How to Use a Coldcard Hard Wallet for Bitcoin Self Custody with BTC Sessions
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- Опубліковано 7 чер 2024
- In this episode @BTCSessions helps Natalie set up a Coldcard wallet for the first time. Order yours for 5% off at store.coinkite.com/promo/COIN... code COINSTORIES.
What you'll need:
-Coldcard hardware wallet
-Computer (Natalie used a Mac)
-USB-C cable that attaches to your computer (Natalie's Mac uses USB-C to USB-C)
-Pen
-Sparrow Wallet (Download app)
Ben is host of @BTCSessions the world's most popular UA-cam Bitcoin-only educator. He has spoken at various international Bitcoin conferences and been featured in the CBC, Global News, Bitcoin Magazine, The Investor's Podcast and many more.
🐦 Follow Ben on Twitter / btcsessions
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✔️ I’m proud to partner with @CoinkiteInc your go-to tech company for top-notch Bitcoin custody solutions. The Coldcard wallet offers a safe haven for your Bitcoin, securely storing your digital assets offline. Coinkite's mission? Making Bitcoin user-friendly while championing decentralization. Remember, your financial control matters. Check out Coinkite's offerings, and take the step towards accessible Bitcoin management. Get 5% off using my link store.coinkite.com/promo/COIN... use code COINSTORIES.
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The custom Bitcoin B sculpture featured on Natalie’s set can be purchased at www.vonbitcoin.com
🗒️ IN THIS EPISODE:
0:00 Swan Bitcoin, Bitcoin 2024, Bit Block Boom promos
2:13 Making step-by-step videos
4:52 Why Coldcard?
8:14 Open source
9:17 Relationship between Bitcoin and cold storage wallets
11:30 What you'll need (see show notes above)
12:37 Unboxing Coldcard
14:31 Plug in Coldcard, verify ID
16:41 PIN, anti-phishing code words
26:08 Seed phrase
30:21 Fold debit card, Coinkite promos
31:50 12- vs 24-word seed phrases
33:05 Write down seed words
40:05 NFC/Tap, USB vs air-gap
41:44 Access www.SparrowWallet.com
46:37 Create new wallet on Sparrow; security; using Sparrow
54:38 CrowdHealth, Orange Pill App promos
56:09 Unplug Coldcard, deposit & send BTC thru Sparrow
💡 OTHER RESOURCES
Natalie’s website talkingbitcoin.com/
BTC Sessions www.btcsessions.ca/
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Producer: Aron Bender / aron-bender
DISCLAIMER This show is for entertainment purposes only and does not give financial advice. Before making any decisions consult a professional. #bitcoin #cryptocurrency #money
MOST IMPORTANT STEP
After generating your seed, please, don't forget to RESET your ColdCard device, and re-import you mnemonic seed (aka your 12 words) on it. That way, you'll be CERTAIN that you're able to restore your backup in the future if needed. This is THE MOST IMPORTANT STEP for your self-confidence using a cold wallet. You can transfer a few bucks on the wallet and reset again to be 100% sure. And don't forget to be proud of yourself becoming your own bank :)
@@onpoint77408 Second option. I meant: "reset your device and re-enter the 24 words to be sure your backup is solid". (I answer with another account here).
Also, remember that 12 words is enough (it's counterintuitive, because 24 words is NOT more secure, and don't bring any advantage over 12 words, except a stronger checksum). Google search "Make 12 Words the Standard" for more info.
Do you mean reset before sending all your Bitcoin? Doing a small send then reset? And possibly a second time before your whole bag- is this accurate?
@@didactica9326 Yes. The more you check today that your mnemonic phrase is working, the less you'll have to worry about it in the future.
I reset it every 6 months, and my confidence in my backup is rock-solid.
People who never even checked their backup once are now paralyzed by the idea that: "What is I'm not able to reset my ColdCard? I'm too scared to touch anything anymore".
Help your future self by giving him today the tools he will need to feel confident tomorrow.
@@asyxredsk thanks. And the reset is only necessary when you accidentally lose your PIN code correct?
