Bitcoin HD wallets are powerful mechanism for managing many keys and addresses. Teven more useful if combined with way seeds from a sequence of English words that are
easy to transcribe, export, and import across wallets. a mnemonic standard is defined by BIP-39.
Today, most bitcoin wallets (as well as wallets for other cryptocurrencies) use this standard import and export seeds for backup and recovery using interoperable mnemonics. Let’s this from a practical perspective. Which of seeds to transcribe, record on paper, read without error, export, and import into another wallet?
army van defense carry jealous true
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Wallet Best Practices
As bitcoin wallet technology has matured, certain common industry standards have emerged that make bitcoin wallets broadly interoperable, easy to use, secure, . These common standards are:
- Mnemonic code words BIP-39
- HD wallets BIP-32
- Multipurpose HD wallet structure BIP-43
- Multicurrency and multi-account wallets, BIP-44
These standards may change or may become obsolete by future developments, now, they form of interlocking technologies that the wallet standard for bitcoin. The standards adopted by a broad range of software and hardware bitcoin wallets, making wallets interoperable. A user can export a mnemonic generated on these wallets and import it in another wallet,
recovering all transactions, keys, and addresses. Some software wallets supporting these standards include (listed alphabetically) Breadwallet, Copay, Multibit HD, and Mycelium. hardware wallets supporting these standards include (listed alphabetically) Keepkey, Ledger, and Trezor.
Using a Bitcoin Wallet
In “Bitcoin uses, Users, and Their Stories” we introduced Gabriel, an enterprising young teenager in Rio de Janeiro, who is running web store that sells bitcoin-branded t-shirts, coffee mugs, and stickers.
Gabriel uses a Trezor bitcoin hardware wallet (Figure 5-4) to securely manage his bitcoin. The Trezor simple USB device with two buttons that store keys (in of an HD wallet) and sign transactions. Trezor wallets implement all the industry standards discussed chapter, so Gabriel reliant on any proprietary technology or single-vendor solution.