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Author Topic: rather than multisig  (Read 289 times)
SilverCryptoBullet
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June 12, 2025, 12:30:53 PM
 #21

rather than setting up a multisig, would it be good to split my seed words into two remote locations? or is this idea flawed in some way?
You should never do this and what you should do is making multiple wallet backups and store them at different locations. Remember that each of those locations, you have a full backup for each location that means only with it you can recover your wallet completely and successfully.

How to backup a seed phrase?
Why seed splitting is a very bad idea?

What you intended to do is seed splitting and as you see, it's not recommended.

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June 17, 2025, 12:10:11 AM
 #22

rather than setting up a multisig, would it be good to split my seed words into two remote locations? or is this idea flawed in some way?
Never split your seed phrase. If you lose even one part,  you'll lose all your assets. If a multisignature setup feels too complicated there are safer ways to store your seed. You can add a passphrase to your seed phrase to extend it and then store them in two different locations, so even if someone finds your seed, they won't be able to access your funds.

Another option is to store your seed phrase in multiple secure locations that only you can access, keeping it safe from theft. It's always best to use wellknown and tested methods to store your seed to prevent losing your funds.

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June 17, 2025, 12:45:54 AM
Merited by laspol65 (2)
 #23

[...]

You gave very good suggestion it is really important to keep our seed phrase safe because splitting it up is big risk if lose even one piece we lose access to all our funds.

Smart way to protect it is by adding passphrase. We can store our seed phrase and passphrase in different spots making it much harder for someone to get to our money even if they find one part.

Also always keep your full seed phrase in several secure places that only you can get to which helps protect it from things like fire or theft. Basically stick to well known and proven ways to store seed phrase to avoid losing funds.

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SilverCryptoBullet
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June 17, 2025, 04:41:17 AM
 #24

You gave very good suggestion it is really important to keep our seed phrase safe because splitting it up is big risk if lose even one piece we lose access to all our funds.

Smart way to protect it is by adding passphrase. We can store our seed phrase and passphrase in different spots making it much harder for someone to get to our money even if they find one part.
Wallets can be created with or without wallet passphrase but the bottom line is you must make your wallet backups good enough and in a right way.

If you don't back up your wallet passports but only use your brain and memory for remembering it, it is very dangerous backup method. No guarantee that your brain and memory will not have problems that cause terrible memory loss of your wallet passphrase. If it happens, you will lose your wallet and bitcoin except if later you manage to recall the wallet passphrase for recovery.

So, splitting your wallet seed phrase or not, using wallet passphrase or not, you must back it up properly.

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June 17, 2025, 03:21:21 PM
 #25

[...]

You gave very good suggestion it is really important to keep our seed phrase safe because splitting it up is big risk if lose even one piece we lose access to all our funds.

Smart way to protect it is by adding passphrase. We can store our seed phrase and passphrase in different spots making it much harder for someone to get to our money even if they find one part.

Also always keep your full seed phrase in several secure places that only you can get to which helps protect it from things like fire or theft. Basically stick to well known and proven ways to store seed phrase to avoid losing funds.

The keys are best written on a diary page, the better you keep them safe, the more secure your wallet is. Especially if you don't put your wallet's seed phrases anywhere on social media, then anyone has the opportunity to take control of your wallet.
So you should not give others the opportunity in any way, then you will be in danger yourself and the possibility of losing your assets will be the highest. If the keys are safe, then the wallet is safe.

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June 18, 2025, 04:01:04 PM
 #26

if you should really choose to split your seed, then it should not be into 2 halves. If you loose one, everything is gone.

Your setup should be a 2 out of 3. So 3 different locations, with two being needed to get acces to your coins.

There are multiple ways to do this, each with its own merits and drawbacks. All should always be stamped into metal and they should have enough distance from each other.

1. You can do a 2/3 multisig (which you said you dont want to do). This is secure, but may be too complicated and could be an issue with inheritance (which bip, which setup etc.)
2. You can split the seed. Then it needs to be atleast 24 words, it would be 16/24 words in each location. SilverCryptoBullet posted a video explaining the dangers. I think it depends on the attack-vector you are worried about
For the forseeable future (next 15 years) this should give you enough time after a 5-dollar-wrench attack to move your coins with the other 2 backups before an attacker can bruteforce your key with the 16 words he got.
3. You use Shamir Secret Sharing. This is a really secure way of doing a 2/3 setup but again may be too complicated for someone getting your coins after your death.
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