5 Things NO ONE KNOWS About Hardware Wallets
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- Опубліковано 5 сер 2024
- In this video, we're going to reveal the top 5 things no one knows about hardware wallets! Whether you're considering buying a hardware wallet or you already have one, it's important to be aware of common misconceptions about these devices. We'll be explaining how a hardware wallet is different from a software wallet, where your coins are stored, whether your crypto is safe from hacks, when to get a hardware wallet, and how multisig wallets work. Don't miss out on this valuable information that could help you protect your cryptocurrency investments - watch now to become a hardware wallet expert!
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#Bitcoin #Crypto #Hardwarewallet
Intro 0:00
What is a hardware wallet? 0:20
Where are my coins? 1:33
Are Hardware Wallets Safe? 3:40
When Should I Get One? 5:39
More Security 7:12
Do you guys use hardware wallets?
Looking for a solid wallet to store Cardano. I heard the air gap term before but you are the first person to explain what that is.
Is it safe to use the same auto-generated address to receive multiple crypto withrawals from a third party platform to the cold wallet?
You can receive funds to that address generated by the hardware wallet multiple times, but youll lose some privacy. If someone puts that public key into a block explorer they’ll see every transaction you’ve ever made there
@@RhettReisman Thanks! Just ordered an additional wallet for that.
@RhettReisman what wallet do I need to get my money off of the trust wallet! Please, can lease help me. Which cold wallet do I need? Please
Hey, Rhett! Thanks so much for the shoutout and for being a part of the Exodus ecosystem 💙. There are many improvements coming in our bi-weekly releases 🚀 - BT
Thanks for making a great product 🔥🔥🔥
I have 3 different hardware wallets. No copies but all different seed phrases, stored in multiple locations. Funds is devided equally.
This might seem like an overkill, but it helps me sleep at night 👊🏼
It's definitely one approach. I used to do it like this also before I learned about multisig.
@@RhettReisman
I have not looked into multisig, but i will. With all the things going on with ledger, atom wallet hack, i feel like i want to take security to the next level, and for now having more than one seedphrase feels the safest for me atleast so when one gets compromised not all og my funds will be lost.
Also i keep my funds equally dived with every wallet holding about 70 procent bitcoin in each so i will always cover my losses in the rare case all my alts go to zero
Their are better ways than this
Great overview of hardware wallets! And the multi sig bonus content was top notch. Thank you!
Thanks man 🙏 Glad to help 🧠🚀🌙
Nice work! Thanks!
Glad to help :)
Thankyou bro for clearing this up. Thankyou
Glad to help :)
Great video, thanks.
Glad to help :)
Thank you Rhett. Ive used Arculus a few years with zero problems but recently ordered the NGRAVE ZERO. Im an old school vet in the space but obviously still learning because I had no clue about multi sig. Will find out if Arculus and NGRAVE support it and look for a 3rd to implement a 2 of 3 setup! Thank you man!!!!
Epic!! Sounds great - happy to help :)
Rhett great site just subscribed Im a newbie looking at a nano x good choice in your opinion??
Ledger makes me a little uncomfortable after the new ledger recovery feature but if you’re really technically challenged it might still be a good option.
Check out this trezor tutorial, if you’re able to follow, I’d go with a trezor. ua-cam.com/video/whFsn8KxFkA/v-deo.html
Thanks for the video. Just curious, how do you feel about having a single HW wallet but using multiple "25th words" to segregate funds for better security? I figure this is better than having everything in the same wallet, but maybe not as good as having multiple wallets. But, on the other hand, multiple wallets introduces a lot of complexity. Thoughts?
I’m toying with the same question. I heard NVK (from Coinkite/Cold Card) mention that multi-sig is likely too much complexity for most individuals, and that a significant degree of additional security can be achieved via a 24-key passphrase w/ and added 25th secret password that is stored only in memory. Looking for more background info about this….
There's an idea in the security community that you should use a setup that a lot of other people are also using (because usually those setups are the most robust).
You can contrast this to what Luke Dash Jrs supposedly very complex very unorthodox setup for holding his bitcoin (that eventually led to him losing all his bitcoin).
I personally would prefer just setting up a multisig because I haven't messed around with creating multiple 25th word passwords, but as long as you understand the process and have it documented in a way that whoever you want to inherit your bitcoin can ultimately understand it - I think it's fine.
