Brain Wallet

What is a brain wallet?

Brain Wallet Definition: A brain wallet refers to a type of project that assesses a person’s ability to memorize Bitcoins by mentally recording a mnemonic recovery phrase. If there is no recording of these phrases online, either privately or publicly, it’s considered being held or known by the owner of the crypto assets.

A brain wallet can be created using a software application that generates a mnemonic seed that you can memorize, giving the owner exclusive knowledge of Bitcoin. If this phrase is forgotten, or the user no longer has an account or access to it, the Bitcoins become lost forever, and cannot be recalled. Bitcoin wallets that generate these seeds are common and are available for other cryptocurrencies as well. Armory, McCellum, and Electrum are examples of common wallets.

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