Hello everyone:)
I own some BTC that are stored ATM in an exchange (yes, i know it is bad....).
I would like to store them offline for the very very long term. My aim would be to
create a brand new wallet, with for instance Electrum, and move the funds
into it. Since the Electrum Software would be installed on a Ubuntu live session,
i only plan to carefully write the seed on a piece of paper (or better engrave
the seed on steel) before leaving. That being said, i noticed that Electrum
said that BIP39 seed might no longer be supported in the future, and, one the other hand, if i
create an Electrum seed it might not be accepted on other devices. Since my
aim is obviously to have access to my BTC later, i'm puzzled. How can i predidict the
standards in ten years?
Perhaps saving the master private key as a QR code might be a better idea...
I know that a ledger wallet might be better, but i read that the code source is not
open and i'm concerned about the data that might be collected by them (who knows
if they don't keep information about all the transactions of their users).
Any though?
Thanks a lot.
BIP39 is the normal standard when it comes to bitcoin wallet seed phrase, and this currently supported by many other non - custodial bitcoin wallets out there aside including electrum as you mentioned, I am not saying you are wrong; but I've actually not come across the news stating that electrum will drop support for BIP39 mnemonic or seed type of phrase for bitcoin wallet, but even if this is true that they end up dropping support for this in the future, i am 100 percent certain that there will be other hundreds (if not thousands) of good bitcoin wallets that will still support the BIP39 seed phrase, you can easily use any of this wallets (used and trusted ones) to recover your bitcoins back when ever you want or need them back.