Move to a new Seed Securely, & Safely with a Single Hardware Wallet (Ledger, Trezor, Keepkey)
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- Опубліковано 11 чер 2020
- Keep all your crypto safe & upgrade to a Ledger Nano X Hardware Wallet shop.ledger.com/pages/ledger-...
Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet shop.trezor.io/product/trezor...
More hardware wallet comparisons here:
cryptoguide.tips/hardware-wal...
This video looks at how to move from an existing seed to a new one in a way that is safe, secure, cheap and fast. It's better than simply sending your crypto to an exchange, importing the seed into a software wallet or anything like that. It will involve wiping and restoring seeds a few times, but making sure that the seed backups are confirmed each time. Reinitialize your wallet isn't hard and it's worth being familiar with the process.
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If you are new to Crypto, my suggestion is that you start with buying ~$150 worth of Bitcoin, Ethereum, Litecoin @ Coinbase and get familiar with storing it, moving it around, etc.
For your first purcahse, just stick with CoinBase: www.coinbase.com/join/5691c9d...
For Trading, just start with Binance: www.binance.com/?ref=18111926
By sticking with large, reputable exchanges for your first purchase (Coinbase) and first trade (Binance) you can avoid getting scammed right at the start by purchasing a non-existing coin off a scammy exchange. (You would be surprised how many people fall into this trap)
Don't have a hardware wallet?
Be safe and buy them direct from the manufacturer. (Not just through some random on eBay, Amazon, etc)
Get a Ledger: shop.ledger.com/?r=5243ecbb84...
(If you are just starting out, I would just recommend a Ledger Nano S)
If this was helpful, feel free to send me a tip:
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LTC: MRWnUcsyofisVp5GvX7nxMog5caneycKZ6
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#bitcoin #btc #ethereum #eth #cryptocurrency #crypto #ledger #trezor #security - Наука та технологія
This guy creates very good informative content, nice to see, he should have way more subscribers
I appreciate that!
Great to see you upload man! Your videos are going to skyrocket when crypto goes mainstream.
Keep them coming!
Thanks :) Glad you find them helpful
Thank you for your content. They are the only one on UA-cam
Thanks :)
so complicated. but good explanation
Yea it's certainly a bit of a hassle if you only have one device, but very doable.
it's funny you mentioned whitelist addresses. I sent a good sum of chainlink to what I thought was my ledger. when it didn't arrive and it showed confirmed on the exchange I started freaking out. I was never so happy to look at my accounts on my old Keepkey
Yep, I hear it all the time... It's a *really* easy mistake to make. IMO, it's worth keeping every seed that you have ever used. (Though, as mentioned in the vid, if this isn't workable, then a digital copy is fine depending on your requirements for privacy)
I am so impressed, do you offer one on one service?
I really need it please.
If you are totally stuck you can request a paid private session. They are $100 USD for an hour over zoom/Skype. (Full details, terms and request form are here: cryptoguide.tips/recovery-services-consultations/)
If you want to use our paid services (either private session or trusted recovery), you can fill out the form here and we can find a time forms.office.com/r/KEypP0FRvN
Awesome info and so timely for me, thank you! Also, I ran out of space on my Ledger nano S so it looks like I'll have to buy another hardware wallet to store additional coins. If I get another hardware wallet, should I set it up with the same seed keys as the original, or set it up with new seed keys? I'm also very concerned about security - do you think I should also get a Trezor to store some of my coins to be most secure?
Firstly, if you aren't actively trading the coins on the Nano S, you can actually un-install some of the apps and re-install them if you want to send those cryptos. That said, if you are simply after having more space on the device and are happy with the Ledger software/hardware, then I would suggest simply moving to a Nano X and re-using the same seed from your Nano S. Ledger Live won't even know the difference , you can then keep the Nano S as a spare and you will also get the bonus of being able to more easily use the Nano X with your mobile. Sticking with the same vendor also avoids the issue where you may end up with different coin support between your hardware devices from different vendors.
If you think that your seed has been stored insecurely or compromised, then you can move to a new one, but if it has stayed totally offline and non-digital, this shouldn't be required.
In my mind, the question of splitting your holdings across multiple seeds is mostly about how confident you are to manage multiple sets of backups for all of them.
as Crypto guide already said if you arent trading actively you dont need the apps. your ledger is less a wallet than a debit card, it only stores the authorization to access your coins and ALL currencies derive that from your 24 words. so the apps are only needed to act upon that, as in to sign the transaction.
@@CryptoGuide Thank you, answers my question perfectly! As a matter of fact, I have a Nano X and I do feel the seeds were compromised so I set up my nano S with a new seed and transferred my coins to it. Going to now wipe the nano X and set up with the seed I set up on the nano S. You cleared up a lot of my questions and explained so clearly, thanks!
