Author: Jim 2015-03-11 19:04:37
Published on: 2015-03-11T19:04:37+00:00
The wallet words system has two main benefits, including the ability to recover bitcoins using the same wallet software in case of a Bad Thing Happening and transferring/recovering bitcoins that are stored in Wallet X into Wallet Y. However, the system is not perfect, and there are compatibility issues between wallets. The problem with regular SPV wallets is that there is no birth time included in the data, so users need to write down a timestamp as well. There are at least five incompatible results from a 12 word list. These include Electrum v2 with a version number but no date, myTREZOR with no version and no date and BIP44 key derivation, MultiBit HD with no version and a date in a custom form that creates non-date-like codes you are expected to write down, GreenAddress with no version, no date and BIP32, and other bitcoinj based wallets, with no version and a date written down in normal human form, BIP32 only. Compatibility and UX consistency are important, but currently, there are no bright ideas for how to get everyone back onto the same page with a fully compatible system that is acceptable to all. It is up to each wallet team to explain to their users clearly how they can transfer/recover their bitcoins in their help. Users care about keeping their bitcoins and need clear instructions on how to recover them.
Updated on: 2023-06-09T18:16:23.614433+00:00