Does anyone have the exact numbers of how much protection you get using a 24 word seed vs using the conventional default standard that shows up automatically when you create a wallet in Electrum?
It's still not clear to me that you can trust this type of wallet, that could be bruteforced and then all of your keys are compromised forever as long as you keep creating them on that wallet. It still seems safer to use a wallet.dat file. I want to see the math.
You realise that the wallet.dat system used by Bitcoin Core works pretty much the same way as an Electrum wallet when creating the wallet right?
Both types of wallet start by doing the exact same thing... that is, they generate a very large random number ("entropy")... this is used as the "seed". The seed is then used to create a "master private key" (aka "xprv"), from which all the child keys are then derived.
The only difference is that with the Bitcoin Core wallet.dat system, you don't get to see the seed in any form, it is hidden within the wallet file... all your backups are done by making backup copies of the wallet.dat file itself.
The BIP39 "seed mnemonic" (aka 12/24 words) is really just a "
backup mechanism"... you don't pick 12 words, and generate the wallet seed from that...
you generate the wallet seed (the "entropy"), then convert that to 12 words to make it easier and less error prone for users to write it down safely.As for the difference between 12 and 24 words... for a BIP39 wallet (not Electrum)... a 12 word seed has 128 bits of Entropy (+4 bit checksum)... a 24 word seed has 256 bits of Entropy (+8 bit checksum):
The following table describes the relation between the initial entropy length (ENT), the checksum length (CS) and the length of the generated mnemonic sentence (MS) in words.
CS = ENT / 32
MS = (ENT + CS) / 11
| ENT | CS | ENT+CS | MS |
+-------+----+--------+------+
| 128 | 4 | 132 | 12 |
| 160 | 5 | 165 | 15 |
| 192 | 6 | 198 | 18 |
| 224 | 7 | 231 | 21 |
| 256 | 8 | 264 | 24 |
There have been MULTIPLE threads on the math involved in bruteforcing BIP39 seeds... start here:
https://www.google.com/search?q=bip39+brute+forceAs for the Electrum math... you can read it in the Electrum docs here:
http://docs.electrum.org/en/latest/seedphrase.html#security-implicationsApparently a 12 word Electrum seed has ~135 bits of entropy. So, theoretically, it is slightly stronger than a standard 12 word BIP39 seed.