10 sats \ 3 replies \ @Rex 31 Jan \ on: using BIP 39 seed phrase for bitcoin is riskier or not? bitcoin
The risk has nothing to do with BIP39.
But using a web page to generate a private key is more dangerous.
- go to bitaddress.org
- save the file in your computer
- go offline
- randomise and generate the key
- take printout
- format the computer
- you have a virgin bitcoin account ready
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The average user cannot be sure that they are linking to a real website and not a fake one.Users cannot confirm whether they are offline. If it is a mobile phone, there will be more problems.Not many people know how to low-level format their computers.
Other than that, I don't trust bitaddress.org .
Make a tails OS usb stick. Use tails OS to open electrum and write seeds more easily.
Moreover, it is difficult to use Bitcoin with a simple paper wallet. Do you just think that everyone can add value to Bitcoin without using Bitcoin? Eventually you'll have to enter your private key into electrum, so why not just use electrum from the start.
There are not many softwares that support private key sweeping.
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- electrum need to be used only at the spending time
- the method described above the public key and the private key is generated offline
- whatever amount of bitcoin is kept in this account the private key never got connected with internet - it is only in the form of a printed paper
- private key is exposed to internet only when it needs to be spent
- useful to store higher value of bitcoin for a longer time span - for regular use other methods may be best
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