Status Quo
Using a trezor device with the 24 BIP 39 words (generated by the device itself), but no passphrase. Apart from the device itself, I have two paper copies, that I secured well in…two different countries (for geographic redundancy).
Bottomline, I can get them if I need to, but the logistics is slightly challenging. Hence, I would prefer not to change the words. Like many other Bitcoiners, the Coldcard incident got me scared, and think I urgently need a passphrase as another layer of security, preferably on the same words.
Ask
Assume the following set up
- Same words
- Have a passphrase in mind (my favourite movie quote that I can look up even if I do not remember, spelt backward, then some character substitution)
Does that sound secure enough?
And assuming I go ahead with it, how to generate the new wallet using the above? I will have a new xpub (for receiving) and xpriv, right? Can I construct the new wallet on the same trezor device, and then migrate everything?
Some guidance around this will be sincerely appreciated.