IMPORTANT At 9:50 > Attention, BIP-85 DOES work with 12-word seed (and not only with 24-word seed). Also, remember that 24 words is NOT more secure than 12-word (because elliptic curve security is 128bits anyway, not 256bit)... check this info by searching for Adam Back tweet: "12 words is enough.". Let's work to make 12-word the new seed standard for newcomers, since there is NOT benefit for 24-words (except a stronger checksum). Thank you a lot for your amazing videos!
Man, excellent job on this video! In a time when privacy is increasingly important, this channel continues to be a reliable source of information and guidance. I deeply appreciate all the knowledge I have gained here and the valuable contribution to the Bitcoin community. Keep up the great work, greetings from Portugal !!
Thanks Ben. Great content! Question: Since I already have generated a few seeds for my lightening wallets (from the lightening wallets themselves), can I store those seeds on my coldcard? Or is it better (if I want to be able to store them on my coldcard), to start over and wipe the seeds connected to my lightening wallets and then restore with a seed generated from the Coldcard? Thanks!
Awesome video thanks! If the intention is to create watch only wallets like you demo’d at the end, I think you can simplify the setup by only using a distinct passphrase for each wallet. No need to generate seed phrases for each wallets since signing always happen on the cold card.
This video is spectacular as most of your content, thanks Ben!. I just have a hard time every time you use the word "account" when referring to an index number, because you know, we have, passphrases, we have derived entropy, but we also have 'accounts' as another feature (not BIP85). I'll just leave this comment around and hopefully help someone clear out if they have that confusion. EDIT: I should've known, you did went over it briefly at the end of the video! XD
Ben, couldn’t this be used for nefarious purposes? Basically, someone could set up software that looked like it was generating original wallets but they would maintain a secret backup without them knowing. Is that correct?
Good video man! Quick question.... if something happens to Cold Card wallet and you have set up a Passphrase with it and you would for example recover the seed on a different wallet, for example Trezor or Ledger.... how would that work considering there is a passphrase?
If 24 word seed phrases offer no more security than 12 word seed phrases then why would someone use 24? That's just more words to backup for no added benefit?
Can the child accounts also add a passphrase? And if yes, can the child accounts with passphrase be used as bip85 parent accounts to generate more child accounts (which would theoretically be grandchild accounts of the main account)?
EXACTLY. I see Passphrase wallets as a better option in 98% of the circumstances. There might be a very few circumstances where BIP85 might be a better option but I can't really think of one versus using Passphrase wallets. I also disagree with most people who say to keep a small amount of money in your main wallet and the rest in your Hidden Passphrase wallet. My opinion is.......leave the main wallet EMPTY because then no one will know of the wallet was ever even used and will be less likely to try to look deeper to see if they can find a passphrase wallet....which I think would be very time consuming, highly unlikely that they would ever find anything assuming you create a strong passphrase. I've generated hundreds of seed words over the years when practicing and I've never used for anything so just because a wallet was created does not mean that a Passphrase wallet was also created. You'd be looking for something that doesn't exist. I think Passphrase wallets are the way to go.
My understanding is: you only need to remember or store one passphrase and then enter (remember) the index number 1,2,etc to lead to the separate wallets. Rather than remembering / storing various passphrases. If you delete or loose one of the separate wallets (or their seed phrases), you just go back to your one passphrase and the index number to recover it. Thats how I understood it, might be wrong though
IMPORTANT
At 9:50 > Attention, BIP-85 DOES work with 12-word seed (and not only with 24-word seed). Also, remember that 24 words is NOT more secure than 12-word (because elliptic curve security is 128bits anyway, not 256bit)... check this info by searching for Adam Back tweet: "12 words is enough.".
Let's work to make 12-word the new seed standard for newcomers, since there is NOT benefit for 24-words (except a stronger checksum).
Thank you a lot for your amazing videos!
Man, excellent job on this video! In a time when privacy is increasingly important, this channel continues to be a reliable source of information and guidance. I deeply appreciate all the knowledge I have gained here and the valuable contribution to the Bitcoin community. Keep up the great work, greetings from Portugal !!
