🚨 Get the most secure cold wallet Tangem for 10% OFF: tangem.com/en/pricing/?promocode=CYBERSCRILLA#pricingstrategy Watch my Tangem Wallet Review: ua-cam.com/video/bPZpzjJl3ts/v-deo.html This is my OTHER favorite cold wallet, the Ledger Flex: shop.ledger.com/products/ledger-flex/?r=f3f59e340ecb Watch my Ledger Flex Review: ua-cam.com/video/xqtdxg4XEAo/v-deo.html If you're new to cold wallets START HERE: ua-cam.com/video/AdXpYGnFhs0/v-deo.htmlsi=7q1Ltgji9GnGgm9h
@@cyberscrilla helo can i ask why must keep our crypto in cold or hot wallet not in exchange? in exchange we keep to buy n sell for spot or futures? in luno does not have futures compare to other exchanges. if crypto in already in exchange how to transfer to hot or cold wallet? how is the transcations process? can u do a in depth video? thank you.
@samurai-c8g4s I’ll be releasing a cold wallet masterclass video soon, but for now, you should watch this video as it answers some of your questions: ua-cam.com/video/qlzHmvbrSZk/v-deo.html
Excellent video. Thank you for the detailed explanation on what a crypto wallet is, they types of crypto wallets and some guidelines on securely using them.
Not sure to understand why you would also need and use a hot wallet if you have a cold one? What is the use to go from cold wallet to hot wallet to exchange, and not directly from cold wallet to exchange and back? Thanks.
You don’t need a hot wallet just to transfer crypto from an exchange to your cold wallet. However, avoid using your cold wallet for risky activities like connecting to random websites, swapping or mining crypto, or claiming airdrops. Doing so turns your cold wallet into a hot wallet and increases the risk of signing a malicious contract. Instead, use a hot wallet for these kinds of activities. That’s why you might need one.
No matter what your position super moderate or more or a risk taker never leave all your money on exchanges I think we should all agree on that and cole wallets like a safe to store for going long
Great information. I have been wondering how safe the exchanges are with cash deposits into stable coins like USDC or RLUSD. Uphold has great perks with interest bearing accounts along with a debit card. I notice others offer the same thing. Uphold claims they are FDIC insured up to 2.5 million. Are these moves safe in your opinion?
I’ll say this. I will likely never keep any crypto on an exchange. Only in cold wallets. The point of crypto is to be your own bank. By keeping it on an exchange you’re not in control and that’s scary to me.
Hello Alex, go my Tangem wallet thru your link. It is awesome however i have a question and this is just to prepare my self in case someone steals my tangem card. Scenario: 1. If someone stole my card, i won't be able to reset the access codes right? because you need both card to reset it, correct? 2. If someone stole both of my cards, how can i access my cold wallet? 3. If someone stole my card and i only got 1 card with me, i can still import my cold wallet on another phone with just access code, correct? All the best, your channel has been really useful. Thanks for all the videos.
I just purchased a tangem cold wallet and my son just got me a Trezor safe3 cold wallet. Up until now, I have the bulk of my crypto is on coinbase. The rest is on meta mask and trust wallets. I'm ready to move all of my crypto onto my 2 new cold wallets. One question I have is since the tangem wallet I have is used with an app on my phone, I'm wondering if I should maybe get a new phone that's set up with a VPN and I use it only for my cold wallets? My existing phone I use for everything, personal, work, social media, everything else and I'm wondering if I should keep my cold wallets separate to keep them safe. Thoughts??
Excellent video Cyber. Clear and concise. You mentioned Robin Hood. Have you moved any crypto from Hood to say your Tangem wallet and how did it go for you?
Is not the same thing to have your funds on coinbase or binance but with a physical security key added to it? Is not almost the same level of security? Thanks….
Nope, not even close. A security key has nothing to do with accessing or managing your crypto. A security key helps prevents someone from accessing your crypto exchange account, but the exchange remains in control of your crypto. It’s the exchange that freezes your funds, locks your account, could be hacked, could shut down, that’s the worry. By using a cold wallet, YOU are in control of the keys used to manage your crypto. By leaving crypto on an exchange, you don’t control it because you don’t have the keys, the exchange does. Make sense?
@@cyberscrillathen how does the chain of actions work? I buy a certain cryptocurrency on the exchange, but how do I transfer it to a cold wallet? what to do, for example, with those coins that require registration on the network? how to check the balance?
I personally prefer Tangem because of its "non-updatable" chip firmware. If the firmware is updatable, we need to trust the wallet manufacturer to never receive an update with backdoors that can compromise the security of private keys. However, Tangem does not have a secure screen operated by the secure element chip. Instated, we rely on the smartphone screen which is operated by an MCU chip designed with performance (not security) in mind.
Staking and mining are two ways to help secure a cryptocurrency network and earn rewards, but they work differently: • Mining: This involves using powerful computers to solve complex puzzles. The first miner to solve the puzzle gets to add a new block to the blockchain and earns rewards. It’s used in Proof of Work systems like Bitcoin and requires a lot of electricity and hardware. • Staking: This involves locking up your crypto in a wallet to support the network. In return, you earn rewards. It’s used in Proof of Stake systems like Ethereum 2.0 and is more energy-efficient since it doesn’t require heavy computing power. So mining uses computing power, while staking uses your crypto holdings.
