Bitcoin for Beginners Playlist: Intro to Bitcoin, Satoshi, Security, Mining and More - Bitcoin Q&A: Why is Seed Splitting a Bad Idea?

Why is dividing seed words and storing them in different locations a bad idea? Why is this a loss in security? How is this less secure as compared to Shamir's Secret Sharing? Chapters 0:00 A friend had the idea to achieve two out of three protection from my wallet seed by storing the seed in the following way... 2:13 SLIP-39 2:55 Shamir Secret Sharing Scheme 3:32 Let's go back to the example you offered 5:16 Brute forcing 80 bits 7:35 Complexity is not just the enemy of security, in many cases, it's the enemy of usability 7:56 The scheme you have described is not secure 8:53 Use the standards that have been written by experts This question is from the February monthly patron session, which took place on February 29th, 2020. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop Correction: At 6 minutes into the video Andreas mentions that brute-forcing 80 bits of entropy is 2^196 times easier than brute-forcing 256 bits of entropy. It is actually 2^176 times easier. Related Videos: Bitcoin Q&A: Key management and inheritance planning - https://youtu.be/W3XADagE6P8 Bitcoin Q&A: Key storage best practices - https://youtu.be/A5I55aOgX2o Bitcoin Q&A: Is quantum computing a threat? - https://youtu.be/wlzJyp3Qm7s Bitcoin Q&A: Setting up secure storage devices - https://youtu.be/wZ9LxLLvfXc Bitcoin Q&A: What is a private key? - https://youtu.be/xxfUpIV9wRI Bitcoin Q&A: Multi-signature and distributed storage - https://youtu.be/cAP2u6w_1-k Bitcoin Q&A: How do mnemonic seeds work? - https://youtu.be/wWCIQFNf_8g Bitcoin Q&A: Threshold signatures and Shamir secret sharing - https://youtu.be/4U52kZYBApM Bitcoin Q&A: Incentivised cybersecurity & decentralization - https://youtu.be/Z5_laR0bwHg Bitcoin Q&A: Data integrity and validation of keys - https://youtu.be/LjbREINFrZk Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money" series, and "Mastering Ethereum." Follow on Twitter: @aantonop https://twitter.com/aantonop Website: aantonop.com Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq German, 'Das Internet des Geldes' (v1) - https://amzn.to/2LEiyqO German, 'Das Internet des Geldes' (v2) - https://amzn.to/2VCzse5 French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM: https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://twitter.com/grassfedbitcoin) Join the aantonop Channel: https://aantonop.io/joinaantonopyt