@@onpoint77408 You don't need to use a second device. Using the same device to reset is fine (if you can test your seed on another device, it's great, but not necessary at all).
Maybe you should also consider learning what's a "Master key fingerprint" is. When you enter your 12-or-24-word seeds, your ColdCard generate automatically a "Master key fingerprint" or simply "fingerprint" (same 12-or-24-words always generate the same "fingerprint"). After reseting your device, you should simply check that your "fingerprint" is the same as the one generated when you've set your device for the first time.
Thanks so much, Natalie and Ben! I was looking forward to this collaboration. High marks! No disappointment. I might need a "orange calculator". 😊
really great step by step! Love it!
Took me forever to get to this. I was given one of these by the CEO while painting in Miami this year. Thank you SO MUCH for doing this, and for Ben's time and help. Means a lot. George the artist
This is a great collab! More of these please. Natalia is fast becoming this generation's Antonopolous for the quality of knowledge being shared and making it accessible to everyone. The BIP part made an OG so happy that she knows this stuff inside out and made me think "Wife material, right there". Would multisig 😆❤
Great show. Thanks for your generosity in doing this.
Your video is extremely helpful! Thank you.
Adorable how she didn’t show the second sticker. If you know, you know. Thanks for keeping it wholesome Natalie!
I don't know. What is the significance of the sticker?
Coldcard ships with two stickers, the Not a Calculator one she showed and one with a curse word on it, No “Excrement” Coins, that she put aside without showing.
Best video thank you! need more education like this
thank you Natalie
Brilliant Natalie, thanks sm. Wish we were besties! You are such an asset to the Bitcoin space and you inspire me to do more too
This is a very informative video Natalie and I especially like your frequent questions at various stages - such as at 48:46 where you ask if Coldcard can access your seed phrase when connected.
As for Ben, he is an excellent and diligent explainer of these things. One of the best in the business.
On your channel, I have seen one more Coldcard Tutorial with Ben; I look forward to watching this later.
Thanks.
Severely underrated content!
Node setup next please! Thank you both!!
Thanks girl. Loved '101'. Really looking forward to your '102' re Air Gapped transactions!
Excellent video. Well done
Looking forward your air-gapped tutorial with the Coldcard! And even better follow-up would be on connecting the Coldcard to a node!
great video Thank you
I like the key-box metaphor.
Excellent video
Great recording. Q: So if Sparrow generates a new receive address once you used the current, how do you setup a reusable sparrow send address inside swan, if you DCA and also automate transfers to your cold storage?
open sauce 💪😎
Nat's manicure game is on point. I need to step it up, apparently.
Great video!
Love u Natalie 😍😍😍
Thanks for the update.
As a beginner who don't understand how bitcoin trade really works and really want to make profit from it. I will advise you to start trading with Rolando.
Telegram and He's verified
@Rolandostrategy THAT IS HIS USER NAME
please make sure you write the USER NAME complete.
you need to memorize your seed phrase try to choose 12 instead of 24 you can regenerate the seed multiple times till you get words that are easy to memorize you can add a passphrase for more security
Great demo. Is sparrow the wallet of choice when it comes to coldcard? What about wasabi?
Thank you Natalie very helpful So far in love with Bitbox 02 BTC only I have a coldcard also still learning this is very good info your thoughts on Bitbox 02?
In order to do multisig setup, would you then need 3 physical coldcards? Thanks!
Great video, thanks!! I missed the part about how to see your Sparrow balance from your phone?? Is that possible?
Thank you Natalie. Is the other end plugged in to your computer? Does the Computer need to have Sparrow up and running on it?
