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Actually the answer is rather simple, Cryptosteel did a letter frequency analysis on the bip39 wordlist and found that you can represent any word in the list using only 4 characters. Therefore, for a 24 word recovery phrase, you take 4x24 or 96 characters. Edit: Oh oops, I thought the question was that ability to store all combinations instead of the tiles ...


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The master private key is derived from the seed and all child private keys are derived from the master private key. Knowledge of the child private keys lets you sign transaction spending coins sent to the corresponding addresses. So yes if you have the master private key you can derive the child private keys and use those to sign any transactions related to ...


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