01-30-2022, 12:00 PM
Are seed phrases a major bottle neck for mass adoption?
<!-- SC_OFF --><div class="md"><p>I have a lot of concerns about seed phrases and mass adoption:</p> <ol> <li><p>If the average person loses their seed phrase, their money is just gone? This will be devastating if someone’s entire net worth is in crypto. </p></li> <li><p>How will large corporations manage seed phrases? Who will have access to the seed phrases? Where will the seed phrases be stored?</p></li> <li><p>If someone steals your seed phrase your money is gone? </p></li> </ol> <p>I understand there are solutions like keeping your coins on a CEX, using multi sig wallets, or BEING RESPONSIBLE. But these solutions seem to involve centralization, trust, or are just unrealistic for the average Joe Schmo. </p> <p>Are there any good solutions for my concerns that do nit sacrifice decentralization or add the need for trust?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DoU92"> /u/DoU92 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/sfkq92/are_seed_phrases_a_major_bottle_neck_for_mass/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/sfkq92/are_seed_phrases_a_major_bottle_neck_for_mass/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I have a lot of concerns about seed phrases and mass adoption:</p> <ol> <li><p>If the average person loses their seed phrase, their money is just gone? This will be devastating if someone’s entire net worth is in crypto. </p></li> <li><p>How will large corporations manage seed phrases? Who will have access to the seed phrases? Where will the seed phrases be stored?</p></li> <li><p>If someone steals your seed phrase your money is gone? </p></li> </ol> <p>I understand there are solutions like keeping your coins on a CEX, using multi sig wallets, or BEING RESPONSIBLE. But these solutions seem to involve centralization, trust, or are just unrealistic for the average Joe Schmo. </p> <p>Are there any good solutions for my concerns that do nit sacrifice decentralization or add the need for trust?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DoU92"> /u/DoU92 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/sfkq92/are_seed_phrases_a_major_bottle_neck_for_mass/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/sfkq92/are_seed_phrases_a_major_bottle_neck_for_mass/">[comments]</a></span>Kind Regards R