Choosing your own passphrase is not a standardized way of ensuring a secure wallet, entropy ✅.
Creating two seeds with proper methodology provides peace of mind and redundancy.
Tbh 3of3 is even better if you want to geographically separate your seeds between 3 secure locations with backups.
For ex, you have 3 safety deposit boxes:
You keep:
Seed1 & Seed2 in Box A.
Seed2 & Seed3 in Box B.
Seed1 & Seed 3 in Box C.
Backups:
Seed1 exists 2x in both Boxes A&C
Seed2 exists 2x in Box A&B
Seed3 exists 2x in Box B&C
Scenarios:
Box A becomes corrupted.
- Seed1,2,3 exists in Boxes B&C
Funds are safe ✅
Box B burns to the ground.
- Seed 1,2,3 exists in Boxes A&C
Funds are safe ✅
Box C gets robbed.
-Seed 1,2,3 exists in Boxes A&B
Funds are safe ✅
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Replies (3)
You're wrong if you have multiple backups, which should be a given, there is no single point of failure.
Always make multiple backups. singlesig, multisig, doesn't matter you need multiple backups.
3of3 is actually incredibly awesome.
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Basically the passphrase isn’t as secure as a second seed. If I wanted to roll dice for words that had entropy compared to a seed it would be burdensome to enter. Rather having a second seed (or third in your example) is better entropy and security. Have a 2 of 2 or 3 of 3 mitigates needing the descriptor file. I’m been thinking a lot more recently about custody and a 2 of 2 or 3 of 3 isn’t really talked about out much, it’s mostly just 2 of 3 or 3 of 5.
Standardized security is a myth created by NSA-backed crypto firms like Coinbase to control your keys.