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50 sats \ 1 reply \ @Wizardsardine 27 May \ parent \ on: Square terminals to accept lightning bitcoin
New blog post: What is a Bitcoin recovery key?
(same as #986564, but now with this cool picture of a wizard sardine in a pool)
10 sats \ 1 reply \ @Wizardsardine OP 22 May \ parent \ on: What is a timelocked recovery key? bitcoin
If the goal is making it so no one can have them, just burn the coins. Timelocks are great because they give you some control over when people access rather than preventing access all together.
It's not always a great idea to store key material online. This is one reason we like multisigs and timelocked recovery keys: if you store your keys separately and you lose one key or the backup, you can still recover because you have some fallbacks.
17 sats \ 1 reply \ @Wizardsardine OP 15 May \ parent \ on: Call for Bitcoin User Interviews bitcoin
Many bitcoiners solve this problem by using an air-gapped hardware wallet. You run a node or a watch-only wallet on your internet-connected laptop, but it doesn't have any private keys. It can only see your wallet balance, not spend.
When you want to spend, you create a transaction with this laptop and then use QR codes or sd cards to transfer the transaction to your hardware wallet for signing. After your hardware wallet signs the transaction, you use the same method to transfer it back to your laptop to broadcast to the network.
BTCSessions has a number of Youtube tutorials on how to do this. It's worth checking them out.
Thanks for the great feedback! Your observations about confusion during the backup/recovery process really resonate!
The 65535 block limit on timelocks is a Bitcoin consensus thing. It may change in the future, but currently, relative timelocks cannot be longer.
The signup confirmation email for using our node should definitely include "Liana" - great point!
Do you worry more about the transfer method (making sure they get keys, descriptors, wallet info) or do you worry that they will be unable to figure out how to successfully recover the wallet?
> put in the work and stack sats
> make intricate treasure map puzzle to find keys
> wife and family struggle for years but finally solve
> still can't spend because sats are timelocked
> darth chuckle
It's hard to tell whether people put arbitrary data in the witness because of the op_return limit or because of economics:
Using an op_return to put data in a transaction is cheaper for payloads smaller than 143 bytes (ignoring the current 83-byte limit), while over 143 bytes the witness is cheaper.1
The op_return limit certainly seems to be effective, but it is also true that for larger amounts of data (anything over 143 bytes) it's probably going to go into the witness anyway.
Either way, it does feel like a contradiction: if filters don't work then why do you need to get rid of them? However, it may be more nuanced: filter isn't stopping the behavior, it's just moving it.