If you have trust issues with third-party services for securing your Bitcoins, you may want to consider Brainwallet – the most affordable and the most secure solution today. You may lose your hardware wallets, devices could die, and exchanges are vulnerable to attacks. Brainwallet is deemed as the best option that is safe from any known vulnerabilities and perfect for those who are just paranoid.
The human brain as Bitcoin wallet
Bitcoin is considered as a digital commodity. But not similar to credit card or PayPal credits, it can be used in the analog sector. While you need to be online to spend your Bitcoins, you can store your tokens offline through a paper wallet or by simply writing down your passphrase or key on a paper. If you like to take this approach one level higher, by eliminating the paper, you are left with Brainwallet. This is the Bitcoin wallet, which is completely impregnable by hardware failure or phishing. If you pass away, the wallet will be lost forever, but at that point, bitcoins will be the least of your concern.
Forming a Brainwallet is as simple as remembering the recovery phrase through mnemonics. If you prefer absolute privacy, you can also memorize the address of your wallet. With this, there will be no digital or paper trail that will link you to your tokens.
There are various reasons why you may choose to create a Brainwallet. Mistrust can be number one, but it is also an ideal solution if you trust your memory than third-party services. For example, if you need to pass through US Customs, a Brainwallet will serve as an invisible storage that will not be inspected by agents. They may confiscate your hard drive wallets, but they can’t surely ask you to leave your brain behind.
Creating your own Brainwallet is easy
If you want to create your own Brain Wallet, all you need is, of course, your brain and a seed generator for your personal mnemonics such as Mycelium, Armory, and Electrum. Another Bitcoin address generator is Brainwallet.io, which enables you to keep your passphrase in your memory after generating an address in your browser. The tool promises zero data retention, and the Github storage of the site can also be inspected by anyone.
There are very few restrictions on creating your Brainwallet, and this includes using your current phrase as your key. A lot of users have already chosen scripts, which can be decoded by simple online tools. Hence, your favorite Lady Gaga lyrics or bible verse is not recommended. Rather, it is best to use a random string of words. To achieve randomization, you can use Brainwallet.io to drop any file into space and the platform will run a hash SHA256 and use the generated phrase as your key.
How to memorize your mnemonic key
The best approach to make certain that you will not forget your key is to write it down then keep the paper in a secure place. This is recommended if you are traveling from one place to another, as you must leave a backup in one place in case your memory begins to falter. However, writing down the key simply defeats the purpose of a Brainwallet. If you prefer to stay in the core of this principle, you have to trust your memory. In order to do so, you have to build your own memory palace. Below is an example key:
dragon cinnamon dance apple
To remember this, you need to choose a place that is familiar to you, such as your grade school and build a visual series. You open the door to your classroom to find a dragon as your teacher. She offered cinnamon to each student before the dance class, but then she sneezed and a red apple came out of her nose.
Memory palaces could be quite silly, but the fun factor makes it more effective. If you want to learn more about memory palaces, you can read the book “Moonwalking with Einstein: the Art and Science of Remembering Everything”.
Forming your Brainwallet may require extra effort, but if you trust your memory, you are guaranteed to have a storage that is safe from quantum algorithms and hackers. And the best of all, it is free because you don’t need to buy any device or subscribe to a storage service.