Which mnemonic phrase is most secured and what are differences between these three?
More secured is any phrase + passphrase, I suppose. But it also depends on how you store your seed phrase.
20 words will not be compatible with Model One and other hardware wallets that do not support 20-word wallet backup.
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Hello,
In a worst-case scenario Trezor is gone and you need another Wallet vendor. Let’s say Ledger is still around. Then you could use the 12/24 Seedphrase + Salt (Passphrase) to recover your wallet and hidden wallet.
Next scenario Trezor AND Ledger are gone and some Software Wallets are still available. At the time of writing none of the once’s I’ve have tested had the option of the Passphrase and supported BTC/ETH.
MM has 12, Trust Wallet has 12/24. Both support BTC/ETH. Rabby Wallet has 12,15,18,21,24 and salt, but does not support BTC (if I’m not mistaken).
So, in order to be prepared for the worst-case scenario, I would use a 12-word Seedphrase and NO Passphrase.
Note: Do Your Own Research and have a (working) backup plan available! Don’t trust anybody!
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Thanks for your input. Let us assume Trezor as a company is gone. Wouldn’t I still be able to access my crypto wallet with the device and TrezorSuite and send funds to another wallet?
However it would be whole different case if Trezor as company is gone and device is damaged or something like that. That would mean I can’t purchase another Trezor device and access my funds.
Seems like it’s not bad idea to have 2 or 3 devices safely stored in a different locations. Not bad idea at all. Or did I missed something?
Your seed should be BIP-39 compatible to support many other hardware wallets. You can import same seed to Ledger for example and restore your crypto but for some tokens like Ethereum can be different derivation path, it’s also not a problem to access it via third-party interfaces. And it’s good idea to have a few hardware wallets. In any time the device can be damaged due the time or something else. So it’s better to take care of a backup device in advance. And never enter your seed into software wallet.
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I am not tech savvy by any means, but if I get you correctly @Viktor_1BTC BIP-39 seed is 12 or 24 words, while SLIP-39 is 20 words?
Furthermore and also if I get you correctly there are no hardware wallets that are compatible with SLIP-39 and that’s why one should use BIP-39 with pass phrase so it can be restored on a hardware wallet of another manufacturer such as Ledger for instance?
This is not true: the Keystone wallet is compatible with SLIP-39, and Foundation wallets are expected to support it too.
What is certainly true is that as of end of 2024, SLIP39 is much less widely supported.
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Just got my new Trezor wallet so I’m curious.
I’m asking this since my Trezor device (Trezor Safe 3) doesnt use BIP39 for the seed recovery phrase, it uses SLIP39. Since this is not the industry standard, is there a possibility to recover my wallet with a hardware wallet from another brand (f.e. ledger or bitbox) if Trezor would go bankrupt or I couldnt get a new trezor device for another reason. And if not: Is there a possibility to switch to BIP39 on my trezor device or to convert slip39 to bip39. Thank you very much for your help.
@deruns thank you for the question about SLIP-39 portability.
Unfortunately, it’s not possible to turn a SLIP-39 backup into a BIP-39 backup and vice versa because they construct your wallet in different ways. However, you could create a new BIP-39 wallet on your Trezor, and move your coins there. It is possible, although time consuming, to safely do this on a single Trezor hardware wallet, as you will need to run multiple check wallet backup processes while moving your coins.
The code and standard behind SLIP-39, like everything we produce at Trezor, is open source, which means any wallet developer has the freedom to implement it if they wish to do so. At present the Keystone wallet is compatible with SLIP-39, and Foundation wallets are expected to support it too. While SLIP-39 is currently less widely supported than BIP-39, we hope that additional hardware wallet manufacturers will follow our lead in the future. Keep in mind we were in the same situation back in 2014 with the legacy BIP-39 backup standard, which the Trezor founders Stick and Slush were coauthors of. We were one of the first wallet developers who invented it and the rest of the market followed us.
In the event that Trezor or SatoshiLabs companies were to cease operations, your wallet’s security and accessibility would not be compromised.
Trezor wallets are not dependent on our servers or infrastructure to function properly. They operate independently and securely store your private keys within the device itself.
The open-source nature of Trezor’s hardware and software is a significant advantage in this scenario. The open-source design ensures that the codebase is publicly available and can be audited and implemented by the wider community.
This means that even if Trezor were to cease operations, developers and the community would still have access to the code and be able to continue supporting and enhancing the product.
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