This is interesting: unlocking your bitcoin savings with a memorable secret phrase.
What I still find hard to conceive is: where is my money?
If I understand correctly, the BTC money is in the system, on a unique, private address that can be accessed using a complex private key. The memorable secret phrase is constructed to be translated into that complex private key.
Wow, that would mean “money in the clouds”. Buzzzy!
This would forego the need to have a wallet stored somewhere. Also, no need to backup your wallet.
You do need to have a good memory or store the secret phrase in a safe. Or you might lose your savings.
Correct me if I’m wrong, please.
Link found on Reddit.