The use of passphrase in securing BIP39

[Yomose 3704]

BIP39, which means bitcoin improvement proposal 39 means mnemonic phrase used to recover back a wallet. It is used by many wallets which are non custodian. On some wallets, before accessing the seed phrase, you will need a password which will be choosing by you, this password is called passphrase while some wallets like electrum call it seed extension. If a wallet is lost and the passphrase is not remembered, it can lead to total loss of the wallet without any possible recovery. So, it is gold to remember this passphrase and the seed phrase should be back up for easy recovery of your wallet. 

I like the recovery of BIP39 because any wallet that support it can easily be used for recovery which means I may be using coinomi and recovery my coins on larger nano that also supported it. 

 

Edited May 24, 2020 by Yomose

[Rickso 768]

On 5/24/2020 at 10:07 PM, Yomose said:

If a wallet is lost and the passphrase is not remembered, it can lead to total loss of the wallet without any possible recovery.

this is not true, if you forget the passphrase you can still have access to your coins with the seed. if you lose, or if you don't remember the seed, then, your coins are completely lost and you can't do anything about it.

[Yomose 3704]

7 hours ago, Rickso said:

this is not true, if you forget the passphrase you can still have access to your coins with the seed

If you ate about to still access the wallet, it will be good to transfer all the coins on it to another wallet, I know too. But I am correct because it can lead to loss of the coin is care is not taken, not directly but indirectly because the back up is useless. 

Edited May 28, 2020 by Yomose

[Saj555 2250]

I see some wallets don't actually own the system of BIP39. Because they just want to go in a different way about securing. But all the wallets should be going in the same direction as it is headed. I use the Coinbase. But there is no seed system or anything else that i can find out. So these wallet security cannot be spoken of i guess. 

[scorpiali 5626]

I trust more any wallet if they use the passphrase as a security and recovery mode,not all wallet have this system of security only a legit wallet ,we can see many wallet in the last time are scam and dont use this system ,that's means a lot 

[bitcoinb 1359]

3 hours ago, scorpiali said:

Freewallet is owned by the HitBtc

Thanks for the info, I was not aware about this fact. I like HitBTC but I don't like their customer support. So Freewallet is owned by HitBTC, Trust Wallet is owned by Binance, Coinbase Wallet (Toshi) is owned by Coinbase, Huobi have also a wallet.... I think it's not a good thing...

[BitcryptoHan 2557]

5 hours ago, bitcoinb said:

I like HitBTC but I don't like their customer support.

@bitcoinbhow come, i have been using hitbtc over two years now, their customer support are very fast in responding, and it is through email. Or, why do you not like their customer support? 

[bitcoinb 1359]

@BitcryptoHan  To be simple: I lost my phone and my 2FA. I contacted simultaneously HitBTC and Kucoin. Kucoin solved my problem easily.  All mails of HitBTC were copy/paste, not pleasant and not fast.

[scorpiali 5626]

5 hours ago, bitcoinb said:

Thanks for the info, I was not aware about this fact. I like HitBTC but I don't like their customer support. So Freewallet is owned by HitBTC, Trust Wallet is owned by Binance, Coinbase Wallet (Toshi) is owned by Coinbase, Huobi have also a wallet.... I think it's not a good thing...

Now any exchange have his supported wallet as you say from trust to coinbase,it's not a bad thing i think it's more security and more good reputation for the wallet to have the support of the exchange 

[BitcryptoHan 2557]

14 hours ago, bitcoinb said:

@BitcryptoHan  To be simple: I lost my phone and my 2FA. I contacted simultaneously HitBTC and Kucoin. Kucoin solved my problem easily.  All mails of HitBTC were copy/paste, not pleasant and not fast.

@bitcoinb you are very right, I thought as much too, I contacted them two times, asking them about price limit and how it works then, it was exactly what they wrote on their hitbtc support, but there response was fast but seemed like copy and paste. 

[Yomose 3704]

On 5/29/2020 at 7:14 AM, scorpiali said:

 

Freewallet is owned by the HitBtc exchange and you can connect your wallet to the exchange ,you can create account with your email but there is no passe phrase 

@scorpiali I did not know freewallet is owned by hitbtc, that means sending from the wallet to the exchange will be free or not? 

I really like the exchange, and about freewallet passphrase, you are right, they are custodian wallet, so recovery will be through email. 

 

On 5/29/2020 at 7:14 AM, scorpiali said:

 

 

 

Edited May 30, 2020 by Yomose

[bitcoinb 1359]

@BitcryptoHan  I said something 2 times in 2 mails but they asked me the same question 3 times. I hate that, it's like to talk with a wall. My favorite exchange stay Kucoin.

