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Bitcoin Cold Storage Secrets (How Not To Mess It Up)
Рет қаралды 62,317
Күн бұрынLearn how to build your own Bitcoin multi-sig vault:
www.trader.uni...
Use the discount code YT99 to get the best price.
Join Trader University Premium:
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In this video, I discuss Bitcoin cold storage, and its advantages over hot wallets.
Hardware wallets are the gold standard of Bitcoin cold storage. Single-sig is fine for beginners, but more advanced users will want to learn about how to store their Bitcoin using multi-sig.
Collaborative custody for multi-sig is more user-friendly, but comes with the risk of personal data leaks, like Unchained Capital recently experienced.
The best solution is DIY multi-vendor multi-sig using geographically dispersed hardware wallets.
Recovery seeds are an important way of backing up your Bitcoin cold storage. Be careful never to upload your recovery seed online, as a text string or image, or your Bitcoin could be stolen.
Not investment advice! Consult a financial advisor.
My favorite hardware wallets:
trezor.io/
blockstream.co...
coldcard.com/
BIP 39 word list:
www.blockplate...
How to Buy and Store Bitcoin (The Right Way):
• How to Buy and Store B...
Best Way To Store Large Amounts of Bitcoin (Multi-Sig):
• Best Way To Store Larg...
Collaborative custody with multi-sig:
unchained.com/
keys.casa/
The downside to collaborative custody:
www.coindesk.c...
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#ColdStorage
#HardwareWallets
Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.
@Bitcoin_University 2 жыл бұрын
WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Trader University from the imposters.
@jakethemistakeRulez 2 жыл бұрын
If something major ever happened like say power grids went down or we couldn't access the internet would trading of Bitcoin be impossible since there wouldn't be people mining? Or do we always need mining to be happening for transactions to take place? I would think it would be useful to somehow not be so dependant on the mining process for Bitcoin to survive. I might not know what I'm talking about here because I don't fully understand how it works I don't think.
@calvinthestormfreak 6 ай бұрын
Do the hardware wallets open up the bitcoin network for you to connect to it???????
@Unkster_JR 5 ай бұрын
Worst pasties ever! Take a drink of water and re record this
@micksix 6 ай бұрын
Is it just me or is this the most sound practical and I believe… Trust worthy advice regarding this subject??
@antipol1922 5 ай бұрын
Yes.
@safelysnortingbitcoin9923 2 жыл бұрын
This channel is one of my top 3 sources of information on Bitcoin. That is saying a lot these days. Thank you very much sir.
@CrackedJoshua 2 жыл бұрын
what are the other two i don’t wanna get all my information from one person
@safelysnortingbitcoin9923 2 жыл бұрын
@@CrackedJoshua I'll give you 3 more. What Bitcoin Did - (Peter McCormack's show), Saifedean Ammous, and Andreas Antonopolous
@safelysnortingbitcoin9923 2 жыл бұрын
@@CrackedJoshua I hope that my own show could also be considered a good source of bitcoin info! 😂👋
@safelysnortingbitcoin9923 2 жыл бұрын
@@CrackedJoshua you're right about not getting all info from one source. I find Matthew's relative hate for Ledger annoying because as far as I can tell, using a Ledger is completely safe even tho the source code is not open source. Yes they had a customer data leak that caused phishing attacks. But I dont think Ledger can move your bitcoin even if they turn malevolent. Another example is Saifedean Ammous's take on climate change, which is not his area of expertise. Don't trust any one source. They're all humans with flaws. Think for yourself. ✊
@CrackedJoshua 2 жыл бұрын
@@safelysnortingbitcoin9923 🙌🏼
@joey86bu1 5 ай бұрын
Found this oldie but goodie. Got the engraving set and bolt and washers coming in the mail. Thanks Matt.
@kennethmiller8415 8 ай бұрын
Great video! It covers a lot of must-know information that I've never found in such a compact form. Thank you!
@susanchappell796 2 жыл бұрын
Mathew you are a treasure. Thank You for constantly educating a middle aged mom about bitcoin. I have a question do you think the housing market is in a bubble? I am asking because my landlord has asked me if I want to buy his house. I like the house and neighborhood. but am I buying at the top of the market?
