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.
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.
@@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. ✊
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?
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.
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!
@@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.
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?
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
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!
If all i needed is the seedphrases, couldn't I just destroy the hardware wallets and make sure to have all the seedphrases memorized? (provided i dont need to make any more transactions). and then 20-30 years in the future i can make another wallet with the phrases
If someone knows your Pin code, wouldnt that give them access to your seeds? - in Such case wouldnt it be more safe to not have the seeds be accessible merely by a 4 digit pin code? And just have Safes in multiple locations with Stamp seeds
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.
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.
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.)
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.
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.
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
3:30 Ledger is not open source but how exactly if they wanted would they steal the coins? I guess to counter you would have to check the raw TX before broadcasting. I use Ledger I don't think I will ever upgrade its software
Mathew, why do you state (at 9:11) that it's not a good idea to go through an airport or cross a border with a hardware wallet? No one else can access it or probably even see it...🤔
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?
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?
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.
@@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.
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.
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!
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.
@@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.
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/
@@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?
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?
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 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?
@@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
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?
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?
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 ?
What about the new 20 word backup with trezor. Will you still be able to recover your wallet if the trezor company goes out of business? It's not the standard 12 or 24 backup that you could potentially recover on a different hot or cold wallet. Where would you go with a 20 word backup?
I am curious. do you delete comments that disagree with your take on cold storage wallets? Answer a simple question.Who put the back door in those security chips your cold wallet uses?
I think it covers both, but I'm not sure. Also be careful how ETH hard forks (which happen frequently) will affect this. The deeper you dig into ETH security, the less you will want to own it.
@@Bitcoin_University . . . Thank you!! I’m selling all my ETH when it reaches $3.5K (bought a huge amt. at $1) and trading into BTC (which I bought at $10). Bought the ETH before I knew as much as now, and you’re right, nothing like BTC!
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.
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?
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.
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.
@@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 ?
I have a question, being that this video is 4 months old, is ledger source code still private? Or have they made it open source? Also what about Arculus, another type of cold wallet are they open source or not?
@@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 😪
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 👍.
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.
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.
Matt what mic do you use? I live in a noisy apartment and I want to make some videos on BTC like yours in spanish. But my setup is very basic. Thanks in advance.
Hello Matthew, Strike is only available in US, Canada and Argentina. What about the other people that do not live in this countries? Where can we buy Bitcoin with no fees, or little fees?
@@evanopilismithjones214 All of these exchanges push garbage shit coins and end up losing their users money. Coinbase in particular has a long history of betraying Bitcoin: ua-cam.com/video/I9fhhCrqfTg/v-deo.html&ab_channel=TraderUniversity Coinbase also does a lot of in-house chain surveillance.
Coinbase has thousands of lawsuits against them at any one time. They are crooks who regularly close customer accounts and steal all their crypto, amongst many other shady practices. Avoid at all costs.
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
You say that Ledger is perhaps not as secure due to the closed source software. Does that mean that someone would have to have my physical Ledger to gain access to the BTC on the Ledger?
Ledger is an excellent hardware wallet and don't let one persons opinion sway you .... most applications are NOT open source, operating systems are but not applications. I prefer Ledger live and Nano X over anything I have seen.
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 😉
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
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
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?
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.
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
Feel free to provide links proving your assertion. You do realize, of course, that anything can be hacked given physical access and enough time/expensive equipment. The problem with Ledger is that the company itself could go rogue and take your BTC.
@@Bitcoin_University Ledger can't take my BTC, my BTC is on the block chain not the wallet... I watch all the biggest crypto channels on youtube way bigger than yours and non of them ever mention what you stated, how much Trezor pays you for that? At the end of the day we all have to make money, one way or another.
@@ellerellerek52 Lol, your private keys are on your Ledger device, which is all that is needed to steal your BTC. I'm not being paid by Trezor or anyone else. I'm independently wealthy, so I don't need to have commercial sponsors like all of those other channels. By the way, looks like you weren't able to provide links to verify your assertion.
