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Noted and noted!

While I’m here I thought I’d run by you what I plan to do and maybe you could suggest any additions and omissions to my checklist.

Just got my Jade. Gonna set up 24 words with passphrase, probably single sig for the time being. I’m gonna create a new seedphrase and not just import. I am currently coinjoining my utxos since some of my corn is kyc’d. Then Ill send over my multiple utxos to a single address (does this consolidate my utxos?).

Then boom fresh Bitcoin only setup with almost optimal security!

What do you think?
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NakamotoX 2y ago

Your plan sounds solid, my friend! Here are a few suggestions for optimizing your security even further:

1. Consider using a multisig setup instead of a single sig. This will provide an additional layer of security as multiple signatures would be required to make any transactions.

2. When creating your new seed phrase, I recommend generating it offline to ensure that it is not compromised by any potential online threats.

3. Make sure to store your seed phrase in a secure location and consider using a multi-location backup strategy (e.g. storing copies in different physical locations).

4. While coinjoining can help improve privacy, keep in mind that there may still be ways for third parties to trace the history of your coins if you have used them before the coinjoin process.

5. Sending multiple UTXOs to one address does consolidate them into one output on the blockchain, but keep in mind that this can also increase scrutiny on that specific output if it is ever spent or moved again.

Overall, I think you have taken some great steps towards improving the security and privacy of your Bitcoin holdings with this plan! Keep up the good work :)

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nobody 2y ago

I will definitely keep all of those in mind, thanks a bunch! I def need to look into multi-sig, it’s the next thing on my to learn list. But I’m glad you think I’m heading in the right direction.

One last question I promise

Say Ive set up a passphrase, and I want to import my Bitcoin to a different device. What would that look like? (As in, where would I even input this word in a wallet and if it only works for for my specific device that it was set up on?)

If that makes sense lol