@Bitcoin_University 2 жыл бұрын
I do not think that there is a housing bubble in the US right now. One way to answer your question is to compare your monthly rental cost to the monthly cost of owning the house (mortgage, property taxes, insurance, maintenance). What is probably happening is that the US dollar is failing (losing purchasing power), which makes it look like housing prices are going up. If you buy, make sure you do a comp sales analysis to make sure you are paying current market prices.
@baduenterprises1548 5 ай бұрын
Is the bitcoin stored in an exchange stored under the seed keys of the exchange?? How safe is this if the internet crashes?
@GuyTony 2 жыл бұрын
Most valuable info as usual. I want to share a thought. Using 12 words instead of 24 in my mind is not nearly as secure. For example, if the dreaded super quantum computer that can figure out peoples seed phrase comes about, a 24 word would be significantly more secure. Not just 2x secure. But a numberx that I can’t even mathematically come up with, but I know it’s big. Perhaps you could explore and address this in a future video. Thanks Matt!
@jnathan1154 2 жыл бұрын
In light of current events - self custody is something all bitcoiners and non-bitcoiners need to truly understand.
@Bitcoin_University 2 жыл бұрын
Yes, 2022 has been like one long infomercial for both Bitcoin and self-custody.
@larsvongraff5794 2 жыл бұрын
@@Bitcoin_University It's no wonder the amount of BTC on exchanges is so great. Most people simply can't follow the number of instructions sets and associated potential variables that exist in getting from purchase to storage. I suppose you could say that BTC is more of a thinking man's modern gold. You have to work at this to get it right. In some respects it likely has slowed overall adoption. Still, it is vastly easier than Mt Gox days of yore.
@hodlistictradr7499 2 жыл бұрын
I discovered this channel in march of 2020 and haven’t missed a video since! All great info. I do have one question though concerning my cold storage. If my hardware wallet is never connected to the internet then how does it always seem to know the current value in fiat terms?
@dizzolve 2 жыл бұрын
You mean the app or the wallet
@wigidy12 2 жыл бұрын
I stamped my seed into a small steel plate to make it fire and flood proof. Never know what could happen
@Bitcoin_University 2 жыл бұрын
Good solution.
@ace1603 2 жыл бұрын
Cool, may i ask did you stamp it yourself and if so is there some sort of kit you can buy to do something like that? i would not like to go to a store to have that done.
@kerbyanderson6055 2 жыл бұрын
So glad you mentioned UnChained Capital in Austin, Texas.
@badgercrypto 2 жыл бұрын
Great content Matthew. I will be taking your Bitcoin course soon 👍😃💯
@urayys 2 жыл бұрын
you can also write down the words in your seed as the position number in the BIP39 list and do a mathematical function to calculate it from several smaller numbers that are easier to remember. Then you only need the word list and your mathematical formula to figure out your see phrase.
@Bitcoin_University 2 жыл бұрын
This is clever, but remember that increased complexity comes with increased risk as well. If you add too many layers, make sure that you will still be able to figure it out (or your family will) if you end up getting hit on the head really hard (car accident, attack, etc.)
@urayys 2 жыл бұрын
Thanks Matt. @@Bitcoin_University this would only be good if you had see phrases stored elsewhere but wanted to walk across a border without any evidence or hard wallet. definitely not for the faint of heart... nor recommended. If things go downhill any worse than they are i'll resort to more secretive methods of seed storage.
@Trephining Жыл бұрын
You could use a combination of the BIP39 list and an old-fashioned Caesar cypher and just remember one other single number**. So you have your original seed phrase of 24 words. And you have your single number. Let's say you went with lucky number 7. Then suppose your seed phrase starts with the 8th word in the list, and that word is "elephant" (it isn't, just being illustrative here). Your number is 7, so you look the 8 + 7 = 15th word in the list, see that it is "walrus",. and record that as the first word of your seed phrase. Repeat that process for all 24 words of your seed phrase and you'll have your "adjusted" seed phrase which is just the original adjusted 7 places later BIP39 list. **though it could be made more complex if desired The complexity can be ramped up by making your number be 712, and so you adjust your words by 7, 1, and 2 places in the list, then back, to 7, 1, 2, repeat, doing that eight times to cover all 24 in your seed phrase.
