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
2 other polite suggestions from me for IF you are in KYC world: 1. you might want to keep a paper record (kept in a safe spot, obviously) of your BTC purchasing transactions from the crypto exchange/s you used. What with looming "cyber attacks" and all. 2. If you think you might EVER wish to sell some KYC btc for cash one day, we are seeing banks in UK asking where the funds came from to get the btc. At the time of trying to cash OUT. I assume they get to keep the btc if you can't answer all their questions. So many criminals bla money laundering don't you know bla bla. So you might want to try to log that also. I know it's a pain.
For selling coins (you should avoid selling crypto for fiat at all times) you should consider using something like Bisq or localmonero and trade for cash in real life face to face, peer to peer. After all crypto was invented to be used peer to peer. Why should you involve a bank? Banks are from the past.
Matthew, I agree with you that Trezor supporting other coins is not good. However, I think there is an option to run a Bitcoin-only firmware for it. I’m certainly a Bitcoin-only guy. Thank you again for your amazing support. You’re the best and I’ve been hooked on all your videos.
people need reminded this over and over again so many people still give seeds to scammers , Never Ever give seed words to anyone guys not even the device makers
another thing regarding number 3. If there's a subreddit for these there will also be "customer support" scammers messaging you if you make a post on there.
Excellent video as always Matthew! So I know I shouldn't really be saying this ( I'm just really hype ), but yesterday I finally became a whole coiner!!! It took me almost 3.5 years of DCA, but I finally did it! I know that's probably not impressive to a lot of people, but I'm excited as can be! 😁I wanted to thank you Matthew for helping me along on this journey!
It's actually very impressive-- you are now part of a very smart/lucky minority. Congrats! Make sure you level up your self-custody skills all the time. That 1 BTC is going to be a million dollar coin in a few years
As exciting as it is, I think a good rule, is to keep your excitement to yourself. Think about it. Telling everyone on the Internet that you will likely be a millionaire in the not too distant future… when the world is going to shite and there’ll be possible poverty
@@truestory923 I agree with your statement, but I have tools to protect myself if need be. I won't be letting anyone in real life know about the accomplishment.
What are some good ways to store the seed phrases for hardware wallets ? How can they be safeguarded for inheritance of your family in the event of your passing away ? Some strategies need to be worked out.
There are institutional custody plans through companies like swan or river where they hold one of 3 keys for an inheritance plan. Maybe even using a self.directed IRA options With someone as your beneficiary
Hey Matthew, have you EVER sold bitcoin? Or are you in a position where you don't really need to sell any to live comfortably? If you have sold did you wait for certain price targets? Thanks for all the free content I've been watching since I started dca'ing 2 years ago.
Also one of the words is a checksum of the other words, so if you pick your own most wallets won't accept them if the checksum fails, which odds are it will if you just randomly selected it.
I still trust myself more than the hardware wallets companies... I trust computers more than myself though. I agree what you're saying for most people, but as an expert in hardware, cryptography and data management I have rolled my own air gapped solution and only interface is via QR codes and physical buttons as an authentication factor and to approve or reset.
100%. If you have some knowledge of these matters, and can boot up a computer without a hard drive, airgapped and with a clean boot image, and you use an adequate scheme to make random numbers, you avoid the risks associated with compromised RNG. The problem is, you don't know that a hardware RNG is giving as much entropy as it might at first appear. I can easily make a hardware RNG which is almost undetectable, and generates keys and addresses I could in future sweep.
thanks what is your stance on never selling btc and borrow against it via aave? do you have details how you would do this in your paid group?@@Bitcoin_University
Question Matthew: if I’m still using a Trezor (I know, I should get a CC), is it safe to scan the QR code that River Financial gives you via the Trezor Suite scan function (via your computer’s webcam)? Instead of laboriously typing in the address…? Thanks, and great video per usual.
I'm looking to transfer my coins to a new cold wallet. Can't decide 😊 I really like Coldcard and leaning towards it, but Jade is a bit cheaper. What is your personal preference? And is there a way I could transfer my current funds to my new wallet most annonymously? Should I do it via my own nod?
Should call out Binance for saying they offer LN but when you try to make a transaction they say it’s an invalid number and you you can’t use it. Keep up the great videos - much appreciated.
How do we know the random passphrase generated by the hardware wallet is safe? That has always scared me a bit. Like one day its all gone, only to find out that it was a giant honey pot just waiting for the day that billions in BTC was available to take.
Recovery seed= 12 or 24 words generated by the wallet. Passphrase= extra word that you can optionally add. As for recovery seed, you are trusting the manufacturer and the random number generator. You can add a small amount of BTC and see if it gets swept before sending larger amounts over. You can also use your own source of randomness like dice, but lots of people mess this up, so not recommended. Coldcard is incentivized not to screw people over by messing up their random number generator.