@@ellerellerek52 Trezor has open source software, so anyone can scan for Trojans and malware. Ledger has closed source software. That closed source software could be used to relay your private keys back to the parent company or anyone else. See the difference?
WARNING: There are a number of scammers who are using my image and
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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.
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.
Do the hardware wallets open up the bitcoin network for you to connect to it???????
Worst pasties ever! Take a drink of water and re record this
Is it just me or is this the most sound practical and I believe… Trust worthy advice regarding this subject??
Yes.
Found this oldie but goodie.
Got the engraving set and bolt and washers coming in the mail.
Thanks Matt.
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.
what are the other two i don’t wanna get all my information from one person
@@CrackedJoshua I'll give you 3 more. What Bitcoin Did - (Peter McCormack's show), Saifedean Ammous, and Andreas Antonopolous
@@CrackedJoshua I hope that my own show could also be considered a good source of bitcoin info! 😂👋
@@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. ✊
@@safelysnortingbitcoin9923 🙌🏼
Great video! It covers a lot of must-know information that I've never found in such a compact form. Thank you!
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?
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.
Is the bitcoin stored in an exchange stored under the seed keys of the exchange?? How safe is this if the internet crashes?
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!
In light of current events - self custody is something all bitcoiners and non-bitcoiners need to truly understand.
Yes, 2022 has been like one long infomercial for both Bitcoin and self-custody.
@@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.
So glad you mentioned UnChained Capital in Austin, Texas.
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?
You mean the app or the wallet
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
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!
Great content Matthew. I will be taking your Bitcoin course soon 👍😃💯
If all i needed is the seedphrases, couldn't I just destroy the hardware wallets and make sure to have all the seedphrases memorized? (provided i dont need to make any more transactions). and then 20-30 years in the future i can make another wallet with the phrases
Bad idea if you sustain a head injury or die. You also need a hardware wallet if you ever want to sign a transaction to move your BTC
If someone knows your Pin code, wouldnt that give them access to your seeds? - in Such case wouldnt it be more safe to not have the seeds be accessible merely by a 4 digit pin code? And just have Safes in multiple locations with Stamp seeds
After we’ve exhausted your free videos? Jokes on you 😂 - you have SO MANY! :)
thank you ❤
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.
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.
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.)
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.
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.
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
I have the same question!
3:30 Ledger is not open source but how exactly if they wanted would they steal the coins? I guess to counter you would have to check the raw TX before broadcasting. I use Ledger I don't think I will ever upgrade its software
@@ykhov By what? No connection to internet
So where do the Bitcoin and crypto go? Do they just float in the Blockchain. Waiting to be accessed by us?
Mathew, why do you state (at 9:11) that it's not a good idea to go through an airport or cross a border with a hardware wallet? No one else can access it or probably even see it...🤔
They may confiscate it, or require you to unlock it. What are you going to do then?
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?
This is a really good question - I’d like the answer too.
Why not keep some in the ledger and send most to trezor, so you have 2 wallets?
Inside both, there both just BTC addresses. So yes, you just send the btc from one address to the other.
Matt, can you make another video about UTXOs
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?
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.
I regret buying a Ledger, but it was the only one hardware wallet at the time that would ship to Brazil.
wah? thats messed up. cold card or cobo wallet? know about those?
It's not that big of a deal, you are fine.
I like ledger why do you regret buying one?
why?
@@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.
I stamped my seed into a small steel plate to make it fire and flood proof. Never know what could happen
Good solution.
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.
Thank you Matthew. Useful as always. This gentleman is trying to teach us something functional with every video.
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!
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.
Could you please explain the OTC Bitcoin procedures and how these effect the Bitcoin price etc
Many thanks
Informed and thorough explanation, thank you. Best I've heard.
I always look forward to your videos; they are so informative!
Quick question: Is there any possible way the microsd card could be compromised and used to hack a cold wallet? Thank you for your content 🙏
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).
