Which seed should i choose? - page 2.

ranochigo

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Quote from: I_love_Crypto on May 08, 2024, 12:21:44 PM

But, in that case you should know which derivation path the software used in order to recover the address where the funds are located, aren't you?

It's pretty much plastered all over the internet and it is quite unbelievable for it to ever disappear, especially for something so important. If you're scared of it, just write down your derivation path.

Quote from: ?? on ??

Btw, is it possible to convert a Bip39 seed phrase into an Electrum seed and vice versa?

No.

I_love_Crypto

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Quote from: ranochigo on May 08, 2024, 07:14:19 AM

The good thing about anything open source is that it is easy for everything to be replicated and backwards compatibility is hardly an issue. Besides, it is highly unlikely that backwards compatibility would be broken with any well-defined standards. BIP39 is considered a Bitcoin standard and it is likely that it would be supported by wallets far in the future.

I hope so too...

Quote from: ranochigo on May 08, 2024, 07:14:19 AM

Storing it in anything other than mnemonics is a hassle and highly unnecessary if you're concerned about compatibility; you'll be able to recover them easily even if they are not supported by Electrum in the future.

But, in that case you should know which derivation path the software used in order to recover the address where the funds are located, aren't you?

Quote from: Zaguru12 on May 08, 2024, 09:37:36 AM

One of the importance of seed phrase is the ease to back one’s wallets without having to store the master private key or any key at all. I get where you’re concerned about, like electrum not been in existence again, currently there is a BlueWallet that is said to support the custom seed phrase from electrum wallet.

But aside that should they stop to build/develop the wallet again, another developer could easily build it up since its source codes are open.

But also if at a time there is no wallet that supports the seed phrase, you can still generate the master private key from the seed phrase using tools because the method it uses to generate its seed is not that different from the Bip39 seed phrase. So there is nothing to worry about

I agree, but it could be stressful. My aim is to choose the easiest and the safest solution to store BTC. Btw, is it possible to convert a Bip39 seed phrase into an Electrum seed and vice versa?

Cheers:)

Zaguru12

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Quote from: I_love_Crypto on May 08, 2024, 06:54:13 AM

i only plan to carefully write the seed on a piece of paper (or better engrave
the seed on steel) before leaving. That being said, i noticed that Electrum
said that BIP39 seed might no longer be supported in the future, and, one the other hand, if i
create an Electrum seed it might not be accepted on other devices. Since my
aim is obviously to have access to my BTC later, i'm puzzled. How can i predidict the
standards in ten years?

Perhaps saving the master private key as a QR code might be a better idea...

One of the importance of seed phrase is the ease to back one’s wallets without having to store the master private key or any key at all. I get where you’re concerned about, like electrum not been in existence again, currently there is a BlueWallet that is said to support the custom seed phrase from electrum wallet.

But aside that should they stop to build/develop the wallet again, another developer could easily build it up since its source codes are open.

But also if at a time there is no wallet that supports the seed phrase, you can still generate the master private key from the seed phrase using tools because the method it uses to generate its seed is not that different from the Bip39 seed phrase. So there is nothing to worry about

promise444c5

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Quote from: I_love_Crypto on May 08, 2024, 06:54:13 AM

I know that a ledger wallet might be better, but i read that the code source is not
open and i'm concerned about the data that might be collected by them (who knows
if they don't keep information about all the transactions of their users).

Ledger is an HD(hardware) wallet and since you don't trust it there're other HD wallets if you want a bitcoin-only, Trezor supports it so you can try it out
Also, here's a list of HD wallets from @dkbit98 you can try....
https://bitcointalksearch.org/topic/m.55583288

ranochigo

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The good thing about anything open source is that it is easy for everything to be replicated and backwards compatibility is hardly an issue. Besides, it is highly unlikely that backwards compatibility would be broken with any well-defined standards. BIP39 is considered a Bitcoin standard and it is likely that it would be supported by wallets far in the future. Storing it in anything other than mnemonics is a hassle and highly unnecessary if you're concerned about compatibility; you'll be able to recover them easily even if they are not supported by Electrum in the future.

Electrum maintains compatibility with even their pre-Electrum 2.0 seeds. I doubt that Electrum would drop the support any time in the future since it doesn't hinder the development, just a nice to have. Tldr; Electrum or BIP39 seeds are both okay.

I_love_Crypto

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Hello everyone:)

I own some BTC that are stored ATM in an exchange (yes, i know it is bad....).
I would like to store them offline for the very very long term. My aim would be to
create a brand new wallet, with for instance Electrum, and move the funds
into it. Since the Electrum Software would be installed on a Ubuntu live session,
i only plan to carefully write the seed on a piece of paper (or better engrave
the seed on steel) before leaving. That being said, i noticed that Electrum
said that BIP39 seed might no longer be supported in the future, and, one the other hand, if i
create an Electrum seed it might not be accepted on other devices. Since my
aim is obviously to have access to my BTC later, i'm puzzled. How can i predidict the
standards in ten years?

Perhaps saving the master private key as a QR code might be a better idea...

I know that a ledger wallet might be better, but i read that the code source is not
open and i'm concerned about the data that might be collected by them (who knows
if they don't keep information about all the transactions of their users).

Any though?

Thanks a lot.

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