Universal Seed Phrase

[hZti]

Is it possible to use a seed phrase for more than one currency? Specifically a bitcoin seed phrase for Ethereum? The way I intend to do that is by importing the seed words into an ethereum wallet and create addresses based on the Bitcoin seed words.
This may sound unnecessary to many, but will actually have the benefit that there is only one backup to be made and not many different backups.

[ANSEL_2.0]

What do you mean by using a multi-chain wallet. if you are looking for such a wallet we have trust wallet.
but unfortunately it is a custodial wallet and not a non-custodial. but I think trust wallet is a worthy wallet to use as it is developed and managed by top exchange binance.

Correct me mate, non-custodial means centralized wallet right? It's a shame because I prefer using Trust wallet over other wallets, I thought its partly open source but no problem I am good for now until I can lay my hands on a hardware wallet later.

[hZti]

What I mean is that I import a Bitcoin Seed phrase into an ethereum wallet software and create ethereum addresses based on the Bitcoin seed.

[vv181]

Is it possible to use a seed phrase for more than one currency? Specifically a bitcoin seed phrase for Ethereum?
This may sound unnecessary to many, but will actually have the benefit that there is only one backup to be made and not many different backups.

Of course. BIP 39 seed phrase is the common one. You can practically use one seed phrase to store all cryptocurrencies with its own derivation path.

One major disadvantage is if somehow the seed phrase gets leaked or compromised, then all of your cryptocurrencies are lost.

I thought its partly open source but no problem I am good for now until I can lay my hands on a hardware wallet later.

It was open-sourced, but now it isn't.

seed phrase was getting generated randomly by the nodes that acquired from the blockchain and there was no universal seed phrase. the only possible thing used the seed phrase in the blockchain that have the same spesification like ethereum and BSC.

Wrong. Seed phrase generation came from the entropy that is generated from the user device, not blockchain. And yes there are universal seed phrases, please browse around about BIP 32/39/44.

[Ketesnuko]

You can only find this in multi chain wallets like coinomi wallet, trust wallet or math wallet, even separate chain projects like ravencoin and others like LTC have the same recovery seed but not private keys, all have different private keys, I have been using my trust wallet since day one and I have no problem at all.

[Beparanf]

What do you mean by using a multi-chain wallet. if you are looking for such a wallet we have trust wallet.
but unfortunately it is a custodial wallet and not a non-custodial. but I think trust wallet is a worthy wallet to use as it is developed and managed by top exchange binance.

Correct me mate, non-custodial means centralized wallet right? It's a shame because I prefer using Trust wallet over other wallets, I thought its partly open source but no problem I am good for now until I can lay my hands on a hardware wallet later.

Trust wallet is a non-custodial wallet and non-custodial means decentralized not centralized because you have your private key/recovery seed phrase when you create wallet on trust wallet. They are now not open source but that doesn’t mean they are already custodial since you still have your keys when using that wallet. Don’t get confused by some random comment and always do your own research.

Learn more about Trust wallet: https://www.investopedia.com/trust-wallet-cryptocurrency-wallet-review-5270400
 

[jossiel]

Most multi-currency wallets have this but I don't know if each of them can be applied to their own specific wallets like have you mentioned.

For example, a Ledger wallet, it covers all of the supported cryptos that it has on that seed phrase. I'm not sure if I've taken the question exactly or it's sort of not that accurate.

But technically, vv has explained it well.

[DevFile90]

Most multi-currency wallets have this but I don't know if each of them can be applied to their own specific wallets like have you mentioned.

For example, a Ledger wallet, it covers all of the supported cryptos that it has on that seed phrase. I'm not sure if I've taken the question exactly or it's sort of not that accurate.

But technically, vv has explained it well.

That's the down side of multi currency wallets, you cant copy the recovery seed into standalone wallet of each coins it won't work, you will be left with an empty wallet, for you to make use of your wallet in another wallet you need to get your private keys per coin, this is available in Trust wallet but not possible on others unless you go the hard way using iancoleman.

[jossiel]

Most multi-currency wallets have this but I don't know if each of them can be applied to their own specific wallets like have you mentioned.

For example, a Ledger wallet, it covers all of the supported cryptos that it has on that seed phrase. I'm not sure if I've taken the question exactly or it's sort of not that accurate.

But technically, vv has explained it well.

That's the down side of multi currency wallets, you cant copy the recovery seed into standalone wallet of each coins it won't work, you will be left with an empty wallet, for you to make use of your wallet in another wallet you need to get your private keys per coin, this is available in Trust wallet but not possible on others unless you go the hard way using iancoleman.

It's a hassle if you'll do it per coin. But we all have our preferred way of using wallets and what we think is convenient for all of us.

There are the pros and cons for each of them and whichever you choose, make sure that you're aware of how convenient they are and you're decided in using them.

