How to Securely Store Your Seed Phrase: 2/3 split or SSS (Shamir Secret Sharing)

If you want to securely store your seed phrase should you split it and store it in multiple places? Or should you split it using a Shamir Secret Sharing Scheme? Which is better and how does a Shamir Secret Sharing Scheme work?
Update (info not included in the video): The #1 critique of a Shamir scheme is that you need to use a computer (thus vulnerable to malware) to create or reconstruct your recovery seed. This is not the case because both Ledger and Keystone can create and restore your account using the Shamir Scheme ON the device itself. This means you can keep the full security of a hardware wallet while achieving the flexibility of the Shamir Secret Sharing Scheme.
Recommended Video: How secure is 256 bit security? • How secure is 256 bit ...
0:00 Single Point of Failure
1:14 Two Out of Three Method
1:38 2/3 Failings
2:33 Shamir Secret Sharing (SSS)
2:55 How It Works
4:55 Compatible Hardware Wallets
Video Footage Used: Star Wars A New Hope • Star Wars - briefing s...

[@0x04c11db7]

Hi Jeremy, this is really useful information and also your videos are very well produced. I think your channel deserves much more attention!

[@jeremydefidance4968]

Thanks! I appreciate it. I'm hopeful that focusing on quality will get me there.

[@Guilherme-pe1gg]

Hey, @@jeremydefidance4968 , I also like your infos and way of explaining. But maybe you should take off the word Defi from your name, and focus on the real thing that is Bitcoin.

[@jeremydefidance4968]

@@Guilherme-pe1gg thanks! I appreciate the compliment. Bitcoin is pretty darn amazing, though I like smart contracts too much to leave behind defi. I'm pretty sure there is room for both.

[@efnats]

Amazingly well explained. Thank you!!

[@natasfresas]

What a great video, very informative 👏

[@cybersechs1368]

Great video editing with the graph

[@horaciolampe166]

Excellent video!!!!

[@PeterParker-pp2nf]

your channel is underrated

[@icepanda4335]

I’m so happy you made a new video your last video was the single greatest video I’ve ever watched to help me with my crypto security. You should make a video about how to set up a DIY multisig 2/3 hardware wallet signature to move your funds. That strategy really only helps with real world attacks tho even tho it feels stronger in general lol

[@jeremydefidance4968]

Wow! I really appreciate the compliment.

[@LennyinFlorida]

Interesting, thanks!

[@lherfel]

thanks

[@dapp_bongo2905]

Hey Jeremy awesome content cant wait to learn more on how to protect our assets !! Is the SSS a selectable option or automatic on the Trezor ?

[@jeremydefidance4968]

Selectable. You get to choose whether you want a normal backup or a shamir backup. The options appear side by side. Same with keystone, you can choose.

[@Lykzabet]

Hi Jeremy may I ask what Ledger device can create and restore your account using the Shamir Scheme ON the device itself? Thanking you cheers🤔

[@djdroutledge]

Hey Jeremy. Great videos. I have an idea for seed storage..... break the 24 words into 6 blocks of 4. Each block of 4 gets a number from a 6 digit pin. Then also, take out 2 words based on a second 2 digit number. ie remove word 6 and 9 for 69. How secure do you think this would be? I can't do the math on it.... Thanks in advance for responding if you do. (BTW I'm happy to be shot down on this if its dumb)

[@paulandrew6188]

Hi, please I have a question. I have a set of mnemonic word split in two. How do I merge them to get into the wallet?

[@jeremydefidance4968]

Do you specifically remember how you split them? This is why I wouldn't recommend this method, it reduces security and also makes it confusing to restore. Basically, just try different combinations until it works. Good luck!

[@alchymista2]

I think this is some sort of crypto urban legend. How in earth could be NOT storing complete phrase in one place less secure that doing so? If the place is compromised it's gone. That's 1bit security. Shamir secret sharing is obviously superior, but at the end of 2022, I'm not aware of any other wallet than Trezor T, that supports it. But this 80bit security is almost like saying that if you write the seed phrase 3times, it's now less secure :).

[@noleftturns]

The simplest way to store your 24-word seed phrase is to simply swap word #24 (checksum word) and any other word like #13 or #2... You can then take your list and plaster it on a billboard along the highway if you want - nobody can take the words and rebuild your wallet. I know I know this is too simple but imagine you saw you see 24 words on a billboard and under them into a wallet - you will get an error message telling you something is wrong - you have no idea what is wrong so what do you do now? You throw the list away unless you happen to have supercomputers and software and a few million years to try to guess the right sequence of 24 words. Mathematically it's 24! and a supercomputer guessing 1 billion combinations per second will take 19 million years to go through all the combinations. If you are uneasy with just 1 shuffle, you can swap #24 (this must always be swapped) and #7 and #11 if you wish. You can add passwords to some but not all wallets and can you remember that password 20 years from now versus swapping #24 with #7?

[@jeremydefidance4968]

This needs a longer response, but this is a very dangerous way to do things. I in fact do have software to help me guess and check and a normal computer could do it (with only 1 word swapped) within a matter of minutes.

[@noleftturns]

@@jeremydefidance4968 I've heard that from a number of folks, but they never get around to demonstrating it. Sure if you know 2 words are sapped it's a trivial task but if you have no idea if the list is misspelled or a mistake was made in writing down the list you have no idea what to do next - just brute force. But if you have a magical solution please present it.

[@Hametyze]

@@noleftturns You can also hide your 24 within a 40 words list and use a pin to reorder your words. On top of that, do the simple 3-split and you're more than good.

[@ratao.digital]

Why you affirm that is need to change the #24 word? Why #24 is different?

[@tamask]

Dude. OK, but how? Misleading title. The one thing you don’t explain is actually how to do this.