What To Do If Your Hardware Wallet Is Lost, Stolen, or Damaged
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- Опубліковано 4 сер 2024
- A Beginner's Guide To Bitcoin:
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In this video, I discuss what to do if your hardware wallet is lost, stolen, damaged, or otherwise compromised.
The first step is to restore the wallet to another hardware or software wallet using your 12 or 24 word recovery seed backup.
Once you have done this, immediately move the Bitcoin to a different wallet that has a different recovery seed.
Not investment advice! Consult a financial advisor.
Trezor hardware wallets:
trezor.io/
Trezor recovery seed:
blog.trezor.io/learn-about-tr...
Blockstream Green wallet:
blockstream.com/green/
Blockstream Jade hardware wallet:
blockstream.com/jade/
Muun wallet:
muun.com/
Wallet of Satoshi:
www.walletofsatoshi.com/
Blue Wallet:
bluewallet.io/
Strike app:
strike.me/en/
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#Bitcoin
#Trezor
#HardwareWallets
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Hello, is the passphare supported by the Blockstream Green wallet?
Can you do a video on lending cryptocoins like Bitcoin in sites like BlockFi? Is that secure?
@@jccgold I think that’s a good question, especially considering BlockFi’s security breach last year.
I'm an Indian born and living in Australia and I cannot express enough how much I despise these scumbags. Literally whenever people ask me my nationality I just tell them l'm British because idiots like these give us a horrendous reputation, not to also mention they scam other Indians too. It warms my heart to see stuff like this, please keep up the great recovery's work destroying these scammers! 𝗛𝗼𝗻𝗲𝘀𝘁𝘆𝗯𝗮𝘀𝗲𝘁𝗲𝗰𝗵
I was in absolute tears hearing that man leave the message for that scammer. You have my total respect and god bless you 𝗛𝗼𝗻𝗲𝘀𝘁𝘆𝗯𝗮𝘀𝗲𝘁𝗲𝗰𝗵 for helping as many people as you can. It seems so crazy that people fall for these things but then again, the elderly were raised in a different time before computers and before online scammers. I hope through your channel that more people reject these morons from India and tell them where to go. Thanks again!
Recovery seed is the most valuable!!!!!! I was playing around with bitcoin and my first wallet did not take recovery serious. My house burnt up. So I learned how very important a recovery seed seriously is. And I highly recommend not getting an ellipal wallet.
I’m glad u clarified the fact that ur BTC or any crypto isn’t stored on any hardware wallet and is actually stored on the blockchain. U mentioned a couple of times that u send ur BTC to ur Trezor. I think this confuses people. But good job on ur video man!
Good to know these other options are out there. Thanks Matt! Happy Monday everyone ✌
Thank you, had assumed this but never tested my HW wallet keys in a hot wallet for fear of compromise. Good to see you go through that process
if you wonder what to do in any of these situations, then you don't understand btc fully yet. good video for newbs ⚡⚡👍👍
Also very important, *the order matters* for the 12 or 24 words of your recovery seed. If you get them out of order, you're gonna have a bad time.
Yes!!
Well yeah duh
Can the recovery seeds be regenerated if someone happened to coppied them down and made a mistake? Also, I guess the passcode that the hard wallet asks for can be used for only the hard wallet, can it be used in place of the recovery seeds on blockchain if thw hard wallet was lost?
@@amyhoang9140 The recovery seeds must be correct and in the correct order for them to work. If you aren't certain your seeds are backed up correctly and safe, do not use that wallet. Transfer any bitcoin off of it first (To another wallet of yours or an exchange wallet) and then create a new wallet on your hardware wallet. This destroys the old wallet, so only do it if the old wallet is empty.
The recovery seeds can be used to recover your wallet even if the hard wallet is lost.
Excellent information thanks.
Thank you, very helpful information
Thx Matt. Great help!!!
ColdCard is a really good hardware wallet, I like it more than Trezor to be honest
Yes, I like ColdCard as well. But a bit more difficult for a beginner.
I like a wallet that can be more easily hidden.
What's the point of having an obvious wallet when a $5 wrench can brute force attack you regardless?
question. i have some bcash from the fork i have the seed phrase which wallet should i use to collect my free trash. i wouldnt care normally but its 40 of them
I'm not a bot like the first post. This cleared up a lot of questions regarding Trezer etc. Thanks.
a bot?