@@My1xT Thank you for explaining that!! So helpful to know
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this video answered my last question! If I go the simple process and get another ledger why can't I simply send my crypto peer to peer to the new ledger? (Sorry if this is obviously yes but you mentioned sending crypto to the exchange first in this video)
If you have a second device then you can simply send from one to another. (This video is mostly for folk who have a single device)
Hi mate just subscribed I want to get out of the ledger ecosystem is it possible to do this to the jade wallet thanks.
Yea, you can stick the seed from your Ledger directly into the Jade and you are good to go.
I have a Trezor one, and need to move crypto from on Trezor one to another. Would that cost anything in transaction fees? Is there anything I should know before doing this, please?
Yes, this is just a normal transaction with normal fees.
A video on how to use cold card would be very helpful as there are not many on UA-cam. Cheers.
Certainly have some coldcard stuff in the queue, is there anything you are keen to know how to do with the coldcard?
@@CryptoGuide Thanks for replying.
Well I've got a trezor and nano (prefer the trezor)
But as far as I have read, the cold card is the most secure, so would really like to see another video explaining/showing how to store bitcoin on the device, and moving the bitcoin off of it.
What's your thoughts on the device? Do you rate it as probably the most secure?
Cheers.
@@logann001 I have some detailed info about it here: cryptoguide.tips/hardware-wallet-comparisons/ Basically the massive thing that both the ColdCard and the Cobo Vault (a very recent product) have going for them is that they can not only operate air-gapped, but you can use them entirely without any software provided by the vendor. The Coldcard is a great device, but it is also certainly not nearly as user friendly as a Ledger/Trezor unless you run it over USB, at which point you have sort of lost much of the benefit of having a Coldcard... Just be warned that it isn't a forgiving device in if you do things like forget your PIN, the device is bricked... Doesn't come with any native software, etc. (You need to use Electrum or Wasabi)
@@CryptoGuide Many thanks.
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Question:
I purchased a Trezor model T on eBay but I don't trust the merchandise that I have received. Can I reset the wallet or use new seeds so no one can download my crypto onto another wallet once I use this new wallet?
It's not really possible to be sure your have a genuine Trezor beyond inspection as per here trezor.io/support/logistics/authenticity/
If it came with a preconfigured seed then this is certainly a scam
Because I've hardware wallet before (and don't own one at the moment) I probably won't need to do this. However, it did spark 2 questions which I wanted to get your thoughts on. What would you say the best way to HODL crypto is? I know you've mentioned paper wallets are a bad idea, but what alternatives (preferably free) would you suggest for long term storage of your funds? And then on the topic of seed phases, what do you suggest the best way to store it is? I've done a bit of research about a "brain wallet", and splitting up the code in different locations. Some people just store it under their bed etc. I would be curious to know what you think about this one. Thanks in advance!
If you want to HODL, then you have a few options. On the simple end, there are now a number of two-part software wallets like Electrum or COINiD that let you use an old phone that stays permanently offline a bit like a hardware wallet, doing all the offline signing via QR codes. On the complex end is creating a BIP39 seed in an airgapped, amnesic operating system is your best bet. You can then create as many deposit addresses as you like and when it comes time to spend, either sweep individual private keys as required. For seed storage, I think brain wallets are really bad. Best bet is redundant geographically distributed BIP39 seed (eg: two copies in two locations) combined with a BIP39 passphrase that is long enough to buy you many months in the event that someone finds one of the seed copies. (But make sure this is backed up somewhere too)
@@CryptoGuide Thank you for your detailed reply! I'll definitely look into using an old smartphone for my long term storage of crypto. Is it possible to generate unique receive addresses if you choose this method, with say for example, Coinomi?
The great thing with wallets like Coinomi is that you can actually export an xpub key. This allows you to create a watch-only wallet that can be used to deposit funds without having to re-use the same address all the time.
The main thing with the "old-phone" style of wallets is that the security really depends on keeping it air-gapped forever if you want to approach anything like the level of security of a hardware wallet, so if you want to spend it, you will need to use a wallet which allows you to offline-sign things (This is why I suggest wallets like Electrum or CoinID), though the advantage of the coinomi-approach is that you can just import that seed into a hardware wallet to spend it at some point in the future. The other big consideration with phones is that they aren't as secure against physical attacks, so you will want to secure the phone itself somehow, not just leave it lying around.
The critical thing for all of these is that you keep your seed phrase secure and in a non-digital format. The reality is that your seed IS your wallet, a hardware wallet is just a secure way to store and use it.