So to confirm, the transaction from Sparrow Wallet to Wallet of Satoshi cost 1.474%? (fee of $0.29 on a total of $19.68 as shown at the 1:05.54 time mark)
thats probably the bitcoin mining fee. mining fees are expensive currently
I only watched maybe 10 min total of bits and pieces of the video, so maybe not fair to comment, nevertheless I'll give a few general comments to some remarks that were made:
1) It was said that air gapping is safer. This is not necessarily true. It is easy to perceive it as safer when there is no physical connection, but the thing is, there is still communication. Whether it is via QR-code or SD card, that is just a communication channel. No communication channel can prevent the transmission of tampered data (e.g., PSBTs or firmware). For example, withg regards to transferring data via SD cards, there could be attacks on your PC that reads and alters PSBTs. It is always up to the HW wallet to sanitize and show the data it receives. Also, remember, an SD card has a small computer inside which runs firmware. This is also a potential attack vector.
2) It was said that 24-word mnemonic are marginally safer than 12. It would say, not even that. In the end, regardless of the length of the seed (the actual, random number) it all gets hashed down to 256 bits. Because if the way ECDSA works, this gives roughly 128 bits security in either case. The seed itself is much stronger with a 24-word mnemonic, but it doesn't matter, because an attacker does not need to find it. They can just find the private key instead (its length being independent of the number of words used).
3) It was said that open-source code is safer than closed source (we are not talking about the secure element here of course). The idea here is that it is harder for the code to contain backdoors when there are supposedly many eyes on it. This is quite likely correct, but the problem here is that it is next to impossible to be sure that a specific firmware is running on your HW wallet. There is no way to ensure the chip isn't running some malicious code. Even if you have verified signatures for the firmware download.
Also, what's the point of a cold wallet if you have to use another online wallet to use it ? (Total newb here, nonetheless)
Do you need micro sd card for setup ? I am getting a blank black screen when I plug in.
Easy Peasy!
I want to separate my coins onto a few wallets. Is it possible to use 3 or 4 of these wallets on the same computer without problems or conflicts?
So the Coldcard hard wallet isn't a wallet but Sparrow is a wallet, right? I have another wallet I bought and can't figure it out no matter how many tutorials I watch. It's confusing for some of us old folks plus we gotta secure the seed phrase. So I'm doing the old person thing, investing diversely in GBTC, BTCX, MSTR, BitBuy exchange, COIN, and upcoming ETFs. Lyn Alden recommends some of those vehicles in her portfolios though it's clear she personally uses a cold wallet.
how can you trust that the cold card has not given a known seed from a stored rainbow ? or seed code that they already know
even if you roll a dice , how can you verify trust that it’s still not a known seed from the manufacturer?
I can access my wallet on sparrow without having my coldcard plugged in. How is it secure? I thought you need the coldcard plugged in to open the wallet
Thanking you and Ben for this tutorial. I am still a bit confused with using the Sparrow wallet. Is Coin Kite not a cold wallet you can use with any hot or cold wallet to send from and store? I don't really use my computer as I don't have a vpn or all the malware protection on it yet. Graces!
As I understand it, the cold card is not a wallet- this is what makes it so safe in that it is always offline. The cold card is merely the keys to access your Bitcoin on the blockchain- it’s not a wallet which is not as secure
You can use the coldcard with other wallets too. I like blue wallet for mobile. But sparrow is the best, in my opinion.
I am having trouble. When i click 'test connection' it says cannot connect (min: 4621). What do I do?
wow I didn't know getting the same word again was possible, but I screenshot where it had you enter flip twice
are random words realy random or could it be already preset on the cold card hmm?
13:12 Antonopoulos….
This card only stores Bitcoin? If only stores Bitcoin can, can you recommend other cold storage wallets that can multiple different tokens?
🆘🆘🆘
1) how can you audit the code in the actual cold card for as what in thier website is not necessarily on the cold card ?
2) how do you know there are no pre installed seeds phrases on the cold card ?
What if I lose or damage it?
Is it waterproof?
What about insurance and warranty?
Very helpful video. Got stuck at Sparrow scan. Getting no hardware wallet found. Anyone know why that would be if I'm connected to the PC and coldcard is in Ready to to sigh mode?
i had the same issue. I think it is because you didn't export your cold card to your computer properly. You have to use the sD card and an adaptor. Total pain imho. Also, it might be because your firmware isn't the latest, just a guess. I just got my CC in Oct 2023, and it was running firmware from June 2022. Pretty shitty of Coin Kite not to update their models with the latest firmware, but whatever. It seems that Coin kite is ruling the space and knows it. Customer service feels like practically non-existent. And what kind of company relies on UA-camrs to do tutorials, without doing their own? Ya, probably many, but that doesn't mean it's cool
What about updating the firmware?
