August 4, 2023 · 4 min
Cryptocurrency wallets have come a long way since the early days of Bitcoin. One of the latest advancements in wallet technology is the BIP39 standard, which allows users to generate a seed phrase that can be used to recover their wallet in case of loss or theft. In this article, we will explore what BIP39 wallets are, how they work, and a list of major BIP39 wallets that are currently available.
BIP39 is a standard for creating a mnemonic phrase, or seed phrase, that can be used to recover a cryptocurrency wallet. The mnemonic phrase is a string of words that can be used to generate a private key, which is then used to access the cryptocurrency, using a wallet. The BIP39 standard was created to make it easier for users to recover their wallets in case of loss or theft, without the need for a backup file or private key.
For instance, a bitcoin private key can look like this:
E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262
Hard to store, and easy to make mistakes while recovering your wallet. Therefore, BIP39 was invented and adopted. It makes getting access to your wallet more easy. A BIP39 seed phrase can look like this:
hotel obvious agent lecture gadget evil jealous keen fragile before damp clarify
As you can see, these are regular words that are easy to store or remember. It is not advised to remember them, but it is significantly easier than remembering a 64-character-long string of random numbers and letters.
BIP39 wallets work by generating a mnemonic phrase that can be used to recover the wallet. The mnemonic phrase is typically 12-24 words long and is generated randomly by the wallet software. The words in the phrase are chosen from the official, open-source, and industry-standard BIP39 word list of 2048 words, which makes the phrase more secure than a password or PIN.
Upon creating the wallet, you will be shown the 12-24 words. You will be asked to write them down. Once written down, you will, in most cases, be asked to fill in the words again in a specific order to check whether you noted the seed phrase correctly. Once you have passed the check, you will now be able to use the wallet to interact with the assets on the network.
Once the mnemonic phrase is generated, it can be used to recover the wallet in case of loss or theft. To recover the wallet, the user simply enters the mnemonic phrase into the wallet software, which then generates the private key and allows the user to access their cryptocurrency.
There is not much you can do if you lose your seed phrase. Therefore, you need to maintain a strict backup plan. Make backups of your wallets and store them on a Cryptotag.
Here is a list of major BIP39 wallets that are currently available:
BIP39 wallets are a new standard for cryptocurrency wallets that make it easier for users to recover their wallets in case of loss or theft. By generating a mnemonic phrase, users can access their cryptocurrency without the need for a backup file or private key. With the increasing popularity of cryptocurrency, we can expect to see more BIP39 wallets in the future. It's important to do your own research and choose a wallet that best fits your needs and preferences.
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