New Tool Allows Bitcoin Holders to Store Private Keys as Colors
One of the challenges that crypto investors face is the issue of asset loss. Sometimes scammers steal users’ assets when they access their private keys.
Other times, the government can seize an investor’s crypto assets by flagging them for illegal transactions or other non-cryptocurrency cases.
But all these problems are about to change with the introduction of a new Bitcoin tool. Users no longer need to use words and alphanumeric characters as private keys.
Now they can store their coins in a rainbow, making it difficult for third parties to access them.
New Bitcoin Tool Creates a Rainbow Storage
Last month, a Bitcoin developer, Positive Integer, threw a tool called “BIP39Colors”. The open source tool converts a user’s BIP39 mnemonic phrase into various colors.
The developer provided instructions on how users can use a calculator to decode their BIP39 colors to their mnemonic phrase.
According to Positivo’s explanation to an online news site Decrypt via direct message saying, with this method, you can convert your 12 word phrase to 8 colors (or your 24 word phrase to 16 colors), you can then convert your colors back to your original seed.
in a positive Twitter post On June 25, the developer outlined all the features of the tool and how users can use it.
The BIP39 mnemonic phrase is obvious to hackers
Until now, crypto investors use the BIP39 standard to generate their seed phrase, usually 12-24 words.
This phrase gives the investor access to your Bitcoin Wallet. In particular, the mnemonic phrase was created to allow users to quickly recover their assets if they lose their wallet device.
Also, many wallet providers usually suggest writing the 12 passphrases down on paper as a backup, making sure no one else sees them.
But according to Positivo, the practice of storing the catchphrase on paper is all too obvious to bad actors who see it.
As such, he suggests using the new tool, which will store the key phrase as a color that says, a paper with 12 words is more suspect than a color palette labeled ‘my new house wall colors’, for example, or within a style. .css of your website.
He further suggested, you can give one color to your mother, another within your [website]another written in a web design book… and get your seed back from these agnostic colors in the future.