@BigMilan 5 ай бұрын
After we’ve exhausted your free videos? Jokes on you 😂 - you have SO MANY! :) thank you ❤
@orenestrada2007 2 жыл бұрын
Nice advice! switching to open source .. just ordered the blockstream jade! !! thank you Mat. Brother from another mother!! :) Hope you doin well in these crazy times! thank you for educating us about digital related topics!! this is the future! fiat is dead!! its only good to buy dips! lol cheers!
@saltpony 2 жыл бұрын
How do we make a fresh receiving address each time we receive BTC? Do we need to do this for small wallet amounts? If a person has 1 BTC should they split it up into different wallets with different seeds? Or should they split it into 10 different address of 0.1 BTC each and one seed? What if a person has 10 BTC? Should they store all 10 on one hardware wallet? Or use 3 different wallets with 3 different seeds of 3/3/4 btc in each? Everyone talks about what to do in such a general way: memorize your seed when crossing war torn border - got it. Keep multiple copies of paper in different locations - got it Use a titanium plate - got it. But how should the different levels of Btc be stored? Surely 10 BTC storage is different than 0.1 BTC storage? So back to original question. How do I generate a different address for each transaction?
@dg6887 2 жыл бұрын
This is so good. Practical. Helpful and so well delivered. Thank you sir
@Bitcoin_University 2 жыл бұрын
Glad that you found it helpful.
@zacha157 2 жыл бұрын
Matthew, excellent overview of BTC storage!! One addition I've added to what you've suggested is the use of a passphrase when setting up a wallet. Think of it as either the 13th or 25th word of your seed phrase. It can be anything and you should never store it with your seed phrase. It acts like 2FA, if somebody happen to get your seed phrase they still couldn't access your wallet without the passphrase. Unlike the seed phrase/words, I do keep my passphrase in a password manager. Great video!
@davidhidvegi4417 2 жыл бұрын
You should never store the passphrase with your seed phrase: agreed. But i would never store the passphrase in a password manager on phone or laptop connected to the internet. You must keep it also strict offline as the seed phrase. E.g on a metalplate.
@69spanks 2 жыл бұрын
I recorded my seed phrase on a cuneiform tablet… lol
@eyesofthewolf101 2 жыл бұрын
At this point I'm even considering steel and parchment 😂
@Bitcoin_University 2 жыл бұрын
Greetings to you and all of my ancient Sumerian listeners. Go Mesopotamia!
@69spanks 2 жыл бұрын
@@eyesofthewolf101 I actually did use steel washers and they’re all on a bolt, secured with a nut. I’m afraid with my luck I’ll lose my memory in a freak accident.
@Trephining Жыл бұрын
@@69spanks or maybe you'll go nuts Hahaha, I'll be here all week!
@DogHonest Жыл бұрын
Where do you live?
@9trogenta13 2 жыл бұрын
Trader University: Most ppl don't walk around with more than a couple huindred dollars in their pocket. Me: *looks away
@GuitarD30 2 жыл бұрын
If you started with Ledger and generated your keys then want to jump over to cold card… should you generate a new phrase and send the coins over to the new wallet since your original wallet phrase was generated with ledger? Or is that an unnecessary step
@hotsaucehimself 2 жыл бұрын
I have the same question!
@MatthewPollak 2 жыл бұрын
Matt, can you make another video about UTXOs
@cadcamfreak Жыл бұрын
What would safest process be to cash in a small amount of btc from a cold hardware wallet? Would it be from cold wallet o sparrow (for example), then into an exchange to convert o usd? Or is there a better process? Thx.
@bernardsmith1230 11 ай бұрын
I am new to this and its very confusing! Can you have the same recovery seed on your cold wallet as the hot wallet.? For instance can you have the same 12 words that have been set up on blockstreem green when setting up Jade? Its so bloody confusing and i feel this is what turns alot of people off Bitcoin
@dg6887 2 жыл бұрын
Could you please explain the OTC Bitcoin procedures and how these effect the Bitcoin price etc Many thanks
@frvining1 4 ай бұрын
What is the public key on my trezor? When to use?