@@RhettReisman Thanks for the reply! Totally agree about eliminating unnecessary complexity (which is partly why having multiple wallets seems risky). Personally, I find the "25 word" approach very simple. When I plug in the wallet, the software just asks if I have a "hidden wallet", and I enter a passphrase (which is the "25th word"). I could literally have an unlimited number of different wallets by just using different pass phrases. But as you said, understanding the process and documenting it for others is the important thing. For me this seems easier, but "to each his/her own".
@@gregt301 I agree. I find the best and simple way is the 25th word passprase Unlimited accounts. There is the best
Thanks for the vid - is it worth having multiple Trezors?
If you’re going to create a multisig I think it’s worth getting multiple hardware wallets. I would probably split up the brands, but if there’s one you prefer you can do all of that one
Rhett could you make a video please about ledger bitcoin university was talking about how ledgers code is private and not public which is concerning could you cover open source vs non open source and any issues that could come of this?
Thanks 🙏
I have brief discussion about that in this video comparing ledger with coldcard: ua-cam.com/video/o-M-oWhU344/v-deo.html
I’ll work on more ledger videos soon :)
Have you seen or used a SafePal S1? Was thinking of switching to a Ellipal Titan or Mini. Any opinion on those three options? I like the idea of a bigger screen. I like the offline QR code scanning, which all three have. SafePal was great for $50. The mini is cheaper but the Titan has that nice big screen.
Haven't used safepal. Here are the hardware wallet's I've used and recommend: ua-cam.com/video/XeKSXGuuHb4/v-deo.html
One of them (Keystone) has QR codes + big screen
EXCELLENT vid my man! I don’t know how many times I’ve seen people make comments on Telegram where people say “I have all my Elephant Money safely secured in my Ledger.” When I tell them it’s not in ur Ledger it’s on the blockchain, they poo poo me. Funny shit. Again, loved ur vid! I’ll keep it as proof!
Exactly!! So many people still don’t get it smh 🤦🏻♂️
Thanks man 🙏🙏🙏
Hey Rhett do you know how to teansfer crypto from Trust wallet to a hardware wallet, say trezor model 1? Thanks it would really help. And great video btw
Here’s how to send funds to trezor model one ua-cam.com/video/vBs9v1_zIwM/v-deo.html
Process should be very similar using trust wallet
Hey Rhett. Here's a question about software wallets. So let's say a person has 2 software wallets on their phone, for example, exodus and trust wallet (these wallets have access to the same multi-coin wallet). Is that 2x as risky than using only one software wallet on the phone? Thanks for the great video!
Yeah exactly. The two wallets on the same phone is doing nothing for you if they’re pointing to the same private key / seed phrase.
If someone steals the phone and has the password to the wallet then both could be compromised. Even worse if one wallet has a password and the other doesn’t.
I’m still learning about this but when you put your crypto on the hardware Wallet like 1000 bitcoin That 1000 just stays on the Wallet ? And you can just keep adding more
All crypto is on the blockchain, not on the hardware wallet - the hardware wallet just holds the keys to sign and prove that you own the crypto in the blockchain address created by the hardware wallet.
If you have 1000 bitcoin in the addresses generated by the hardware wallet and you send in 10 more you’ll have 1010 bitcoin “in the hardware wallet” (again the coins are not really IN the wallet, but you can spend all those coins using the wallet)
Teacher Rhett 🙏
🤓👨🏻🏫
1- how can avoid the FTX collaps while in Binance
2- how the whole ecosystem works?
if I want to buy more? or if I want to change to stable coin? how does the ecosystem of managing it
1. You can automatically withdraw your coins every week to a hardware wallet using a method like we've built here: ua-cam.com/video/0FvnTtbz4cA/v-deo.html
Not sure what the ecosystem questions mean.
@@RhettReisman
are there any fees that I need to consider?
about the ecosystem
example:
buy crypto from an exchange then store it to a cold wallet and then sell it
as you can see buying>storing>selling there are steps and is it worth it? Are there fees or huge fees that I would be considering not doing or not worth the effort? or I'm doing it incorrectly or inefficient
Buying -> storing -> moving back to exchange -> selling
Or
Buying -> storing -> selling directly to another person / buying something
There are fees every time you send it associated with the blockchain. There are fees everytime you buy or transfer from the exchanges. The fees are all small for the most part except on ETH and ERC-20 tokens.
when you say reading the balance on your hardware wallet from a companion app does that not compromise the hardware wallet? or are you just inputting the address online and not exposing it fully?
