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  • Using your master password for much more than your password vault is a very bad idea. Your password fault is generally not available to others, having a master password is an additional security measure, for me at least. Devices have a wildly different amount of hardware; it may not be possible to have a 1s delay on a 4 GHz x64 CPU and have it run in anything considered useful on a low end smartphone or, say, an old Raspberry (which are "sluggish" to say the least). Commented Nov 13, 2018 at 11:46
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    Both methods have their advantages and disadvantages (and you hint at this when asking for "other parameters"). You can ask about those, but asking which is more secure is opinionated and the question may be closed because of that. Commented Nov 13, 2018 at 11:49
  • Hmm, well let's say that the random passwords are chosen from [a-zA-Z0-9]{21}, that gives ~131 bits of entropy. If the master password has more entropy than that and you use an HMAC(site_name, master_pw) construction to derive the passwords, then your derived passwords should be just as secure as if they were chosen uniformly at random. But this derivation scheme is less secure overall: if an attacker ever gained access to your master password (even for a moment) your future derived passwords are at risk if you continue using that password... Commented Nov 13, 2018 at 12:05
  • I fail to see the difference with encryption: if he has my master password, he should also be able to decrypt my vault and retrieve all my stored passwords. However, if my master password is compromised, I may want to change it, but if I do, I will have to change all my derived passwords but won't have to for the encrypted ones... I will add the password auto change feature. Commented Nov 13, 2018 at 13:06