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0 sats \ 1 reply \ @bitcoinMoon OP 16 Jun 2023 \ parent \ on: Mnemonic Code Converter. How safe is this tool to use. iancoleman io bitcoin
My version of creating a savings wallet is not bad, but! BUT! The https://iancoleman.io/ tool generates a seed phrase according to the BIP39 specification. At the same time, if you want to spend money in the future, then a person without professional technical knowledge may encounter problems. When I entered the phrase created through the https://iancoleman.io/ tool into Electrum, the wallet said the following:
Warning: BIP39 seeds can be imported in Electrum, so that users can access funds locked in other wallets. However, we do not generate BIP39 seeds, because they do not meet our safety standard. BIP39 seeds do not include a version number, which compromises compatibility with future software. We do not guarantee that BIP39 imports will always be supported in Electrum.
That's how it is!
That's why is better to save also the derivation path, MPK, first 10 generated addresses together with your seed. So when you restore it in a app like Electrum, to be certain you restored the right one.
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