Only the public keys are exposed the private key never leaves the device
i had once wrote my seedphrase on iphone notes (2 years ago) but few days later i had deleted it. do you think i must change my hardware wallet?
I think it’s worth changing just for peace of mind
When a usb ledger wallet is first time activated, do you have 24 hours to use it, before activating it again?
No, you can use it whenever you want there are no time limits
I am dumping my Ledger due to backdoor updates and the government could force Ledger to close or defend my crypto. BUT in the mean time I use the Ledger app to view my crypto. Since it is tied to internet, does it make it possible to use my app to trade/send my crypto?
Ledger live can’t trade your crypto - it is just a window into the addresses of your wallet. You (or a malicious government) would need access to your physical ledger to sign a transaction
main wallets I use are ledger Nano S and Safepal. ledger to store stable coins, and SAfepal to store coins that is not available to ledger. of the two, I find both to be very secure, with Safepal probably being the most secure since its air gapped, no connection to PCs or the internet.
Haven’t heard of safepal I’ll have to check it out
@@RhettReisman yah its the hardware wallet of binance.
Rhett, Trezor provides a demonstration (via a youtube video) on how to set up multisig through Electrum. My question to you is, can I trust Electrum with my Trezor pin#? Thank you!
As long as you’re using legitimate Trezor firmware and a legit version of electrum, electrum should not be accessing your Trezor pin (pin should only be entered on device and electrum should only be requesting public key information from the trezor)
@@RhettReisman Thank you!
Is Sharmir backup just as good as multi-sig or similar in terms of security?
Theyre similar but they make different tradeoffs. Multisig is more complicated but also more robust.
If you’re wondering which one to go with I would just do a multisig given how easy certain software has become.
Which? You mean with Casa or Unchained?@@RhettReisman
how do you recommend storing seed phrases?
Use metal plates and store them in a safe deposit box / safe at home / safe at work etc
What do you think about the safepal wallet?
Never heard of it
Can you do a video that discusses the best way to receive BTC from the MtGox bankruptcy distribution?
I’m not sure of the logistics of that situation / how they’re paying people out.
From a wallet perspective I’d say definitely use a hardware wallet if it’s a large amount of money if that’s the question.
Muti sig. Is like 3 factor authentication right?
It’s like Voldemorts horcruxes. You can’t kill him until you find them all
good video
Always happy to help my chickens
Any Suggestions of Tangem wallet if their APP stops working how to transfer crypto to another wallet??
I haven’t used Tangem but hopefully you have your 12/18/24 words and you can just upload that seed phrase to a ledger or a trezor
@Rhett Reisman - Level Up Your Brain So far, Tangem does not provide Seeds or Private Keys. They act like reloadable cards
Sounds like a good reason not to use them in the first place - not knowing anything else about the product.
Sounds like if they lock you out of their app you don’t have a lot of recourse.
I generated private keys on a new keystone 3 hardware wallet, then used those private keys to recover the wallet on a software wallet, and was able to send and receive BTC without having to use the keystone device to sign transactions. what did I do wrong?
It sounds like you instantiated the wallet into a software wallet compromising the security of the seed phrase that was generated by the keystone.
You now no longer need the keystone, only the software wallet that has the full seed phrase to sign transactions.
You should regenerate a new seed phrase on the keystone and transfer the funds to that new wallet.
4:55 "Not your keys not your coins" lmfao as he holds a ledger nano get outta here 🤡
Yeah I’m so dumb. Everyone should roll their own seed phrase and do their own elliptic curve cryptography.
