Brain Wallets || What it is

Not a hot wallet, not a custodial one and neither is it a paper wallet. Yes! It’s a brain wallet; the not-so-famous kind of wallet.

Imagine having a portfolio of over $500k in crypto-assets and only your brain holds the key to unlocking those treasures; at first glance, it seems quite amazing but there are still some questions that need answers.

1.) Why will anyone want to get a brain wallet?

2.) How do you create a brain wallet?

3.) Is it safe?

4.) What is the future adoption of brain wallet like?

Starting with the basics:

What is a Brain Wallet?

A brain wallet is the kind of wallet that requires the user to generate and store their passphrase in their memory. Users would be saved the stress of writing it down in a paper or journal, making it easier for them to access their cryptocurrencies from anywhere in the world as long as they have an internet connection and can remember the memorized phrase.

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How does a Brain Wallet work?

Just like every other wallet, a brain wallet would require a private key (passphrase) but unlike every other wallet; this private key is generated by the user and memorized in their brain. The private key becomes very mobile— wherever the owner goes the key follows; for as long as it isn’t forgotten.

How to make a Brain wallet?

Creating a brain wallet requires no complex process. A user can simply create a wallet on Trust Wallet, generate a seed phrase, memorize it and simply start using the wallet. In a case where they don’t have access to the device they first made the wallet with; they can easily access it with another device; taking that they haven’t forgotten the memorized seed phrase.

Another similar way to creating a brain wallet is using bitcoin wallet software that is specifically designed for making brain wallets. This kind of wallet permits users to create custom passphrases. This makes it easier for users to remember but also puts their wallets at a higher risk of getting hacked.

Benefits of brain wallets

1.) The most obvious benefit of a brain wallet is that it is free.

2.) If nothing goes wrong — a brain wallet is a good consideration for anyone who travels a lot. Given the nature of the wallet; accessing their crypto assets would be very easy from anywhere.

3.) Brains can’t be hacked (at least not at this time of writing).

4.) It saves users the stress of keeping their private keys in a paper or journal that can be stolen.

Just like every other factor in the crypto space; whatever has a benefit would always have a risk.

Risks of brain wallets

1.) If a user forgets the memorized seed phrase; it becomes impossible for the user to access the wallet and their crypto.

2.) Humans are sometimes predictable with the words they use — statistics prove that most people use their birthdays as their phone locks. Hackers can easily access a user’s wallet (with the help of brute forcing methods) if their phrase combination is simple.

3.) Considering the predictability of a user — using a brain wallet may put their crypto at a higher risk of vulnerability.

How to keep your brain wallet safe

For anyone who decides on creating a brain wallet; there are certain safety tips to note:

· To begin, when creating a seed phrase in a brain wallet; using a more complex combination helps in securing the wallet.

· Users should adopt the mnemonic pegging technique to memorize the passphrase.

· Once in a while; be sure to check that the memorized phrase hasn’t been forgotten.

What would be the future adoption rate for brain wallets?

The world is going digital and decentralization powered by cryptocurrencies is becoming the craze of town; therefore, the need for security is in high demand. Since crypto wallets serve as a bridge between us and our cryptocurrencies; keeping them secured would be our core priority.

Experts who have calculated the risks involved with brain wallets have given a stern warning against the adoption of such kinds of wallets. Even though it has its benefits over other kinds of wallets; the risk and vulnerability involved tags it as the “wallet you should never use”.