@@brianl8397 The fake AI posts with stories of so and so turning his 1 BTC into 10 BTC in one month LOL.! Not real
@@MrFrank107 oh I gotcha. Only post coming up first on my end was what I posted my bad
That is what a bot would say
@@noad1001 You never know bro.
*Team 𝗛𝗼𝗻𝗲𝘀𝘁𝘆𝗯𝗮𝘀𝗲𝘁𝗲𝗰𝗵, your out-of-the-box thinking and distinct perspective transformed an otherwise mediocre presentation into an excellent one. You did an excellent job identifying errors and preventing us from squandering time and going down the incorrect path. Your attention to detail truly separates you from the competition. Excellent work! Brandon, Your excellent labor has yielded tangible, beneficial outcomes for me. You are a formidable opponent*
Thank you!
This might be a dumb question but I current run an Umbrel full node. Would that wallet be considered a “hardware” wallet since I control the keys?
good info, thank you
Great video!
GOOD MORNING MATHEW,.. AND HAPPY MONDAY TOO.😃👍🌴
Yes, you too, Johnny.
This is critical info people. Cold storage is your ace in the hole.
Thank you.
Hi Matthew, I did the opposite sequence. Made a 24 word seed on BS Jade. Moved a small qty of BTC from coinbase. Then restored my wallet using the basic Trezor model. But it says 0 BTC balance. I’m doing this exercise to boost my confidence in using hardware wallets instead of custodial accounts. What did I do wrong? Thanks.
Thank you sir !
I have a 2013 wallet dat file, how do I get these accessible off my usb?
Sorry for the ignorant question, but if I understood this presentation correctly, the wallet just holds your private key, and when you recover the old wallet and transfer it to a new hardware wallet, what you're doing is in fact creating and transferring a new key?
Thank you very much!!
What's the best model of Trezor to buy? Is it possible to buy with Paypal?
morning Matt, what would a private key look like in real life? I know the seed phrase or passphrase is a 12 word or 24 word sentence, but what would a private key look like? thanks
How does Blockstream green regenerate the btc private key of that Trezor wallet? Is there a standard method for generating those keywords for retrieval or is a Trezor's seed creation own method? What if they change the seed creation algoritm?
Nice video. Would like an update on Bitcoin as it relates to the version of the Infrastructure Bill that was passed in the US. You touched on this a month or 2 ago; maybe an update is appropriate
So if you private keys can be recovered by another service, is the keyring is stored on the blockchain?
What if you use a 25 optional passphrase? you to restore that wallet?
Thanks
what about eth which is also stored on the trezor
what is your thoughts on using bitcoin core node as a wallet for BTC?
Can you comment on duress passwords, would i see all my funds or do i need to do anything special for those keys associated with the duress password? what if blockstream green goes under? Thanks great bunch of vids.
What if you need to restore ETH or ERC-20 coins and not just BTC? do you chose liquid wallet option?
Lets say i have some KASPA on the Onekey hardware wallet and Onekey is BIP39 and if im not mistaken I can restore my funds into any other BIP39 wallet. So lets say i lose my onekey hardware wallet and i want to restore my Onekey wallet to ledger since ledger is also BIP39 but Ledger does not support Kaspa. Where would my Kaspa go to or show or would I be able to even see it on ledger if so where. Or would all my kaspa funds dissapear since im restoring my onekey wallet on to Ledger and ledger does not support Kaspa and i would automatcially lose all my funds since im restoring a wallet that has kaspa to another wallet such as ledger that dont support Kaspa
Thinking long terms, what happens when compootas doesn't support Bluetooth or USB anymore or the company like Ledger doesn't support the wallet you bought?
That’s cool!
Any thoughts on the Coinomi wallet?
Can you please give us your take on chainlink as its functionality is different from most other altcoins? Thx
Thanks. But how do you restore ETH? I restored my BTC but cannot see option for ETH. Please can you advise?
Does BTC follow the Pareto distribution principle for crypto?
❤ it... sharing n saving
Which hardware wallet if the best and secure for crypto?
Question. When you recover it. You then say you need to move it to another wallet from the old wallet. So this tells me that when you recover it, you haven’t moved the funds…you’ve just gained access to them. Is that correct?
Can one put multiple fractions of btc on one of these jade wallets and keep adding to it? Would it still be the same recovery seed for all ? (Like from strike and coin base?)
Yes
What do you think the price of Bitcoin would be if USA decides to use Bitcoin as a federal reserve like they did with gold before 1971? Can this be possible?