Great video ! 👍🏻👏🏻 I got a Safepal S1 days ago, my first cold wallet. It was kinda hard to finally understand but finally got it and got my cryptos (their seed key ) safe and completly off line. My doubt now is with the Safepal App part... Even with the seed off line, the app installed on the movile don't represent a weak point? 🤔
No. Doesn’t matter as your keys aren’t stored on the app. They keys are on the Safepal device. And in order to approve transactions, you have to use the device. No worries there
Hi.. im still not fully grasp the differences between crypto wallet and (hot or cold wallet) .. is crypto wallet is per exchanges or per coin? let say i use coinbase exchanger and have bitcoin and solana, does that mean i have 1 crypto wallet or 2 crypto wallet?
Can anyone withdraw my xrp after I it in a wallet cold/hot. Cause I’m only investing for my kids future I don’t have much but I’m trying to get more. If I’m not here anymore will my kids be able to cash out my crypto still ?
@@dontmindme7818 sure, but likely not a wallet id recommend being that’s it’s fully closed source so there’s no way to tell if any of the claims are true
@cyberscrilla shit.. i should've found your channel before buying it. I haven't even turned it on but I got it on sale from their site during Christmas for $100 figured I'd add another wallet next to my nano x. But yknow what, I think ima just buy a tangem wallet and use that alongside my ledger
Great info. But what about staking and yield farming on cold wallet. It would no longer be secure. And what if i tont want a hot wallet can i treat the tangem like a how wallet
Great breakdown! 🚀 The comparison between crypto exchanges, hot wallets, and cold wallets was super clear and easy to understand. Perfect for anyone starting their crypto journey!
Wow! A lot to unpack, but this video was so informative for a begginer like me. THANK YOU! I am only buying small amounts of Satoshis and splitting them between Kraken and Coinbase, but will definitely switch to cold wallets in the future ! Kept your video in my vault!
Definitely not. As I explained in this video, those are hot wallets. Don’t keep your crypto on it wallets. Get one of the cold wallets I mentioned in this video
But no wallet is 100% safe. Ledger has been hacked before. The best wallet is to use your brain and be silent about holding crypto. You can successfully use a hot wallet as a cold wallet its all about your mindset
@@Gnostic_Development I don’t agree. It’s very well known that hot wallet carry significantly more risk if using them to secure crypto. Of course you can do it, but the moment you get malware or someone hacks your device, it’s game over. But if you use a cold wallet, your crypto will still be secure. When it comes to security it’s about reducing risk. Everything is considered secure until it’s not. And hot wallets have been proven not secure. Also, a ledger device has never been hacked. You might be talking about the data breach or the Ledger Connect Kit both of which had nothing to do with Ledger devices.
@ even ledger had malware in it software at one point. Cold wallets are just inconvenient. And they offer limited staking i have a safe hot wallet. A lot of UA-camrs push a lot of fud videos and clickbait just for views
Again, that is false. Ledger devices never had malware. To each their own. If you want to use a hot wallet to “secure” your crypto, that’s your choice.
Question...I bought a Tangem wallet, set it up, transfered everything last night with a seed phrase, and access recovery code also. So now what is the concept for protection? Hide the 3 cards in 3 locations, and hide 2 copies of the seed phase in more locations...nothing together? And I only need a card when I make transfers in and out of the cold wallet?
Very helpful video, thank you. A couple of questions, are you sure Exodus/Trust keeps your seed phrase or can you custody that without their knowledge; also if you want to stake your assets, would you use a hot wallet or connect from a cold wallet? Thanks.
I didn’t say Exodus or Trust keeps the seed phrase.. They’re hot wallets = you own the seed phrase. The issue with these wallets is that they keys are stored in the software on your internet connected device, so they are prone to hacks/malware. I recommend watching the video again and pay close attention. Exchanges = they own your keys Hot wallet = you own the keys, but theyre prone to hacks/malware Cold wallet = you own the keys and they’re immune to hacks/malware Moral of the story = get a cold wallet if you’re serious about securing your crypto For staking, use a cold wallet
@@cyberscrilla Thank you for the clarification, I am in the process of setting up a hard wallet. I still need to work out how to gain yield from staking my assets in the safest way.
Really nice videos, got a Tangem a few weeks back with your 20% discount, thanks! How do you minimize (frequent?) transfer fees, especially for ERC-20 coins, between exchanges and hot/cold wallets?
Can't you just install Linux on a USB drive, and use that as a "hardware wallet"? I have tried this method, and it works great. All you need to do is encrypt the drive.
@@xoneeleven I’d rather use a dedicated wallet. It’s not just a device to securely store the keys, but also to transact in a secure environment. Plus, these wallets have more security features than a USB
That is not at all comparable to a cold storage wallet from a security standpoint. Safer than many other solutions but still far away from a dedicated cold storage device.
