Quote from: harrymmmm on May 09, 2017, 07:47:47 PM

Quote from: JimboToronto on May 09, 2017, 05:42:23 AM

Quote from: bitserve on May 09, 2017, 05:19:24 AM

Quote from: JimboToronto on May 09, 2017, 05:11:26 AM

Thanks for the detailed explanation. One more question.

If you have multiple hardware wallets with the same seed, do they all update when you perform a transaction on one of them?

Or if you have multiple copies of the seed, do the transactions travel with the seed in case your original hardware is destroyed and you have to rebuild on new hardware with the same seed??

First question: Yes, of course. It's basically the same as if you have your software wallet in multiple computers.

Second question I don't understand it well. If you want to have access to the same addresses you had you need to rebuild another device or a software wallet with the same BIP39 seed. Also, you can configure the device with a different seed if you want. And there's much more to it.... you can establish a passphrase (besides the regular pin) that depending on which one you enter it will access a different set of addresses (as if it had a different seed... plausible deniability, etc...)

Really, just buy one, it's a good thing.

Thanks again. I guess I'll have to read up on BIP39.

As long as I don't have to trust any hardware manufacturer and (or anyone else besides the Bitcoin network) and my coins are secure in the case of hardware loss, I'm all for it.

You're convinced me enough to buy one (or two) just to use as a landing place when I break one of my older multi-coin paper wallets to reassign the coins. That will give me a chance to experiment with worst-case scenarios after I've drained it of all but a few satoshis.

As you said, the cost of a Trezor is negligible compared to the coins it holds at today's prices.

You might also like to know that they (Trezor, at least) can:
1) store passwords for your web site/email/etc authentications
2) generate secure passwords for the above so you no longer need to try to remember lots of slightly different passwords for those sites
3) act as a u2f 2 factor identification device (so you don't lose access if your 2fa device is lost - unlike otp 2fa like google authenticator).

AND ... all of the above is restored whenever you initialize a new device with the seed.

You can easily restore all the final data, Even if the saved passwords are deleted. And that I think that every user works in this plan in his own way.

manyuta

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