Is the passphrase of one hardware wallet usable in another hardware wallet?

lyw123

jr. member

Activity: 57

Merit: 4

Quote

In this particular case, it will not be possible to restore the coins located in the Trezor wallet to the Keystone wallet. The fact is that the Keyston wallet does not have a mechanism for changing addresses, as well as addresses for receiving change. Recovery is only possible if your all coins on the Trezor wallet are at address 0. At the same time, if you need to restore coins from your Keystone wallet to Trezor, then everything will work out without any problems.

I have pre-ordered a Keystone 3 Pro, but I haven't received it yet. I will try it out once I receive it. The majority of my BTC is stored in a multi-signature wallet. The main reason for buying Keystone is to store altcoins, like USDC and DAI. I wouldn't consider putting BTC in a single-signature Keystone.

tenant48

full member

Activity: 336

Merit: 161

Quote from: lyw123 on September 27, 2023, 09:27:17 PM

For example, can a Trezor wallet with a passphrase be properly recovered in Keystone? I asked chatGPT, and it said no. If the underlying algorithms for their passphrases are different, then they cannot be used interchangeably.

In this particular case, it will not be possible to restore the coins located in the Trezor wallet to the Keystone wallet. The fact is that the Keyston wallet does not have a mechanism for changing addresses, as well as addresses for receiving change. Recovery is only possible if your all coins on the Trezor wallet are at address 0. At the same time, if you need to restore coins from your Keystone wallet to Trezor, then everything will work out without any problems.

lyw123

jr. member

Activity: 57

Merit: 4

Quote

The best form of multi signature is the one have higher number of keys that created to the number of keys to sign a transaction, example is a 2 of 3 set up or its likes. This way when one wallet key or phrase is lost you don’t lose the entire set up in a 2 of 2 set up.

That's a good idea. I happen to have three different brand hardware wallets (ledger, trezor, and keystone), so I can try 2-of-3.

Quote

You can actually narrow this down by using a single or master seed phrase I would call it, with different passphrases just to reduce the redundancy.

This is a bold idea. I'm not sure if it's secure enough.
I've been using a complex method to record three sets of mnemonic phrases. It takes a lot of time to manually encode and verify them. If using a new passphrase alone is secure enough, then I won't need to generate new mnemonic phrases in the future.

Quote

Most of the hardware wallet manufacturers are compliant with BIP32/BIP39 protocols.
When setting up a new hardware wallet, be sure to safely store your BIP39 Seedphrase, optionnaly you passphrase (if set up) and the derivation path (if you use a custom one).
Then you will be able to enjoy multiple hardware wallet from multiple vendors. Even at the same time to get rid of a possible hardware failure.

Thanks for your help. I have 3 different brands of hardware wallets (ledger, trezor, keystone). You mean I can try 2-of-3 multi-signature?

Tibu

full member

Activity: 303

Merit: 140

Hardware and open source software solutions.

Quote from: lyw123 on September 27, 2023, 09:27:17 PM

For example, can a Trezor wallet with a passphrase be properly recovered in Keystone? I asked chatGPT, and it said no. If the underlying algorithms for their passphrases are different, then they cannot be used interchangeably.

   If I set a passphrase and my hardware wallet broke one day. Then I need to buy a new one, and sadly discover that company has gone out of business. What should I do?

   If it is true, then I will never use a passphrase on a multi-signature BTC wallet, and buy double wallets for every brand (single-signature with passphrases) to store altcoins.

Hey,

Most of the hardware wallet manufacturers are compliant with BIP32/BIP39 protocols.
When setting up a new hardware wallet, be sure to safely store your BIP39 Seedphrase, optionnaly you passphrase (if set up) and the derivation path (if you use a custom one).
Then you will be able to enjoy multiple hardware wallet from multiple vendors. Even at the same time to get rid of a possible hardware failure.

Wink

Zaguru12

hero member

Activity: 672

Merit: 855

Quote from: lyw123 on September 27, 2023, 10:09:25 PM

Thank you. Damn AI models. I ask 3-4 different AI models (chatGPT3.5, Google PaLM, Baidu Wenxin Yiyu...), they all tell me No.

Not saying AI are accurate but I think it is still saying the same thing but not clearly. The word different algorithm is the compatibility we are all saying, if it is different then you can use it interchangeably. But most of these wallets use the same compatibility.

Quote

Using Trezor and Keystone with passphrases to generate a 2-of-2 multi-signature wallet through the electrum software. And using Trezor and Keystone with the same two mnemonic phrases, but different passphrases, for storing altcoins.

