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1 sat \ 0 replies \ @DarthCoin 28 Jan \ parent \ on: Wallet recovery services security
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