Ledger Nano X has a 24 word system. So can I create this system on my own computer?
And I can use 3 words, 9 words, 24 words, just by a method like the following?
- Say, for simplicity, if it is 3 words, "apple", "pisces", "steve"
- Now I sort them, in alphabetically order, but no need to, because they already are sorted
- Now use any package to create a Private Key A and Public Key A from them
- Now, for the so valuable
BitcoinPrivateKeyof my "address" that has the bitcoin, use the public key in step 3 to encrypt it.
- Now I can email this code to 20 of my friends or post it in my Google Docs or any website
- So only the private key A can get back my valuable
BitcoinPrivateKey, because that token I emailed to 20 friends, if I use the private key A to encrypt it (to pass through the private key function), then I will get back
BitcoinPrivateKey. (that's the property of private key and public key, if
fis a function of private key and
gis the function of public key, then we know
x = f(g(x))and
x = g(f(x))meaning pass through
g, and you get back itself. Likewise for passing through
f, you get back itself.
- So from now on, I only need to remember "apple", "pisces", "steve", and I can generate Private Key A and Public Key A again. And then I can ask any of my friend what that token is, and use Private Key A to get back your
BitcoinPrivateKey, and therefore get back my bitcoin and sell it.
Does it work? Is there any online system that can do that? But that will mean we need to enter the private key on a webpage and let it go through the Internet once, with HTTPS it is better, but if that online system has some loophole, then the private key could have leaked.