Nat: What the deal with the micro SD? Do I need to buy those if I’m connecting my ColdCard via usb to computer?
Can I add another account on the sparrow wallet and use my coldcard to generate the public key/addresses for that new wallet? I would have already used the coldcard to generate a wallet on sparrow. I would like another to differentiate funds. does that make sense?
Well.. quite glad I went for trezor 😄
Trezor is no longer open source
🤣🤣🥱@@roadrunnergtx68
Open-source design
Trezor hardware wallets use open-source designs so security experts and researchers can audit every process. This means your device is kept updated against threats, both real and theoretical.
@MrKarelKosa Thanks for the heads-up. I heard in a video that Trezor had something to do with coinjoin and was no longer trusted. I am now looking for another hard wallet to migrate my BTC. I'm not tech-savvy, so I'm nervous about this.
Coin join is just external service .. nobody is forced to use it with trezor ..you don't have to touch coin join ever .. too much disinformation out there .. trezor is the best @@roadrunnergtx68
This is a GREAT video tutorial and badly needed, but it does bring up some UX problems that NVK needs to be aware of. He needs to make the buttons far more intuitive. For example, the mistake Natalie made when she hit the check mark instead of the arrow button, which also is a number... it's too confusing for a beginner and scares them off.
My windows cpu would not recognize my Coldcard wallet when I scanned and I had to air gap using the sd card. What did I do wrong? I’d rather not have to air gap it for the small amount of BTC I am transferring and storing.
Can you please do a video on how to do this with the ultra safe 'air gap' method. I don't want my wallet ever connected to the computer. I bought this card on your recommendation but their website videos and instructions are Not good.
Went to order a Coldcard from the manufacturer, Coinkite. Felt uncomfortable checking the box during checkout that states, “Coinkite is not responsible for damage if customs unseals your package”. Should I be concerned with making this purchase of the Coldcard? TIA
Good catch. Fair question.
Sometimes customs will open the packages for inspections. We recommend flashing the firmware when that occurs.
@@CoinkiteInc where could I find instructions for flashing the firmware, if needed?
@@CoinkiteInc”flashing the firmware”? Yeah newbs ain’t gonna be doing that
I'm from Mexico, ordered one two months ago and Yes, customs opened my Coldcard and put a sticker that read "opened for inspection". Of course if you are a BTC Hodler you won't sleep in peace, I threw it to the trash :(
I don't know how to flash the firmware lol
Seedsigner is better than coldcard
Yes, yes it is
i listened to this video when i was ablut to sleep with my eyes off. i imagined you as s very old and wise man
Did you mean "hardware" wallet instead of "hard" wallet?
Hi can I change the recovery phrase?? I just put it on e link and I'm afraid
I would never recommend a multisig solution to any beginner, especially not in a tutorial for a HWW that related to complete beginners!
It's not that bad.
How long do you think a chipboard like that will last? :P
35:10 I hope this is fixed in the new firmware update 🤞
Cold Card is great but very cumbersome to use. I mainly use it to create a Seed with added entropy.....then I export my seed to a keystone wallet which is much easier to use with the camera and is air gapped. Tried using the Jade but that is too much of a pain too. Ledger really made a huge mess of this so now it is nearly impossible to TRUST ANYONE.
#thanks4sharing
Seedsigner is better than coldcard.
@CanesFan65, I have a Jade. I half to unpair and repair it every time with my android phone to get it to connect with Bluetooth. I tried using a USB-C to USB-C cable to connect it directly to my phone, but apparently that doesn't work or I'm doing something wrong. Have you had similar experiences or do you have any suggestions? I only use it for cold storage and automatic deposits, so not a big deal, but still kinda frustrating.