Ledger has been hacked. Trezor has not. Oh and ledger is closed source and Trezor is open source. I’ll take Trezor all day.
@@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.
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/
@@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?
@@dopechannoodles9791 trezor suffered a serious phishing attack over the past few days.
What is the public key on my trezor? When to use?
Security is essential. Thank you for making this video.
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?
sure. You could also create a single wallet with different passphrases
This is so good. Practical. Helpful and so well delivered. Thank you sir
Glad that you found it helpful.
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!
I'm from UK and bought a trezor straight from their website it was really straight forward 👍
@@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?
@@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
@@Harrybowles1969 appreciate your help, will get one ordered!
Great video...Thanks!!
If I’m using one type of wallet. Can I transfer it to a different type of wallet? With or without new keys??
Is the S2F model broken? Thanks for the video as always
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?
Trezor does this
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?
You only need 2/3 signatures - they are not essential for access but there for convenience.
Trader University: Most ppl don't walk around with more than a couple huindred dollars in their pocket.
Me: *looks away
Hi Matt, I unsubscribed here in YT and now following on rumble. Thanks for posting over there!
Can you multi-sig with 2 trezors amd muun wallet? Viable or problematic?
I really appreciate everything you do. Your videos are very informative and extremely helpful. Thank you
yo isnt it just bisq for anon?
What crypto exchanges do you recommend especially when there is a lot of traffic?
is there a way to generate a new backup phrase?
You amaze me every day. You keep tapping into sources of creativity and knowledge that are always adding value.
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 ?
hardware cold storage doesnt make sensee if you need to hide your seed phrase.
Hi Matthew, does your course include ways for buying btc anonymously WITHOUT paying a huge premium for it?
Thanks
What about the new 20 word backup with trezor.
Will you still be able to recover your wallet if the trezor company goes out of business?
It's not the standard 12 or 24 backup that you could potentially recover on a different hot or cold wallet.
Where would you go with a 20 word backup?
Maybe a future video on your thoughts on air-gapped approaches?
I am curious. do you delete comments that disagree with your take on cold storage wallets? Answer a simple question.Who put the back door in those security chips your cold wallet uses?
Do you recommend using adding the pass phrase to hardware wallet?
Can you do it without a computer? From phone to blockstream jade
You are a star! Thanks so much for putting out so much valuable content.
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!
😂 easier to hide than gold bars
Does my Recovery Seed of my Trezor cover my ETH, or just my BTC? I use my Trezor for both. Thanks.
I think it covers both, but I'm not sure. Also be careful how ETH hard forks (which happen frequently) will affect this. The deeper you dig into ETH security, the less you will want to own it.
@@Bitcoin_University . . . Thank you!! I’m selling all my ETH when it reaches $3.5K (bought a huge amt. at $1) and trading into BTC (which I bought at $10). Bought the ETH before I knew as much as now, and you’re right, nothing like BTC!
@@dr.e.r.blomgren well done, man!
Hi Matt can you make an update BTC loans video?
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.
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?
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.
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.
How do we know that Trezor doesnt have a copy of the words provided to us when creating a new wallet?
Private keys and recovery seed are generated locally on the device and never touch the internet. I will cover this in tomorrow's video.
Mathew : why is there a time limit with the premium paid access ??
Why is there a time limit with your Netflix subscription?
@@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 ?
@@Bitcoin_University btw: I don’t see all the time your answer … will write to you with your website
@@Bitcoin_University i dont mind paying a subscription each year : but if I buy the class …?
if coinbase goes under, will you lose your crypto on Coinbase Wallet as well??? thanks
I have a question, being that this video is 4 months old, is ledger source code still private? Or have they made it open source? Also what about Arculus, another type of cold wallet are they open source or not?
No and they've had a breach of some type. Do a news search
jade blockstream is good?
Which would be best and safest way to export my 24-word seed phrase?
Write it down on a piece of paper without any cameras or electronics around
@@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 😪
Great Summation.
Sir/ how do we contact you if we have questions about your classes …? No email on your website .
