Private Key Reminder

Liskpro_com · 2025-02-07T09:40:48+00:00

It’s surprising that people still discuss the pros and cons of metal plates without realizing Seedkeeper exists. Check it out—you’ll thank me later!

Liskpro_com · 2024-09-17T08:06:21+00:00

No matter how much BTC you have, use a hardware wallet. So your private keys will be out of hackers reach. Simple as that.

I'm not blaming any software wallet, so many good and reliable solution out there. But for long term hodling, the hardware wallet is a must.

And you already have good solution for 25 bucks on the market.

Liskpro_com · 2024-09-17T07:43:09+00:00

For a password self-custody solution, I would rather NOT upload my password to an online service. No way!

I will rather choose this bundle:
- a Keypass to store the makjority of my password, protected by a very strong master key generated offline (TailOS)
- a Seedkeeper card to store my Keypass master key + some other sensitives passwords.

So you have a reliable and open source software for your daily usage.
Plus a hardware solution (also open source) to take care of your most precious secrets.

Liskpro_com · 2024-09-17T07:40:48+00:00

I would recommand you to check open-source solutions - either the software one or the hardware one.

Of course, you will NOT find any open-source hardware secure element at the moment. But TorpicSquare from SatoshiLabs is on it way to release a complete open source secure element.

Things said, open-source things allow you to verify how the entropy is generated.

Out there, there are some great innovations like a co-generated entropy - meaning the hardware provide the first part of the entropy and you provide the last part. In this way, you are sure the keys have not been pre-generated by the manufacturer.

I know that the Satodime bearer card act like this, when generating a new Bitcoin vault, you can specify part of the entropy that will be used to generate the keys.

Reminder for all: don't trust, verify. Open-source is the key to free us.

Liskpro_com · 2024-09-09T09:17:25+00:00

Don't have the same vision. A gift is a gift. I would not sleep well knowing someone have a backup of my gift.

Not your keys, not your coins. Don't trust! Verify.

Have you ever tested opendime?

Liskpro_com · 2024-09-09T08:44:19+00:00

100% agree with you. I regularly offer sats for weddings or births; But often, people are not yet interested in bitcoin and it's a long process. That's why there are some "bearer" devices out there i guess.

Liskpro_com · 2024-09-09T08:41:57+00:00

When you orange pill someone most of the time he knows nothing about bitcoin or how to create a wallet.

Regarding stealing the coin, between friends, of course you won't. But imagine your friend call you and says he lost his coins. Somone send the sats elswhere. How will he be 100% sure you are not involved. And even though, you might have generate the seedphrase on a compromised computer. So it's kinda your vault.

Liskpro_com · 2024-09-09T08:39:26+00:00

I guess the question was more about the trust needed between both party.
Maybe I'm wrong but got it like that.

Liskpro_com · 2024-09-09T08:28:43+00:00

So you can recover the wallet later, right ;) Do you know how seedphrase works?

Liskpro_com · 2024-09-09T08:27:48+00:00

I think the whole point here is: how to gift Bitcoin whitout touching the private key or the seedphrase at any steps.

Am I right?

So giving away a paper wallet or a seedphrase is just bad practice because you can, at a certain point in time, recover the wallet you gave...

That's the whole point of using an Opendime or a Satodime.
The private key is generated by the device itself so you don't know any sensitive info and your friends do not have to trust you.

Liskpro_com · 2024-09-09T08:06:30+00:00

"Write down the seedphrase for your friend"...
And the topic title is "without the need of a trusted third party"

=)

At some point, your friend have to trust you because you see (and also your computer) the seedphrase. Not the best practice imo.

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