The principles for using BIP84 mnemonics mainly revolve around security, backup and recovery processes, and compliance. Here are some specific principles for use:
Security principles
1. Offline storage: BIP84 mnemonics should always be stored offline to avoid leaving any traces on connected devices. The safest practice is to write the mnemonics by hand and seal them in an envelope and store them in a safe place, such as a safe or a fireproof and waterproof container.
2. Avoid electronic storage: Do not save the mnemonics in any form in electronic devices, such as computers, mobile phones, or cloud storage services to prevent them from being stolen by hackers or malware.
3. Use password protection: When generating mnemonics, consider adding an additional password layer (such as a seed password) to add an extra layer of security.
Backup and recovery principles
1. Multiple backups: In order to prevent the loss or damage of the mnemonics, multiple backups should be made and stored in different safe places.
2. Regular verification: Regularly verify whether the backed-up mnemonics are still valid, and be familiar with the entire process of restoring the wallet using the mnemonics. This helps ensure that you can smoothly restore access to your crypto assets when needed.
3. Record correctly: When recording your mnemonics, make sure that every word is accurate, including details such as capitalization and spaces. Any small mistake may result in an inability to recover your wallet.
Compliance Principles
1. Comply with laws and regulations: When using BIP84 mnemonics, you should comply with local laws and regulations on cryptocurrency and blockchain technology. This includes requirements such as tax reporting, anti-money laundering, and anti-terrorist financing that may be involved.
2. Avoid illegal activities: Mnemonics and cryptocurrency wallets should not be used for any illegal activities. Users should ensure that their transactions comply with laws, regulations, and ethical standards.
Other principles
1. Understand the BIP84 standard: BIP84 is part of the Bitcoin Improvement Proposal and is used to derive the mnemonics and derivation paths of the P2WPKH address. Users should understand the specific provisions and operating procedures of the standard to ensure that the mnemonics are used correctly.
2. Share with caution: BIP84 mnemonics are key information for accessing crypto assets, so they should be shared with anyone with caution. You should only share your mnemonic when you have complete trust and the other party really needs to know this information to assist you in managing your crypto assets.
In summary, when using BIP84 mnemonics, you should follow the principles of security, backup and recovery processes, and compliance to ensure the security and compliance management of crypto assets.
Mnemonic generation tool
Security principles
1. Offline storage: BIP84 mnemonics should always be stored offline to avoid leaving any traces on connected devices. The safest practice is to write the mnemonics by hand and seal them in an envelope and store them in a safe place, such as a safe or a fireproof and waterproof container.
2. Avoid electronic storage: Do not save the mnemonics in any form in electronic devices, such as computers, mobile phones, or cloud storage services to prevent them from being stolen by hackers or malware.
3. Use password protection: When generating mnemonics, consider adding an additional password layer (such as a seed password) to add an extra layer of security.
Backup and recovery principles
1. Multiple backups: In order to prevent the loss or damage of the mnemonics, multiple backups should be made and stored in different safe places.
2. Regular verification: Regularly verify whether the backed-up mnemonics are still valid, and be familiar with the entire process of restoring the wallet using the mnemonics. This helps ensure that you can smoothly restore access to your crypto assets when needed.
3. Record correctly: When recording your mnemonics, make sure that every word is accurate, including details such as capitalization and spaces. Any small mistake may result in an inability to recover your wallet.
Compliance Principles
1. Comply with laws and regulations: When using BIP84 mnemonics, you should comply with local laws and regulations on cryptocurrency and blockchain technology. This includes requirements such as tax reporting, anti-money laundering, and anti-terrorist financing that may be involved.
2. Avoid illegal activities: Mnemonics and cryptocurrency wallets should not be used for any illegal activities. Users should ensure that their transactions comply with laws, regulations, and ethical standards.
Other principles
1. Understand the BIP84 standard: BIP84 is part of the Bitcoin Improvement Proposal and is used to derive the mnemonics and derivation paths of the P2WPKH address. Users should understand the specific provisions and operating procedures of the standard to ensure that the mnemonics are used correctly.
2. Share with caution: BIP84 mnemonics are key information for accessing crypto assets, so they should be shared with anyone with caution. You should only share your mnemonic when you have complete trust and the other party really needs to know this information to assist you in managing your crypto assets.
In summary, when using BIP84 mnemonics, you should follow the principles of security, backup and recovery processes, and compliance to ensure the security and compliance management of crypto assets.
Mnemonic generation tool