@halifaxguy 2 жыл бұрын
So, I am new to crypto/bit coin. As a Canadian it’s become abundantly clear that we need something untraceable and inaccessible to government overreach. My two big concerns with bitcoin are: 1. What if power/net goes or is taken down? How do I do transactions/access my bitcoin in that situation? 2. How to ensure I can’t by tracked by or tied to my transactions? As a business owner I can’t afford to have the government seize my assets retroactively because I donated to a fundraiser that the gov decides are terrorists due to honking their horns or playing in bouncy castles. Is there a way to have a wallet that will work ‘offline’ and works 100% anonymously? It seems like everything I have looked at online requires me to ‘prove my identity’ to set up a wallet. That kind of defeats the purpose of wanting funds to support the charities I want to support, especially with new legislation coming out in Canada where even relatively small transaction are supposed to be reported to the Gov with details including senders info, reason/purpose of transaction and receivers information. I’m sure this is to make it undesirable to use bitcoin and will ease the adoption of the Central Bank Digital Currency they are developing.
@jacobmiller2142 9 ай бұрын
Hey man noticed you didn't get a reply. 1: If the power goes out bitcoin won't work until it comes back on, but once it comes back on it will be fine. Who knows how long Wells Fargo would take to come back online and let you into your account after the lights come back on. 2: The bitcoin blockchain is pretty transparent, so you can barely protect your privacy. Watch the video on this channel about UTXO management, and also look into the coin Monero and the atomic swaps you can do between bitcoin/monero.
@Just_An_Idea_For_Consideration 2 жыл бұрын
Question: If the 12 or 24 words are already being used, how does the hardware wallet know to avoid those which are already in existence? Even if it is a very small chance - how do the millions of hardware keys select a unique set of seed phrase words?
@ekhwong 2 жыл бұрын
It is only implausible, not absolutely impossible. Mathematically the possibility for two people generates the same set of private key, is even more unlikely than a person winning the lottery 3 times in a row.
@MrCyberamp 2 жыл бұрын
Ledger uses 24 pharses and Trezor only 12. I prefer Ledger. The Trezor T is too bulky to hide (which is not a usual size like car key sized Ledger).
@dopechannoodles9791 2 жыл бұрын
Ledger has been hacked. Trezor has not. Oh and ledger is closed source and Trezor is open source. I’ll take Trezor all day.
@MrCyberamp 2 жыл бұрын
@@dopechannoodles9791 I believe those were noobs or liars who claimed this FUD. I saw their claims and seemed very dodgy. I use both and I don't like Trezor 12 word and bulkyness. My ledgers are hiding somewhere nobody can expect to see because of their size.
@Bitcoin_University 2 жыл бұрын
Trezor One generates a 24 word recovery seed. I think there is a manual way to get Trezor Model T to generate 24 words as well: www.reddit.com/r/TREZOR/comments/n2abre/how_to_create_24_word_seed_on_trezor_t/
@lazerhawks 2 жыл бұрын
@@MrCyberamp the aspect of ledger that was hacked was their database of customer info. So while no funds were lost, a bunch of people were doxxed as known hardware wallet owners. And my trezor one did 24 words out of the box, so maybe you're thinking of an old version?
@ronmiller7248 2 жыл бұрын
@@dopechannoodles9791 trezor suffered a serious phishing attack over the past few days.
@howardwilliams2925 2 жыл бұрын
You mean to tell me I paid $169 for 24 words?
@99alita 2 жыл бұрын
Thank you Matthew. Useful as always. This gentleman is trying to teach us something functional with every video.
@Adeptusmagnus777 4 ай бұрын
I really appreciate everything you do. Your videos are very informative and extremely helpful. Thank you
@TheRealFutureMillionaire 2 жыл бұрын
So where do the Bitcoin and crypto go? Do they just float in the Blockchain. Waiting to be accessed by us?
@vikkib1528 5 ай бұрын
Informed and thorough explanation, thank you. Best I've heard.
@adrianlinebergeriii9689 2 жыл бұрын
Is it safe to move bitcoin from one cold wallet to another? ie. from a ledger to a trezor, or would you “recover” the account with a trezor using the ledger passkey?