# 7: Albeit self explanatory under #6, it deserves mention!!!! Do not take a photo of your recovery seed. The photo will end up in the cloud and will be sniffed out by bots. Your bitcoin will be gone!
For reasons mentioned in the video I prefer to have all my Btc in cold storage - and part on kucoin/binance for active trading. But theoretically what would be the issue with using an old smartphone if it were reset to factory settings and kept permanently disconnected from the internet and no cell carrier - only logging on to personal wifi when needing to make a transaction?
The problem with hardware wallets is that they are extremely conspicuous, which makes them unsuitable for travel. For instance, the Coldcard Mk4 looks like a bomb detonator. It's also annoying UX for those of us who actually transact frequently to need to swap SD cards in and out of the device and a laptop. It's single-purpose as well, and therefore vulnerable to supply chain attacks. Last, but not least, this particular device is not FOSS. I also don't recommend a multisig setup for individuals; as it is merely another form of multi-factor authentication, it adds significant complexity and is really only useful when the same individual shouldn't have knowledge of every factor (e.g., institutional custody).
I have two ledger wallets, one i plan to never touch, and the other for emergencies. I know that in the past you've been critical about ledger, but do you feel they are unsafe for holding, or are your critiques more about the company and things they've done?
Ledger's firmware is closed source, so you need to ask yourself if you trust the company. I don't: ua-cam.com/video/hozDTWOOrnc/v-deo.html&ab_channel=BitcoinUniversity
@@corymartinez6022 I would avoid Ellipal, because it is not fully open source, so you cannot verify that there aren't bad things hiding in the firmware. Stick to Coldcard or Blockstream Jade
Hello Matt, I am wondering when you believe Alt Coins will fall completely? For instance Ledn just started offering ETH loans. Thanks for all the great info, stay humble!
All alts will trend to zero against BTC. I can't tell you the timing, but check out any 5 year chart of an alt vs BTC and you will see it happening. ETH is a giant Rube Goldberg machine just waiting to fail
Hey Matt, if you roll the dice manually for cold cards, does 2/3 multisig protect you from lower entropy keys generated? The vault hasnt been swept yet. If it hasnt been swept at this point, does that mean it will never be swept in the future?
rolling dice is fine as long as you do it enough times. 100 is fine and maybe a little overkill. multi sig should add a layer to that and even if you had low entropy at least it is not low hanging fruit for an attack. If you know you messed up though get it out while you can.
LETS GET TOXIC UP IN HERE!!! TOXIC FRIDAY AND OR SATURDAY IS RIGHT AROUND THE MFing CORNER. also could you please cover the bank term funding program when you get the chance. I think it’s set to expire in the near future.
Hey there Matthew. Thanks for the amazing content. I know you have spoken about Multi-sig wallets in the past. My question relates to how to best setup estate planning so that the transfer of BTC can occur in a legal, tax -efficient way. I apologize if you have already addressed this topic. Do you have an y suggestions?
Excellent, can you talk about best practices on people who have access to your wallet. If you get run over by truck someone trusted will need to know how to access. Thoughts are appreciated
If you send your Bitcoin from a Trezor, for instance, to a new Coldcard, does that consolidate your dozens of small utxo's on the Trezor into one large utxo on the Coldcard?
Hi Matthew, thank you for teaching me so much. I've learnt almost everything about btc from you. Quick question does Trezor store our recovery seeds? A friend mentioned to me that they have a recovery seed retrieval function which sounds super scary but I haven't been able to verify this.
Mathew do you think a Nano X is not worth Using. A friend of mine has one but hasn’t used it yet. That friend also has early EFT’s and wants to put them and Bitcoin on that same Wallet. I suggested they watch this video. Any non financial advice would be good and as always thank you for your outstanding videos.
As a risk analysis is someone more likely to lose their seed phrases through theft, hack, fire, etc or holding seeds in an encrypted password manager vault ? I know people say to never store online in any fashion but I am yet to see data to support this.
At the end of the day tis on you. I have put btc into bad wallets just to see if it would get stolen. it did. You may be able to get away with it but as time goes on why hold your wealth in a bad safe when a great safe is almost free.
@@alexleach4002 You are probably right, best to multisig. My hunch is people who lose bitcoin sign a transaction on a phishing link or they have a key logger on computer. If you get bitcoin stolen off a computer hot wallet you will lose a lot more than the bitcoin. The hacker will get your passwords and banking credentials as well. Also writing down a seed phrase at starbucks a real bad idea.
I'm curious if you think multisig is an acceptable setup for the average Joe? I saw a video where Andreas Antonopolous said that unless you're highly technical, then single sig is likely the better option. Thanks for all great info.
