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32 sats \ 1 reply \ @Scoresby 20h \ parent \ on: For individuals - split seed phrase, seed phrase and passphrase, or multisig? bitcoin
I suppose I'd say splitting your seed in half is not an upgrade at all. Youve actually made yourself more vulnerable because you have two secrets you need keep safe. If either one is lost, you lose your coins. I don't know that you even get much resistance to theft. You still need to bring the full seed together to sign a transaction. What is the value of this construction?
Here's my thoughts on it:
- This is only valuable for a very cold storage situation - your stash that you want to keep safe, and (almost) never spend from
- It's an upgrade from single sig, in terms of resistance to violent theft. If you're keeping your seed phrase in your house, and someone breaks in and threatens you, you may give it up. If you have to actually go to another location, you're more resistant to this kind of attack
- Multisig is better, but much more difficult than just splitting the seed. Splitting the seed makes intuitive sense. Multisig does not. People who are knowledgeable about bitcoin often have a hard time putting themselves into the mind of a beginner - or even an intermediate user.
- Each "site" (location that you're keeping the secret) would have a backup. Like, you'd have a hardware wallet, and steel backup.
I'm not saying that splitting your seed, or doing a seed phrase/pass phrase as written up above is THE BEST security, better than multisig.
But, it really does seem that it might be a good step, between single sig and multisig.
I'm definitely interested in people's feedback, though. Maybe check out the video from above, see what you think.
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