I have never seen anyone talk about this, but your video made me think of it. Could someone just add their same seed phrases to three different ledgers? Then keep one at home, one with a relative, and the other in a safety deposit box? Then if anything happens to any one of them, you could use one of the others to transfer the funds to another wallet and start over with a new seed phrase. Seems like that would be more secure, increase availability, and lessen the stress of protecting seed phrases from disaster or theft. 🤔
Yeah you can do that. I talk about it a little at the end of this video: ua-cam.com/video/Kmgoyohl0SA/v-deo.html
I think it’s more convenient but you’re sacrificing some security. Now instead of worrying about a single wallet you need to worry about any of the three being compromised. It increases the surface area of an attack (like adding a bunch of doors to your house)
@Rhett Reisman - Level Up Your Brain Ah! How did I miss that video? I do not understand the argument that it increases the attack surface. Unless we are saying these devices are not secure (hackable or easy to guess pin)? If someone is robbing your house and they find the words and know what they are doing, move your coins quick! However, if you have multiple devices with the same seed someone would have only 3 chances per device to guess your pin before it wipes. I am so paranoid about my seed phrase that I wrote it down with invisible ink. 😃
Another added benefit is that I can store the pin in a password manager solution since someone would also need the device to use the pin. This allows me to easily pass the coins to someone should I die. The one I use allows me to designate someone that can request access to my data if I don’t deny it within x number of days, they get access. So I can keep full control of my coins yet allow access quite easily to another if I become incapacitated.
Does the new wallet has its own seed? You just use old seed to import into new hardware ?
Do hardware wallets come with seed phrases?
Hardware wallets can generate lots of seed phrases they don't come with a seed phrase though. The bitcoin is on the blockchain, not on the hardware wallet.
ua-cam.com/users/shortsAOl6zvBW-Wg?si=KtH76CfD1TBYaZkU
Make a video on arculus please
Not a fan
Which cold wallet is better ledger or SafePal ?
Trezor
@@RhettReisman why so
Because I don’t trust Binance or Ledger
@@RhettReisman I just read an article about Trevor having the same backdoor issue like safePal and Ledger. Is there any cold wallet that doesn’t have that issue
Coldcard. Ledger vs coldcard video here: ua-cam.com/video/o-M-oWhU344/v-deo.html
How do you trade crypto in a self custody wallet? If it’s still technically on the exchange?
There’s an exchange or a broker in the backend connected to software (like ledger live). The crypto you’re “trading” sits on your ledger/trezor/etc.
@@RhettReisman so it would no longer be on the exchange FTX for example? It’s stored on the ledger device? So if an exchange goes bust like FTX the crypto is still recoverable right?
I’m still trying to understand how it all works.
Exactly, you don’t have to worry about the exchange anymore
@@RhettReisman ohh ok. Thank you I was so confused. Are you able to sell the crypto on a Ledger or does it need to be on an exchange to do the transaction?
Now that Ledger has admitted there has always been a back door in their wallet, which is contrary to their claim to fame of being completely secure,,, Is anyone talking abouot getting refunds or taking legal action for consumer fraud???
I don’t think they’ve “admitted there has always been a back door” - back door means something very specific in security tech and I doubt anyone from Ledger would describe it that way.
To your point, I imagine there will be lawsuits even if they end up being mostly for show.
Those back doors are being created by your ‘’government’’ the entire crypto system is being tracked and traced. Any crypto that is being seized for crimes such as human trafficking, money laundering, drugs and other nefarious reasons are being investigated and appropriate action is being taken. Billions of dollars of crypto has been seized and those are apparently going into humanitarian projects.
Hi - It cost me $15 to send $10 worth of bitcoin from the wallet to Trezor. This is at 3:30 in the afternoon. This is ridiculous. How can I possibly do this? I will be losing so much money. Is it that much different at midnight or something? I don’t understand.
Watch this to understand what’s happening ua-cam.com/video/MjNLvhmu4uI/v-deo.htmlsi=0ZgfxaGhfJxVarWW
TLDR; you probably shouldn’t be sending $10 bitcoin transactions on chain
@@RhettReisman it was a test- and it worked but too costly
This was very useful ...bless u ❤
Happy to help :)
what is a malicious defy smart contract and how to avoid it
A DeFi smart contract is a program that you execute using your private key. If you don't read the code of the smart contract (and the related smart contracts that it executes) you won't know if it is malicious or not (malicious in this case meaning that there is some line of code that steals money from you). Some smart contract programmers will have audits of their code and those are okay proxies for understanding if the smart contract actually works or is malicious etc
I don't understand this man do you do private consultations?
@@RhettReisman
Could you do a video on Tangem wallet? The keys are internal
I’ll look into it. It seems like a not your keys not your coins situation
@@RhettReisman no the keys are internal. You can't lose them and no one can steal them. You don't have to remember them.
If you lose the wallet the coins are unrecoverable then right?