It's not all about the seed phrase's purpose why we choose a wallet but on this case for OP, he has the specific reason as he said.

[Jackl87]

Is it possible to use a seed phrase for more than one currency? Specifically a bitcoin seed phrase for Ethereum? The way I intend to do that is by importing the seed words into an ethereum wallet and create addresses based on the Bitcoin seed words.
This may sound unnecessary to many, but will actually have the benefit that there is only one backup to be made and not many different backups.

I don't think that it is possible the way that you are describing it because in the end the seed phrase can not be chosen when you create a wallet but it is presented to you and you need to write it down and never lose it in order to be able to access your funds even if your computer dies or something else happens. So you can not choose the same seed phrase for every wallet.
But of course there is still the possibility to transfer all your funds to a multi currency wallet, like some others in this thread have already mentioned. Examples for such wallets are Exodus or Atomic. If you have everything in one wallet though this also means obviously that if this wallets gets hacked then you lose everything at once.

[crzy]

What I mean is that I import a Bitcoin Seed phrase into an ethereum wallet software and create ethereum addresses based on the Bitcoin seed.

This might not be possible since we are talking about two different network here and there’s no such thing as centralized data because of confidentiality and with Bitcoin, there’s a lot of wallet that you can use. This is a good idea honestly but with regards to security, you might be on a big trouble if you leak this seed phrase because all your wallet will be compromised, this is why I’d rather save more phrase than to get hacked later on.

[goaldigger]

What I mean is that I import a Bitcoin Seed phrase into an ethereum wallet software and create ethereum addresses based on the Bitcoin seed.

This might not be possible since we are talking about two different network here and there’s no such thing as centralized data because of confidentiality and with Bitcoin, there’s a lot of wallet that you can use. This is a good idea honestly but with regards to security, you might be on a big trouble if you leak this seed phrase because all your wallet will be compromised, this is why I’d rather save more phrase than to get hacked later on.

Security will be the main issue here and since different project different network and a different system, I don’t think its feasible. Altcoins are meant to be as our alternative option, and that’s why many created their own unique phrase so the wallet details of their users can be more sate, if we only have one phrase just to save time from putting a lot of phrase I think its not worth it with the risk. Yes, two different network can’t be combine easily, a lot of work needs to be done and many will surely be discourage because of the risk issue.

[DanWalker]

What I mean is that I import a Bitcoin Seed phrase into an ethereum wallet software and create ethereum addresses based on the Bitcoin seed.

This might not be possible since we are talking about two different network here and there’s no such thing as centralized data because of confidentiality and with Bitcoin, there’s a lot of wallet that you can use. This is a good idea honestly but with regards to security, you might be on a big trouble if you leak this seed phrase because all your wallet will be compromised, this is why I’d rather save more phrase than to get hacked later on.

If this is possible, then in my opinion it will be easier for us to manage assets, since we only need to manage and store a single seed phrase for all assets. But about the security risk as you said, if unfortunately attacked, we will most likely lose all our assets. So you're better off storing different wallets to limit your risk, although keeping different seed phrases can take quite a while, but it's safer. I agree with you option 2.

[vv181]

What I mean is that I import a Bitcoin Seed phrase into an ethereum wallet software and create ethereum addresses based on the Bitcoin seed.

This might not be possible since we are talking about two different network here

A different network has nothing to do with it. It is more like the seed phase compatibility, there are no such things as "Bitcoin" seed phrases. Generally, BIP 39 is mainly used since it is universally accepted across many wallets.

You can try to generate a seed phrase on Metamask, and then try to import it to Electrum. It will work. Another example is try to play around with iancoleman BIP39 site: https://iancoleman.io/bip39/.

[hZti]

A different network has nothing to do with it. It is more like the seed phase compatibility, there are no such things as "Bitcoin" seed phrases. Generally, BIP 39 is mainly used since it is universally accepted across many wallets.

Actually BIP means Bitcoin Improvement Proposition, so yes BIP 39 means Bitcoin Seed Phrase. My question is therefore if it was also used by Etherum and it seems like this is the case.

[vv181]

A different network has nothing to do with it. It is more like the seed phase compatibility, there are no such things as "Bitcoin" seed phrases. Generally, BIP 39 is mainly used since it is universally accepted across many wallets.

Actually BIP means Bitcoin Improvement Proposition, so yes BIP 39 means Bitcoin Seed Phrase. My question is therefore if it was also used by Etherum and it seems like this is the case.

BIP 39 is the most common standard used by the majority of cryptocurrency wallets, yes it is initially being developed and applied within the bitcoin ecosystem, but even the BIP itself doesn't mention BIP39 as a bitcoin seed phrase as a whole. So I don't think we can refer to BIP39 as a Bitcoin Seed Phrase.


And yes, it is. Assuming the wallet is compatible, the BIP39 Seed phrase used for Ethereum, can also be used for Bitcoin.