Effective & safe recovery of a wallet with multiple accounts - page 2.

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Quote from: apogio on September 20, 2023, 06:51:15 AM

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If after 20 years a good wallet like electrum or sparrow is still there, you or your child will be able to load all the addresses containing the balances or UTXOs once you import the seed.
By default, electrum or other wallets like sparrow wallet will load the first 20 receiving address in the order of the derivation path, and they will be able to see the addresses containing Bitcoins, so I don't think you should worry about how many addresses you generated and deposited bitcoins into in the past.

LoyceV

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Can't you just write the number of accounts and derivation paths on the same paper with the seed phrase?

apogio

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Quote from: Charles-Tim on September 20, 2023, 07:42:37 AM

Quote from: apogio on September 20, 2023, 07:38:43 AM

I already have a passphrase, so I would need to add another one, which again adds extra hassle in backing up everything.

Exactly. If you use passphrase already, you can decided to add another passphrase to the seed phrase which will generate different wallet (keys and addresses) entirely. You can use more passphrase with the seed phrase and each will be generating different keys and addresses. All you have to do is to backup your passphrase differently in different locations and your seed phrase should be backed up differently as well. Having two strong passphrase and a seed phrase should not be hard for different location backup for each.

No, you are definetely right. It's difficult to find different places though. This is my point. I 've been struggling a lot with it.

Charles-Tim

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Quote from: apogio on September 20, 2023, 07:38:43 AM

I already have a passphrase, so I would need to add another one, which again adds extra hassle in backing up everything.

Exactly. If you use passphrase already, you can decided to add another passphrase to the seed phrase which will generate different wallet (keys and addresses) entirely. You can use more passphrase with the seed phrase and each will be generating different keys and addresses. All you have to do is to backup your passphrase differently in different locations and your seed phrase should be backed up differently as well. Having two strong passphrase and a seed phrase should not be hard for different location backup for each.

apogio

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Quote from: Charles-Tim on September 20, 2023, 07:33:25 AM

I prefer to use another seed phrase instead.

I could do that, but in fact, I don't like dealing with multiple wallets. I mean, a new seed phrase for me would mean 2 additional backups.
Personally I backup a singlesig wallet in 2 different locations. If I add another wallet, I will have this extra hassle, which I don't actually want.

Quote from: Charles-Tim on September 20, 2023, 07:33:25 AM

If you want to use the same seed phrase, use passphrase to extend the seed phrase to generate you another different wallet (keys and addresses) entirely. If you lose your passphrase, it is also like you lose your seed phrase because you will need both (seed phrase and passphrase) to access your coins.

I already have a passphrase, so I would need to add another one, which again adds extra hassle in backing up everything.

Charles-Tim

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Quote from: apogio on September 20, 2023, 06:51:15 AM

1. How can I know how many accounts I have ever created - funded? For example, I know that I have 2 accounts, but what if I actually had a 3rd one and I have forgotten about it? What if I gave my seed phrase to my child and told them to recover it? How could they know how many accounts have addresses that have been funded?

You have to let them know about it. You can use practical example.

Quote from: apogio on September 20, 2023, 06:51:15 AM

2. Do you know any way to "note" or "backup" safely how many accounts have been created using my recovery phrase?

It is you that should remember it.

The only wallet that I noticed this is the non recommendable Coinomi which is close source. Most wallets do not allow it as they will allow you to create/use another seed phrase instead which is recommended.

I prefer to use another seed phrase instead.

If you want to use the same seed phrase, use passphrase to extend the seed phrase to generate you another different wallet (keys and addresses) entirely. If you lose your passphrase, it is also like you lose your seed phrase because you will need both (seed phrase and passphrase) to access your coins.

apogio

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Hello.

Situation
I have just created a wallet offline. I will monitor the UTXOs and generate addresses. I plan to use 2 accounts:

Account 1: KYC bitcoins. (m/84'/0'/0')
Account 2: Non-KYC or Mixed bitcoins. (m/84'/0'/1')

Questions
Let's say that in 20 years from now, I get my seed phrase and start recovering the wallet.

1. How can I know how many accounts I have ever created - funded? For example, I know that I have 2 accounts, but what if I actually had a 3rd one and I have forgotten about it? What if I gave my seed phrase to my child and told them to recover it? How could they know how many accounts have addresses that have been funded?

2. Do you know any way to "note" or "backup" safely how many accounts have been created using my recovery phrase?

Topic: Effective & safe recovery of a wallet with multiple accounts - page 2. (Read 261 times)