Time Stamps:
0:00 - 4:16 - Intro / Sponsors
4:16 - 8:47 - About BIP85 & Prerequisites
8:47 - 11:18 - Initial Setup (Coldcard Device)
11:18 - 18:40 - Using a Passphrase
18:40 - 22:32 - Using your Parent Seed (Sparrow Wallet Demo)
22:32 - 30:57 - Creating BIP85 Wallets (Hot Wallet Demo w/ Blue & Nunchuk)
30:57 - 32:11 - Recovering BIP85 Wallet
32:11 - 37:21 - Uncle Jim Mode: Seeds for Family
37:21 - 43:06 - Segregated Cold Accounts (For Savings, Privacy, Business, etc)
43:06 - 50:12 - Spending from a BIP85 Cold Wallet
50:12 - 52:35 - Keeping Yourself Organized
52:35 - 56:06 - Backup Considerations
56:06 - 1:00:12 - Case Suggestions
1:00:12 - 1:03:40 - Final Thoughts
1:03:40 - 1:05:14 - Outro
Thanks Ben. Great content! Question: Since I already have generated a few seeds for my lightening wallets (from the lightening wallets themselves), can I store those seeds on my coldcard? Or is it better (if I want to be able to store them on my coldcard), to start over and wipe the seeds connected to my lightening wallets and then restore with a seed generated from the Coldcard? Thanks!
Awesome video thanks! If the intention is to create watch only wallets like you demo’d at the end, I think you can simplify the setup by only using a distinct passphrase for each wallet. No need to generate seed phrases for each wallets since signing always happen on the cold card.
This video is spectacular as most of your content, thanks Ben!. I just have a hard time every time you use the word "account" when referring to an index number, because you know, we have, passphrases, we have derived entropy, but we also have 'accounts' as another feature (not BIP85). I'll just leave this comment around and hopefully help someone clear out if they have that confusion.
EDIT: I should've known, you did went over it briefly at the end of the video! XD
Can you use bip85 for a lightning node for example umbrel node?
You rock Ben. Love learning.
Best tutorials on YT!
I would love to see a future video about generating bip85 seeds for nostr
Cool, this can go up indefinetly right?
Great video! Thanks for the "deep dive".
Amazing and informative video
Ben, couldn’t this be used for nefarious purposes? Basically, someone could set up software that looked like it was generating original wallets but they would maintain a secret backup without them knowing. Is that correct?
That’s not specific to bip85…a wallet maker can be logging bip39 seeds generated too.
My paranoid mind went there, as well. lol. This is why we roll dice for entropy in dark basements.
Seedsigner
Good video man! Quick question.... if something happens to Cold Card wallet and you have set up a Passphrase with it and you would for example recover the seed on a different wallet, for example Trezor or Ledger.... how would that work considering there is a passphrase?
Just need a device that also uses passphrases. It's a standard protocol, not a coldcard protocol. Any wallet will regenerate the private key.
is there any good nodejs library for this stuff?
let's say I have my seed a long time ago and I have btc on it, is it safe to turn this seed to bip85?
yes
Something went wrong with the fps on this one. Shot in a different fps than edited? It's a real juddery mess skipping and repeating frames.
If 24 word seed phrases offer no more security than 12 word seed phrases then why would someone use 24? That's just more words to backup for no added benefit?
In case the entropy of a 12 word seed phrase wasn’t actually 128
Brilliant! Thank you
Ben the GOAT!
Can you use one of these BIP-85 child seeds for a lightning wallet?
Yes
Can the child accounts also add a passphrase? And if yes, can the child accounts with passphrase be used as bip85 parent accounts to generate more child accounts (which would theoretically be grandchild accounts of the main account)?
Yes
I still don't get why bip85 would be better for separating kyc and nonkyc coins compared to having 2 different passphrases?
EXACTLY. I see Passphrase wallets as a better option in 98% of the circumstances. There might be a very few circumstances where BIP85 might be a better option but I can't really think of one versus using Passphrase wallets. I also disagree with most people who say to keep a small amount of money in your main wallet and the rest in your Hidden Passphrase wallet. My opinion is.......leave the main wallet EMPTY because then no one will know of the wallet was ever even used and will be less likely to try to look deeper to see if they can find a passphrase wallet....which I think would be very time consuming, highly unlikely that they would ever find anything assuming you create a strong passphrase. I've generated hundreds of seed words over the years when practicing and I've never used for anything so just because a wallet was created does not mean that a Passphrase wallet was also created. You'd be looking for something that doesn't exist. I think Passphrase wallets are the way to go.
I would be interested in this as well.
My understanding is: you only need to remember or store one passphrase and then enter (remember) the index number 1,2,etc to lead to the separate wallets. Rather than remembering / storing various passphrases. If you delete or loose one of the separate wallets (or their seed phrases), you just go back to your one passphrase and the index number to recover it. Thats how I understood it, might be wrong though
Backup purposes. Even if you lose the bip 85 seeds you can dig up your parent seed and get all of them back
/tips isn't working FYI
Brilliant
21 mio thanks 🙏