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Tue, Oct 13, 2020 3:01 PM by Coinfomania

BitMEX Research Shows Storing Millions Worth of Bitcoin “In Your Head” is Risky

The concept of Bitcoin brainwallets is often touted as one of the cryptocurrency’s censorship-resistant properties. The idea is that users can use a phrase famous to them, generate a sha256 hash of the words, and then create a new bitcoin address. Given that the passphrase is unique to the user, the argument is that a person needs the memorized phrase to store “millions worth of bitcoin” in their head, thus, increasing the mobility for stored bitcoins. While the practice of using bitcoin brainwallets mainly exists in theory, BitMEX Research, the research arm of crypto derivatives giant, BitMEX, recently published a

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