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I created a wallet for Ether using MyEtherWallet. I want to store Bitcoin now, but MyEtherWallet does not support it.

Since I prefer not having to remember two different seed-phrases, I was thinking of just reusing the 12 word seed-phrase of MyEtherWallet to create a new wallet on one that does support Bitcoin, for example Electrum (I know that Electrum doesn't use the standard BI39 protocol).

I can't think of any problem with doing this, but I'm kind of new to this, so maybe there's something I haven't thought of.

Is there something I'm missing here? Is doing this considered unsafe?

For what it's worth, for the time being and for the foreseable future, I do not plan to actually use my wallet to spend any crypto, only to accumulate. My seed-phrase was generated on an old laptop that will never be connected to the internet.

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basically, the BIP39 phrase is a readable representation of a "seed", which can be used to create add private keys according to a "derivation path". for BTC that would be m/44’/0’/0’/0/0 (legacy) and for segwit: m/84’/0’/0’/0/0. one seed can create many private keys according to the path. so if you already have a key you use for Ethereum, yes, you can create one for BTC. google derivation paths for a better understanding

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  • I know the basics about derivation paths and that's why I presumed there should be nothing wrong with taking the same seed, but I wanted to be sure I wasn't missing anything. Thanks.
    – mathboi
    Commented Mar 30, 2023 at 9:22
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    no worries. glad I was of help Commented Feb 5 at 3:25
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Yes, it is safe.

This is a very cool tool you can use for that: https://iancoleman.io/bip39/.

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