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10 sats \ 1 reply \ @Design_r OP 28 Jan \ parent \ on: Wallet recovery services security
Such sweet reminder, thank you!
Yes, as educators, we often (wrongful) say "you only need 12 words to remember", but nowadays we have so many wallet types that a noob can get lost in them.
Using an (offline and encrypted) password manager app like Keepass or Bitwarden is a must in order to save all this information.
Also wallet devs /designers should ask the important question before they start making a new wallet: why noobs are losing access to their wallets?
The answer is because they do not save ALL the information about that wallet.
- derivation path - is very important. I've seen a lot of noobs losing their head because they didn't used the right derivation path with the seed they saved.
- recovery practices - many new users do not practice recovery procedure BEFORE depositing any sats in that wallet. YOU DO NOT need to deposit sats in order to check if a wallet is recovered correctly! Is enough to check the first generated addresses or the xpub
- xpub/zpub - it is a very important information
- first 2-3-5 BTC addresses - is good to have them at hand, in case you do not have the xpub
- birth date of a wallet - especially for aezeed and complex wallets
- LN nodeID (pubkey) - if you use a LN node it is very important to save this information too
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