You mentioned Coldcard and Block stream Jade, but I thought you recommended Trezor for cold storage in another video. Is Trezor a good cold storage wallet?
I was a bit surprised by number 2 (don't generate your own words). While I agree the methods good wallets use should be really good, is that putting too much trust in the wallet maker? I certainly wouldn't try to pick (myself) words from the list, but what about compared to using some of the better techniques to randomly generate them, like the 2 card decks, or a bunch of dice, etc.? Would that be superior to trusting the 'chips' to do it? Thanks much!
You do hardware wallets, and I will do properly prepared paper wallets. You warn against malware targeting paper wallets but ignore hardware wallet vulnerabilities. Ultimately, unless you are coding your own Bitcoin software and making your own hardware, you will have to trust someone at some point.
There's an old saying, "Cryptography is hard." While that is true, OpSec is even harder. You can have perfect keys. But as your video mentions, there are things you can do that inadvertently expose your private key. In the paper wallet example, your printer will hold an image for a long time. If the keys hit your computer, they might hit swap. If you are lucky, they will stay in RAM until you power down. And for a few minutes after.
So ive been using a jade and blockstream green software. I understand why I should make new addresses. Whenever I send sats to my wallet it generates a new recieve address. My question is if its generating a new address every time. Will I still have access to all my btc if I use my original recovery phrase from when I setup that wallet? Or does every address have a different recovery phrase and they're connected through Green? Im worried that if my jade or green stops working that I would lose access even with my recovery phrase.
@@Bitcoin_University Do you have a video somewhere on why it's so terrible? I can see if a keylogger or other malware gets on the computer, that's an issue. At the same time I think, what if the hardware wallet runs into a defect, than you're also screwed. Or what if your house gets flooded or another disaster? You're really gonna slap me for this one :D however, say you uploaded your encrypted 'password manager database' online, in a way that it doesn't stand out big time from the other files. Now this guy still has his keys once he gets back online somewhere, while the hardware wallet is still dangling in a tornado. I'm quite sure I'm gonna lose this one XD
Isnt it possible that if The Blockchain is crunching an astronomical amount of mathematical problems that it could also determine the access keys of each cold storage and siphon the funds to a separate location one day? or possibly an Ai or separate software?
Hi Matt, been following a while now- kinda fell off maybe in the last year keeping of track of btc - was obsessed a few years ago lol - anyway I had bought a trezor after watching a few of yours vids a while ago but was scared to screw it up or worried I may have had a virus on my laptop so I never transferred it over -- now I really want to get it into something for self custody but are you not suggesting trezor anymore?
@@sandylowe2178 Practice using very small amounts of BTC at first. Try sending over $5 worth, then factory reset your wallet, and do a recovery and see if your $5 worth of BTC is still there. It's important to do lots of drills like this before sending larger amounts of money
I am having anxiety over how many wallets to spread out my long term holdings in and where to store the keys Want to make sure my son will have access to them Considering leaving instructions alongside the keys Idk why this has produced so much stress for me
@@TheTamrock2007 the recovery (seed) phrase is either 12 or 24 words randomly selected from the bip39 list. It's best to generate this phrase using a trusted hardware signing device (hardware wallet) like a Seedsigner or Coldcard. A passphrase can be added for additional security. This can be any combination of letters, numbers and symbols. Hope that helps.
@@TheTamrock2007 if you can get to at least 10 with characters and numbers, that's a bare minimum. Brute force about a thousand years. However going to 15 with special characters takes it to impossible levels.
Hi Matthew! I have a question. What is your view on Tether printing more usdt which flows into btc. I imagine nothing good comes out if this keeps going, and possibly this has caused recent pumping of btc. Thanks
Great question-- this is an old and debunked theory. It's Bitcoin ETF demand that is driving this run-up right now. Long term, the real money printers are the central banks-- they are the ones that destroy fiat and pump BTC. ua-cam.com/video/rV2YIIv0uDo/v-deo.html&ab_channel=BitcoinUniversity
An obsolete s9 miner can guess 13 trillion hashes per second. To be safe your seed phrase needs to be truly random. You don't have to worry about a person randomly guessing it; you have to worry about ASICS randomly guessing it. 256 Coinflips/ 100 dice rolls/ most RNGs should be fine. Picking "random" words; not fine.
Hey Matt! Thanks for the great information. I've been watching your videos for years. Let's say someone wanted to sell some of their bitcoin to pay off a home. Selling a decent chunk to harvest several hundred thousand dollars. Where would you recommend someone sell that BTC? Do you know any exchanges that will let you withdraw 100% of your dollars at once? It appears many exchanges put limits on your withdrawals.