Thanks
What if someone randomly guessed the key in blockstream login page? That means anyone can access the account?
I heard the two wallets can store the same crypto because they are just for access, the coins are actually on the blockchain. Is it true?
Canada doesnt have lightning app.
Matt, what happens if Coinbase goes down? Will Coinbase wallet still work?
Is it possible that Ledger wallets steal crypto assets via Firmware updates by gaining access to the Mnemonic passphrase?
Would it be beneficial to purposefully destroy the hardware wallet your bitcoin is stored on? That way your bitcoin is only linked to the seed instead of the wallet?
Do you hold Monero Matt?
Do you recommend having 2 hardware wallet to store your btc, Matt? For example if you have $100k worth, keep 50/50 on those wallets or do you feel comfortable to keep all in one wallet?
I use multi-sig to store my Bitcoin. Keys are geographically dispersed, and not in my house.
@@Bitcoin_University thank you, Matthew. Is what I mentioned worth it for the average joe who isn’t familiar with multi sig?
@@Bitcoin_University Would you please explain what multi-sig is? I am a a oldie (in age) newbie (at BTC!) and trying to get up to speed as quickly as possible
I'm a bit confused now. I thought the whole point of a hardware wallet was that even if someone gained your private keys they would need access to the physical device to get your crypto. Here you are saying it is no more secure than any hot wallet?
Coinbase wallet flawed? Or did you not mention it because it has less features?
Thanks Mathew- I bought your course to thank you for all of this excellent information!
thanks now I understand how airgap can "receive" and "send" crypto. I actually thought cold wallets had crypto stored in them!
Which wallet would you recommend for beginners and also what do you think about Wealthy Simple platform?
Why create a new address every time you transfer to your wallet? I've been searching for that answer since I got mine.
So the govt and exchanges have to work harder to find out it’s you. He went over this in his video yesterday.
Can you trade Son/BTC?
You did not show how to move the BTC to another wallet, Could you show that please?
Is it another option to use the online wallet to recover your BTC then move it to an exchange (or split to 2 exchanges to minimise risk) while you wait for a new hard wallet delivery?
Yes, you can move your BTC to an exchange, but then you are taking on custodian risk-- not your keys, not your coins. I'd personally prefer to have my BTC on a hot wallet like Blockstream Green than any exchange, because at least that way I control my own private keys.
@@jvlaina very true, especially useful when demand is high and hard wallets are harder to get
@@jvlaina I was trying to decide Ledger vs Trezor and I went with the Ledger which has a lot of "family packs". I want to clone one of mine to see if the recovery seed works. Only problem is that if you buy the "family packs" they give you a wallet which has limited memory. Not a prob if you only HODL bitcoin but if you are big into the alts, might need more storage.
Im confused...if trezor has gone out of business...how does blockstream know that the seed phrase you entered is associated with your particular bitcoin keys? How does Trezor let blockstream know what keys are associated with your seed phrase? And if blockstream has a backup of your seed phrase...whats to stop them from just taking your coins?
Excellent job, GrindTechiei -I'm delighted you're out there fighting these jerks. We must do everything possible to protect the elderly and the general public from these vile con artists! You deserve it!! Big up, brother, you deserve the Nobel Peace Prize for keeping us safe and bringing money back for us•
So is your wallet on the blockchain? Is that how you can use a recovery phrase to move btc btwn wallets even if trezor were to go out of business?
The recovery seed is used as a mapping to the private keys for your cryptos. This stuff is supposed to be kept secret and isn't stored on a public ledger.
Any BIP39 compatible wallet can be used to recover you just don’t need to depend on block-stream only he used it as an example
Sounds like a good business idea, give away a seed word every now and then with some bitcoin in it , would get the views up .
You mentioned the importance of using a new public key every time you withdraw from an exchange. What is the advantage? The exchange will know all of the public keys associated with you and will sell all of that information.
Coinjoin or other anonymizing service can help.
Hi Matt, can you give an example of “ouside safe location” to keep 12 words?
A safety deposit box or on a BillFodl stainless steel recorder in a box in you backyard.
Put the keys in a box, bury the box in your yard. Then put another box on top of it with a fake key as a decoy.
@@theedwardian what do you recommend people who rent?
@@r.p.mcmurphy6115 same idea, but in one of those indoor tree pots.