@funland108 2 жыл бұрын
This is a really good question - I’d like the answer too.
@anewcreature7 2 жыл бұрын
Why not keep some in the ledger and send most to trezor, so you have 2 wallets?
@firstnamelastname-oy7es Жыл бұрын
Inside both, there both just BTC addresses. So yes, you just send the btc from one address to the other.
@codywy5579 2 жыл бұрын
Great video...Thanks!!
@phaedrusluckas5393 2 жыл бұрын
Maybe a future video on your thoughts on air-gapped approaches?
@darrynmillward162 2 жыл бұрын
Hey Matthew, Appreciate the video, it’s time for me to learn about self custody and cold storage. I live in the uk and find it’s hard to get your hands on any hardware wallets without having to buy off a third party site, which I know you strongly reject. If you or anybody has any advice or tips that would be greatly appreciated!
@Harrybowles1969 2 жыл бұрын
I'm from UK and bought a trezor straight from their website it was really straight forward 👍
@darrynmillward162 2 жыл бұрын
@@Harrybowles1969 thanks! Which Trezor did you buy? Was it easy to use? Did you have any issues with the current being in euro or did your bank just auto convert it?
@Harrybowles1969 2 жыл бұрын
@@darrynmillward162 I bought a model t as I wanted to be able to store varied cryptos. Im currently just storing bitcoin. If I was to store some cash in one I usually sell out bitcoin to usdt (dollar backed stable coin) which will store also so no need for banks to be involved at all which is good
@darrynmillward162 2 жыл бұрын
@@Harrybowles1969 appreciate your help, will get one ordered!
@Cdarlosfletch58 5 ай бұрын
Wow so much for my Mind body and soul ! To take 😊
@DestructorEFX 2 жыл бұрын
I regret buying a Ledger, but it was the only one hardware wallet at the time that would ship to Brazil.
@n1mbusmusic606 2 жыл бұрын
wah? thats messed up. cold card or cobo wallet? know about those?
@chazzbranigaan9354 2 жыл бұрын
It's not that big of a deal, you are fine.
@dsanxcz3074 2 жыл бұрын
I like ledger why do you regret buying one?
@wilfredv1930 2 жыл бұрын
why?
@fredjohnston7022 2 жыл бұрын
@@dsanxcz3074 Watch the video. Ledger is not open source code. So you are 'relying' on the company to make sure it's secure. Private code is ALWAYS more susceptible to hacks as is proven over and over in traditional banking. Open source code is ALWAYS better because you have thousands of hackers scanning the code for potential back doors. With that said, I would not rush out to get a new hardware cold wallet. BUT, as you get a large amount of Bitcoin (defined by the eyes of the owner) you might consider backing away from Ledger over time.
@ratdog7050 2 жыл бұрын
Hi Matt, I unsubscribed here in YT and now following on rumble. Thanks for posting over there!
@n1mbusmusic606 2 жыл бұрын
yo isnt it just bisq for anon?
@jakethemistakeRulez 2 жыл бұрын
If you used a third party solution for multi-sig like say that Unchained Capital company,. If something happened to the company like it got taken over by the government would you be able to still gain access without the 3rd wallet? Or would you basically be screwed?
@slop123456789 2 жыл бұрын
You only need 2/3 signatures - they are not essential for access but there for convenience.
@jasonh1293 2 жыл бұрын
Security is essential. Thank you for making this video.
@heisenberg6400 2 жыл бұрын
One of the reasons I've bought crypto is to earn interest while I hodl it. Doesn't this eliminate that completely?
@UserName________ Жыл бұрын
@17:00 gutsy to recommend ANY company at this point :)
@SuzanneGilsonRealtor 2 жыл бұрын
Very important information! Thanks so much for your time and all you share!
@Bitcoin_University 2 жыл бұрын
Thanks for watching and commenting, Suzanne.
@_DiveBarDiva_ 5 ай бұрын
If I’m using one type of wallet. Can I transfer it to a different type of wallet? With or without new keys??
@TunnelVisionAthletic 2 жыл бұрын
Hi Matt can you make an update BTC loans video?
@saltpony 2 жыл бұрын
Celsius is the best. Alex Mashinsky is the lead. He’s been involved with bringing VOIP to the masses. Now he’s bringing MOIP (money over internet protocol). Celsius is the best out of all of them.
