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RE: BIP 85 Bringing Custodial Account Management To Bitcoin

in LeoFinance3 years ago

So we can transfer some btc to someone without transfer cost right ?
Or we can create a partition of our wealth on a hard wallet, let’s say just enough to have fun for the night without risking our 15 BTC from our Ledger ?
Or am I totally lost ? :)

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No this is not a patrician account, in your ledger you can set up XPUBs so you can generate multiple public adddeszes for one account and manage that

But with BIP85 it’s more like you have a master seed phrase! Then you use your master seed phrase to create a sub seed phrase that can be used to create a totally new wallet for a user they can use it as they please but if they ever lose their seed phrase and access to the wallet you can retrieve it via your masterseed

Think of it as an account with admin privileges like the bank can reset your password for you if you lost it

Alright thanks a lot for the explanation !

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