Re: 12 Word Recovery Phrase - a security weakness? My (free and simple!) solution(s)
With the first solution (book), you are now reliant on hiding an entire book rather just a single piece of paper. If you lose your copy of the book, there is no guarantee you would find the exact same edition again and your coins will be lost. So that's a more difficult back up process and a single point of failure.
With the second solution (Github), you are now reliant on a third party to continue hosting your repo. If your account is banned, or their servers fail, or they shut down, etc., then your coins will be lost. So again, a more difficult process and a single point of failure.
In short, this is unnecessarily complicated and significantly increases the risk of you losing access to your wallets. If you want a set up in which your seed phrase can be compromised without resulting in immediate loss of your funds, then you would be far better off using a standardized method which does not have a single point of failure, such as either an additional passphrase or a multi-sig set up.
With the second solution (Github), you are now reliant on a third party to continue hosting your repo. If your account is banned, or their servers fail, or they shut down, etc., then your coins will be lost. So again, a more difficult process and a single point of failure.
In short, this is unnecessarily complicated and significantly increases the risk of you losing access to your wallets. If you want a set up in which your seed phrase can be compromised without resulting in immediate loss of your funds, then you would be far better off using a standardized method which does not have a single point of failure, such as either an additional passphrase or a multi-sig set up.
--> Why hide the book?? No-one would know that my keynote refers to it, so it can sit on my shelf with the rest
--> Perhaps, but it seems to me that the chances of Github being shutdown are pretty low... Probably lower than my piece of paper being stolen/lost/burnt in a fire, but perhaps not.
--> The additional passphrase is something I've only just learned about, this seems like it would help me feel more secure, so I'll look into it.
I still feel uncomfortable just keeping the 12 words written down on paper and hidden, so I'm going to use my Book / my Github repo as a 'key' or 'cypher' for the time being... No worries if others find it 'unnecessarily complicated'