reap the benefit of others’ mistakes and permanently lost bitcoin.
Your fear is a 5 dollar wrench attack on your property and you’re trying to eliminate the threat of theft and loss. If you have that fear it means you probably have a pretty hefty chunk of bitcoin. If you have a hefty chunk of bitcoin and you want to self-custody, it’s time to learn about multisig.
You should read this whole article for starters: https://unchained.com/features/singlesig-vs-multisig
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Article read… VERY interesting… Actually thinking of getting a second cold card… setting one up with multisig 2 of 3 for long term savings and the second one as a singlesig for smaller amounts and maybe even decoy wallet… I owe you one friend !
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Ok you convinced me lol… I am in the wait to receive a tapsigner in order to setup a multisig but I am not yet familiar enough with it to feel more confident… i ll definitly read your link… thank you for providing @porterbitcoin
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