@dal5645 2 жыл бұрын
Is the S2F model broken? Thanks for the video as always
@DebacleWhimsical 5 ай бұрын
It would be nice the whole bitcoin blockchain and proof of work the level of security etc would be visualised in a short animation movie for all the people that are more visually minded because most peoples brain work like that, only IT people +engineers understand software by reading text. Great channel though and keep it up! thank you
@jrwarfare 2 жыл бұрын
Why is market rallying so hard after Fed expected to raise interest rates to 2% by end of year? Is it that rate hikes are bullish for the markets or are the markets calling the Fed’s bluff and think they will begin to cut rates very soon when a recession comes?
@beephex1 2 жыл бұрын
These rates will still be well below inflation. As deglobalization progresses, some say the Fed still actually wants super-inflation, in order to shrink the national debt, and that the rate hikes are intended to trail inflation while keeping the markets heading north. What I don't hear much about is the total offshore USD money supply and where these offshore petrodollars are going to go when the big countries are no longer forced to use them and start to trade in other currencies. A 2% rate hike can have a huge effect on the NPV of a fixed annuity, but an emerging technology that could redefine global economics...not so much.
@ZOT369 Жыл бұрын
Great Summation.
@manfredvandoorn8011 2 жыл бұрын
You amaze me every day. You keep tapping into sources of creativity and knowledge that are always adding value.
@hectorr.corrales221 5 ай бұрын
What crypto exchanges do you recommend especially when there is a lot of traffic?
@SeppeDeVos-md7jk 2 ай бұрын
Thank you sir.
@glennwormald6486 2 жыл бұрын
also don't make the mistake of relaying your backup phrase over skype as it uses transcribing technology to record every word you say
@ravenxin4832 2 жыл бұрын
Laminating the paper is good idea.
@phil.phreeman Жыл бұрын
You are a star! Thanks so much for putting out so much valuable content.
@MrFrobbo 2 жыл бұрын
Isn't the issue with multi-sig the reliance on the 3rd party for signature? What if the government pressure the 3rd party? You're inviting significant risk back into the chain. Good to announce to others should an object be held to your head though 👍.
@Zynka17 2 жыл бұрын
Matthew -- for someone like you who plans to "never sell your bitcoin", would a hot wallet effectively function the same as a cold wallet? I.e., your private keys are never exposed?
@johnjohnson1997 2 жыл бұрын
Hello Mr kratter. I've been subscribed for a long time and am a complete BTC believer. However with the FED stating 6 rate hikes this year and likely more next year do you think BTC will perform well or anything for that matter ? Perhaps this many rate hikes won't actually happen and perhaps something will decouple BTC from FED activity.
@selfreliantfarmer 2 жыл бұрын
Hi Matthew, does your course include ways for buying btc anonymously WITHOUT paying a huge premium for it? Thanks
@RedBeardOps 2 жыл бұрын
So.... if you use 2/3 multi sig. You have 3 HW wallets and 3 sets of seeds? Talk about a lot of things to hide!
@danb1618 2 жыл бұрын
😂 easier to hide than gold bars
@SilkRouteRui 2 жыл бұрын
Thanks, Matt: Done! All the lectures on the Ultimate BTC course! Cool. Must get my own Node set up.
@69ND Жыл бұрын
So if your cold wallet only stores your keys and it has its own keys that you have to store somewhere, then how is it different than having hot wallet and storing its keys ?
@Jacob-v2x 2 жыл бұрын
best video on the subject
@denissego8554 2 жыл бұрын
Tnx
@johnthielen5153 2 жыл бұрын
is there a way to generate a new backup phrase?
@zeddicuszul4046 2 жыл бұрын
Can you multi-sig with 2 trezors amd muun wallet? Viable or problematic?
@micksix 6 ай бұрын
… And informative… I am encouraged
@bspiderm Жыл бұрын
if coinbase goes under, will you lose your crypto on Coinbase Wallet as well??? thanks
@petesam2725 2 жыл бұрын
Hi Matthew. Thank you for your great content. Apologies if you have covered this point in a previous video. To take advantage of the CGT free gain of £12k in the UK, I am considering transfer of a part of my Bitcoin balance on Trezor wallet in future to a separate account (in the same wallet) as gift to my wife. She will have a separate account at an Exchange to transfer to and make the sale to realise hr profit. How would you go about such a transaction please.