Matt could you make a video covering how nuclear energy would impact Bitcoin mining and the security of the network. This type of energy would make the network cheaper to attack right? What could we do to offset this?
Yes, possibly. But one of them could be your mom, one could be your uncle, etc. You can also store your multisig signers (hardware wallets) yourself in different locations.
The Bitcoin stays the same of course, because you haven’t bought or sold any. But the value in fiat dollars (or whatever your currency is) changes… Hope that makes sense
@@truestory923 no sorry, let me ask another way. Forget Fiat for a second. You have 1 Bitcoin worth $50,000 you take it to a Cold storage wallet. Later Bitcoins price increases to 100,000. How does a bitcoin wallet know to rebalance from an earlier purchase at a lower price to it's current price. I have not seen this on any Bitcoin videos or seen this or heard this explained.
Keep in mind that Bitcoin isn't in the wallet, but out on the blockchain. The wallet is like and interface or portal to the blockchain, and has the keys to 'unlock' that Bitcoin out on the blockchain to move, give ownership, etc.
Generating wealth= saving for long periods of time. It's everyone's personal decision when to spend some of that wealth. What I argue against is ever trading BTC for fiat unless you are going to immediately spend it
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
The fourth mistake is not being subscribed to Bitcoin University.
2 other polite suggestions from me for IF you are in KYC world:
1. you might want to keep a paper record (kept in a safe spot, obviously) of your BTC purchasing transactions from the crypto exchange/s you used. What with looming "cyber attacks" and all.
2. If you think you might EVER wish to sell some KYC btc for cash one day, we are seeing banks in UK asking where the funds came from to get the btc. At the time of trying to cash OUT. I assume they get to keep the btc if you can't answer all their questions. So many criminals bla money laundering don't you know bla bla. So you might want to try to log that also. I know it's a pain.
For selling coins (you should avoid selling crypto for fiat at all times) you should consider using something like Bisq or localmonero and trade for cash in real life face to face, peer to peer. After all crypto was invented to be used peer to peer. Why should you involve a bank? Banks are from the past.
@@disco.jellyfishSorry for getting in the way 😂 is Bisq a safe place to buy/sell BTC?
Matthew, I agree with you that Trezor supporting other coins is not good. However, I think there is an option to run a Bitcoin-only firmware for it. I’m certainly a Bitcoin-only guy. Thank you again for your amazing support. You’re the best and I’ve been hooked on all your videos.
I run BTC only
I also run BTC only on my Trerzor. I think for less competent people Trezor is an excellent alternative to Coldcard & Jade.
How does one run the BTC only firmware?
people need reminded this over and over again so many people still give seeds to scammers , Never Ever give seed words to anyone guys not even the device makers
You're the best! Thank you Matt!
another thing regarding number 3. If there's a subreddit for these there will also be "customer support" scammers messaging you if you make a post on there.
Excellent video as always Matthew! So I know I shouldn't really be saying this ( I'm just really hype ), but yesterday I finally became a whole coiner!!! It took me almost 3.5 years of DCA, but I finally did it! I know that's probably not impressive to a lot of people, but I'm excited as can be! 😁I wanted to thank you Matthew for helping me along on this journey!
It's actually very impressive-- you are now part of a very smart/lucky minority. Congrats! Make sure you level up your self-custody skills all the time. That 1 BTC is going to be a million dollar coin in a few years
As exciting as it is, I think a good rule, is to keep your excitement to yourself.
Think about it.
Telling everyone on the Internet that you will likely be a millionaire in the not too distant future… when the world is going to shite and there’ll be possible poverty
@@truestory923 I agree with your statement, but I have tools to protect myself if need be. I won't be letting anyone in real life know about the accomplishment.
Damn, There is nothing I want more in life at this moment
Thanks Matt!
You stand alone in this space. A Bitcoin giant.
I'm standing on the shoulders of many giants and OG's
Get a life, truckler.....
We love you mate.
What are some good ways to store the seed phrases for hardware wallets ? How can they be safeguarded for inheritance of your family in the event of your passing away ? Some strategies need to be worked out.
I have similar questions. My wife is not really tech/BTC savvy and no one in my family knows anything about bitcoin or hardware wallets.
There are institutional custody plans through companies like swan or river where they hold one of 3 keys for an inheritance plan. Maybe even using a self.directed IRA options With someone as your beneficiary
@@tygyrlylly8079sure, if you’re willing to provide 1-2% of the value!!
Hey Matthew, have you EVER sold bitcoin? Or are you in a position where you don't really need to sell any to live comfortably? If you have sold did you wait for certain price targets? Thanks for all the free content I've been watching since I started dca'ing 2 years ago.
Taking note of this to video to refer people to in the future. Thanks.