@onpoint77408 hopefully it will incorporate all the features of the other devices the market all into a Single device!
I'm bailing on my ledger s for many reasons, one is it only holds 3 apps, is there a good wallet that holds at lease 25 shatcoin apps?
Whats wrong with a ledger boo
DYOR on this. Plenty of info out there
@@richardhubbard2151 why? If someone is using a hardware wallet, its not necessary to change.
Some people are concerned about ledger being closed source (meaning you cannot audit that the device's code is operating as promised). There is also a new opt-in feature rolling out for ledger that effectively puts the keys to your money in the cloud. Some didn't like the direction the company was taking with this and decided to move.
At the end of the day, it's your own personal preference I suppose.
@@BTCSessions Closed source is very concerning, however more importantly, the fact that a simple "opt-in" can provide the KEYS TO YOUR BTC should concern everyone significantly. But hey, I don't judge folks choices either way. But why even take a chance?
@@BTCSessions (and BTW @BTCSessions, your youtube content is GRADE - A material!)
Comedy gold; women
If he's decided to close this down can they that's what I want to know before I go ahead and purchase
Lets be clear. Unless this guy turns up at your door to guide you through the setup, this is not an easy task for the non techie person. There were alot of gaps in next step info....Almost 1.5hrs. Not for me.
yup, I agree, many gaps... I took notes and they are full of questions... Some people just don't know what they are assuming...
Safepal - secure and simple to use 👌
Please tell people, that COINBASE just kidnapped my cash payment into crypto but won't allow me to transfer into another wallet.
Coinbase is criminal.
Do you have another place that works in nyc
Your problem is New York City not Coinbase lol
F Ledger
It may be “Way too complicated” for the “way too lazy” and the “way too irresponsible.”
Multisig is beyond overkill for 99.9% of people. That's silly advice.
The new scam. Beware. He says nothing in the ad.
Dont buy from them...I cancelled an order 1hr and 20 minutes after it was placed...and they never responded to me until after they decided to ship the items....who does that??
Trump 2024
Another few years, bitcoin will bust and start its path to zero... sorry
LOL. Sure whatever. You're a nobody nobody listens to.
its overpriced why should i buy it for 160$ when i can just get Trezor for 70$ or less
Cold card sucks. Poor quality, buttons clunky, plastic is cheap. NFC chip doesn’t work, bad customer support, sd card slot doesn’t line up with enclosure, don’t accept returns, Canadian company avoid in USA. They’re are much better and some cheaper options. Avoid! Don’t be fooled
Way too complicated
I guess that would depend on how important generational, unconfiscational wealth is for you.
In 2023 a 12 year old can do this
Do you have a simpler solution?
@@natebrack9772 Exodus?
@@walterblake1 12-year-olds don’t have the attention span to watch such a long video, let alone understand it. It’s too much blah blah blah. And the man keeps saying “um“, “ahh“. An hour and 20 minutes to learn how to use a wallet.
Plus, I still don’t know what happens if my wallet gets damaged or lost.
It is always amazing how people want to be taken seriously and then put a bogus ridiculous hipster streak in their hair. Really dude? Shave your freakin head, then we will listen to you! And Yes dude? you should definitely get a pink cold card.
Hey, maybe you don't know, but that streak is probably genetic. It isn't that uncommon so I am surprised you have never seen it in your life. Maybe you are young. Before you judge someone you might want to question your own ignorance... Not said meanly, but the world definitely needs less looking negatively at other people and more acceptance of personal expression. NOT going woke here, just being kind.
I ordered a COLDCARD directly from Coiekite over 3 weeks ago and it has not even shipped yet. They are pretty good at returning emails, just not delivering on the product.
Same experience. I'm done with Coinkite . Seedsigner is better than coldcard anyway.
same here
exactly, terrible company in my opinion. Mine took a month to arrive and I paid over $30 for delivery
Hi Natalie.. sent you a PM on twitter.
GOD BLESS YOU NATALIE and BEN! VIVEK2024 - Pro-Bitcoin
Excellent video