A link to the discussion on our local board, can be found
HERE. Is the method above safe to do?
That was my question in the discussion on the Indonesian board.
As far as I know, if the procedure for using a third-party tool, in this case, the BIP39 tool (
https://github.com/iancoleman/bip39/), is correct, then the private key can be used.
It's just that if I refer to the following achow101 explanation:
Descriptor wallets do not allow dumpprivkey because the fundamental principle behind descriptor wallets is that private keys are not enough information to transport a wallet. Private keys lack derivation information and lack information about what kind of scripts to create. They also do not work for wallets that have anything more complicated than just single key scripts. Thus allowing a RPC that only outputs private keys would be working against the point of having descriptors.
Instead of dumpprivkey, descriptor wallets have listdescriptors. This will output all of the descriptors stored in the wallet, which means that it will include information about derivation paths and scripts to create. Descriptors are a full backup of the key and script information stored in the wallet. With 23.0, listdescriptors will also be able to optionally output descriptors containing private keys.
The next problem is the private key obtained through the BIP39 tool, which, in my opinion, will eliminate the function of the wallet descriptor, for example, when it is reused in the recovery process via the
importprivkey command.