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Poll: Multiple Seedphrases or Multiple Passphrases
1 sat \ 2 comments \ @yoshi 5 Dec 2022 bitcoin
I have been mulling over this one for a while. I am considering splitting my satoshis over multiple wallets. Just in case someone either finds my seed phrase, or someone guesses my private key. Which I realise is improbable but still i'm just looking for peace of mind and want to split over 2 wallets.
Would you suggest that I create multiple seed phrases or just keep the 1 seed phrase and have 2 passphrases. Would appreciate any rationale in the comments.
1 seed, 2 passphrases0.0%
2 seeds100.0%
2 votes \ poll ended
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228 sats \ 0 replies \ @Jon_Hodl 5 Dec 2022
Multiple seeds for wallets you don't expect to hold for a long time. Use them and then destroy them when you zero out the balance.
Single seed with multiple passphrases for seed phrases you do plan to hold for a long time. Divided stacks for different things, kids, etc.
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0 sats \ 0 replies \ @ek 6 Dec 2022
What speaks against multisig in this case? Just use a 2of3 multisig then you have your "2 seed" solution.
I also still have two wallets using this scheme: I use my signing device for a wallet which requires only one signature for spending. But then I use the same signing device together with two other seeds I generated using Electrum for a 2of3 multisig wallet.
Basically, the singlesig wallet is my onchain cold wallet for easy access whereas the 2of3 is my cold storage "vault" where I put coins I don't intend to move for a very long time.
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