[Yomose 3704]

On 5/30/2020 at 2:12 PM, bitcoinb said:

@BitcryptoHan  I said something 2 times in 2 mails but they asked me the same question 3 times. I hate that, it's like to talk with a wall. My favorite exchange stay Kucoin.

Kucoin? I have heard good info about this exchange I can recommend it for anyone too, I like their mobile app and they did update it often. It is recommendable. 

Edited June 6, 2020 by Yomose

[BitcryptoHan 2557]

19 hours ago, bitcoinb said:

@BitcryptoHan  I said something 2 times in 2 mails but they asked me the same question 3 times. I hate that, it's like to talk with a wall. My favorite exchange stay Kucoin.

@bitcoinbTry to quote some of my replies so I can easily know our last conversions and for others to easily understand. I will try kucoin to know if it is good. 

[scorpiali 5626]

20 hours ago, Yomose said:

I did not know freewallet is owned by hitbtc, that means sending from the wallet to the exchange will be free or not? 

I really like the exchange, and about freewallet passphrase, you are right, they are custodian wallet, so recovery will be through email. 

No the transfer between exchange are not free because the wallet are independent from the exchange,but the transfer between the wallet user are free and instant 

[Yomose 3704]

1 hour ago, scorpiali said:

No the transfer between exchange are not free

@scorpiali did you mean the exchange between freewallet and the hitbtc are not free? They ought to let it be free just like coinbase and coinbase pro. 

[scorpiali 5626]

1 hour ago, Yomose said:

@scorpiali did you mean the exchange between freewallet and the hitbtc are not free? They ought to let it be free just like coinbase and coinbase pro. 

No, it's like between trust wallet and the binance exchange the free 8s not free you need to pay for the fee,also like huobi wallet and the hobi exchange

[Zaino34 0]

Certainly we must work to protect our money and our wallets, use passwords, create backup copies and keep them in a safe place so that we do not lose them because we will be able to restore our portfolio if we lose the password

[Yomose 3704]

44 minutes ago, scorpiali said:

No, it's like between trust wallet and the binance exchange the free 8s not free you need to pay for the fee,also like huobi wallet and the hobi exchange

@scorpiali I really like you info, thanks a lot, that means even on huobi wallet, I still have to pay for transaction fee if sending coins to huobi exchange, and likewise trust and binance. I thought it is like coinbase and coinbase pro. You comment is so helpful. 

9 minutes ago, Zaino34 said:

Certainly we must work to protect our money and our wallets, use passwords, create backup copies and keep them in a safe place so that we do not lose them because we will be able to restore our portfolio if we lose the password

If possible you can use 2 fa, back up the 2 fa, paper back up will be good. It is the best against coin and wallet thefts. 

[bitcoinb 1359]

4 hours ago, BitcryptoHan said:

Try to quote some of my replies

@BitcryptoHan   That's what I usually do but actually our discussion is off-topic, that's why I don't use quote. This topic is about passhphrase, we are talking about HitBTC, it's off-topic. I don't use quotes for it because I keep the topic clear and clean.

[scorpiali 5626]

Just now, Yomose said:

 I really like you info, thanks a lot, that means even on huobi wallet, I still have to pay for transaction fee if sending coins to huobi exchange, and likewise trust and binance. I thought it is like coinbase and coinbase pro. You comment is so helpful. 

Ye it's true the only way to send your coins for free is to send them between exchange users it's free without paying any fees 

[Whited35 15285]

Interesting fact is such sort of BIP39 codes can be used to recover wallet like on Trust wallet. It is the beauty of non-custodian wallet that we can have the full control over our funds. If we lost the wallet accessing phrases, it would be almost impossible to recover your wallet. 

Edited June 6, 2020 by Whited35
Grammar issue !

[Yomose 3704]

5 hours ago, Whited35 said:

If we loss the wallet accessing phrases, it would be almost impossible to recover your wallet. 

You are wright about this, but if you have the back up of the private keys of cryptocurrencies  store inside the wallet, it is still possible to import this keys into another wallet for your coin recovery. 

[Raqeebzy 6456]

@Yomose I see no difference between BIP39 and mnemonic seed phrase, maybe you can explain that. However, it is a very great feature and most hardware wallets support it; Ledger Nano, Trezor, Keepkey and some software wallet like BRD, Exodus, Copay, Jazz etc.

Edited June 6, 2020 by Raqeebzy

[BitcryptoHan 2557]

18 hours ago, Raqeebzy said:

@Yomose I see no difference between BIP39 and mnemonic seed phrase, maybe you can explain that. However, it is a very great feature and most hardware wallets support it; Ledger Nano, Trezor, Keepkey and some software wallet like BRD, Exodus, Copay, Jazz etc.

You are correct, if you checked this thread, you will see that seed phrases are mnemonic phrases, and they are used in wallet recovery. @Yomose can clarify that, but I am 100% sure they are the same thing.