Ask HN: How do you use Bitcoin in a trustless way?
9 by JonathanBeuys | 8 comments on Hacker News.
I'm still trying to figure out, if it is possible to use Bitcoin in a trustless way. So that no matter which parts of your tech stack are faulty or malicious, you keep control over your funds. The following is what I got so far. I never used Bitcoin. So correct me, if something is wrong please. 1: Create a seed phrase with dices 2: Write it down on paper or carve it into metal 3: Buy a hardware wallet with no internet connectivity. 4: Never connect that wallet to any other device. 5: Type the seed phrase into the hardware wallet 6: The hardware wallet will display an extended public key 7: Install a software wallet on a computer with internet access 8: Type the extended public key into the software wallet 9: To do transactions: Create a transaction in the software wallet 10: The software wallet will show a hash of the transaction 11: Type that hash into the hardware wallet 12: The hardware wallet will show a signature 13: Type that signature into the software wallet That's it. As I understand it, there still is trust involved in steps 3 and steps 6: 3: There is not an easy way to check if the hardware wallet really has no internet connectivity. 6: There is no way to check if the hardware wallet really uses the seed phrase to create the extended public key. It could create an extended public key that the vendor can predict. One could test it a few times with throw-away seed phrases, but one would never be 100% sure.
No comments:
Post a Comment