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210 sats \ 1 reply \ @TSW 14 Mar 2024 \ parent \ on: Alekos Filini AMA bitcoin
You mean the TAPSIGNER I believe, not the SATSCARD.
Will a backup consists of a BIP39 seed? Aside from the missing screen that is the other major drawback of the TAPSIGNER.
And if yes, will it be possible to restore a seed to a new device?
But what if you frequently make/receive payments of 1M sats and don't want to self-custody Lightning? Moving that between on-chain and Lightning each time will be expensive.
Thanks for the suggestions.
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Everyone knows that there are satoshis in a wallet and not USD. However, that does not mean that people don't calculate in USD.
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Those amounts are not useless. You need to connect them to the real world, which for most people means converting them to their local currency and assessing how much they feel comfortable holding in a custodial wallet. This is similar to what they feel comfortable holding in their physical wallet as cash. The amount of satoshis people will keep in a certain setup will change over time (custodial LN, self-custody LN, single sig on-chain, multi-sig on-chain, etc.).
I expressed it in USD because I anticipate that individuals will reduce the quantity of satoshis they hold in custodial wallets as the purchasing power of a satoshi rises.
Preferred custodial wallet: https://www.blink.sv/
- FOSS
- Visible team
- Low fees
- Easy to use
- Stablesats
I thought I would just continue orange-pilling people as usual but ended up starting my own company in the bitcoin space!
Yes. In the future, 99% of the world population will be priced out of using L1. Only the ones that are early and stacked a large enough stack will be using on-chain. For myself, I only have UTXOs of 1M sats or larger for this reason. These might need to be consolidated at some point as well.
100% agree. But people should know their own limitations, and that is definitely not the case in the bitcoin space, unfortunately. You might be an expert, but ~80% of people are not and might make a critical mistake sooner or later.
Security budget likely increases with what you have to secure, for example:
- 100 USD of bitcoin: paper wallet
- 1k USD of bitcoin: HW wallet single sig
- 20k USD of bitcoin: multisig
- 100k USD of bitcoin: multisig with SeedHammer
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100k of bitcoin: proper inheritance planning
Why would you complicate your lift with singlesig?
Are you an individual that doesn't want:
- Protection against a 'single point of failure.'
- Protection against loss/theft of private keys.
- Protection against 'evil maid' attacks.
- Protection against physical attacks.
- Protection against phishing.
- Protection against malware.
- Protection against supply chain attakcs
- Protection against non-standardized passphrases
- Inheritance planning
This has been resolved by https://seedhammer.com/. You only need two plates from the 2of3 to restore a wallet. One plate does not provide all the XPUB details so if anyone finds one plate your privacy is still protected.