Bitcoin self-custody: 12 vs 24-word mnemonic seed phrases.
Which is better? 🧵
Which is better? 🧵
What is a bitcoin mnemonic seed phrase?
It's a way of representing a numerical bitcoin seed using words.
Mnemonic seed phrases were implemented in bitcoin as a result of the creation of BIP39 (more on that later)
It's a way of representing a numerical bitcoin seed using words.
Mnemonic seed phrases were implemented in bitcoin as a result of the creation of BIP39 (more on that later)
Why are bitcoin mnemonic seed phrases used?
They were invented to give users an easier way to back up their wallets using easily recognisable English words.
They were invented to give users an easier way to back up their wallets using easily recognisable English words.
Who invented bitcoin mnemonic seed phrases?
BIP 39 was created in 2013 by @satoshilabs co-founders @slush and @PavolRusnak, along with @ebfull and @voisine.
BIP 39 is a list of 2,048 English words and mnemonic seed phrases are most commonly 12 or 24 words long.
BIP 39 was created in 2013 by @satoshilabs co-founders @slush and @PavolRusnak, along with @ebfull and @voisine.
BIP 39 is a list of 2,048 English words and mnemonic seed phrases are most commonly 12 or 24 words long.
Fun Fact: pre-2012, each new bitcoin address required a separate backup.
Having a single seed from which a user could generate multiple addresses was only made possible with the introduction of BIP32 authored by @pwuille.
Having a single seed from which a user could generate multiple addresses was only made possible with the introduction of BIP32 authored by @pwuille.
12 vs 24: Which is better?
Well, both would take an impossibly large number of guesses, so in absolute terms, they are both safe.
But in relative terms, 24 words are more challenging to guess than 12.
Well, both would take an impossibly large number of guesses, so in absolute terms, they are both safe.
But in relative terms, 24 words are more challenging to guess than 12.
For comparison:
A 12-word seed phrase has about 2048^12 = 2^132 possible combinations.
This is a number so large that it is unfathomable.
A 12-word seed phrase has about 2048^12 = 2^132 possible combinations.
This is a number so large that it is unfathomable.
For comparison continued:
The odds of you being struck by lightning are about 1 in 12,000.
The odds of you winning the Powerball jackpot are about 1 in 292 million.
The odds of you guessing the correct Bitcoin seed phrase are about 1 in 5.44 x 10^39.
The odds of you being struck by lightning are about 1 in 12,000.
The odds of you winning the Powerball jackpot are about 1 in 292 million.
The odds of you guessing the correct Bitcoin seed phrase are about 1 in 5.44 x 10^39.
Bottom line
Both are safe enough but 12 words are easier to back up and handle than 24 words.
Both are safe enough but 12 words are easier to back up and handle than 24 words.
If you want to read more about this topic, here are some great resources:
trezor.io/learn/a/seed-b…
trezor.io/learn/a/what-i…
trezor.io/learn/a/what-i…
river.com/learn/terms/s/…
learnmeabitcoin.com/technical/mnem…
trezor.io/learn/a/seed-b…
trezor.io/learn/a/what-i…
trezor.io/learn/a/what-i…
river.com/learn/terms/s/…
learnmeabitcoin.com/technical/mnem…
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Thank you for reading!
I am writing online every day. Follow me for more content every day:
🧙♂️ @BTCGandalf (bitcoin)
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Thank you for reading!
https://x.com/BTCGandalf/status/1749602949523788035?s=20
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