Can these also hold other crypto’s?
@17:00 gutsy to recommend ANY company at this point :)
best video on the subject
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 👍.
Are there any network or transaction fees associated with moving crypto to/from cold storage?
There's a network fee to moving your BTC to cold storage.
Wow so much for my Mind body and soul ! To take 😊
For your seed phase, write it down, laminate it. And of course memorize it, something schools taught us very well. Cheers 🥂
And stamp it into steel, in case of home fire or flood
Very important information! Thanks so much for your time and all you share!
Thanks for watching and commenting, Suzanne.
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.
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.
also don't make the mistake of relaying your backup phrase over skype as it uses transcribing technology to record every word you say
Matt what mic do you use? I live in a noisy apartment and I want to make some videos on BTC like yours in spanish. But my setup is very basic. Thanks in advance.
Blue Yeti. Sells for something like $120 on Amazon.
@@Bitcoin_University thanks Matt
Thanks, Matt: Done! All the lectures on the Ultimate BTC course! Cool. Must get my own Node set up.
Hello Matthew, Strike is only available in US, Canada and Argentina. What about the other people that do not live in this countries? Where can we buy Bitcoin with no fees, or little fees?
Coinbase Pro and Gemini are OK and have low fees, even though they are pretty shitty companies. Just don't store your Bitcoin with them.
@@Bitcoin_University any reason why they are shitty? Ps. Thanks for the info, you really are changing lives. Thanks
@@evanopilismithjones214 All of these exchanges push garbage shit coins and end up losing their users money. Coinbase in particular has a long history of betraying Bitcoin:
ua-cam.com/video/I9fhhCrqfTg/v-deo.html&ab_channel=TraderUniversity
Coinbase also does a lot of in-house chain surveillance.
Coinbase has thousands of lawsuits against them at any one time. They are crooks who regularly close customer accounts and steal all their crypto, amongst many other shady practices. Avoid at all costs.
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
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.
… And informative… I am encouraged
Is there a cold storage wallet I can pick my own personal seed phrase?
Most of them, even hot wallets, use the 'restore seed phase' option, then enter your self generated seed phase
You say that Ledger is perhaps not as secure due to the closed source software.
Does that mean that someone would have to have my physical Ledger to gain access to the BTC on the Ledger?
Ledger is an excellent hardware wallet and don't let one persons opinion sway you .... most applications are NOT open source, operating systems are but not applications. I prefer Ledger live and Nano X over anything I have seen.
Just the keys
Such a great & good video
Can’t someone or a computerized bot enter any random word combinations to ultimately get access to a wallet?
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 😉
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
Yes, but it's like trying to guess the same atom in the known universe-- so nothing to worry about
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
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?
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.
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?
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
@@Bitcoin_University Thank you.
Does anybody here use the exodus wallet to store their crypto? Is the exodus wallet considered safe?
You don't like Ledger wallet which is the one that was never hacked unlike your favorite Trezor... weird
Feel free to provide links proving your assertion. You do realize, of course, that anything can be hacked given physical access and enough time/expensive equipment. The problem with Ledger is that the company itself could go rogue and take your BTC.
@@Bitcoin_University Ledger can't take my BTC, my BTC is on the block chain not the wallet... I watch all the biggest crypto channels on youtube way bigger than yours and non of them ever mention what you stated, how much Trezor pays you for that? At the end of the day we all have to make money, one way or another.
@@ellerellerek52 Lol, your private keys are on your Ledger device, which is all that is needed to steal your BTC. I'm not being paid by Trezor or anyone else. I'm independently wealthy, so I don't need to have commercial sponsors like all of those other channels. By the way, looks like you weren't able to provide links to verify your assertion.
@@Bitcoin_University LOL I'm in possession of my ledger device not the ledger and if ledger can get access to the keys then so can trezor
@@ellerellerek52 Trezor has open source software, so anyone can scan for Trojans and malware. Ledger has closed source software. That closed source software could be used to relay your private keys back to the parent company or anyone else. See the difference?