Bitcoin Self-Custody Made Easy (Bitkey)
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- Опубліковано 12 вер 2024
- Learn how to build your own multisig vault:
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In this video, I review the Bitkey hardware wallet from Block. This is an excellent beginner's self-custody solution for those who are less tech-savvy, but would still like the advantages of multisig.
For those further down the Bitcoin rabbit hole, using a Coldcard or Blockstream Jade paired with Sparrow Wallet and your own Bitcoin node will offer a more private and self-sovereign solution.
Not investment advice! Consult a financial advisor.
Bitkey:
bitkey.world/e...
How the 3 keys work and recovery:
bitkey.world/e...
Bitkey recovery design philosophy:
bitkey.build/s...
Bitkey setup guide:
support.bitkey...
Why you should never leave your BTC on an exchange:
www.nobsbitcoi...
Coldcard hardware wallet:
store.coinkite...
Blockstream Jade hardware wallet:
store.blockstr...
Download Sparrow Wallet here:
sparrowwallet....
My Favorite Bitcoin Desktop Software (Sparrow Wallet):
• My Favorite Bitcoin De...
How To Move Your Bitcoin From Ledger To Jade:
• How To Move Your Bitco...
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#Bitkey
Disclaimer
Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this UA-cam channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.
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 Bitcoin University from the imposters. Follow me on Twitter @mattkratter
I want to thank you Mathew ,
Because of you i changed my viewpoint about BTC.
Now im just buying and holding BTC on my hardware wallet.
I lost so much time trading shitcoins instead just buying BTC.
Congrats! Life will now be much more peaceful and happy for you. Bitcoin frees up our time
Good for u op
UA-cam really needs to come up with better anti bot/spam reduction methods in its comments section. Maybe 1 sat per comment (paid on lightning) one day that would help.
Yes, you're right-- I delete about 500 spam comments every single day
Agreed. 1 Sat per comment. Then if anyone reports you and it is breaking the rules they get paid your Sat. If you have not been reported after 1 week you get your Sat back. That would remove 99% of spam within a day.
That have no incentive. They don’t even allow you to report as a scam. Only unwanted spam.
@@Bitcoin_UniversityThe fact that you do this does not go unnoticed. Hopefully the process is less arduous for channel owners than for subscribers (5 clicks per report).
I report a half-dozen SPAM-Scammers a day.
Is it nest to report the one that starts the conversation
with, “I am so fortunate to have $300,000, but I have no idea
where to invest it”
Or should I wait until a few messages later for “I have had great
success with Miss J Hartley. With he guidance I turned my modest
1.2 btc into 17.4 btc in 3 weeks……” ?
Heard about Dorsey’s bitkey last night, opened UA-cam this morning to see if u made a video on it, and saw it was published 34s ago, nice
There are no coincidences
Could you explain the situation regarding buying KYC Bitcoin and the concerns about potential restrictions on our ability to buy and sell it when needed? and whether we actually need to consider buying non KYC
Non-kyc is essential to the future individual!
I love your videos thank you! I’m a 51-yr old new to bitcoin and I learn so much from you! Much appreciation!
Thank you! Do you have any questions or topics that you would like me to cover next?
My key is held in my brain. Here's to hoping no boating accidents
Brain wallets are cool. Just don't get brain damage.
Not a good idea-- make a good steel backup and hide it in your house
Couple shots of tequila and the brain drive is wiped.
Alzheimer is your #1 enemy be carefull or dont get hypnotize , accident or drunk
😮
Thank you MC.
*MKultraBTC* (but the very benevolent version)
Matthew, you are one of my favorites. Thank you so much for all do (you are a tremendous help to me). A sincere thank you, sir.
Thank you! What topics/questions should I cover next?
@@Bitcoin_University.
You’re welcome, Matthew. I appreciate you asking.
I’ll begin by letting you know that, beside Bitcoin University, I follow one other podcast regularly. I haven’t missed a video release from either podcast for as long as I can remember. The other includes deep dive discussion of both Bitcoin (specific) along wjrh technologies outside of Bitcoin, along with equities, namely TSLA, MSTR, and Bitcoin Miners.
A consistent thought I continue to have, but don’t really seriously entertain, is trading a position of Bitcoin (considering a price of $500K … $750K, etc is reached). I know this is not wise, especially given the fact that I plan on borrowing future income (income tax free), utilizing BTC and an equity or two as collateral. With that, I’m also aware enough to understand how tempting it might become.