@@theedwardian too risky. Somebody can be watching you and everything is on video surveillance these days.
I love that you and your team proactively teach, give background, and help victims where possible. It's not just a "prank the scammer" channel that does nothing but brings entertainment but still feels unsatisfying. #Adriannotch This channel is amazing, this community is amazing, and I've been sharing your channel to everyone I can. No one else even comes close.
👆👆He was able to recover my 40k lost from the scammer without any stress he is a pro.👆👆❤️. . .
Hi Matt
Where is the 12 word security seed stored? If it is on the Trezor server are you not at risk if Trezor goes out of biz?
12 words are generated on your Trezor hardware wallet locally and not shared with Trezor the company or their servers.
@@Bitcoin_University i thought that if you lose your Trezor wallet then you could use your 12 recovery words to regenerate you keys on another Trezor?
@@marty590 yes, you can. You should keep these 12 words that were generated on your first (lost) Trezor wallet.
Then your can recover it on another Trezor or on any compatible hadware/software wallet
@@r.p.mcmurphy6115 Thank you...but this implies that the 12 word seed phrase is stored in some central location?
@@marty590 Nope. It’s an opensource cryptography algorithm that runs locally on any device or inside a wallet and it can generate a stable private key by given 12 words and vice versa.
Do you know if I can recover btc using the 12 words from an electrum wallet to that Bitcoin Blockstream wallet?
Yes, that should work.
You can use the recovery seed in any wallet
Matt, is there a way to send coins to my cold storage wallet cheaply?
Yes, just use a slower speed. Or wait until the mempool is less full. Transaction fees are still pretty cheap here:
mempool.space/
Do you feel comfortable with trezors 12 word seed phrase?
There’s a pass phrase option too for extra security.
Do they only have 12 words? Some wallets let you choose between 12 and 24.
@@blueviserion it is defaulted to 12 and if you want more then you gotta go to some website. I am not a fan of going to some random site tbh
shouldn’t you also be validating your transactions with your own node?
Yes.
Yep
We need a video on this!
I know your not big on a lot of other coins, but why is that most hardware wallets have you sign up for some other site to send your coins, for example eth or ADA whats the point of the wallet?
Not sure I understand the question. Are you talking about hardware wallet presets for other cryptos besides BTC?
I think he means, why does one have to go to another site different from the one you bought your bitcoin from
@ Brian L , if you buy a Trezor and sign up initially at there site, the next time you buy bitcoin, you only have to use your Trezor, you do not have to go back to their site everytime you make a bitcoin purchase
Okay my bad on not being clear. Morning fog I reckon. Both wallets Trevor and ledger both say that you can store eth or let's say ada on their hardware wallet. But when you go to move it there it directs you to another site to store it at.
@@brianl8397 Every blockchain is different but most use the similar methods with regard to private keys. Because of this hardware wallets can be compatible with multiple block chains such as BTC, ETH, and ADA, but the wallet addresses and wallet programs will be unique to each chain.
If you do use the same hardware wallet for multiple crypto currencies, make sure that you don't confuse the addresses between them (BTC to BSV or BCH to BTC for instance) because this can lead to you sending coins to a wallet you don't own and a permanent loss of funds.
What's your opinion on Trust wallet?
It's open source.
Keep in mind that Wallet of Satoshi is a custodial wallet. I wouldn't recommend to use a custodial wallet.
Why is a Trezor wallet necessary when you can just store and use your 12 word seed phrase whenever you want to transact? It seems redundant if a lost Trezor can be recovered. Maybe it's mainly for convenience?
You're not supposed to store your seed phrase nor private key on any computer desktop. The cold wallet makes it so you never have to.
@@butmunchass Why wouldn’t you write your seed phrase on a piece of paper? It doesn’t need to be saved on a computer. Or save it on a thumb drive in an encrypted 7zip file or something.
@@RedShiftedDollar A cold wallet will prevent you from ever having to let your seed phrase from touching your computer. You can get it and enter it back in (recovery) using only the cold wallet because there's malware that tries to search for docs on your computer which could be the seed phrase. The cold wallet shouldn't ever have such viruses nor malware.
@@butmunchass Oh, that makes sense now. The cold wallet never plugs into your computer. That’s the part I was missing. I thought of it like a thumb drive but it is more like a mini independent computer intended to store keys securely offline.
