Are you in search of a more secure solution to keep your bitcoins safe? Then you are landed in the right place. This article reveals the safest and most secure wallet- Brain Wallet for you.
Brain Wallet: Bitcoin Wallet On Your Head!
Bitcoin is the most popular cryptocurrency. But storing them safely seems to be difficult. A brain wallet is a type of wallet where the user memorizes the mnemonic phrase in their memory. Let’s dig out the most secure brain wallets more deeply.
What Is A Brain Wallet?
Bitcoin is a decentralized digital currency. So the government or any banking authorities have no power over it. So the security and trust issues are greater for these digital assets. A brain wallet is a secure way to store bitcoins in one’s mind by memorizing a mnemonic phrase. The user remembers their private key or mnemonic code in their brain and never writes it down.
How To Create A Brain Wallet?
To create a brain wallet first of all you need a mnemonic seed generator. You can use Electrum, Armory, or Mycelium. The security of your bitcoins depends upon the complexity of the mnemonic phrase you choose. Thus always select a phrase that is hard to guess but you must remember that in your brain. Here are some ways to choose the mnemonic phrase. They are:
- You can choose a passphrase randomly
- You can generate phrases by using mnemonic seed generators like Electrum, Armory, or Mycelium
- You can use Bitcoin wallet software to generate a passphrase and add some complicated stuff into it to make it stronger.
- You can use a text file, document file, or image file and add some stronger stuff to it to make it complicated. But always keep the original file safe.
One of the most important things to be considered while generating a mnemonic phrase is that it doesn’t use an already existing passphrase.
- The most important advantage of brain wallets is that the mnemonic phrase is stored in your memory and no one will get access to your wallets
- Online hackers cannot hack your bitcoin wallet
- Safe and secure type of wallet
The only disadvantage of using a brain wallet is that if you have any memory fails, then you lose your key and coins forever.
Ways To Secure Your Brain Wallet
Here are some ways to secure your brain wallet. Let’s look at them.
- While generating a mnemonic passphrase does not select a key that is already existing.
- Do not select a passphrase generated by humans as they are easily predictable by other humans.
- Use the mnemonic pegging technique to memorize your private key
- BIP32 generator uses a slow hash and generates a passphrase that is harder to generate. So use that.
Write down your private key somewhere and keeping it with you safely is the only way to overcome the only disadvantage of the brain wallet as mentioned previously in this article. But this involves a big risk factor too. So try to remember it in your brain itself and trust your memory.