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142 sats \ 16 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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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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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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again, you are speculating. that doesn't mean is more secure.
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Any clue? 😅
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
So you actually keep your bitcoin seed phrase in a password manager? I assume it's on an unconnected computer, is that correct?
That's a little bit non-standard if I understand correctly? What do you think are the pros/cons?
Or do you do it on a USB stick?
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Did you read my guide about the 3 levels?
- https://darth-coin.github.io/beginner/be-your-own-bank-en.html
- https://darth-coin.github.io/wallets/tails-hodl-cold-wallet-en.html I keep seeds in many different methods and in many different locations. An example here:
please try to decrypt this image
Another example here: 12 peaks - 12 words, or 12 peaks - 12 copies of a USB, take it however you like
And for fun... I put 12 words in one of my guides, online, in plain sight. Try find them.
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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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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.