Security, of course is another constant consideration of mine. A question that continues to come to mind is in regard to ideal locations for stashing keys (physical locations). Perhaps this reveals my naïveté, but I’ve been at a loss as to what exactly to do. Are my current choices ideal? I simply don’t know.
I might be expatriating sometime next year. Paths to foreign residency vs citizenship being explored. Tax implications being vetted, as well as lifestyle, of course. Attending a conference in Kuala Lumpur in the fall of this year as part of this exploration.
I have burning questions from time to time that I’m happy to add to this thread when they manifest. However, at a loss currently. So I figured this brief description of my current reality might be helpful in triggering questions you might come up with that might be better than anything I might ask regardless.
I will attach questions as they come up for your consideration. If this just creates more noise for you than desired, certainly feel free to let me know or ignore. We are all busy with our lives. Last thing I wish to do is burden yours.
Thanks again for the tremendous Alpha you share with us listeners. I cannot thank you enough, Matthew.
Respectfully …
Can I use bitkey instead of unchained capital as a multi sig solution ?
I've had my bitkey on the shelf for a month now .. wasn't to sure about it.
Thanks I'll use it then.
Onwards.
Your channel has educated me immensely on the importance and uniqueness of Bitcoin. I'm using River to dollar cost average into Bitcoin but I have two major problems in regard to self custody. (1) I am doing "slow travel" for two years or longer (2) I'm 68 and my brain does not remember things like when I was 20. Is there any practical way to do self custody for someone who is traveling. Someone did a video on a "border wallet" which is a partial solution. And then there is the issue with senior memory. Which is going to be a type of "counter-party risk" - where your brain is the counterparty - with the worse case scenario being a stroke. I would love to see a video on either of these two impediments to doing self-custody.
I think the mobile private key is also encrypted and stored in the Apple/Google cloud. This is why you can lose both your phone and Bitkey and still restore the wallet. Very cool.
Yes
No. Your encrypted cloud backup needs to be decrypted with your Bitkey hardware. If it were otherwise that would suggest Block has the means to decrypt your cloud backup, which would be bad.
The only option you have if you lose both your phone and hardware device is the social recovery method with a trusted contact.
But, do you trust Jack dorsey? I'm leery b/c he's at the forefront of this.
Yes, I do. He's a real Bitcoiner, donating lots of money to the space and also supporting other freedom projects like Nostr. His actions at Twitter were pretty constrained by the board, so I wouldn't hold it against him going forward. He's one of the good guys
@@Bitcoin_University thx for your reply. BTC is trustless, but would you consider trust integral to these multi-sig companies- what if Jack gets replaced like w/ twitter?
this is basically the only bitkey video other than the one u made a year ago. hope u get all the views!
Could to you make a video on how to get a hold of non-KYC in the US?
His paid videos have this
@@zenonvandeventer5229 thank you
Would love to hear your thoughts on MSTR or other publicly traded companies that have BTC in their corporate strategy (SMLR for example).
Thank you, Matt! Great Sunday orange pill!
Can you do a video on the new cold card q they have just released ?
I don't know if Bitkey's server holding my private key for mulit-sign is a good idea.
Bonjour Professeur c'est toujours un réel plaisir❤❤❤
Excellent video
Very informative review. Thank you, Matthew! Could you also please do a review on the multi-sig solutions from Unchained and Swan Vault?
Ever used Tangem?
Many thanks for the info vid ..
1: Could you use this in europe ?2:could you transfer from a paper wallet direct to the Bitkey?
Thank you
Yes you can.
Mathew, is there an option to just pay for one of your paid classes like the Conjoin class rather than an ongoing subscription?
Do you have a recommendation for a gameplan for creating your cold wallet storage with your family in mind in case something happens to you? I want to be sure that I have a plan in place for my wife and/or son if something happens to me.
If you had a million dollars of BTC it is a big question as to how secure these devices really are going forward. I think at least splitting the money between several such hardware wallets would be the best plan.
Pass
Cool idea, wonder if it'd be possible to do a 25th word/passphrase on the server/app key (or both) for extra security? Even if you did a really simple one like "password" seems like it would still be a big bonus to security just by not having your entire key web accessible even though it might be trivial to brute force. Basically 2/3 being hw wallet + app, or app + server (w/ you entering your passphrase)
I remember you covering that wallet previously
Yes-- but that was before I had bought it and tried it out
Thanks
Does the Face ID biometric work ? The newer phones don’t have fingerprint ID?
Great vid!
Thx Matthew
Too big and heavy to carry around, i stick with trezor t and ledger x.
How does a basic trezor compare?
What's the best hot wallet?
