Replying to Avatar Dr. Bitcoin, MD

Public service reminder:

Bitcoin halving is coming soon. Historically, this means price goes up enough that many people require a re-think of the wallet security.

BEFORE you fund a new wallet, do this:

1) Backup your seed and passphrase in n something solid (or multiple pen and paper backups)

2) make sure your hardware wallet has the same seed as you have backed up!

3) this means note down your wallet identifier and wipe your hardware wallet and then restore from backup; check you get same identifier.

4) you can have multiple hardware wallets with same seed phrase and password. If you need more than 1, consider using different vendors. That said, coldcard wallet is safest for multiple hardware wallets…auto-bricks itself if too many guesses at pin.
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Robertrobert 1y ago

Wallet identifier=?

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Dr. Bitcoin, MD 1y ago

It’s a number. It uniquely identifies the “wallet” ie, the ordered set of addresses and private keys that the seed will generate along the “path.”

You could consider backing up the path in addition to the seed, but there are few paths that software uses, so it’s generally not too hard to get access to the wallet with only the seed.

But if you choose your own key “path,” you could really screw things up if you don’t back it up.

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Robertrobert 1y ago

The derivation path is another name for this right? That is what I always heard.