TD₿: Bitcoin Seed Phrases (a thread) by Danny Diekroeger

TL;DR Understand what a Bitcoin Seed Phrase is and how it empowers individual freedom.

Hey Bitcoiners, 

For people who live in jurisdictions with relative stability when it comes to their financial and political systems, it can be hard to imagine why someone might have to leave their home abruptly. However, this is the reality for people every day who are escaping authoritarian regimes, war, or monetary debasement.

Let’s do a thought experiment…if you were an individual with only a local bank account and had to escape your home/country in the next 24 hours, without ever knowing if you’d return, how would you take your wealth with you?

If there were capital controls enforced at the borders, how would you avoid confiscation and keep your wealth as you tried to rebuild your life abroad?

What you will find is that this is no easy question to answer. It’s not like you can take your car, bank account, or house with you. This is why many refugees take small valuables they can conceal and carry easily on their journeys. It’s why gold and diamonds have been used frequently in moments like this because they can be carried in one’s pocket, and it’s easy to find a buyer for these commodities anywhere. However, gold and diamonds still have limitations because they are physical objects that can be found and confiscated by authorities.

I’ve read many headlines throughout the years of individuals caught at the border trying to smuggle gold through airports as they try to escape the country. Stories like these put gold’s lack of portability on full display.

This is where Bitcoin comes in. Due to its digital nature, Bitcoin is the first way that an individual can hold their wealth with 12 words in their head that no one can confiscate. These 12 words are one’s Seed Phrase, and it provides a strategy for representing private keys as a list of words.

This is an incredibly important breakthrough for individuals and freedom around the world. Bitcoin is an empowering technology that allows any person to move at a moment’s notice WITH their wealth in hand (or in mind).

Danny Diekroeger wrote this excellent thread that explains what a Seed Phrase is exactly for those wanting to learn more. (08/01/2020)

Now that Bitcoin exists, no longer do individuals in dangerous circumstances have to make the difficult choice to flee to safety or leave their wealth behind, they can now do both.

This is enabled by Bitcoin. It is another example of how this technology is enforcing human rights and empowering individuals today.

Tick tock next block,
Sam Callahan

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Quote of the Day

“Bitcoin is the peaceful revolution. It’s the escape value. 12 words and I can store my life’s work in my head. Only death can take it.” - Max Gagliardi, Host of the Talk Energy Podcast

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Job of the Day

Lightning Labs is searching for a Lightning Infrastructure Engineer to join them on their mission to drive Lightning adoption forward. This individual will be tasked with writing advanced software tooling for automated channel management, implementing algorithms for ongoing capital management and optimization, and maintaining a suite of monitoring and alert infrastructure for routing nodes.

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Featured Event

Tomorrow — if you’re in Nashville, you need to check out the Nashville Energy & Mining Summit at Bitcoin Park. An intimate two-day summit focused on energy production and Bitcoin mining. Join the waitlist and I’d keep an eye out for satellite events as well!

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