bip-efficient-bitcoin-vaults VS trezor-firmware

If you really want to up your security game, I would take a look at The Tordl Wallet Protocols which are holistic guides on how to properly store your bitcoin. It includes info on hardware wallets, backups, inheritance, multisig, and a lot more.

I have the proposal for this opcode up here: https://github.com/fresheneesz/bip-efficient-bitcoin-vaults/blob/main/cd/bip-constraindestination.md. I'd love to hear what people think about it, what problems it might have that I've missed, or other issues or suggestions surrounding this. I'd also appreciate any input that would help me improve the presentation of the opcode.

I guess if pressed, I'd have to define a smart contract as a Bitcoin script involving more than one person. Lightning is one. Another one I'm looking forward to is wallet vaults where you have a third party controlling one key in a multisig like address. The third party can help you recover if you lose all your keys, but can't steal from you (unless, again, you lose all your keys). Also, I created a proposal for a wallet vault where in one transaction you could send money to someone else directly from your wallet vault while still having buffer time to reverse the transaction in the case it was a mistake or theft attempt. If those kinds of things count as smart contracts, they're pretty interesting to me because they could make self custody far easier and more secure.

Who pays the escrow with credit cards? Merchants do. But escrow is basically costless on transactions where they don't have to intervene. You could construct a smart contract that automatically releases money to the recipient after a time lock (eg using this hypothetical opcode), and the escrow only needs to be paid if their intervention is asked for. Who would pay the fee? It's a service for the payer, so the payer should pay that fee. Payers would happily pay a little bit to get their money back i think.

To get wallet vaults, we need covenants. OP_CHECKTEMPLATEVERIFY can do that. However there are limitations. But the benefits are significant enough to make the limitations acceptable. I think we can do better tho, which is why I'm working on this. ​

If you're interested in op_ctv, you might be interested in a sneak preview of a bip draft I wrote.

https://trezor.io/ - Easy to use, no matter how new in Bitcoin you're.

Added (November 2021): https://github.com/trezor/trezor-firmware/pull/1903

Next thing to have is a hard wallet if you haven’t already like a Ledger or a Trezor and let it sit there. That’s the safest thing to do! Also, there’s always been a risk of KYC (Know Your Customer) on CEXes as mentioned several times. This was all meant to be decentralized and keep our identity under wraps and retain that anonymity that crypto was originally designed for… and you get a hold of your keys.

https://trezor.io/ - Easy to use, no matter how new in Bitcoin you're.

where "x.y.z" is the VERSION of trezor (aka TrezorCTL) you are trying to install. See the version history when picking a version. "Oldest" is not necessarily "best". You'll want to pick a version that was released around the same time your Trezor-1 was last updated.

I've purchased a Trezor model T from what I believe is the official Trezor website (https://trezor.io/). Is it rational for me to have a slight fear that it isn't a legit trezor and maybe the chip is compromised, possibly being able to send off my seed to an unknown party?