And this is why the general public doesn't want to hold their own.
Also one of the words is a checksum of the other words, so if you pick your own most wallets won't accept them if the checksum fails, which odds are it will if you just randomly selected it.
I still trust myself more than the hardware wallets companies... I trust computers more than myself though. I agree what you're saying for most people, but as an expert in hardware, cryptography and data management I have rolled my own air gapped solution and only interface is via QR codes and physical buttons as an authentication factor and to approve or reset.
100%. If you have some knowledge of these matters, and can boot up a computer without a hard drive, airgapped and with a clean boot image, and you use an adequate scheme to make random numbers, you avoid the risks associated with compromised RNG.
The problem is, you don't know that a hardware RNG is giving as much entropy as it might at first appear. I can easily make a hardware RNG which is almost undetectable, and generates keys and addresses I could in future sweep.
@@nickhill9445 I roll my own dice
I use trezor model t as my cold storage
It's a fine product, but best to pair with Sparrow so that you aren't trusting Trezor Suite software and their node
Awesome videos Mr. Kratter! Thank you for all you do and all the education you provide.
Drinking my coffee here and we watch every morning :)
Best
Thanks for including this channel in your morning routine
What do you think about casa multi sig, nothwithstanding they allow shitcoin eth on there...safe?@@Bitcoin_University
I wouldn't trust any company that supports ETH. Unchained is much better than Casa
thanks what is your stance on never selling btc and borrow against it via aave? do you have details how you would do this in your paid group?@@Bitcoin_University
Matt, where do you recommend buying Bitcoin? Yesterday we all saw more nonsense with coinbase
Swan Bitcoin, River Financial, Strike, and Unchained are all good solutions
Is a Trezor ok using the Bitcoin-only firmware?
Yes. I would pair it with Sparrow to be extra safe, rather than using Trezor Suite
@@Bitcoin_University OK. Thank you Matt
Question Matthew: if I’m still using a Trezor (I know, I should get a CC), is it safe to scan the QR code that River Financial gives you via the Trezor Suite scan function (via your computer’s webcam)? Instead of laboriously typing in the address…? Thanks, and great video per usual.
What about Ledgers like Nano X? Are those safe?
Thanks buddy
I'm looking to transfer my coins to a new cold wallet. Can't decide 😊 I really like Coldcard and leaning towards it, but Jade is a bit cheaper. What is your personal preference? And is there a way I could transfer my current funds to my new wallet most annonymously? Should I do it via my own nod?
Should call out Binance for saying they offer LN but when you try to make a transaction they say it’s an invalid number and you you can’t use it. Keep up the great videos - much appreciated.
Works well for me
How do we know the random passphrase generated by the hardware wallet is safe? That has always scared me a bit. Like one day its all gone, only to find out that it was a giant honey pot just waiting for the day that billions in BTC was available to take.
Recovery seed= 12 or 24 words generated by the wallet. Passphrase= extra word that you can optionally add.
As for recovery seed, you are trusting the manufacturer and the random number generator. You can add a small amount of BTC and see if it gets swept before sending larger amounts over. You can also use your own source of randomness like dice, but lots of people mess this up, so not recommended. Coldcard is incentivized not to screw people over by messing up their random number generator.
# 7: Albeit self explanatory under #6, it deserves mention!!!! Do not take a photo of your recovery seed. The photo will end up in the cloud and will be sniffed out by bots. Your bitcoin will be gone!
For reasons mentioned in the video I prefer to have all my Btc in cold storage - and part on kucoin/binance for active trading. But theoretically what would be the issue with using an old smartphone if it were reset to factory settings and kept permanently disconnected from the internet and no cell carrier - only logging on to personal wifi when needing to make a transaction?
Day 8 of telling Matthew his uploads are appreciated!!!
Thank you
The problem with hardware wallets is that they are extremely conspicuous, which makes them unsuitable for travel. For instance, the Coldcard Mk4 looks like a bomb detonator. It's also annoying UX for those of us who actually transact frequently to need to swap SD cards in and out of the device and a laptop. It's single-purpose as well, and therefore vulnerable to supply chain attacks. Last, but not least, this particular device is not FOSS.
I also don't recommend a multisig setup for individuals; as it is merely another form of multi-factor authentication, it adds significant complexity and is really only useful when the same individual shouldn't have knowledge of every factor (e.g., institutional custody).
As price goes up…so does need for security 😮
Yes, very true. If you are storing $1,000 of BTC and expect it to go 100x, you need to prepare for storing $100,000 of BTC
good content matt. I guess all the mistakes you mentioned are particularly relevant for single sig.
I have two ledger wallets, one i plan to never touch, and the other for emergencies. I know that in the past you've been critical about ledger, but do you feel they are unsafe for holding, or are your critiques more about the company and things they've done?