@joshv1814 2 жыл бұрын
Do you recommend using adding the pass phrase to hardware wallet?
@dopechannoodles9791 2 жыл бұрын
I’ve got. Trezor and love it but boy the fees sure are steep if you trade inside the wallet. It’s says “total fees 0.14” or something like that but then the actual amount of btc I’m trading is like a hundred bucks short lol. Cheaper to transfer to an exchange and trade then transfer back to wallet I guess
@chazzbranigaan9354 2 жыл бұрын
You are def doing something wrong, it shouldn't be more than a few dollars to send money, unless your saying you pay 14 cents in fees.
@johnnyroman3888 2 жыл бұрын
Can these also hold other crypto’s?
@davidpointer3383 2 жыл бұрын
Mathew. In the likely event of CBDC coming to G7 countries in the next few years. Will this render many “stores of value” Gold, diamonds Crypto etc valueless. The reason I ask this is. If all you can spend is thru your CBDC then how can you get your value back from say, holding gold etc. I realise you could do peer to peer “bartering” Just a thought 👍
@jonp.1084 2 жыл бұрын
Any chance you could do a video on the effect of a lot of dcaing and the potential cost of network transactions down the road due to all this utxo’s? I’m totally confused about this and saw some twitter people warning about this.
@gardeniabee 2 жыл бұрын
Please make a video on what security people have when governments outlaw crypto and halt online transaction platforms.
@Emrico35 11 ай бұрын
jade blockstream is good?
@FC-yr3be 2 жыл бұрын
I would also suggest to take your 12 or 24 words and encrypt (codify) them with a code that only you know. So if anyone steal your list of 12 or 24 words.... they cannot actually use them.
@MrCyberamp 2 жыл бұрын
I hope you don't suggest you store your pass phrases online? Only physical storage maybe using invisible ink.
@davidhidvegi4417 2 жыл бұрын
To encrypt them you must use phone or laptop, you cannot be sure whether somebody is watching your display. I would store it physically unencrypted e.g. on a metalplate. If you die, at least your family can access it. Encrypted seed words take you with yourself in the grave and metaphorically your coins would be distributed among the other bitcoiners.
@andrewwilson8374 2 жыл бұрын
You nerds don't even know how to be nerds anymore. Encryption has been around much longer than phones and laptops. F C makes a great point
@davidhidvegi4417 2 жыл бұрын
@@andrewwilson8374 ye, that encryption will be the most efficient. You have now another password which you must secure, or do you hold it in your mind? Good luck...
@andrewwilson8374 2 жыл бұрын
@@davidhidvegi4417 I have an encryption method I made up with paper and pencil when I was around 10 years old. No laptop, no phone. Just because it wont work for your limited mind doesn't mean it's not a great idea
@astromatheo_pl6782 2 жыл бұрын
What about Electrum wallet?
@ikust007 2 жыл бұрын
Mathew : why is there a time limit with the premium paid access ??
@Bitcoin_University 2 жыл бұрын
Why is there a time limit with your Netflix subscription?
@ikust007 2 жыл бұрын
@@Bitcoin_University i do not need Netflix to learn. If I subscribe to that class I should logically be able to have access to it in 63 days if necessary, isn’t ?
@ikust007 2 жыл бұрын
@@Bitcoin_University btw: I don’t see all the time your answer … will write to you with your website
@ikust007 2 жыл бұрын
@@Bitcoin_University i dont mind paying a subscription each year : but if I buy the class …?
@cordellscott Жыл бұрын
What'cha gonna pick? Hot wallets.
@adir6746 Жыл бұрын
How do we know that Trezor doesnt have a copy of the words provided to us when creating a new wallet?
@Bitcoin_University Жыл бұрын
Private keys and recovery seed are generated locally on the device and never touch the internet. I will cover this in tomorrow's video.
@issalamence Жыл бұрын
What will happen if 2 of 3 people which are using multisig die and person will have not have access to their private key?
