Thanks for your explanation and recommendations! Two questions:
- Does the pass phrase unlock an encrypted wallet stored on a server somewhere, or does it map directly to the wallet data?
- In light of the possibility of a crash in the cryptocurrency system because of a power outage, are there any decentralized cryptocurrency technologies that
a. Do not depend on a certain majority of computers to be online? I think HIVE does this with rotated witnesses.
b. Can process transactions offline? Cash works this way. You check certain markers to look for counterfeits, and you trust that before accepting payment; but the bank systen can validate the serial numbers and roll back fraudulent transactions.