Quick newbie question. I have a BRD wallet that held both my BTC and ETH and only 1 12-word recovery phrase was generated to access both. BRD is being put out of commission as of march 4 (you will no longer be able to sell/receive eth or BTC within the wallet). I’m looking to restore my BTC to bluewallet, and my ETH to MetaMask. Will I encounter any issues when entering my recovery phrase in any of these wallets? (Any chance I lose either my ETH when entering my recovery phrase in Bluewallet, or vice-versa?)
First off, are you oppose to doing what BRD recommends? https://brd.com/brd-joins-coinbase
They outline the wallet transfer there and offer NFT/art gifts for doing it.
I do not know this for sure but here is my opinion/guess about the 12 word phrase.
It will not work on the ERC20 or Bitcoin blockchain for wallet recovery.
A 12 or 24 word security phrase is a alphabetical representation of your address that is generated (and encoded) by the blockchain. Since BTC and ETH are on separate blockchains I would be inclined to believe your 12 word seed phrase is not an actual blockchain seed phrase but a seed phrase generated by BRD to represent an encoded version of all of you addresses on the BRD wallet in association with your wallet ID on the BRD system. Or said another way, BRD gave you a 12 word phrase, not the ETH or BTC blockchains.
I’m also inclined to think this because the update/notice (linked above) specifically mentions migrating to a specific wallet (Coinbase wallet), not “any” wallet.
I can’t think of a way testing this can go wrong. It works or it doesn’t. If you install a browser MetaMask and do a “seed phrase recovery” setup. You will know very fast.
Why not just transfer the crypto to a new wallet? Are you looking to avoid transfer fee’s?
Something to bring up on this topic. This is a case of Multi-wallets gone confusing. Multi-wallets that offer trading and holding tons of various coins are actually centralized exchanges with very murky terms as to if they have access to your cold crypto keys. Obviously they do, since they allow trading. And in this case they may not have direct access, but they generate a sub-12 word security phrase that only they can decipher for multiple crypto networks. “BRD rewards” from the monies they call “Profit”, where does said profit come from that they can give it away? Obviously exchange fees, since the wallet is free.
What did CoinBase buy from BRD? A free program Or The decipher to your wallets 12 work seed phrase and all the user accounts to the BRD exchange?
Sorry if my opinion seems grim. The way Multi-wallets have evolved since 2016 has not been an easy or fair road. If you compare KeepKey, Trezor, Exodus and MetaMask you will see 4 different paths by 4 very reputable company’s/group’s. After comparing those 4 , open a Keplr wallet and see what the future holds. Keplr is next level stuff, I was kind of blown away at the amount of open source options built in (it is not a normal wallet).
If you try to recover to a MetaMask, may you please report your results. I’d like to hear how this worked out for you.
So the 12 word recovery phrase is tied to the BTC blockchain. I can confirm because my friend tried accessing his BTC only assets he also held on BRD via bluewallet, and it worked.
However, he didn’t have any eth to also test out… so we couldn’t confirm that the 12 word seed phrase was also an ethereum blockchain seed phrase… But again, I CAN confirm it is a BTC blockchain seed phrase.
Yes, the main objective is to avoid tx fees where possible.
I’ll wait and see if anyone else has experience with this. If there’s no other response I’ll test it out. but it would suck to lose my ETH