@@CryptoGuide Thank you as always for taking the time to reply and explain this to me. I like that idea about using a phone for long term storage. I have noticed Coinomi gives you the public key, but I never really knew that is the key to address generation and viewing the balances across all wallets associated with that key. I guess that's more research for me to do :) I love how there is always something new to learn about the crazy world of crypto. Thanks again, have a great weekend :)
@@CryptoGuide I know it's been some time, but I managed to try input my Coinomi xpub key into Electrum, but it did not work for some reason (Electrum said it was invalid). I suspect the format was incorrect? Do you have any video on how I can get the right one with Ian Coleman's tool? I did have a look, but couldn't find any videos. Thanks in advance!
I bought a Ledger Nano S a few years ago. The display screen is 'burned' out so I am not able to view any characters. I've only used the device a few times a year. I bought a new ledger nano s and would like to use the seed phrase from my first ledger nano s and move it to the new device so that I can access my cryptos. Do I need to wipe out the new device and reinstall with old seed phrase? Your instructions are very helpful but I'm still struggling a bit. Thanks in advance.
You don't need to do anything with the old device, just import the seed to the new one, install whichever crypto apps you were using and you will be good to go.
Hello this might be off topic, but i couldn't find a better place to ask this question.
So as a ledger user, i realise it is encouraged that you generate a new address for each new receive transaction, for privacy, essentially avoiding "address reuse". My concern is, if you adopt this practice and end up having for example 1BTC each on 10 different addresses and wish to withdraw the total of 10 bitcoin to a single address, would this mean carrying out 10 separate transactions which would each cost a separate transaction fee? And if yes, would that be significantly more expensive than it would cost to transfer 10 BTC directly from one address to another?
No, though why this is can be a bit of an odd concept to get your head around, so strap in...
Firstly, a single transaction will spend outputs from a number of addresses automatically. This is normal. Secondly, transactions are actually funded by unspent outputs (UTXO's), not just addresses, with a single address being able to have many UTXOs. Basically the cost of adding UTXOs is the same regardless of whether they came from the same address.
That said, it IS true that if you spread your funds (say 10 BTC) over dozens of UTXOs then the transaction fees will be higher. This is especially true for Legacy account types, when compared to native segwit.
can you direct me to a link that in "text form
" explains step by step how to transfer my Keepkey seed into s new Trezor? plenty of people doing any operation involving a hardware wallet are terrified of screwing up so they want to make certain at every step they are exact..you confuse me me with all your "maybe this happened maybe something else, "if this" etc. I'm just looking for concise steps without all the noise so
i can focus on certainty
thanks much..
You just start using the Trezor and select that you want to restore an existing seed, use your Keepkey seed, done. My video on reset, recover and verify for the Trezor devices covers it.
If I left my VET in my ETH account on my Ledger, would I be able to recover that at any time in the future?
Yep
So I’ve sent my crypto to an exchange already so what do I do now ? How do I wipe the hardware wallet (so new seed)and send the funds back please 🙏?
Many thanks
Just get the pin wrong three times to wipe it
Hi. Not sure if this question has been asked or answered in a different way, but...can I choose my own seed phrase?
You can if you like, but you will also need to generate a valid checksum word. You also don't want to do this, as humans are terrible at picking random phrases... Your wallet will do this for you. (And you can use dice if you are really worried and don't want to trust a wallet)
@@CryptoGuide Got it. I heard that you could create your own seed phrase, perhaps they confused seed phrase with passphrase. Thanks!
Most likely :
Is it possible to import my Ledger Seed Phrase to a Brand New Keystone Wallet? Thank you in advance
Yep
@@CryptoGuide cool, much appreciated. It’s interesting how there seems to be no video about this simple fact, perhaps someone of your caliber should make one 🍻
I have a bunch of videos that already cover this, you can even have multiple devices using the same seed at the same time.
How does the same seed phrase work on trezor as well as ledger with multiple crypto formats? one seed phrase allows recovery of eth, btc, dot etc? how?
Yes and no. Basically for BTC it will "just work" across the two. For Eth, Ledger and Trezor use different derivation paths in the vendor provided wallets. (Though if you are using Metamask them this might be a non issue) Basically a Ledger will just work it out and can use the Trezor paths, but Trezor suite isn't as forgiving. For more obscure altcoins it may work, or may not, as some stuff like XRP is straightforward whole others like Cardano is a disaster as far as standards go.
@@CryptoGuide thank you very much for the reply. So essentially, if I store eth on a ledger wallet with a ledger generated seed phrase and ledger as a company disappears over night, how will I get the eth out of ledger?
You can use your seed in a Trezor, a software wallet, etc, no problem at all, as long as you are aware of the possible difference in derivation paths. I have a video that demos this.
@@CryptoGuide thanks i very much appreciate you taking your time to reply👍
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This is a right ball ache to understand
It's easier if you have a second hardware wallet :)
If you have the 1 main account and 2 other accounts on the one MM seed, what happens when you import address? Do you just do the 1 main account or can select all 3?
