This was really good. I've read your books and been around the crypto space for a couple of years. I understood about seed phrases and BIP39 and knew the term HD Wallet and even what HD stood for... however THIS video was the first clear explanation where I understood how the derivation path came into it and how it applies to wallets. Never really understood this part before. Now it clicks! Excellent video. Probably a bit advanced for newbies but I think anyone who has tried to read (and struggled...) the section on wallets in Mastering Bitcoin would love to see this video. Thank you!
Hi, I feel bad for asking, but I need some help. I saved USDT TRX20 in my OKX wallet and secured the recovery phrase [ clean party soccer advance audit clean evil finish tonight involve whip action ] How do I send it to EXMO?
Hi, I hate to bother you, but might I ask for your help? OKX wallet contains my USDT TRX20 and recovery phrase [ clean party soccer advance audit clean evil finish tonight involve whip action ] How do I move it to EXMO?
This runs contrary to what every single blockchain/Bitcoin educator is repeating over and over. “If you have your seed phrase written correctly - you got nothing to worry. “ Have old obsolete Ledger, tried to recover wallet on Trezor- no go. “Invalid seed phrase, please try again” Very “encouraging”
@@JonathanCr0ss thanks! So does this also mean that I could type in my 24 word seed phrase into any bip44 wallet and it will work fine? The only time it wouldn’t work is if it was some wallet that used a different “branch” right?
@@goldenbanjo197 yes, the Nano S is using a pretty standard deviation for Bitcoin. There are some less known features using exotic derivation pads, but you probably are not using those keys (I recall U2F or PGP keys doing something strange) I see there was some confusion in 2018 about the path they use for ETH: github.com/MyCryptoHQ/MyCrypto/issues/2070 Like Andreas was saying, best to keep some notes, just in case... For example the date you created your wallet, the first address used, the device type (NanoS), firmware release number. The Nano S also has apps on there which control the different coins you use, so you should write down the version number for of each of those apps and the desktop application Ledger Live. I don't have much direct experience with this device so I personally can't tell you how to retrieve the derivation path, but it should be available somewhere. With Bitcoin to be honest most of this information is fairly standard and anything like a popular wallet such as net the Nano S will be recoverable (even if you don't record this information). But if you start working with obscure alt coins that is not the case. And it's definitely not the case if you're using some strange mobile wallet that no one else uses, or is closed source, a website, etc. This might be interesting for you to read: ledger.readthedocs.io/en/latest/background/hd_use_cases.html
Read all I of M, read chp 1&2 of MB skimmed thru chapters thru Wallets. Gabriel hardened derivation xpub/3rd party is where I pause & saw somewhat relevant content. "Leaf ant cutter" had no idea -cool! Thank you Andreas
The important part is what path was the wallet using when you generated the address that you received funds on. If you know the wallet version number, we can look in the source code history to find what derivation path was used at that point in history. Generally these things don't change within a wallet, and of they do, it's not hard to figure out normally. Almost all wallets use standard paths these days, so just a few options to check. Having the actual derivation path is the best option though.
Can you find a derivation path using the wallet address? Like there a website out there where you can type in wallet address and get a derivation path?
But not all wallets supports custom derivation path for non EVM chains. So what do you do to open a certain path for XLM for instance. I hope someone can help
Wow, thank you Andreas so much! I never knew or even thought about such problem and I have been interested in crypto for more than 3 years. This was very interesting to learn and will be useful to know about.
I put my seedphrase into my reset ledger and now my funds are gone. I still see my funds in my original address on BSC scan. It’s like I have a new wallet now how do I get this back?!?
Oki, I'm lost my HD path, but if i have the address can i derive from the the HD path? It happen to my on keplr on akash network on cosmos. Also i have funds in this address.
Wow!! I think I'm experiencing this right now. I got the RSOD (Red Screen of Death) from Trezor, purchased a new one, and suddenly cannot find my wallet. I currently have access to that address on my MM, but cannot approve any transactions. Any chance you can help, Andreas?
I wish your could find a good illustrator who could add pictures to your videos that will really help so normal people could also follow it.. = more followers also
![Can Someone Guess My Crypto Private Key? [From Sand, to Molecules, to the Observable Universe]](http://i.ytimg.com/vi/2eZ5DP2P5As/mqdefault.jpg)
![Can Someone Guess My Crypto Private Key? [From Sand, to Molecules, to the Observable Universe]](/img/tr.png)
This was really good. I've read your books and been around the crypto space for a couple of years. I understood about seed phrases and BIP39 and knew the term HD Wallet and even what HD stood for... however THIS video was the first clear explanation where I understood how the derivation path came into it and how it applies to wallets. Never really understood this part before. Now it clicks! Excellent video. Probably a bit advanced for newbies but I think anyone who has tried to read (and struggled...) the section on wallets in Mastering Bitcoin would love to see this video. Thank you!
Hi, I feel bad for asking, but I need some help. I saved USDT TRX20 in my OKX wallet and secured the recovery phrase [ clean party soccer advance audit clean evil finish tonight involve whip action ] How do I send it to EXMO?
Thanks for answering my question, Andreas! Quite valuable topic for everyone, not just newbies
Under what circumstances do need to do this?
