Palisades on Nostr: 1. Passphrase usually refers to a word or phrase in addition to your seedphrase which ...
1. Passphrase usually refers to a word or phrase in addition to your seedphrase which are the 12 ot 24 words that represent your private key. A passhrase is added to your seedphrase as an extra layer of security but if you lose the passphrase you can't access the funds even with the seedphrase 12 or 24 words.
Most software wallets are compatible with recovery of another wallet using 12 or 24 words. There are a few like wasabi and electrum that have unique formats that we avoid.
Use Sparrow wallet as your primary wallet on desktop. Running your own node is best practice.
2. Passport by foundation, Coldcard by coinkite are our best recomendations for hardware wallets. These are best thought of as offine transaction signers and receive address creators. Passport is open source and has the easiest interface. You only need one. You still need to secure the pin to the device and the seedwords to the wallet, typically by pounding the words into a steel plate. Hardware wallets not connected to the internet can create more secure keys and keep keys off the internet. More than one, from a different supplier is best practice for creating a multi signature wallet, which is more complicated and not necessary.
3. Not sure where or how your banking laws work. KYC is a know your customer law that money transmitter businesses meet by collecting personal information. If your debit card is making purchases to " i buy bitcoin dot com" then your bank may know, report or give up information. If you sign up at an exchange then yes most likely you will be asked for personal information. KYC is attatched to you not the bitcoin. It is simply a record saying x bought y. That information could be used against you. You can use Robosats over Tor to make non kyc peer to peer transactions.
4. Never heard of phantom
5. We do not make purchases of bitcoin outside of nonkyc peer to peer exchanges like Robosats and Peach. Unfamiliar with the Muun payment option or why you use it.
6. Strike is a kyc exchange. We try and guide users to not sign up to numerous kyc exchanges if it can be helped. Do some research on River and Unchained as well to see if they meet your needs. Strike does however offer a unique ability to move USD over lightning. With their ACH option, usd can pay an ln address and lands on a bank statement as "strike".
7. Nothing happens. The bitcoin are never on the hardware wallet. The keys are created on, stored on or signed from the device. As long as you have your seedphrase 12 or 24 words, your passphrase if you added it, then you can recover your wallet in another hardware device or software wallet.
Kyc follows you not sats. Selling back the amount you bought from the same exchange is a decent way to create a formal paper trail out of that purchase. Limit how many places you kyc. It is possible for that information to be used against you for taxes, theft etc.
Most software wallets are compatible with recovery of another wallet using 12 or 24 words. There are a few like wasabi and electrum that have unique formats that we avoid.
Use Sparrow wallet as your primary wallet on desktop. Running your own node is best practice.
2. Passport by foundation, Coldcard by coinkite are our best recomendations for hardware wallets. These are best thought of as offine transaction signers and receive address creators. Passport is open source and has the easiest interface. You only need one. You still need to secure the pin to the device and the seedwords to the wallet, typically by pounding the words into a steel plate. Hardware wallets not connected to the internet can create more secure keys and keep keys off the internet. More than one, from a different supplier is best practice for creating a multi signature wallet, which is more complicated and not necessary.
3. Not sure where or how your banking laws work. KYC is a know your customer law that money transmitter businesses meet by collecting personal information. If your debit card is making purchases to " i buy bitcoin dot com" then your bank may know, report or give up information. If you sign up at an exchange then yes most likely you will be asked for personal information. KYC is attatched to you not the bitcoin. It is simply a record saying x bought y. That information could be used against you. You can use Robosats over Tor to make non kyc peer to peer transactions.
4. Never heard of phantom
5. We do not make purchases of bitcoin outside of nonkyc peer to peer exchanges like Robosats and Peach. Unfamiliar with the Muun payment option or why you use it.
6. Strike is a kyc exchange. We try and guide users to not sign up to numerous kyc exchanges if it can be helped. Do some research on River and Unchained as well to see if they meet your needs. Strike does however offer a unique ability to move USD over lightning. With their ACH option, usd can pay an ln address and lands on a bank statement as "strike".
7. Nothing happens. The bitcoin are never on the hardware wallet. The keys are created on, stored on or signed from the device. As long as you have your seedphrase 12 or 24 words, your passphrase if you added it, then you can recover your wallet in another hardware device or software wallet.
Kyc follows you not sats. Selling back the amount you bought from the same exchange is a decent way to create a formal paper trail out of that purchase. Limit how many places you kyc. It is possible for that information to be used against you for taxes, theft etc.