When you import and check on Trezor suite will all 3 pop up ?
You are able to select multiple accounts when importing a hardware wallet to Metamask.
@@CryptoGuide no import metamask seed / account to Trezor
You can do this and use multiple accounts, but it's a terrible idea and undermines much of the security that is offered by a hardware wallet.
@@CryptoGuide how is that? It’s just adding more security. Take my wallet from mm and now migrate to hardware ?
You may have already leaked the seed, you are better off having the Trezor generate a fresh new one that has never been online, typed in to a PC, etc
How many times can a Ledger generate a new seed. For example, can my device generate 20 new seed phrases and keep different crypto on each one?
Once my Nano X generated a seed with 2 same consecutive words which seems insane.
Your ledger can generate an unlimited number of seeds, bit only use one at a time.
Two words the same is perfectly valid.
@@CryptoGuide Thanks for the instant response. Got no idea why I`m so paranoid. I have a feeling that my smartphone can secretly take a photo of my seed phrase. Crypto world turned me into a mad man :)
Keep your cameras away from the seed. Also be careful that you don't go adding unnecessary complexity through multiple seeds, as it will make it very easy to mix up your backups...
HELLO, THOSE 12 WORDS HAVE BEEN COMPROMISED. HOW CAN OTHER NEW WORDS BE GENERATED OR HOW CAN THEY BE CHANGED?
You need to send all the funds of the wallet, wipe it and reinitialise with a new seed.
isnt step 5 really needed if devices like the ledger automatically do a recov check during setup?
Ledger Nanos requires you to check all the words when you initialise them, so that is very good and you could get away with skipping this step for them, but devices like a Trezor T (They only verify 3/12, this is actually a backwards step from the Trezor One...) or Keepkey (no default verification at all) don't so I left it in there :)
@@CryptoGuide lolrly? this is bonkers, especially considering that while I can get away with burning my Seed on the Nano S I use most as I use it only for authentication and I dont want it to be overly clonable), for people who do cryptocurrency stuff for real this is kinda important..
also does 3/12 mean "3 of 12" or "3 or 12" (out of 24)? because 12 words might be a tad short when doing cryptocurrency especially in the long run
@My1 yep, the Trezor T only uses 12 word seeds and only has you verify that 3 of the 12 are correct. What makes this worse is that the BIP39 checksumming on a 12 word seed isn't actually very robust, any random BIP 39 12 words has a 1/16 chance of having a valid checksum (as opposed to 1/256 for a 24 word seed)
Trezor's decision to go with a 12 word seed and cut corners in validating it is beyond my comprehension... (Especially when the Trezor One used 24 and had you verify them all) I understand the argument from user experience, but this is the one place you don't cut corners for UX reasons...
@@CryptoGuide oh lol so we have a device that's 3 times as expensive but WAY less secure. Way to go, lol.
Can you somehow get a t to make a 24 word, or is a better way than to just take the bip39 list, and write a rng/hash/translation tool in php then running it on an amnesiac offline live linux
@@My1xT yea it's a bit of a joke, I certainly have a hard time recommending the Trezor T for anyone given its cost and features... The easiest way to get a 24 word seed is to initialise it using Electrum or use TrezorCTL in the command line. The hardware supports generating the longer seeds, it's just that the default Trezor web wallet goes with 12... What make this worse is that, for people who buy the "backup pack", the "standard recovery" for the Trezor One is unsafe if used with a 12 word seed...
im lost. Scared of losing everything. Sent old VET to eth address cant find it
Where exactly did you get the address from that you sent the funds to? (Which wallet, app, exchange or website)
@@CryptoGuide I sent it from Trust wallet to my ledger. Cant find it anywhere on my ledger
So if you look up your Eth address on a vet block explorer, can you see the missing funds? (Or did you send erc20 Ven tokens?)
@@CryptoGuide thank you for your help. I can't find them on Vet block explorer from searching my ETH address on ledger. Maybe they were erc20 Ven as it was january 2020 when they were sent? I can see which address I sent them to from my truest wallet. It was a lot and they are worth a good bit of money now
@@CryptoGuide The transaction is on the vechain.org explorer blockchain
if people understood what seed, adresses, etc. actually are and how they relate to each other, there would be no need for these kinds of videos
For sure... My entire channel mainly exists due to the user experience in crypto being so bad... ;)
This entire ledger set up is too complicated. I’m sure many people will loose their money. They should make it much easier to let people using it. It remember me when internet started back on 1988 lol
It's certainly a steep learning curve, but ledger are certainly doing far better than anyone else in terms of documentation, robust processes and support.
Information overload for me 🤦🏽♂️
Are you trying to move to a new seed with your Ledger?