Why Don’t More Crypto Wallets Have This?
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- Опубліковано 6 лип 2024
- A crypto wallet passphrase is one of the most underrated security features. But why?
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Chapters:
0:00 - Crypto Wallet Passphrase
2:12 - Why Use A Passphrase
3:12 - Quantum Computer Concerns
4:40 - Setting Up A Passphrase
6:40 - Passphrase Supported Cold Wallets
7:31 - Trezor Safe 3 Discount Code
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Disclaimer: The information provided is for informational purposes only and should not be considered financial, legal, or tax advice. Viewers are encouraged to consult with qualified professionals for personalized advice. While efforts are made to ensure accuracy, we are not liable for any damages or losses incurred. Content reflects opinions and does not constitute professional advice. The channel may earn commissions through affiliate links, but this does not impact content integrity.
#crypto #coldwallet #cryptowalletpassphrase #bitcoinwalletpassphrase #trezor #trezorsafe3 #trezorwallet #hardwarewallet #trezorwalletreview #trezormodelone #trezormodelt #newtrezorwallet #cryptowallet #ledgerwallet #ledgeralternative #bestcoldwallet #besthardwarewallet #trezorsafe3review #ledgerwalletalternative #ledgerwallet #tangemwallet #passphrase - Наука та технологія
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Thank you,
Alex
Noone who has access to such a quantum computer, would attack your seed phrase. They would attack your private keys directly, and the length of your private keys have exactly the same length (256) bits,for 12, 24 or 24+25th. A 12 word seedphrase is more than secure enough.
You’re right. A 12 word seed phrase is secure. For now
@@cyberscrilla For now... yeah, for the next like 5000 years+
It depends on the attack vector. A 12 word seed can be easily brute forced if you have all the words but don’t know the order of them whereas a 24 word seed cannot. Also, if there isn’t sufficient entropy used to generate your seed phrase, the 24 word seed might be less affected by this.
You were the only fellow I hung out to listen to about this. You get to the point. Thankyou
Thank you for watching!!
Great videos
Thank you!
Question: how is it possible for a trezor/ledger/metamask to recognize your recovery phrase? Since “no-one knows your phrase not even the company”
Is your recovery phrase is stored somewhere in a database? Or how else could it be recognize as a legit wallet, when recoverd.
well said, how we can be sure about this?
I was not able to get my hands on the btc edition of trezor safe 3 .... I thought it was a different product from the regular trezor safe 3 .... Or is just simply the outside look ?
It was a special “Bitcoin orange” exterior with the BTC only firmware on it from factory.
But you can download the BTC only firmware on any Trezor wallet 👍
@@cyberscrillait would be great if you can make a video on how to make any Trezor Safe 3 into a Bitcoin wallet. Great info!
@@magic_fruit_bat5003 I’ll see what I can do. It’s simple though. Just go to the website and download the BTC only firmware onto the device. Done
Great video as always. Do i have to enter the passphrase each time i make a transaction or is it just when i import my wallet ?thx
Thank you! Just to import your wallet.
@@cyberscrilla thanks a lot. So with a passphrase will it be secure enough to use the same seed phrase and passphrase for multiple wallets say trezor and tangem?
What do you mean by secure enough?
And Tangem does not support passphrases. You might be thinking of the access code (which is different).
@@cyberscrilla oh ok never mind then. Again, thanks a lot for what you do 🤝
@Le_Bicar thanks for your support!
Can somebody please tell me how to transfer BTC from the COINBASE Wallet to a Trezor wallet? Do I need to go back to COINBASE exchange first? Should I use the Trezor mobile app to go from wallet to wallet or use the desktop extension? I’m confused. And It seems very expensive.
It is expensive.
1. Log in to your Coinbase Wallet.
2. Tap on your Bitcoin.
3. Click on "Send" and enter your Trezor Bitcoin address as the recipient address.
4. Enter the amount of BTC you want to send and confirm the transaction.
Done.
@@cyberscrilla thank you for responding. It’s not the steps that are difficult. It’s just that I need to do it all on one platform and I don’t know if I should install the COINBASE Wallet extension for desktop or if I should do it all on mobile with the Trezor app. I’m sure this all seems ridiculous to you. I will figure it out. Thank you for your help!
