Can one Mnemonic key phrase work for all wallet ?

mu_enrico

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Quote from: IciCestMathers on July 20, 2018, 05:36:19 AM

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So I created an new ethereum wallet address, and I used the same mnemonic keywords to recover several other wallets, like BTC, Digibyte. ACT, BCH and LTC.
My Question here is, before I start moving tokens to these wallets I'd like to know if it would result to tokens being lost or is there any other risk(s) other than having all my eggs in one basket ?

AFAIK, as long as it implements the same code (BIP32/39/44) then you can use the same mnemonic phrase to restore all your coins, as long as the wallet supports all your coins.
IMO maybe you should put all your ~~shitcoins~~ altcoins into the same multi-coin wallet, and use a different wallet for BTC and ETH to minimize the risks.
Or buy hardware wallet because it also supports multiple coins.

pey

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I think that is riskier, trying to avoid loss of funds totally is hard, you should rather try to minimize loss by securing your funds with different methods, up to you.

boyptc

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Quote from: IciCestMathers on July 20, 2018, 08:04:44 AM

Quote from: boyptc on July 20, 2018, 07:47:46 AM

What type of ethereum wallet you created?

I created the ethereum wallet, using Trust app. I then used the key phrase in kcash wallet which generated BTC, BCH and ACT addresses, then DigiByte wallet which generate DGB address.

Haven't used that wallet and the mnemonic words you got can be used if you want to access it with other devices but if you plan to hold it better to have their very own wallets with seeds generated.

Quote from: IciCestMathers on July 20, 2018, 08:04:44 AM

Quote from: boyptc on July 20, 2018, 07:47:46 AM

Correct me if I understood this wrong, you moved your tokens to these wallets why would it shall be lost?

I'm trying to know if tokens will be lost since I didn't generate the key phrase from the other wallets except Trust wallet which is only Ethereum and erc20 based.

Tokens won't be lost as long as you still have access to that wallet but if by some accident you have deleted that app, your tokens are lost forever because you have no recovery words to use.

Quote from: IciCestMathers on July 20, 2018, 08:04:44 AM

Quote from: boyptc on July 20, 2018, 07:47:46 AM

Yes there is, like others do you can spread it with different wallets but there are hardware wallets that are graded as the most secure way of storing different coins.

I'll try to check that up, Thank you.

Not only an app but it's a tangible material/device.

IciCestMathers

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Quote from: boyptc on July 20, 2018, 07:47:46 AM

What type of ethereum wallet you created?

I created the ethereum wallet, using Trust app. I then used the key phrase in kcash wallet which generated BTC, BCH and ACT addresses, then DigiByte wallet which generate DGB address.

Quote from: boyptc on July 20, 2018, 07:47:46 AM

Correct me if I understood this wrong, you moved your tokens to these wallets why would it shall be lost?

I'm trying to know if tokens will be lost since I didn't generate the key phrase from the other wallets except Trust wallet which is only Ethereum and erc20 based.

Quote from: boyptc on July 20, 2018, 07:47:46 AM

Yes there is, like others do you can spread it with different wallets but there are hardware wallets that are graded as the most secure way of storing different coins.

I'll try to check that up, Thank you.

boyptc

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What type of ethereum wallet you created?

Quote from: IciCestMathers on July 20, 2018, 05:36:19 AM

My Question here is, before I start moving tokens to these wallets I'd like to know if it would result to tokens being lost

Correct me if I understood this wrong, you moved your tokens to these wallets why would it shall be lost?

Quote from: IciCestMathers on July 20, 2018, 05:36:19 AM

is there any other risk(s) other than having all my eggs in one basket ?

Yes there is, like others do you can spread it with different wallets but there are hardware wallets that are graded as the most secure way of storing different coins.

Just keep the private key/mnemonic words/seeds.

pooya87

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obviously if you lose your keys then you lose all your funds on all the chains! and losing your seed is not just physically losing the words you may use a wallet for one of these altcoins that has a malware or even a bug in it and you expose your keys to the world and lose them.

also depending on the wallet you use the seed may not even be completely random, for example the altcoin wallet RNG code may be flawed and since they are not as reviewed as bitcoin wallets (like electrum for instance) then these bugs may go unnoticed and lead to fund losses.

IciCestMathers

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With latest trend in phishing and hackings. I plan to secure all my assets using just one mnemonic key phrase for a new personal wallet (which will only store tokens I'd be holding for a longtime, including erc 20 tokens).

So I created an new ethereum wallet address, and I used the same mnemonic keywords to recover several other wallets, like BTC, Digibyte. ACT, BCH and LTC.
My Question here is, before I start moving tokens to these wallets I'd like to know if it would result to tokens being lost or is there any other risk(s) other than having all my eggs in one basket ?

Topic: Can one Mnemonic key phrase work for all wallet ? (Read 205 times)