@@RhettReisman no but if you are interested you should just watch a couple videos. 😉
Seems like even their website says if you lose 2 of the 3 cards you lose the bitcoin
Is there a worry when setting these up, that WI-FI could be compromised and someone could copy the seed phrase you’re given?
No, the devices don’t have the capability to connect to the internet
@@RhettReisman thank you! I just know that with the Tangem there’s a worry about phone security. I bought that one but now I just ordered the Trezor Model One because I don’t trust my cellphone security. I had a SIM card stolen once. They didn’t get into any of my accounts but still scary.
Yeah sim swaps are a huge issue hopefully cell providers crack down more on this in the future
Still over whelmed of what to get. A lot of information. Not sure what the best route for me is.
I think ledger is good place to start for most people. If you have an iPhone get a nano X if you use android get a nano S+ Rhett.blog/ledger
Air gapped wallets have transfer fees?
Every time you send bitcoin there are fees paid to the miner regardless of what wallet you use
@@RhettReisman what about xrp?
What about xrp
@@RhettReisman xrp is already minted .. there can't be mining fees for xrp
Sounds like no fees then idk I don’t use XRP
harwar wallet!
Let’s go 🐺
Rhett Reisman - Level Up Your Brain.............. make a video of SAFEPAL Wallet..... is it safe
I’m not a big fan of Binance generally but I don’t know much about SAFEPAL
the video is OK! yes there can ALWAYS be security problems but this counts for EVERY wallet or basicly ANYTHING humans invent. and a hardware wallet are the savest way to store coins.period!
Yep :)
Not all hardware wallets were created equal 🧠
"Hardware wallet" is such an unfortunate misnomer. A better term would be "hardware keychain." It would cause much less confusion.
Yeah 100% or even “signing device”
👍
🤙
What if you level up your bed by making it?
Jordan Peterson over here smh
What's the most schizo way of recording your private keys? I'm at the 'engraved steel washers on a bolt' level myself.
Lol. Just metal plates haha
Are our tokens stored on the blochchain of the token we bought?
Other question is since the hardware wallet companies like dcent or ledger give us seed phrases instead of the private keys doesnt that mean that the issuer can clawback the tokens at will? Hardare wallets seem like the best but is there a hardware wallet that gives me the private key and not seed phrases?
Yes - they're on the blockchain.
No, Ledger can't claw your tokens back because Ledger doesn't know what your seed phrase is. If you're worried about this you can roll 100 dice to generate your seed phrase and upload it into your Ledger. Or use a Ledger / Trezor / Coldcard in a multisig setup so that you never have to rely on a single device (example: ua-cam.com/video/Ito1YJYhc3g/v-deo.html&pp=ygUUcmhldHQgY2FzYSB1bmNoYWluZWQ%3D)
I just cannot give this guy my trust. He has an unmade bed and teenager posters on the wall. If he cannot care enough how he presents himself to his listeners or does not know how to appear more business like, then he may be presenting an accurate little lesson on how hardware wallets work, but missing some very important variables because he does not have enough awareness of the big picture.
😂🤣
Which poster is the most teenager?
This didn't age well.
What about it didn’t age well
New ledger closed source firmware update allows your private keys to be sent to 3 trusted 3rd party sources for recovery if needed. Ledger says its an “opt in only” service, however they have said for years it wasnt possible for private keys to leave the secure element chip. So if its possible now or after an update since its closed source it may have been possible the entire time and may not require an opt in.
Basically its not even a cold wallet
This video isn’t about ledger + I think a lot of the ledger stuff has been blown way out of proportion.
That being said I would feel uncomfortable using it as single-sig and haven’t for years now (way before this announcement). Doesn’t change that it’s the most accessible hardware wallet (arguably the subscription service makes it even more accessible)
This aged well...
I agree. I am a genius
My cold wallet got hacked and it’s cold wallet !!!! And it’s locked !!!!!! Not safe
How did it get hacked? Which cold wallet?
Anyone that gets paid for recommending something is best ignored.
Less than 1% of the money I made last year came from hardware wallet and exchange referrals.
0% of the money I made last year came from paper wallet referrals - maybe you should buy a paper wallet, I’ve heard they’re very safe, no one ever forgets them, and they don’t pay any UA-camrs.
@@RhettReisman I've got a Bitfi.
Idk what that is.
Edit: I looked it up, no private keys = 🚩🚩🚩🚩