Everyone knows how important the security of the cryptocurrencies we collect is, in particular private keys. Secure storage Bitcoin is very important. If someone has unauthorized access to your private keys, you’ll probably never see your Bitcoins again.
I will provide you with additional security below private key Bitcoin in the form of Passphrase.
WARNING!! If you are just starting the adventure with Bitcoin, do not complicate matters related to the security of funds! The best security configuration is one that you master to perfection and that you can do yourself.
What is Passphrase?
Passphrase is an additional layer of private key security, an additional password to protect yours seed. Currently, many wallets implement this functionality, in particular hardware wallets such as:
Passphrase is often referred to as an additional 25th word to protect yours private key.
This additional layer of security creates a unique wallet with a separate Bitcoin address. It can be a string from the ASCII standard or a set of consecutive words. Each character is distinguished separately, which means that the same letters, uppercase or lowercase, are recognized as different (lowercase “k” and uppercase “K” are two different characters). In addition, a space is also treated as a separate character.
WARNING If you need to make a physical backup of your passphrase, don’t keep it next to your seed. Instead, you might consider choosing an easy-to-remember password and setting up reminders to refresh your memory every few months.
Advantages of using Passphrase
Protection of hardware wallets against “physical attack”
Passphrase protects the hardware wallet against physical attack. Even if someone steals your wallet and examines its microchip under an electron microscope to discover your seed to restore your wallet, yours Bitcoiny remain secure because the private key is protected by passphrase.
The attacker will have to break an additional layer of security.
Passphrase protects your private key, even if someone can access it
Because the passphrase is not stored anywhere in the device, it is resistant to all attacks involving physical access and manipulation of the chip. In addition, if someone had access to your private key, they would still not be able to access your password-protected wallet unless they knew the passphrase you set.
If you do not know if the password you create is secure, you can use the tool available on the website https://howsecureismypassword.net/
Passphrase protection protects you against the “$ 5 Wrench Attack”
Each time you activate the passphrase, a new “hidden” will be created in your wallet wallet address“. The wallet is protected (behind the password) because no one without the password will be able to access the account or even know about it. This gives you a great advantage in extreme situations such as robbery and targeting (also known as a $ 5 key attack).
In this situation, you can confuse the attacker by revealing your basic wallet (using only a standard private key) with a minimum amount (e.g. PLN 100 in BTC).
REMEMBER Bragging about the amount of Bitcoins you own is not a good practice. You can thus arouse interest in your person among potential attackers.
How to set Passphrase in Trezor hardware wallet
- Connect your Trezor hardware wallet
- Go to the official wallet page
- Click the “Advanced” tab
- Press “Enable passphrase encryption”
- Confirm passphrase implementation
- You will be asked to restart your wallet
- Enter the set passphrase
- Ready 🙂
How to set Passphrase in the Ledger Nano S hardware wallet
- Launch the Ledger Nano S wallet and enter the PIN
- Go to the tabs: Settings> Security> Passphrase
- Click “Set up passphrase”
- Ledger hardware wallets offer two options for adding passphrase:
-connection to PIN: Creates a second PIN to unlock accounts protected by passphrase
– temporary setting: the need to enter passphrase every time you want to access accounts protected by this security layer
- The next steps depend on the option you choose and are described in detail on the official Ledger website at this address: click
Setting an additional protective layer private keys Bitcoin is not a must. This is a fairly complex process that requires technical knowledge.
Interfering with issues related to wallet security should be carried out with a full understanding of how the functions work.
PRO TIP Passphrase can be used as an additional security for transactions. Let’s assume that we want to give someone a certain amount in the form of Bitcoins. Instead of using available online methods, we can personally pass the passphrase to the other party and send the private key by email.
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