Ledger's firmware is closed source, so you need to ask yourself if you trust the company. I don't:
ua-cam.com/video/hozDTWOOrnc/v-deo.html&ab_channel=BitcoinUniversity
@bitcoin university what about the ellipal cold storage wallet?
@@corymartinez6022 I would avoid Ellipal, because it is not fully open source, so you cannot verify that there aren't bad things hiding in the firmware. Stick to Coldcard or Blockstream Jade
Hello Matt, I am wondering when you believe Alt Coins will fall completely? For instance Ledn just started offering ETH loans. Thanks for all the great info, stay humble!
All alts will trend to zero against BTC. I can't tell you the timing, but check out any 5 year chart of an alt vs BTC and you will see it happening. ETH is a giant Rube Goldberg machine just waiting to fail
You might also ask if gambling actually pays. It does... for the house.
Hey Matt, if you roll the dice manually for cold cards, does 2/3 multisig protect you from lower entropy keys generated?
The vault hasnt been swept yet. If it hasnt been swept at this point, does that mean it will never be swept in the future?
rolling dice is fine as long as you do it enough times. 100 is fine and maybe a little overkill. multi sig should add a layer to that and even if you had low entropy at least it is not low hanging fruit for an attack. If you know you messed up though get it out while you can.
Which of your paid courses covers how to take you BTC from a Trezor to a Jade?
What happens if Government seize BTC from ETFs
Will etf holders be given fiat in exchange for the BTC?
Of course, because they've never owned BTC
Hey Matt I used the 100 dice option on coldcard , am I okay?
You good.
LETS GET TOXIC UP IN HERE!!! TOXIC FRIDAY AND OR SATURDAY IS RIGHT AROUND THE MFing CORNER.
also could you please cover the bank term funding program when you get the chance. I think it’s set to expire in the near future.
Sounds good-- I'm ready
Hey there Matthew. Thanks for the amazing content. I know you have spoken about Multi-sig wallets in the past. My question relates to how to best setup estate planning so that the transfer of BTC can occur in a legal, tax -efficient way. I apologize if you have already addressed this topic. Do you have an y suggestions?
Excellent, can you talk about best practices on people who have access to your wallet. If you get run over by truck someone trusted will need to know how to access. Thoughts are appreciated
If you send your Bitcoin from a Trezor, for instance, to a new Coldcard, does that consolidate your dozens of small utxo's on the Trezor into one large utxo on the Coldcard?
What is the difference between Jade, Sparrow and treasure wallets? Which one is better?
Great advice thank you 👍
Hi Matthew, thank you for teaching me so much. I've learnt almost everything about btc from you. Quick question does Trezor store our recovery seeds? A friend mentioned to me that they have a recovery seed retrieval function which sounds super scary but I haven't been able to verify this.
How do you feel about the Bitcoin BTC Cold Storage Wallet that is an actual coin with the key already etched into the back?
Is my bitcoin safe in the Exodus app?
That would be a hot-wallet. Don't keep any on there that you would be afraid to lose
@@ralfbo685What are the risks?
Mathew do you think a Nano X is not worth Using. A friend of mine has one but hasn’t used it yet. That friend also has early EFT’s and wants to put them and Bitcoin on that same Wallet. I suggested they watch this video. Any non financial advice would be good and as always thank you for your outstanding videos.
As a risk analysis is someone more likely to lose their seed phrases through theft, hack, fire, etc or holding seeds in an encrypted password manager vault ? I know people say to never store online in any fashion but I am yet to see data to support this.
I would need to know how many people lose seeds that they have written down v stored in an encrypted file.
by the way, I have not stored online, just considering this.
At the end of the day tis on you. I have put btc into bad wallets just to see if it would get stolen. it did. You may be able to get away with it but as time goes on why hold your wealth in a bad safe when a great safe is almost free.
@@alexleach4002 You are probably right, best to multisig. My hunch is people who lose bitcoin sign a transaction on a phishing link or they have a key logger on computer. If you get bitcoin stolen off a computer hot wallet you will lose a lot more than the bitcoin. The hacker will get your passwords and banking credentials as well. Also writing down a seed phrase at starbucks a real bad idea.
Anything that claims to be an online generator (especially for free) has a person behind the website that can see what's happening.
How are high net worth Bitcoiners storing their Bitcoin? Would somebody with say $1,000,000 Bitcoin store it all in hardware wallets?
Yes!
Yes. You could store $100 billion worth of BTC on a single Coldcard if you wanted to.
I'm curious if you think multisig is an acceptable setup for the average Joe? I saw a video where Andreas Antonopolous said that unless you're highly technical, then single sig is likely the better option.