Really good
Isnt this a bit like Tangem wallet?
No, Tangem is a wallet for shitcoins
Morning Matt, Why wouldn't you use 3 ColdCards to make a 2of3 Multisig wallet. Using other wallets like Trezor can decrease your security??
It's better to use different vendors-- so you could use one Coldcard, one Jade, one Trezor. I'm much less worried about Trezor in a multisig setup than alone as single sig. You could also build a SeedSigner and use it instead of Trezor. Or a Passport by Foundation Devices
@@bricklawson9745 Much safer to put it all in one multi-sig wallet. That way if anyone spies one (or even more) of your keys you won't lose your money.
If the trezor is setup for BTC only, does it have a smaller attack surface than a trezor setup for all crypto as mentioned 6:49 ?
Just got a trezor a few months ago and honestly don’t want to buy another wallet ideally 😅
Work for Australia?
Yes, it should work everywhere-- except for maybe the part of the app that lets you buy BTC from Coinbase or Cash App
This is just a glorified hot wallet lol. Thanks for covering though 👍
Is it open source?
Not that I can see.
Excellent summary, thanks Matthew!
Bitcoinwell is a good place.
No uxto management? Big no
Agreed, but no newb does any utxo management
This wallet is so ripe with security flaws and has been described as not a hardware wallet but an f2a device. Do not trust anything by Jack, he's not on your side. Poor form Matthew. If you sacrificed self-sovereignty even as a beginner then you didn't do enough work to understand what you were buying.
I agree with your last sentence. (Don’t have an opinion on Jack and don’t even know what an f2a device is) I am a boomer, not tech savvy. I put in the moderate amount of work learn to set up my own node on an old laptop. Installed and connected Sparrow and use a Coldcard mk4 hardware device. I was able to do all of this just by following instructions from Matthew, Btc sessions and Ian Majors all available on youtube. If I can do it so can anyone else.
So you would prefer that newbs leave their BTC on Coinbase instead of using Bitkey? Which company is more likely to rug them or get hacked?
@@twoheadedrooster9659 This guy gets it. 2fa is two factor authentication usually an app on your phone that generates random 6 digit numbers that you have to put in as second password.
Are you sure it's open-source? I don't see anything on their website. Without it, we just have to hope that they won't walk off with our bitcoin.
Yes, the code is here:
github.com/proto-at-block/bitkey
First!
Good morning
I really like this wallet! Thank you for sharing!!!
🤔
Nfc
Hmm
I dont know man, if Bitkey goes belly up doesn't that mean your third key is lost and so is your BTC?
No, you will still have 2 keys (mobile key and device key), so you will still be able to move your BTC
This is not self custody in any way
Blockstream Jade/Green it is then
Is it fully open source?
@@zenonvandeventer5229 That's up to you to decide
Don't give one cent to anything from Jack Dorsey if you can, this individual loves to promote censorship when he has any power to do so :)
You should definitely watch this video:
ua-cam.com/video/UubHnejeG44/v-deo.html&ab_channel=BitcoinUniversity
Are there any multi sig lightning hardware wallets. If 99% of people have to use layer 2 we need security for them.
No-- Lightning offers only hot wallets-- you need to always be online to monitor your channel partner
@@Bitcoin_University Thanks for the reply. Maybe you could do a video showing some potential security ideas for layer 2. I think they need to at least match a banks service in order for people to mass adopt. They should be able to access the "Safe" on phone or laptop. If for some reason they are locked out they should be able to contact a service provider for help. Since layer 2 does not need to be final settlement they could potentially also include a reverse transaction feature for people who got scammed. Not saying this should be the standard but rather a option. Not everyone desires full responsibility. I think everyone does want a money that cant be manipulated.
@@willspeakman2461massive adoption will get companies doing this.. we are EARLY
@@Bitcoin_University Why does being online prevent multisig signing of transactions?
@@minesadab It's impossible to create multisig for the Lightning Network, because it is a network of payment channels, not a blockchain/ledger like Bitcoin
"2/3 multisig". . . "you JUST need to use your fingerprint. . ." Matthew! I'm only a few minutes in, and this is NOT a wallet for grandma! I'm not grandma, I'm a Millenial, and this is still overly complicated. I'll be writing down my seed phrase on paper, like Socrates, unless a video comes out which shows that a "paper wallet" is truly a horrible idea.
If a grandma can use an iPhone, she can easily use Bitkey. The setup is really easy, and you don't need to understand words like multisig
Does no one not worry about " your knees or your keys"? Is secrecy the only real way to protect your stats? Just never tell anyone that youve purchased btc.
