Topic: Smart to use same seed in differtent wallets? (Read 184 times)
very very dumb idea sorry
thanks for replies
@AdolfinWolf thanks for the anwser
I was curios and did a test with jaxx and exodus. Long story short my ETC funds showed up in both walltes while using the same seed.
So this shows that you definitely can use the same seed but your funds may not show up.
I was curios and did a test with jaxx and exodus. Long story short my ETC funds showed up in both walltes while using the same seed.
Is it possible, say, have the same seed for different Electrum wallets? For example, I have BTC, BCH, VTC, etc Electrum wallets. Can I use the same seed for all of them?
So this shows that you definitely can use the same seed but your funds may not show up.
Different services use different seeds a lot of the time, but if you have two services that are compatible with the same kind of seed, it's perfectly fine.
That said, you have to realise that by using your seed in multiple wallets, your coins are as strong as their weakest link. For example, don't use a hardware wallet seed in an ordinary software wallet on your PC, because it would defeat the point of using a hardware wallet.
This makes it pretty much pointless to try having a seed in two places, because the main purpose of doing it would be convenience (for example, you would have one wallet stored very safely and one that is convenient for everyday access). You might as well just use different wallets.
That said, you have to realise that by using your seed in multiple wallets, your coins are as strong as their weakest link. For example, don't use a hardware wallet seed in an ordinary software wallet on your PC, because it would defeat the point of using a hardware wallet.
This makes it pretty much pointless to try having a seed in two places, because the main purpose of doing it would be convenience (for example, you would have one wallet stored very safely and one that is convenient for everyday access). You might as well just use different wallets.
Is it possible, say, have the same seed for different Electrum wallets? For example, I have BTC, BCH, VTC, etc Electrum wallets. Can I use the same seed for all of them?
BTC and BCH use the same address format, so I think the same rules apply as long as you're using a legacy wallet. I'm not familiar with VTC so I can't tell you, but I doubt it. I don't think that would even be possible due to how the derivation method of the wallet is chosen. Some might have incompatible seeds, Electrum for example uses BIP39, while Jaxx.io uses m/44'/0'/0'/0/0 (?),
( Don't quote me on that but i believe it is different for Exodus aswell.)
Even if it was possible, aslong as your computer is secured, there shouldn't really be an issue, other then that you will need to take care of two spots/wallets, instead of just one wallet. Depending on your situation it may or may not decrease security.
If 1 wallet gets hacked/cracked the other one will obviously also be emptied.
Is it possible, say, have the same seed for different Electrum wallets? For example, I have BTC, BCH, VTC, etc Electrum wallets. Can I use the same seed for all of them?
Hi,
I'm wondering if it's a good idea to use the same seed in differtent wallets applications like electreum, jaxx or exodus?
If not what are the risks?
Already thx for an anwser.
I'm wondering if it's a good idea to use the same seed in differtent wallets applications like electreum, jaxx or exodus?
If not what are the risks?
Already thx for an anwser.
I don't think that would even be possible due to how the derivation method of the wallet is chosen. Some might have incompatible seeds, Electrum for example uses BIP39, while Jaxx.io uses m/44'/0'/0'/0/0 (?),
( Don't quote me on that but i believe it is different for Exodus aswell.)
Even if it was possible, aslong as your computer is secured, there shouldn't really be an issue, other then that you will need to take care of two spots/wallets, instead of just one wallet. Depending on your situation it may or may not decrease security.
If 1 wallet gets hacked/cracked the other one will obviously also be emptied.
Hi,
I'm wondering if it's a good idea to use the same seed in differtent wallets applications like electreum, jaxx or exodus?
If not what are the risks?
Already thx for an anwser.
I'm wondering if it's a good idea to use the same seed in differtent wallets applications like electreum, jaxx or exodus?
If not what are the risks?
Already thx for an anwser.
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