SMARTCASH: BENEFITS OF USING A BRAINWALLET

in cryptocurrency •  11 months ago

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WHAT IS A BRAINWALLET?

A brainwallet refers to the concept of storing cryptocurrencies in your own mind by memorizing a passphrase. If the passphrase is not recorded anywhere, the cryptocurrencies can be thought of as being held only in the mind of the owner. If a brainwallet is forgotten or the person dies or is permanently incapacitated, and no one else knows the pasphrase or the addresses with their keys, the cryptos will be lost forever.

WHERE CAN I CREATE/RECOVER BRAINWALLETS FOR SMARTCASH?

You can go to brainwallet.smartcash.cc and generate a wallet based on your passphrase by simply typing in your passphrase and then clicking on the view button. Please notice that this app will run on your computer and does not require an Internet connection. You can even download the app from github and run it offline to be 100% sure that no one is saving your passphrase or the private key to your wallet.

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MAKE SURE YOU CHOOSE A LONG ENOUGH AND STRONG PASSPHRASE

It is extremely important to choose a long enough and unique passphrase so that not only would it be impossible for others to guess or come up with the same passphrase but it would also be immune to brute-force attacks. A brute-force attack is a trial-and-error method used to obtain information such as a user password or personal identification number (PIN) in which an automated software is used to generate a large number of consecutive guesses as to the value of the desired data.

WHY SHOULD YOU CONSIDER USING A BRAINWALLET?

The biggest benefit of using a brainwallet as opposed to all the other alternatives is that even if your written version is lost for whatever reason, you will still be able to recover them from your brain through this app which is going to be used by potentially thousands of users across the world. The only downside is that if someone else comes up with the same passphrase as yours, they will be able to spend your cryptos. But if you choose a long and unique enough passphrase, this downside incident is going to be next to impossible. Keep in mind that your passphrase does not have to be in English. It can be in any language you choose or it can even be in English but rather typed in another language. It can also have unicode signs such as "Σ" that is the official sign for SmartCash.

WHAT SAY YOU?

If you don't know anything about SmartCash, I would like to advise you to click HERE. If you do, or after looking into it, please let me know what you think below. Also, if you haven't seen the video below, please do and please consider giving it a thumbs up on YouTube.

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Go Team Australia !

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Cheers mate! :)

Great alternative to a normal wallet.

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Indeed!

Good post. Keep it up pal :) resteemed

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Thanks for the support buddy. Much appreciated :)

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You're welcome

Awesome article/tutorial!

Well done =]

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Cheers! 🤓😇😬

@MSG768,

Well written article, concise, astute and directly to the point. I really like the featured stock image with the smartcash logo emblazoned on the laptop (nice customized touch).

I think the biggest problem regarding the brain wallet is most people have very poor memory and prone to forget passphrases (of course there is a plan B if needed). Most of us can't even remember our own 8 character passwords resulting from we have setup so many different accounts, here and there. However all things considered, I love the idea of the brain wallet forcing us to work on our memory, and it adds yet another interesting dimension to the SmartCash suite of cryptocurrency tools. Two thumbs up! Upvoted! Tweeted! and Resteemed!

Thanks for explaining! New to SmartCash (still waiting on my email confirmation to come through) and learning everything I can.

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Your welcome! What email confirmation are you waiting for?

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My email confirmation from smartcash.cc I've been waiting on it for hours and have requested re-send several times. Seems to be lagging. I'm very excited about this one.

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For which part? There's no email confirmation for making wallets.

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For the SmartCash forum.

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That one should be instant. You're better off joining slack for now and maybe ask in the support section why you haven't got it yet. Did you check your spam folder?

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Yeah, I was thinking that too. I'm joining slack instead and prob just going to stick with that for convenience since I have other channels there already.

wow!anonther great project by @msg768,
sir i just want to know, is everyone can create a smartcash brainwallet even if he does not have a smartcash account?

and can we link the brainwallet to our smartcash.cc wallet?

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Yes. However, the address won't appear in the browser if there are no transactions linked to it. Both the web wallet and qt wallet support importing private keys if that's what you mean...

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ah ok, thank you sir. that's exactly what i mean.

Thanks for share @msg768

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My pleasure sir!

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🤗

This post has been ranked within the top 50 most undervalued posts in the first half of Nov 11. We estimate that this post is undervalued by $10.79 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Nov 11 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.

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How do I view my brainwallet balance? I tried importing the private key into the webwallet but nothing seemed to happen.

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Join discord and post your question in support!

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Thanks, @msg768. Will look into it when I have time.