@Bitcoin_University Жыл бұрын
One person can store 3 keys in different geographical locations.
@kswonder28 2 жыл бұрын
One of your best videos so far. You should make a “Greatest Hits” or “Crypto Lessons” list and add this video. I’ll definitely be saving it to share for anyone that has questions. Thank you much 🧿🧿🧿
@derp.2898 Жыл бұрын
Hi Matt would I be able to use my single cold card to generate multiple wallets, store different amounts in each and delete them from the device, only retaining the seed phrase that I could load/delete again as needed?
@BjornWiese 9 ай бұрын
sure. You could also create a single wallet with different passphrases
@doctorbryan954 7 ай бұрын
If the phrase is all we need, what is the purpose of a wallet? It can be lost and hacked.
@Bitcoin_University 7 ай бұрын
You need the wallet in order to safely sign transactions when you send/spend Bitcoin. You can always erase/factory reset the hardware wallet when not in use
@prestonmiller1156 2 жыл бұрын
Does anybody here use the exodus wallet to store their crypto? Is the exodus wallet considered safe?
@ikust007 2 жыл бұрын
Such a great & good video
@BertramGroverWeeks 2 жыл бұрын
With a multisig, aren't you relying on a 3rd party to access your bitcoin? If so, doesn't this defeat the purpose of holding your own keys? I'm not trying to be a wise ass, I'm genuinely curious.
@Jon55034 5 ай бұрын
Can’t someone or a computerized bot enter any random word combinations to ultimately get access to a wallet?
@sharpenedge 5 ай бұрын
Great question. Yes! But there are so many possible random combinations that even the best computers today would spend hundreds of thousands of years trying to guess a single key. Not the best use of electricity 😉
@Jon55034 5 ай бұрын
thanks for the reply, it sound to me like giving your bank atm card to the public and let them try to enter unlimited possibilities to guess your pincode
@Bitcoin_University 5 ай бұрын
Yes, but it's like trying to guess the same atom in the known universe-- so nothing to worry about
@fusion9619 2 жыл бұрын
You don't need those companies to do multisig for you. Some wallets have the option to create a multisig wallet - blockstream's Jade is one for sure, and I think Sparrow can do it too
@rich7394 2 жыл бұрын
Matthew, thank you for the video - excellent, as usual. Is it possible that an exchange is a better way to store your private keys? Celsius has a "hodl mode" that prevents movement for 24 hours. Plus, I'm generating some cash flow through Celsius. Even if I have my cold storage in a safe deposit box, I still feel somewhat vulnerable. Would love anyone's thoughts/feedback. Thanks!
@CircumcisedUnicorn 2 жыл бұрын
Perhaps keep a portion of your bitcoin on the exchange and the rest in your own hardware wallet. Not your keys, not your coins.
@n8thal718 5 ай бұрын
Can't a powerful computer randomly select various 12 -24 word sentences and guess your seed and steal it? How are the seed words selected?
@Bitcoin_University 5 ай бұрын
Seed words are human readable version of 256 bit random number. Guessing that number and hence your recovery seed is like guessing a single atom in the universe. Even the most powerful computers in the world today couldn't do that in billions of years of computing time
@n8thal718 5 ай бұрын
@@Bitcoin_University Thank you.
@victorhugo-lp5rd 8 ай бұрын
Which would be best and safest way to export my 24-word seed phrase?
@Bitcoin_University 8 ай бұрын
Write it down on a piece of paper without any cameras or electronics around
@victorhugo-lp5rd 8 ай бұрын
@@Bitcoin_University I was thinking in the device in which introcuce it. I have a hardware wallet (Ngrave Zero), but the process of scanning the qr codes is so anoying that I am thinking to export my seed to My old Keepkey 😪
@patrickclifford4413 Жыл бұрын
If I end up going the cold storage route than I’ll memorize my seed phrase and never even write it down, I was blessed by god to have a great memory, if others have a. Memory like this I recommend memorizing the seed phrase…
@Bitcoin_University Жыл бұрын
What happens if you get brain damage from a car accident or something similar?
@rhettenriquez103 2 жыл бұрын
The issue is, you don’t want to lock your family out of your holdings if something happens
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