The best form of multi signature is the one have higher number of keys that created to the number of keys to sign a transaction, example is a 2 of 3 set up or its likes. This way when one wallet key or phrase is lost you don’t lose the entire set up in a 2 of 2 set up.

Quote

Additionally, securely storing 3 or more different mnemonic phrases using my complex method is burdensome for me. Two mnemonic phrases with four different passphrases are just right for me.

You can actually narrow this down by using a single or master seed phrase I would call it, with different passphrases just to reduce the redundancy

lyw123

jr. member

Activity: 57

Merit: 4

Quote

AI answers are not 100% accurate. Like this, it failed it. If you want good information about bitcoin and bitcoin wallet, it is better you ask about it on this forum than AI to be misleading you.

Thank you. Damn AI models. I ask 3-4 different AI models (chatGPT3.5, Google PaLM, Baidu Wenxin Yiyu...), they all tell me No.

I bought a lot of hardware wallets (4 Trezor, 3 Ledger, 2 SafePal, 1 imToken, 1 Keystone) and did a lot of research. After reading some posts on this site, I feel very sad because the truth is I wasted a lot of money. If I can choose again, 2 Trezor One and 2 Keystone would be enough. Using Trezor and Keystone with passphrases to generate a 2-of-2 multi-signature wallet through the electrum software. And using Trezor and Keystone with the same two mnemonic phrases, but different passphrases, for storing altcoins.

Additionally, securely storing 3 or more different mnemonic phrases using my complex method is burdensome for me. Two mnemonic phrases with four different passphrases are just right for me.

lyw123

jr. member

Activity: 57

Merit: 4

Quote

If you are asking of whether you can import your trezor key into another brand then I would say as long as the hardware wallet is compatible with Bip39 then yes you just need to import the seed phrase + the passphrase into just any brand of hardware wallet. Keystore wallet is Bip39 compatible so yes it is possible.

I know the same seed phrase (Mnemonic phrase) can be recovered in any wallets， but not sure about passphrase. "Damn chatGPT, as well as other AI models, always talking nonsense."

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Quote from: lyw123 on September 27, 2023, 09:27:17 PM

For example, can a Trezor wallet with a passphrase be properly recovered in Keystone? I asked chatGPT, and it said no. If the underlying algorithms for their passphrases are different, then they cannot be used interchangeably.

AI answers are not 100% accurate. Like this, it failed it. If you want good information about bitcoin and bitcoin wallet, it is better you ask about it on this forum than AI to be misleading you.

Quote from: lyw123 on September 27, 2023, 09:27:17 PM

If I set a passphrase and my hardware wallet broke one day. Then I need to buy a new one, and sadly discover that company has gone out of business. What should I do?

There are many wallets that support BIP39 seed phrase (+passphrase if included). Most wallets are BIP39 wallets.

Zaguru12

hero member

Activity: 672

Merit: 855

If you are asking of whether you can import your trezor key into another brand then I would say as long as the hardware wallet is compatible with Bip39 then yes you just need to import the seed phrase + the passphrase into just any brand of hardware wallet. Keystore wallet is Bip39 compatible so yes it is possible.

Quote from: lyw123 on September 27, 2023, 09:27:17 PM

If I set a passphrase and my hardware wallet broke one day. Then I need to buy a new one, and sadly discover that company has gone out of business. What should I do?

This is not true because the hardware wallet doesn’t hold your bitcoin but rather it is stored on blockchain. The wallet only holds the keys or seed phrase. Once it gets damage you can recover the wallet back using another wallet even if it is a different brand provided that the brand is compatible to the one that generated the recovery seeds. If you set a passphrase then you need it too when recovering the wallet and if it is forgotten then such wallet cannot be recovered even with the seed phrase available

lyw123

jr. member

Activity: 57

Merit: 4

Quote

For example, can a Trezor wallet with a passphrase be properly recovered in Keystone? I asked chatGPT, and it said no. If the underlying algorithms for their passphrases are different, then they cannot be used interchangeably.

   If I set a passphrase and my hardware wallet broke one day. Then I need to buy a new one, and sadly discover that company has gone out of business. What should I do?

   If it is true, then I will never use a passphrase on a multi-signature BTC wallet, and buy double wallets for every brand (single-signature with passphrases) to store altcoins.

Now, this silly question has been solved. Thank everyone!

Topic: Is the passphrase of one hardware wallet usable in another hardware wallet? (Read 77 times)