If the question of the safety of your bitcoins do you lie awake at night, it may be time to consider a more safe solution to store them. Exchanges can be hacked, smartphones can fail, but hardware wallets are lost or stolen. For those who are seriously concerned about the safety of their coins, there is only one option, impregnable to all known methods of attack — Brainwallet.
Bitcoin in the head
Bitcoin is considered a digital currency, but unlike Paypal or credit card, it is great for the analog world. You can’t spend bitcoin in offline mode, but you can store it in the form of a paper wallet. Enhance this approach, removing the paper and you will get a Brainwallet. It’s the only bitcoin wallet, which is 100% protected against phishing or hardware failure. If you die purse die with you, but at this stage, bitcoins, like life itself, you never have to worry.
Create a Brainwallet is simply a matter of memorizing phrases for access to your wallet. Those who want to get maximum level of privacy can also remember the wallet address. Thus, there is no paper or digital trail that connects you with your coins.
There are many reasons that speak in favour of creating an invisible purse. In the first place – paranoia. However, this is an efficient solution for all, who trusts his memory more than the third-party technologies. For example, for «persons of interest to authorities,» passing through U.S. customs, Brainwallet is the only store that is guaranteed to be inaccessible to the prying agents of the customs service. They can get into your hard disk, but can’t get into your head.
How to create your own Brainwallet
To create your own Brainwallet, you need a brain and mnemonic generator seeds. Electrum, Armory and Mycelium will help you in this matter. There is also a Brainwallet.io, deterministic bitcoin address generator. On the website it says:
«Keep bitcoin in your head, remembering the passphrase. Your browser is generating addresses, the server has not sent any information.»
Most importantly, what not to do is to use an existing phrase as your passphrase. There are scripts that can check millions of wallet addresses and try to hack them using known phrases. Instead, they rely on a random sequence of words. To ensure that the sequence of words is random, Brainwallet.io allows you to add any file into the text box. Then your browser will perform a SHA256 hash and uses the checksum in the quality of your passphrase.
How to memorize your passphrase
The easiest way to ensure that you never forget your passphrase is to write it down and keep in a safe place. However, if you want it to be the truth was kept only in your head, we’ll have to rely on your brain. To be sure to remember sid, try to use a method of spatial mnemonics, better known as the memory Palace.
The LEDs, placed as example on page Brainwallet Bitcoin Wiki translated into Russian as follows: «the witch will fall to hone biting shame to open a desperation Bay road opposite the ice last.» To remember such a phrase, with techniques like the memory Palace, imagine a familiar location such as the house where you grew up and imagine the following picture.
You go to your house and see the witch, who stands unsteadily in the corridor. She has a heart attack and she’s about to fall. While you are going to hone their skills in first aid, it bites you in the neck. Continue in the same spirit.
The book «Moonwalking with Einstein» will also be useful for those interested in techniques of memorization. Create a Brainwallet at first glance may seem excessive. However, as long as you keep the led in its memory, it ensures that hackers and quantum computers will not be able to get to it.