Good review Scrilla,
I’m thinking about getting one,
Does the Safe 3 support XRP/XLM?
Thank you!
And yes, it supports both (XRP is natively supported in Trezor Suite and XLM is supported in conjunction with a compatible wallet including Exodus, Stellarport, and Account Viewer
@@cyberscrilla
Thanks for the reply.
I’m looking for a replacement to my Ledger Nano S+
And I do happen to like Exodus also ⚡️
@@sharlawya6868 👍 Nice, the Safe 3 is similar to Nano S+ so I think it’s a solid alternative.
Of course the main difference being it’s 100% open source. It also doesn’t have a battery like the S+ which I enjoy.
Then you don’t have to worry about the battery failing.
@@cyberscrilla
I had to double check because I had an issue with the old Trezor 1. On the Trezor site, it stated that XLM was supported by Trezor 1 model.
Once I received it, set it up only to find out XLM was not supported.
I’ve seen this happen a few times with wallets.
Ah I see, that’s not good. Like I said it’s not natively supported, you have to use a compatible hot wallet in conjunction
not concerned about quantum computing and wallet passwords, at that point every computer system in the world is vulnerable from banking to defense, wallets will be the least of our concerns
Not at all.
Some people are concerned. That’s why I mentioned it. Nonetheless, the passphrases will increase your wallet’s security
- Alex
I am confused so if I created a passphrase I have to send my bitcoon to that new adress?
Yep, it’s essentially a new seed phrase with a different public (receiving) address
Another key aspect you didn't mention is that the passphrase isn't stored on the device, whereas the seed phrase is. In a standard wallet without a passphrase, an attacker can access your wallet through one of two ways 1) steal the trezor device and know/guess the PIN, 2) steal your written recovery seed, and restore it into a new wallet (no knowledge of PIN required). By adding a passphrase, neither of those two options will work without the attacker also knowing the passphrase. If you use a strong passphase that's only in your head, not written down, this mitigates against those two attacks. And passphrases can be as simple or as complex as you like, so it's easy to choose something that you'll never forget while not needing to write it down.
Good point, thanks
My only complaint about a passphrase is that unless you write it down on the same place you have your seed (paper, metal, etc) then you are essentially seed phrase splitting, like those people who split their 24-word seed, which is a bad idea. I really believe the complexity of remembering the passphrase out-weighs the advantages. Most coins that will be lost the next decade will be due to complexity. The number of people who will lose their seed phrase in coming years will be prodigious. Meanwhile, the guy who lost 75,000 BTC on his hard drive 10 years ago that is now in the dump, is likely not even protected by a seed.... yet it still sits there unprotected and likely safe.... forever.
Using a passphrase seems like a no brainier. You should be able to memorize one word as well as secure it in several secure locations separate from the seed phrase.
@samueladams584 100%
@@rufuspipemos I been seedword splitting for years 😆 dont knock it, its gotta be a good Idea as I just discovered my waller offers seed XOR which is basically splitting your 24 seed words in to 2 sets of 24 word seeds which ai'll be upgrading into
24 words is not just twice as secure as 12 words its actually quadrillions and quadrillions times safer.
But great video mate cheers stevo
Good point it is significantly more secure. Both nearly impossible to guess though.
Thanks for watching! :)
No it is not. The resulting private key is always 256 bit. To brutforce it you have to search the complete 256 space for a match. 12 + 13th password is as same secure, as 24 + 25th password. The point is the resulting private key, not you seed phrase.
@onepunchvegan866
256bit verses 512 bit.
512 plus 25th word infinitely more secure than 256 plus 13th word. However I'm still happy with 12 words plus passphrase
If i created a passphrase on a trezor with a seed phrase, can i access that passphrase wallet with the same seed phrase from a safepal wallet or something
Yes. So as long as the wallet your importing your seed phrase to also supports passphrase
Million times better than other crypto UA-camrs
Wow, thanks!
Wouldn’t you have to store the passphrase with the seed phrase because if say your house burns down and you kept your seed phrase safe but lost your passphrase and you don’t remember it. Then basically the seed phrase is useless without the passphrase.
And also passphrases may dramatically increase error because a spelling mistake on a seed phrase is less problematic than a spelling mistake on a passphrase (lower vs uppercase etc.)
