Brainwallet

If you’re one of those who are carrying a Brainwallet using passphrases from your favorite movie or book, they’re extremely unsafe, says a new research bit from BitMEX. Brain wallets are basically tools that let users choose a simple password, and those passwords are further encrypted with an SHA-256 hashing algorithm. Even though the encryption is practically impossible to reverse engineer, it is highly prone to brute force methods. According to the experiment, eight Bitcoin Brainwallets were created using paraphrases…