Thanks for all great info.
Such important info. Thanks
Excellent info
You mentioned Coldcard and Block stream Jade, but I thought you recommended Trezor for cold storage in another video. Is Trezor a good cold storage wallet?
He likely didn't mention it because the default firmware has support for altcoins.
I was a bit surprised by number 2 (don't generate your own words). While I agree the methods good wallets use should be really good, is that putting too much trust in the wallet maker? I certainly wouldn't try to pick (myself) words from the list, but what about compared to using some of the better techniques to randomly generate them, like the 2 card decks, or a bunch of dice, etc.? Would that be superior to trusting the 'chips' to do it? Thanks much!
You do hardware wallets, and I will do properly prepared paper wallets. You warn against malware targeting paper wallets but ignore hardware wallet vulnerabilities. Ultimately, unless you are coding your own Bitcoin software and making your own hardware, you will have to trust someone at some point.
same here
There's an old saying, "Cryptography is hard." While that is true, OpSec is even harder. You can have perfect keys. But as your video mentions, there are things you can do that inadvertently expose your private key. In the paper wallet example, your printer will hold an image for a long time. If the keys hit your computer, they might hit swap. If you are lucky, they will stay in RAM until you power down. And for a few minutes after.
What are your thoughts on Tangem Wallet if we do happen to have some alt coins
I thought the 3 mistakes were Stop stacking, Stop staying humble, and Stop educating yourself😊
Yes, those are even more important
Liked, subscribed, commented, shared.
Thank you!!
Thank you for your advice!
Even though you do not recommend it...
...how do I pick my own 12 words as a seed?
It will be included in my upcoming course that also includes lectures on how to drive your car off a cliff or swim with great white sharks
So ive been using a jade and blockstream green software. I understand why I should make new addresses. Whenever I send sats to my wallet it generates a new recieve address. My question is if its generating a new address every time. Will I still have access to all my btc if I use my original recovery phrase from when I setup that wallet? Or does every address have a different recovery phrase and they're connected through Green? Im worried that if my jade or green stops working that I would lose access even with my recovery phrase.
What are you thoughts on putting the private keys in a password manager?
Would that touch the internet in your view?
Yes, it's a terrible idea
@@Bitcoin_University Do you have a video somewhere on why it's so terrible?
I can see if a keylogger or other malware gets on the computer, that's an issue.
At the same time I think, what if the hardware wallet runs into a defect, than you're also screwed.
Or what if your house gets flooded or another disaster?
You're really gonna slap me for this one :D however, say you uploaded your encrypted 'password manager database' online, in a way that it doesn't stand out big time from the other files.
Now this guy still has his keys once he gets back online somewhere, while the hardware wallet is still dangling in a tornado.
I'm quite sure I'm gonna lose this one XD
Isnt it possible that if The Blockchain is crunching an astronomical amount of mathematical problems that it could also determine the access keys of each cold storage and siphon the funds to a separate location one day? or possibly an Ai or separate software?
Matt, I'm consolidating small utxo's from exchanges as I buy more bitcoin and move to my CC. Is this the best way?
Hi Matt, been following a while now- kinda fell off maybe in the last year keeping of track of btc - was obsessed a few years ago lol - anyway I had bought a trezor after watching a few of yours vids a while ago but was scared to screw it up or worried I may have had a virus on my laptop so I never transferred it over -- now I really want to get it into something for self custody but are you not suggesting trezor anymore?
Trezor is still fine if you already own one, but I would consider pairing it with Sparrow instead of with Trezor Suite
Thank you for your response! Appreciate it, still nervous to move it but will re watch some of your vids 😊 thank you for all your info! Btc 🚀
@@sandylowe2178 Practice using very small amounts of BTC at first. Try sending over $5 worth, then factory reset your wallet, and do a recovery and see if your $5 worth of BTC is still there. It's important to do lots of drills like this before sending larger amounts of money
Thank you for your videos. I watch you a lot.
I am having anxiety over how many wallets to spread out my long term holdings in and where to store the keys
Want to make sure my son will have access to them
Considering leaving instructions alongside the keys
Idk why this has produced so much stress for me
Another great one!
Matthew is making life changing wealth for his future generations and he deserves it, for helping so many others join that journey.
What do you recommend instead of a paper waller if you are giving a gift of small amount $50-100 to someone who does not have a wallet already?
HEY, do you have any suggestions on seed phrase recovery in the uk?
There's no way to recover a lost seed-- don't pay a scammer to try to do it
So, the Robinhood wallet cannot be trusted at all?
offline computer and offline transaction can be very safe, sometimes even safer than hardware wallets, I mean essentially it's the same thing.
Thank you Matthew.