Correct. Always a good idea to make a couple copies and store them in different locations.
Not too concerned about a spelling error. I’d test that I recorded the passphrase correctly before putting any crypto on it.
@@cyberscrilla Thank you for your reply, makes sense. Hopefully every wallet will offer the passphrase option so then you can recover on any wallet out there.
@@dmytroyarchuk8216 Anytime! And I agree it should be standard
What’s up Andy.
Who’s that?
Trezor Model T has color screen and it was looking better.
Have you seen the Safe 5 yet? Super cool
"Why Don’t More Crypto Wallets Have This?" just ignore that almost all wallets have this...
Tangem or trezor?
Tangem doesn’t have the passphrase feature but is more user friendly.
Trezor has some extra security features and but isn’t AS user friendly, but still great for beginners.
Depends on you’re preference. Both are great wallets.
- Alex
Trezor. Have both. Trezor has the passphrase feature. This is the most important feature
@@aussieman8738 do you use the Trezor mobile app?
I am so mad. Ordered 2 S3's on the 6th using your code. Today I got to know that they were both lost during shipping. It was a christmas gift :(
Dang I’m sorry to hear that. Maybe they’ll show up? Did you contact Trezor about the issue? Let me know if I can help
- Alex
@@cyberscrilla Tracking states it was shipped out on the 12th. Shipping should take around 4 days since I am close to their facility. On the 20th I got to know that I should call the shipping company and they told me that my package was lost. Now I am waiting for Trezor's support to reply. Due to christmas it will probably take quite some time. Thank you for your kind offer but I doubt that you can do anything in this case. Just hoping that I will get a replacement asap.
@@dr.prof.kubinski9098if you used USPS it was stolen. I never use USPS for anything, they are criminals basically. Has stuff “lost” this Christmas as well.
Tangem has that
No it does not. You’re thinking of an access code. It’s different
It ain’t paranoia regarding quantum computing. It’s genuine worry.
For sure.
Ledger has passphrase
Correct. But I would never recommend a Ledger wallet
Ledger also has this feature
Yes. But i don’t recommend their wallets
@@cyberscrilla because they don’t paid you to promote ledger?
Seed phrase, passphase. Key phase. So freaking confusing. Can you simplify for beginners. This is the most complicated video I have ever watched.
Seed phrase, key phrase, secret phrase are alll the same thing.
Passphrase is the additional word you can add to the end of your seed phrase
All wallets have a passphrase. It's nothing special.
At least most 😊
No they don’t. This is not a device specific passphrase which you are likely referring to.
This actually generates a new private key and public address paring.
Thus why it’s called a hidden wallet
Most people don’t know about the hidden wallet option.
Also this is not a device specific passphrase which practically all wallets have.
@@cyberscrilla Wrong. I'm not talking about a "device specific passphrase". I'm talking about the same thing you are. Passphrases are not stored on the device and add more encryption to your Seed words. We're talking about the same thing.
I'm saying you are wrong to suggest that this is a special or unique thing. It's available on all Trezors for many many years now and is also available on the best HWW wallets such as the ColdCard, and application wallets too.
@@TekaDon ok cool! Not all wallets have this though. And many people are not aware of this feature or how it works. Now they are :)
Quantum Computers are a tale of fantasy. People just have no knowledge about the physics behind these devices. People dont know that for a qubit to operate it should be freezed to almost -273°C, otherwise the superconducting elements are not anymore superconducting, beside that, noise makes a quantum computer impossible to be operational with a large number of qubits, hence we will never have quantum computers that can be used to run practical algorithms to solve real complex problems. It is almost certain that quantum computers will never work for real world problems, do not fall for the hype of quantum, its all about attracting investor money. No quantum computers are in use today for anything useful, its all hype and BS and theoretical speculations, more than that there are no algorithms designed or known to man for quantum computers that are useful for anything practical. Quantum computers are an academic exercise that will last until all money and funding will finish. I worked myself for 3 years doing circuit design for quantum processors before I decided to quit since all that stuff is just useless and cannot be used with anything real. Please people dont fall for the quantum computers, its all hype and its BS
I like that
Really nice feature. Bulletproof imo