Its the same as with any physical money, like gold. You either relinquish some of your free use of it to someone else (e.g. banks) who might help to stop you spending it "yourself" when you are attacked, or you trick the attacker into thinking you have access to less than you really do.
Right, coldcard has an alternate secondary wallet option you can set up as a thief deterrent. Enter the code for that wallet, let them take off with the coldcard (& hopefully not your life) and then just recover your main wallet btc to another coldcard..
This is still single point of failure.
Strange concept if it's targeting the boomer market - going to the lengths of multi-sig is odd when it's target demographic isn't going to understand it's significance. Most of them will see it as an expensive aesthetically pleasing toy they want to show off to their friends, so most of them will keep the wallet personally you'd imagine. Pair that with everyone being inseparable from their phones and you've effectively completely negated the point of going to the trouble of multi-sig. They can still easily be $5 wrench attacked at their home for a savvy thief.
What if BitKey goes out of business how would I get my bitcoin?
You wouldn't, that's the part he doesn't say 😂
It's two of three multisig. And you hold two of the three keys, so..
Now if they go out of business and you lose either your phone or the device, then you have lost your stack. Hopefully most will have the insight to move their stack to another wallet when they learn that the company is going out of business.
@@gordordf1091no bro
@@paullamb1100 What if I don't trust myself to hold self custody?
They say if you don't have anything good to say, don't say nothing
biometrics is bad security for cell phone access.
If you’re not a paranoid libertarian and want a non-tech-savvy solution, you should DEFINITELY just buy the ETFs. This BitKey is still way too technically complex for an average boomer / grandparent, and if you’re not a paranoid libertarian, there’s no downside to the ETFs.
*MKultraBTC* (but the very kind and benevolent version)
I thought you didnt trust Jack Dorsey?
ua-cam.com/video/UubHnejeG44/v-deo.html&ab_channel=BitcoinUniversity
he finally stopped talking about eth
What can you do when the SEC og back on 100 years of precedent for a security. Strange times.
I didntt know bitkey was from jack dorsey, I dont trust that fool, Imma stay away from it now!! thnak you.
What don't you like about Jack Dorsey?
This is a hard pass for me. Because of the fact that you have to give up your Google Drive or your iCloud Drive credentials. That is an insane amount of privacy and data you are handing over.
Ur jus giving them your email address, right? Not giving them access to the account??
Sure, this is not advanced stiff for hackers or whatever, but think about how much better this is than having your money in a bank that can get hacked and drained leaving you destitute! Terrible story other day about a retarded girl whose trust her parents had set up for her getting drained, and citibank telling them they werent gonna cover it.
You do realise that anything on your google drive is google’s property ?
@@KenishiroMashiba You do realize that just because your DATA has exposure, it's not wise to broaden that exposure to other entities, thus increasing your exposure?
@@ronatola my data has no exposure 😚
@@KenishiroMashiba Congratulations to you, but it seems if anyone uses BITKEY, then you increase your exposure.
Cute device...not a fan of Jack Dorsey,at all.
You should definitely watch this video:
ua-cam.com/video/UubHnejeG44/v-deo.html&ab_channel=BitcoinUniversity
Just to complicated.
It only sounds complicated-- it's very easy to use in person
No trust for @jack.
Why? Isn’t he a big proponent of bitcoin and privacy?
One of the most trusted but yes NOBODY is trustworthy. I wouldn't use this. Even if only one of 3 mutisig.
1.7% outrageous..? Come to Serbia it's over 4% for self custody
This is a definite no,no,no!!!
No for you and me, but maybe yes for people who would otherwise just leave their BTC on Coinbase
Better than coinbase by far but would prefer it running on an opensource community network instead of Jack's network, or any private company's for that matter.
I'm 1st. Let's go!!
From a cybersecurity perspective, it's never advisable to use a hardware device without a screen. These privacy concerns are significant red flags. While I understand the goal of making Bitcoin accessible to newcomers, replicating the risks of the fiat system in Bitcoin will likely lead to negative outcomes. This could result in Bitcoin being unfairly blamed as a scam or for other issues. Hard pass.
Can you explain why the screen is necessary? I actually wondered why it makes sense to approve the address on the screen of my wallet
@@qorazx The screen on a hardware wallet is crucial for security. It lets you verify the destination address, protecting you from malware that might alter transaction details. This independent display ensures accurate information, requiring physical confirmation and adding an extra layer of protection. Even if your computer or phone is compromised, the screen guarantees you see what you're signing.