Never speak your recovery phrase or pass phrase out loud.
Yes, true-- I forgot to mention this. Also throw out your Amazon Alexa and other spy devices
How big does the recovery phrase need to be? Sorry for such a silly question, but I'm a Bitcoin newbie.
@@TheTamrock2007 the recovery (seed) phrase is either 12 or 24 words randomly selected from the bip39 list. It's best to generate this phrase using a trusted hardware signing device (hardware wallet) like a Seedsigner or Coldcard. A passphrase can be added for additional security. This can be any combination of letters, numbers and symbols. Hope that helps.
@@TheTamrock2007
if you can get to at least 10 with characters and numbers, that's a bare minimum. Brute force about a thousand years. However going to 15 with special characters takes it to impossible levels.
Matt, have you done a video that addresses the concern of some anti Bitcoiners that it is just a zero sum game?
Hi Matthew!
I have a question.
What is your view on Tether printing more usdt which flows into btc. I imagine nothing good comes out if this keeps going, and possibly this has caused recent pumping of btc.
Thanks
Great question-- this is an old and debunked theory. It's Bitcoin ETF demand that is driving this run-up right now. Long term, the real money printers are the central banks-- they are the ones that destroy fiat and pump BTC.
ua-cam.com/video/rV2YIIv0uDo/v-deo.html&ab_channel=BitcoinUniversity
@@Bitcoin_University Thanks for the reply!
An obsolete s9 miner can guess 13 trillion hashes per second. To be safe your seed phrase needs to be truly random. You don't have to worry about a person randomly guessing it; you have to worry about ASICS randomly guessing it. 256 Coinflips/ 100 dice rolls/ most RNGs should be fine. Picking "random" words; not fine.
Hey Matt! Thanks for the great information. I've been watching your videos for years.
Let's say someone wanted to sell some of their bitcoin to pay off a home. Selling a decent chunk to harvest several hundred thousand dollars. Where would you recommend someone sell that BTC? Do you know any exchanges that will let you withdraw 100% of your dollars at once? It appears many exchanges put limits on your withdrawals.
Give Swan Bitcoin, River Financial, or Strike a call. Definitely don't use Coinbase
Thanks Matt. What are your thoughts on Bitbox02 hardware wallet?
Matt perhaps you speak about the Coinbase issues
I use vera crypt to hide stuff in files on a computer that never goes online...
Thx Matthew
Many thanks
NEVER store your keys online, phone etc… if it’s exposed online, assume it’s compromised!!!
Thank you, Matthew!
another great video Matt.
Matt could you make a video covering how nuclear energy would impact Bitcoin mining and the security of the network. This type of energy would make the network cheaper to attack right? What could we do to offset this?
Multi sig is a pain for inheritance
Add a passphrase instead.
It really depends on your personal situation
Thanks Matt!😊
Can your multisig signers (term?) be compelled by govt to get your BTC?
Yes, possibly. But one of them could be your mom, one could be your uncle, etc. You can also store your multisig signers (hardware wallets) yourself in different locations.
Question. When using a hardware wallet and bitcoin price moves up or down, how is your holdings adjusted in your wallet.
The Bitcoin stays the same of course, because you haven’t bought or sold any. But the value in fiat dollars (or whatever your currency is) changes…
Hope that makes sense
@@truestory923 no sorry, let me ask another way. Forget Fiat for a second.
You have 1 Bitcoin worth $50,000 you take it to a Cold storage wallet. Later
Bitcoins price increases to 100,000. How does a bitcoin wallet know to rebalance from an earlier purchase at a lower price to it's current price.
I have not seen this on any Bitcoin videos or seen this or heard this explained.
Keep in mind that Bitcoin isn't in the wallet, but out on the blockchain. The wallet is like and interface or portal to the blockchain, and has the keys to 'unlock' that Bitcoin out on the blockchain to move, give ownership, etc.
@@SteveW928 thanks, recently had that light bulb moment! Always learning.
what about storing your bitcoin on an HD wallet??
Yes, all modern hardware wallets like the Coldcard are HD wallets. That means you can take the recovery seed from one and use it on any of them
What do you think of the BitBox02 (Bitcoin-only edition) hardware wallet?
I've heard good things about it, but never tried it out
Tnx
Dood… close some of those tabs
Why are all seed phrases in English?
They're available in multiple languages:
github.com/bitcoin/bips/blob/master/bip-0039/bip-0039-wordlists.md
Rule 1: never spend it because its value is going to infinity 😅
That's a good rule too
How do you expect people to generate wealth with bitcoin if you advise to never sell it?
Generating wealth= saving for long periods of time. It's everyone's personal decision when to spend some of that wealth. What I argue against is ever trading BTC for fiat unless you are going to immediately spend it