Issue #712: This would be pretty cool
A new interesting development for Bitcoin.
Here's something from the bitcoin-dev mailing list that caught my eye the other day, the implementation of a private key keychain on a Coldcard hardware wallet. This would allow individuals to create and store multiple private keys on a single device that could then be restored on other wallets. A quality offline seed generator with a single backup. This would make things easier for users and business who use multiple wallets and don't want the hassle of having to store their private keys in different places. Essentially helping to streamline things.
It will be interesting to see of if the BIP mentioned by Rodolfo gets assigned a number and is eventually thoroughly reviewed and merged into core. Though, this isn't necessary for Coldcard to implement this right now. However, it would be beneficial in helping to create a better standard for other individuals building on Bitcoin.
We will keep you freaks abreast of any developments that come to fruition.
While we have private keys on top of mind, here's a friendly reminder for you to chew on.
Friendly reminder: if you buy bitcoin via an exchange be aware of the withdraw limits. If the price of bitcoin shoots up quickly, it may take longer than expected to move your UTXOs to personal storage. It’s best to take custody early and often to avoid this problem.
— Marty Bent (@MartyBent) April 8, 2020
If you're a user that holds a lot of bitcoin on an exchange or multiple exchanges and you plan on taking custody of your UTXOs, be aware of the withdraw limits in place. When the price shoots up, it can take much longer to take possession of your UTXOs than previously thought. The best time to start educating yourself about private key generation and management was yesterday. The second best time is right now.
If you truly want to take agency over your financial sovereignty, bitcoin provides you with the opportunity to do so. It comes with extreme ownership and responsibility. Practice makes perfect. Start generating, wiping and recovering keys as soon as you can so that you feel comfortable possessing your UTXOs and so that you have the ability to do so in a timely manner in case the price runs up and the bitcoin you hold on exchange far exceeds the withdraw limits.
*This is not a price prediction. It is a friendly reminder.*
Final thought...
Beautiful day for some fresh air.