@@RedShiftedDollar The cold wallet connects to your desktop via a usb type cable physical connection. However, the OS doesn't have direct access to its storage as it would have via a thumb drive. When you are on the internet and you want to sign a transaction you put your pin in the Ledger and it compares the transaction # to that on the internet and if that looks okay you then authorize the Ledger to sign the transaction. The transaction is signed on the cold wallet such that the private key never leaves the cold wallet. The OS can have a virus but even still it cannot retrieve the private key from the cold wallet.
is blockstream owned by Trezor? is your bitcoin safe on blockstream? what if blockstream goes out of business or gets taken over by the government? thanks
He just used blockstream for example you dont have to use them there multiple open sources bitcoin wallet you can recover with any seed phrase as long as bitcoin exists and you have your seed phrase you control it and can move it. You just use different recovery wallet
⤴️⤴️The best chance you’ve got now is to message the above name he’ll help you out.
what I'm trying to do is divide my 24 words into 3 short stories 8 words each. I have memorized 16 words doing this. The last 8 I'm having trouble with. Do you think it's safe to just write down the last 8 words and keep at home. Nobody can get my bitcoin with only 8 of the 24 words if they happen to find those 8 words. Good idea?
At some point you will need to write them down, unless you plan to take your bitcoin to the grave
Trezor has a hidden wallet function. You can put a 25th passphrase to create a hidden wallet, so that is 24-word recovery seed + the 25th word. In this case, how to get access to the hidden wallet which requires you to input the 25th word?
I would have the same question.
After you initialize your wallet with the 24 words you can enable passphrase as additinal security, which could be of 1 or more words. Everytime you connect your trezor you get prompted to enter the secred word(s) to access the hidden wallet. If you don't enter anything you access the "regular" wallet.
@@boshkop what if i use a non-trezor wallet to recover? For example, i use the Trust Wallet on my phone and put in the 24 word seed phrase, and there is no way for me to input the 25th word.
@@Kinnnnnnnnn1 i am pretty sure every reputable hardware wallet has the passphrase functionality.
@@boshkop i agree, but just want to know, if a wallet doesnt have that 25th word passphrase function, does that mean my hidden wallets cannot be retrieved? Or, there are any other ways i can retrieve these hidden wallets on a wallet that is without the passphrase function?
I guess we're supposed to know what a hardware wallet is
Moving on
He is talking over my head
I think that's misinformation. Both Trezor & Ledger are fully open source, both software and hardware.
What do you think about keeping your hardware wallet safe? Should it be kept at home or in a bank lockbox. I am talking about significant amount of money.
Banks aren't really secure. Your best bet is to purchase a product that allows you to store metal letters which make up the recovery seed in a compartment or as a metal card and then bury that in your back-yard.
@@butmunchass I am talking about a hardware wallet, not a seed phrase. Bank lockboxes aren't safe? I haven't heard about anything secretly stolen from a lockbox.
@SamuelBSR so we are already using Bitcoin because we don't trust banks. Why would you ever consider putting it back into a bank? That defeats the whole purpose. If shit hits the fan those are the first places that are going to be hit.
THE QUESTION SHOULD BE: WHAT WOULD HAPPEN WHEN YOU LOSE YOUR HARDWARE WALLET AND YOUR PNEUMONIC RECOVERY PHRASE AT THE SAME TIME.
Nothing you can do in that situation
Ignorance of security and self-custody are the opportunity cost of trying find the next shitcoin to pump
Did it ever happen that someone lost his funds in his wallet because another one simply tried 12 words and got the right ones?
I mean with the many wallets out there would that not be a possibility? Sounds scary to me.
It's highly unlikely because the 12 words need to be in a certain order.
@@Bitcoin_University Thx for the quick respond.
I just thought for example I type in the 12 words and will get this way one of the millions of wallets out there. Not specificly yours. Or even worse something is programming an app doing nothing else but trying these wordings.
Present
I think you have a 100% attendance record. A+
Mathew: why don’t you use BISQ?
What’s your thoughts on BISQ Matthew?
Damn you're good. It's honestly humbling to
witness how far you'll go to end this madness.
*Adriannotch*! The compassion you have for the
victims, and the people you know the scammers
could be, and how you want everyone to be free
of this sickening behaviour. It hurts to watch
these videos,
knowing so many people are scammed daily, but
it's a reminder of the good which can be done
by honest people in the face of such insidious
perfidy. Please keep it up.
🚀👌
Cant they steal your BTC from typing in the recovery words?
☝️☝️