Bips Alternatives

Reviews and mentions

• Living in a van: help me protect my BTC
  reddit.com/r/Bitcoin | 2021-10-16

  You can't just use any words from a book. You have to use words from the BIP-39 wordlist.

• remember the Bitcoin Fork history, and most important why it happened °
  reddit.com/r/btc | 2021-10-15

  There was an accidental split in March 2013, due to an implicit limit in Berkeley DB which was not present in LevelDB. The limit was relaxed in May 2013, the upgrade was a hard fork.

• BIP39 seed phrases: their flaws and how to use securely
  reddit.com/r/Bitcoin | 2021-10-14

  An industry standard with a specification document marked "Unanimously Discourage for implementation" https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki

  reddit.com/r/Bitcoin | 2021-10-14

  In fact, the seed itself is not enough, because BIP39 only covers the creation of the words and hashing the words into a master private key. See https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki

• Seed storage options. Only need to store first four characters of word. Is that true?
  reddit.com/r/CryptoCurrency | 2021-10-13

  This is correct the first four letters are unique to the BIP39 wordlist

• Facebook's Novi wallet hits trouble as two top engineers depart
  news.ycombinator.com | 2021-10-13

  I'll second looking into layer 2 projects.

  Most of the new blockchains constantly being spun up are little more than schemes to make the founders rich. Even if the stacks are technically cleaner and nicer to work with, it's really hard to imagine any new blockchain bringing anything significant enough to the table to overcome network effects of established leaders. Specifically be wary of coins like Solana, Cardano, and maybe even Ethereum, which Gary Gensler of the SEC has indicated are probably all unregistered securities and he looks to be gearing up to come after them.

  I'm in the bitcoin only, simple, rock solid foundation with complexity built in higher layers camp, so I'll mention a couple of interesting things going on.

  The taproot softfork was recently approved by the network and will go live on mainnet next month. Read up here, https://blog.keys.casa/what-is-taproot-bitcoin-upgrade/.

  The lightning network is starting to get some real momentum after years of development. People are using it in unexpected ways, like building an e2e encrypted chat network (https://sphinx.chat/) that piggybacks on the network, or the LNURL-auth protocol (https://xn--57h.bigsun.xyz/lnurl-auth.html) that allows websites to provide persistent user accounts that are authenticated with a user's lightning wallet and require no other personal information. There's recently been some proposals (e.g. https://github.com/JohnLaw2/btc-iids/blob/main/iids14.pdf) to do some magic to stuff a truly massive amount of scaling within the limited bitcoin blocksize.

  Protocol changes needed for trustless drivechains/sidechains seems to be gaining traction, https://github.com/bitcoin/bips/blob/master/bip-0300.mediawi.... The Rootstock sidechain will potentially bring the ethereum virtual machine to bitcoin as a sidechain.

  I know Ethereum also has some interesting layer 2 work, but I'm not as familiar with what's happening since I don't personally buy into the fat, complex base layer approach, the much more centralized nature of the network and development, nor the planned transition to proof of stake.

• The Special Last Word of a Seed Phrase
  reddit.com/r/seedstorage | 2021-10-13

  Try it for yourself. Type any 12-24 words (obviously not your own seed) from the BIP39 wordlist in https://iancoleman.io/bip39/, it will most likely give you an error stating it is invalid.

• JPMorgan CEO Jamie Dimon on Bitcoin: "How do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that". Yes Mr. Dimon, we do read algorithms
  reddit.com/r/CryptoCurrency | 2021-10-12

  Laws change

• Recovery phrase word is not matching
  reddit.com/r/TREZOR | 2021-10-12
• Are seed phrases universal?
  reddit.com/r/BitcoinBeginners | 2021-10-12

  A majority of wallets utilize bip39 seed phrases.

  reddit.com/r/BitcoinBeginners | 2021-10-12
• JPMorgan CEO Jamie Dimon questions 21 million bitcoin cap
  reddit.com/r/Bitcoin | 2021-10-12

  Before this code was fixed by adding the cap there would have been a hard fork in the blockchain when, in about the year 2264 some nodes would think the subsidy had reset to 50 BTC and other nodes would still think it's zero. The fact that some implementations treat right shift this way is the basis of the BIP 42 April Fool's joke.

• Security: Should you split your seed words in half? I did the research so you don't have to.
  reddit.com/r/CryptoCurrency | 2021-10-10

  In BIP39, your seed words are chosen randomly from a list of 2048 English words.

• Anyone recognise this error? (Keeps occurring during setup)
  reddit.com/r/ledgerwallet | 2021-10-09

  It means that the checksum of the BIP 39 mnemonic you're entering isn't valid. I'd suggest to check for words that could be misspelled and confused with another one in your mnemonic, according to the BIP 39 dictionnary (https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt)

• Seed storage idea?
  reddit.com/r/Bitcoin | 2021-10-08