Thanks
@@alexwolf4000 in case you migrate to a new wallet...
Where do you go to ask these questions
@@MA-748 you have to support Andrea's work in order to ask topics...
Best explanation so far for this topic. Thanks!
Hi, I hate to bother you, but might I ask for your help? OKX wallet contains my USDT TRX20 and recovery phrase [ clean party soccer advance audit clean evil finish tonight involve whip action ] How do I move it to EXMO?
This runs contrary to what every single blockchain/Bitcoin educator is repeating over and over. “If you have your seed phrase written correctly - you got nothing to worry. “
Have old obsolete Ledger, tried to recover wallet on Trezor- no go. “Invalid seed phrase, please try again”
Very “encouraging”
That's what happpens when you write it down incorrectly, and then you don't test it before you start using it to receive crypto. 🤷♂
You explain so well, everything is clear now. Thanks
so it's best to write down the derivation path along the seed phrase backup
Very interesting and important. Thank you Andreas
Super interesting and super complicated for a newbie. A newbie will run away after seeing this video!
i'm a newbie and i approve this message
What does ledger nano S use? The bip44?
Yes.
@@JonathanCr0ss thanks! So does this also mean that I could type in my 24 word seed phrase into any bip44 wallet and it will work fine? The only time it wouldn’t work is if it was some wallet that used a different “branch” right?
@@goldenbanjo197 yes, the Nano S is using a pretty standard deviation for Bitcoin. There are some less known features using exotic derivation pads, but you probably are not using those keys (I recall U2F or PGP keys doing something strange)
I see there was some confusion in 2018 about the path they use for ETH:
github.com/MyCryptoHQ/MyCrypto/issues/2070
Like Andreas was saying, best to keep some notes, just in case... For example the date you created your wallet, the first address used, the device type (NanoS), firmware release number. The Nano S also has apps on there which control the different coins you use, so you should write down the version number for of each of those apps and the desktop application Ledger Live. I don't have much direct experience with this device so I personally can't tell you how to retrieve the derivation path, but it should be available somewhere.
With Bitcoin to be honest most of this information is fairly standard and anything like a popular wallet such as net the Nano S will be recoverable (even if you don't record this information). But if you start working with obscure alt coins that is not the case. And it's definitely not the case if you're using some strange mobile wallet that no one else uses, or is closed source, a website, etc.
This might be interesting for you to read:
ledger.readthedocs.io/en/latest/background/hd_use_cases.html
this is excellent knowledge thank you
Thanks Andreas!
Thank you andreas
You’re always awesome!
Wouldn't it be a best practise then to write down the derivation path together with the mnemonic phrase? No one seems to point that out.
Read all I of M, read chp 1&2 of MB skimmed thru chapters thru Wallets. Gabriel hardened derivation xpub/3rd party is where I pause & saw somewhat relevant content. "Leaf ant cutter" had no idea -cool! Thank you Andreas
Ciao Andreas ✌️⚡
Great video! But what if there's an update that changes your wallet version?
The important part is what path was the wallet using when you generated the address that you received funds on. If you know the wallet version number, we can look in the source code history to find what derivation path was used at that point in history.
Generally these things don't change within a wallet, and of they do, it's not hard to figure out normally. Almost all wallets use standard paths these days, so just a few options to check.
Having the actual derivation path is the best option though.
Can you find a derivation path using the wallet address? Like there a website out there where you can type in wallet address and get a derivation path?
But not all wallets supports custom derivation path for non EVM chains.
So what do you do to open a certain path for XLM for instance.
I hope someone can help
Wow, thank you Andreas so much! I never knew or even thought about such problem and I have been interested in crypto for more than 3 years. This was very interesting to learn and will be useful to know about.
So if I lose my trezor and cannot get another... my mnemonic might not be good enough to find my coins?
I put my seedphrase into my reset ledger and now my funds are gone. I still see my funds in my original address on BSC scan. It’s like I have a new wallet now how do I get this back?!?
Oki, I'm lost my HD path, but if i have the address can i derive from the the HD path? It happen to my on keplr on akash network on cosmos. Also i have funds in this address.
So Do All The Derived Address Showing Belong To That Same 12 Word Phrase?
It's So Many Addresses Im Confused
Thank you fren!!!
7:45
Wow!! I think I'm experiencing this right now. I got the RSOD (Red Screen of Death) from Trezor, purchased a new one, and suddenly cannot find my wallet. I currently have access to that address on my MM, but cannot approve any transactions. Any chance you can help, Andreas?
what is bip44 bip84...
Way over my head
@aantonop
This has happened to me on Coinbase Wallet can you help me?
can you do a video on how brave legacy wallet deravates there wallets
I wish your could find a good illustrator who could add pictures to your videos that will really help so normal people could also follow it.. = more followers also
I need the derivation path of pancakeswap token bep20 on my trustwallet. I sent my safemoon tokens to my pancakeswap token adress by mistake...:(
the more i know, the more i know i dont know
everyone feels this way 🙂
Solid info. Here to claim 69th comment. Great video thank you
it almost seems like bitcoin is too easy nowdays:)
Bitcoin is the future, Investing in it now will be the wisest thing to do especially with th current rise
I must get onto finishing that drawing. :-(
This makes zero sense to newcomers.