142 sats \ 13 replies \ @DarthCoin 15 Nov \ on: Factors (besides seed phrase) which cause you to not be able to recover wallet? bitcoin
Usually when I create a new BTC wallet I save in a password manager the following:
  • 12 or 24 words seed
  • extracted xpub
  • nodeID if is about a node wallet
  • date of birth of that wallet, just in case
  • 10 first BTC segwit and/or taproot addresses (be aware that is a different derivation path), just in case are needed
  • any other information is needed related to that wallet.
Now comes your specific questions.
  • do I use a passphrase? Only in very rare occasions. 12 -24 words are more than enough for my use cases.
  • gap limit? that depends on the use case, is not really a issue.
  • script type? always at least segwit, preferably taproot.
  • single sig because nobody else have control over my wallets. NOBODY. So extra sig is totally useless. Multisig MUST me used ONLY when are more than one individual involved in the wallet security and manipulation. So not complicate things more than is necessary.
  • BIP standard is almost meaningles.. It depends on what type of wallet you use: vault, cache, spending. Each one have a different type.
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111 sats \ 8 replies \ @freetx 15 Nov
do I use a passphrase?
The benefit of a passphrase is you can write the 12 words down or store in password manager but omit the passphrase and keep that as 'brainwallet'
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0 sats \ 7 replies \ @DarthCoin 15 Nov
That doesn't mean a wallet is more secure. You just add complexity that I can easily achieve with other simple methods.
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11 sats \ 6 replies \ @freetx 15 Nov
That doesn't mean a wallet is more secure.
How do you figure? I could give you 12 words to a wallet, but without the passphrase (ie. 13th word) you won't be able to access the private keys?
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0 sats \ 5 replies \ @DarthCoin 15 Nov
So what? I can give you 11 words and not the 12th one. Is that more secure? No! Is absolutely the same shit.
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11 sats \ 4 replies \ @freetx 15 Nov
Guessing a missing word from the wordlist is trivial since its a 1/2048 guess. However, Passphrases are not one of the words from the wordlist. They can be anything.
You could use "My Name Is DarthCoin! My Favorite Number is 21,000,000" as a passphrase.
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0 sats \ 3 replies \ @DarthCoin 15 Nov
again, you are speculating. that doesn't mean is more secure.
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101 sats \ 2 replies \ @freetx 15 Nov
Its not speculation, it does make it more secure.
Here is a wallet for you:
robust own donate other small can prize essence source setup visual similar
I put 100,000 sats in it for you. Its yours (or anyone's) if you can guess the passphrase.
.
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0 sats \ 1 reply \ @DarthCoin 15 Nov
again, adding a new word it doesn't mean is more secure for guessing.
Same as with my cats, please find the words...
complexity it doesn't mean more security
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0 sats \ 3 replies \ @Msd0457890 15 Nov
It would be great if, as @Darthcoin says, you use a password manager like Bitwarden or, in this case, Proton. I have spent a lot of time neglecting my passwords.
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0 sats \ 2 replies \ @alt 16 Nov
What are the security implications of using a password manager for a Bitcoin wallet?
I use a password manager for passwords, but I wouldn't feel secure knowing my seed phrase and/or passphrase is stored digitally.
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20 sats \ 1 reply \ @DarthCoin 16 Nov
Always use offline password managers like KeePass or Bitwarden. It's aup to you if you keep all your wallets info together with other stuff or keep a separate db for wallets and another one for other stuff.
Important is to have a strong master password and that db file is stored on an offline USB device that is also encrypted. You can make several copies of that db file (and updated them every time there's a change) and keep them in separate locations.
Do not put a db file named "bitcoin passwords" on your desktop screen or write the master password on a sticker under your keyboard... come on these are stupidities.
An encrypted USB with a strong password and an encrypted db file is a double barrier to reach your personal data.
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0 sats \ 0 replies \ @Thereal 16 Nov
Thanks for this knowledge
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