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Self-Custody in Muun: Why Not just a Mnemonic? – Good read from the creators of the awesome LN wallet.

Self-Custody in Muun: Why Not just a Mnemonic? – Good read from the creators of the awesome LN wallet.



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  1. tl;dr Mnemonics are too simple and convenient. Writing down 12-24 words might be too fool-proof. So we here at Muun created a non-standard, more complicated and therefore error-prone backup process which entails saving a PDF file and a separate 24 character recovery code. Then to recover your funds you just need those things plus a command-line program from GitHub. Much better! /s

    Seriously, I actually like Muun but its backup/recovery approach is *not* better than a mnemonic. A wallet that follows standards (incl. BIP39), like Phoenix, can [describe its recovery process in one sentence](https://phoenix.acinq.co/faq#i-lost-my-phone-or-accidentally-uninstalled-phoenix-how-can-i-get-back-my-money):

    >Just reinstall Phoenix, choose “Restore my wallet”, enter the 12-words seed and you’ll be back in business.

  2. tldr; Muun uses advanced bitcoin scripts for its security model (with multisig) and to enable instant and cheap transactions (with lightning). Mnemonics are a great backup mechanism to store private keys, but lack other information required for spending funds independently. Having just a mnemonic would mean your bitcoin could be easily frozen. Muun built an Emergency Kit that gives you full self-custody of your money.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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