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Is a passphrase enough to store your coins? (alien.top)

submitted 11 months ago by ashketchup422@alien.top to c/ethereum@blockchained.world

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I always read about public keys,private keys and speedphrases that you need to store them in a paper wallet or hardware wallet. The only thing I ever stored are the passphrases (those 12 or 24 words) I get from metamask or other wallet provider in the beginning of creating a wallet. Is this enough when I write them down and secure them?

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[–] erizi0n@alien.top 1 points 11 months ago (1 children)

OP, somethings for you to learn, cuz you are kinda messing everything up together:

Seed phrase: those 12 to 24 words (from the BIP39 mnemonic word list of 2048 possible words) that give you an infinite of possible private keys, it works like a master key. NEVER GIVE THIS TO ANYONE!

Passphrase: a 25th word/phrase/whatever you want, chosen by you, for extra security for a new set of infinite possible private keys, every new passphrase used on the same seed phrase opens up a new infinite of possible private keys. NEVER GIVE THIS TO ANYONE!

Private key: the string of characters that’s used to sign transactions for a specific wallet from the set of private keys derivative from a seed phrase or a combined seed phrase with a specific passphrase. NEVER GIVE THIS TO ANYONE!

Public key: the string of characters you use, or give to someone, to receive money/crypto.

I described it as lay as possible for you to better understand, but this info. alone is not enough, dig this on Google/YouTube by yourself, cuz you are your own bank now. So if you are not smart and careful your only client (you) loses all his stored money/crypto.

[–] ashketchup422@alien.top 1 points 11 months ago (1 children)

That's the comment I was searching for! Thank you. I need to learn more. Do you have any recommendations? Maybe a trustful website or YouTube that doesn't shill coins.

[–] erizi0n@alien.top 1 points 11 months ago

There are good crypto YouTubers out there, like Benjamin Cowen, he doesn’t even run ads on his videos.

There’s also a guy that does whiteboard explanations (can’t remember the his name), but if you search on YouTube for crypto whiteboards he might appear.

Anyways, I’m gonna give my last two cents to you, so just remember this about crypto investments, no one knows when crypto will actually go up or down (“no one knows shit about fuck”), do your own research, mainly invest in the top 2 cryptos (BTC and ETH), don’t diversify too much, learn about one specific crypto niche or blockchain network that’s fun to you and you really like (like L2’s protocols, gaming, AI etc.) and invest maximum on more 2 to 5 different alts (alt coins - other coins rather than BTC) if you have extra cash apart from your main holds (BTC/ETH) and you will be more than fine.