<ol>
<li>Take a password.</li>
<li>Hash it with SHA.</li>
<li>Use the hash as a private address.</li>
<li>Generate your public address from that private address.</li>
</ol>

<p>Guess this would be the easiest algorithm for having a deterministic wallet. One could easily make a web service or a program to generate those addresses, but people generally don't trust third party services like this.</p>

<p>EDIT:
<a href="https://strongcoin.com" rel="nofollow">StrongCoin</a> allows one to generate a private key from any sentence, and given that they encrypt the private key before your browser sends it out, one can trust them not to know it. Then, you can decrypt the private key (as far as I know, also on your machine), and import it wherever one needs (provided you don't want to keep your coins online). It is a small workaround, but seems to fulfil your friends' needs.</p>

CC BY-SA 3.0
2012-01-05T12:09:52.313Z
I'm looking for something my friend can actually use. Himself. The same friend who just lost his wallet due to formatting his hd, even though I warned him to back it up and encrypt it. So I take it your answer means that none of the existing lite wallets do what he needs?
ripper234
CC BY-SA 3.0
2012-01-05T12:32:05.580Z
Hmm, actually, StrongCoin seems to do something like that, editing my answer now...
ThePiachu
CC BY-SA 3.0
2012-01-05T10:59:51.560Z
2012-01-05T12:37:09.987Z
2012-01-05T12:37:09.987Z
ThePiachu
<p><a href="https://bitcointalk.org/index.php?topic=56677.msg675201#msg675201" rel="nofollow">A post on the forum</a> suggested that <a href="http://ecdsa.org/electrum/" rel="nofollow">Electrum</a>, with its <a href="http://ecdsa.org/electrum/seed.html" rel="nofollow">mnemonic seed</a>, is also a good candidate.</p>

CC BY-SA 3.0
2012-01-05T13:50:33.913Z
2012-01-05T13:50:33.913Z
ripper234
<p>MtGox can hold your Bitcoins if you want. I got a free Yubikey for being an oldie and it is really secure.</p>

CC BY-SA 3.0
2012-01-05T04:07:33.153Z
Mt. Gox imposes limits on withdrawl for non-verified account. I want none of that, thank you.
ripper234
CC BY-SA 3.0
2012-01-05T04:08:31.683Z
Wait, "an oldie"? Your profile says "I am currently studying High School"
ripper234
CC BY-SA 3.0
2012-01-05T05:49:06.093Z
@ripper234: I'm guessing "oldie" in this context means he's been an mtgox user for a long time.
Meni Rosenfeld
CC BY-SA 3.0
2012-01-05T08:39:34.630Z
@Meni - right :)
ripper234
CC BY-SA 3.0
2012-01-05T14:17:10.083Z
I have been in Bitcoin before it broke the dollar for the first time, "fun" time back then and no scammers in the forums.
Fabián Heredia Montiel
CC BY-SA 3.0
2012-01-05T03:52:40.007Z
2012-01-05T03:52:40.007Z
Fabián Heredia Montiel
<p>A friend just asked me "where are the 11 BTC I bought from you half a year ago? ... I don't remember where I put them." He formatted his computer a few months ago, and the money is probably lost (all of your BTCs just got 5.2E-7 more valuable).</p>

<p>I'd like to recommend an easy to use wallet with the following requirements:</p>

<ul>
<li>You only have to remember a password/passphrase to access all your BTC. Bonus: transaction history as well.</li>
<li>It's super secure. I mean, I'd like 2-factor authentication, and keys should not be stored on the server (maybe only half a key). Let's assume the client computer is Trojan infected as well.</li>
<li>No ID/bloodwork/whatever is needed to use it (I don't know what Mt. Gox requires of "verified" users nowadays).</li>
<li>It is developed by a relatively trusted company/people. Trust is subjective, but still you can provide concrete evidence of why company X is "more trusted by the community" than company Y. </li>
<li>I'd prefer a no-install browser based wallet, but not if it conflicts with any of the above requirements. </li>
</ul>

<p>Are there wallets that comply with most/all of these requirements?</p>

CC BY-SA 3.0
2012-01-05T12:54:23.443Z
I think I won't accept an answer for a while ... I'd like to see some upvotes before we can conclude an online wallet is really "trusted".
ripper234
<wallet><e-wallet>
What are the most secure-yet-convenient ways of creating a wallet, that require just remembering a password?
ripper234
# What are the most secure-yet-convenient ways of creating a wallet, that require just remembering a password?

(Asked by: username_0 on 2012-01-05)

A friend just asked me "where are the 11 BTC I bought from you half a year ago? ... I don't remember where I put them." He formatted his computer a few months ago, and the money is probably lost (all of your BTCs just got 5.2E-7 more valuable).

I'd like to recommend an easy to use wallet with the following requirements:

* You only have to remember a password/passphrase to access all your BTC. Bonus: transaction history as well.
* It's super secure. I mean, I'd like 2-factor authentication, and keys should not be stored on the server (maybe only half a key). Let's assume the client computer is Trojan infected as well.
* No ID/bloodwork/whatever is needed to use it (I don't know what Mt. Gox requires of "verified" users nowadays).
* It is developed by a relatively trusted company/people. Trust is subjective, but still you can provide concrete evidence of why company X is "more trusted by the community" than company Y.
* I'd prefer a no-install browser based wallet, but not if it conflicts with any of the above requirements.

Are there wallets that comply with most/all of these requirements?

**Tags:** wallet, e-wallet

> **Comments:**
> **username_0**: I think I won't accept an answer for a while ... I'd like to see some upvotes before we can conclude an online wallet is really "trusted".  

---

## 3 answers

### Answer by username_1 on 2012-01-05. Score: 2

1. Take a password.
2. Hash it with SHA.
3. Use the hash as a private address.
4. Generate your public address from that private address.

Guess this would be the easiest algorithm for having a deterministic wallet. One could easily make a web service or a program to generate those addresses, but people generally don't trust third party services like this.

EDIT:
[StrongCoin](https://strongcoin.com) allows one to generate a private key from any sentence, and given that they encrypt the private key before your browser sends it out, one can trust them not to know it. Then, you can decrypt the private key (as far as I know, also on your machine), and import it wherever one needs (provided you don't want to keep your coins online). It is a small workaround, but seems to fulfil your friends' needs.

> **Comments:**
> **username_0**: I'm looking for something my friend can actually use. Himself. The same friend who just lost his wallet due to formatting his hd, even though I warned him to back it up and encrypt it. So I take it your answer means that none of the existing lite wallets do what he needs?  
> **username_1**: Hmm, actually, StrongCoin seems to do something like that, editing my answer now...  

---

### Answer by username_0 on 2012-01-05. Score: 0

[A post on the forum](https://bitcointalk.org/index.php?topic=56677.msg675201#msg675201) suggested that [Electrum](http://ecdsa.org/electrum/), with its [mnemonic seed](http://ecdsa.org/electrum/seed.html), is also a good candidate.


---

### Answer by username_2 on 2012-01-05. Score: 0

MtGox can hold your Bitcoins if you want. I got a free Yubikey for being an oldie and it is really secure.

> **Comments:**
> **username_0**: Mt. Gox imposes limits on withdrawl for non-verified account. I want none of that, thank you.  
> **username_0**: Wait, "an oldie"? Your profile says "I am currently studying High School"  
> **username_3**: @username_0: I'm guessing "oldie" in this context means he's been an mtgox user for a long time.  
> **username_0**: @username_3 - right :)  
> **username_2**: I have been in Bitcoin before it broke the dollar for the first time, "fun" time back then and no scammers in the forums.  

---