Mr scrilla could you help me when i try and send my xrp to tangem from coin base it keeps giving me a pop-up saying 22 xrp minimum and i don't understand what that means i order tangem wallet baaed on your advice i know its not the wallet but it doesn't do me any good if i can't get my xrp to transfer
For some reason I cannot reply back on your relpy. I first want to thank you for your opinions and advice. Second, I never keep my crypto on the exchanges and I have never kept cash in an exchange either but Im starting to think keeping cash in an exchange via RLUSD might be trend that is good. Banks do not instil trust for me either. I have been hacked in that sector as well. I keep most of my money in blockchain via cold wallet, precious metals or cash. I think I might give that Uphold thing a chance. Why do I feel like exchanges could receive banking status soon?
Once you send the crypto to a cold wallet, how will you know where you got it from to cash out? I have crypto stored on three different exchanges. And one particular crypto, I have spread out over two exchanges.
@@cyberscrillai am a real novice to this. If I have my crypto on a cold wallet, how do I safely reintroduce it to the exchange to cash out? Would I need both hot and cold wallets to do this?
@@aukicoral OKX wallet is a hot wallet. Not a place of keep my crypt. Again, I only secure my crypto using cold wallets, not an exchange or hot wallets
Got a Tangem 3 card, installed app, Tapped 3 cards and got seed phrase. I havent tried moving anything into it yet. Can I factory reset, create new wallet and generate a new seed phrase? And tap the three cards again?.
Hey bro why are guys saying not to link the coinbase wallet to the app? They won't answer why? Do they mean use another brand of wallet with the cb app? I watched alot of your videos and you have yours linked right? Whats the deal
Not sure what you mean? Link it to what app? You don’t link wallets to exchanges, they’re completely separate. So I’m not sure what you’re referring to
@cyberscrilla yeah I'm told coinbase asks if I want to link the coinbase hot wallet to the exchange. So you don't have to do that and still buy crypto? And be able to transfer to a cold wallet from the hot? Sorry for the confusion thanks for the help bro
@@michaelpeters2506 no, I wouldn’t do that. You don’t need to link hot wallet to buy crypto. But none of this shoudl matter if you keep your crypto on a cold wallet…
I bought the tangem from your link. Sadly it requires an iphone, which I do not have. You need to let people know that it won't work on android phones.
It works on both iOS and Android and I say this in all my videos. You also need a phone with NFC and one that’s not ancient. Aside from that, it will work
@@cyberscrilla I tried it on my year old phone but it didn't have the NFC so I bought a new one and set up my wallet but I still haven't figured out how to transfer from uphold to my wallet. I don't know where to find my wallet address
Thank you for your great content. 🙏 How can we avoid pluging a cold wallet on to a website, since devices eventually requires updates found on the manufacturer's website. Example : Safepal S1, even Air-Gapped wallets will eventually need updates and connected to our computer, it might get compromised. Do you throw away devices that needs updates?
So then what happens if you have crypto on a cold wallet and want to cash out to your bank? To my understanding, you still have to send the crypto to an exchange to cash out. At that point the exchange has all your crypto again and if the transaction freezes, etc? You’re essentially screwed? How does you avoid this?
You're correct, that part is unavoidable. Hence why you keep it on an Exchange for as short a duration as possible. Think of exchanges in terms of exchanging foreign currency. I'm not sure where you're from, but let's assume you're an American traveling to Europe. If you wanted to have Euro, you would visit a foreign currency exchange, give them your USD and in return you'd receive EUR. You wouldn't allow your funds to sit with that exchange, nor would you have your bank direct deposit into it. It would be in/out, as quickly as possible. That's how you need to utilize crypto exchanges.
@ so on the Tangem wallet you can cash out directly to your bank, however MoonPay (the service that the Tangem wallet uses) sucks at cashing out your crypto. It will constantly ask you if the “new price is good” and stay on a loading screen for 10 mins to ask you the same thing. I tried cashing out crypto the other day and was stuck doing this for 2 hours. I cancelled the order and sent it to my coinbase hot wallet to cash out instead. So in theory you can cash out to your bank from certain cold wallets and only with certain coins (mainly the main ones) but in reality, it will never work.
I would have thought it does add extra level of safety to use the hot wallet in the path. EX -> Hot -> Cold Or Cold -> Hot -> EX I may be paranoid but I dont want any exchange sites even know my cold wallet address.
Nope. It adds literally zero security or privacy. It’s all recorded on the blockchain. Even you go exchange > hot > cold anyone can still see that. The blockchain is public. You’re just wasting money on additional fees
Thanks for explaining. But what about the contract approvals that are created behind the scenes of transactions… if you use your cold wallet directly you may hit a malicious contract. Using a hot wallet with minimal crypto on it would expose only that hot wallet for this. Am I missing something
I’m talking about simply sending/receiving crypto were you not? Now you’re talking about something else. I discussed what you’re talking about in this video.
I guess Nana is smarter than me. I spent 2 hours o my phone and desktop trying to setup a hot wallet with no luck. I have a couple of servers that would handle mining. I am not buying a cold wallet until I see mining happen . Everybody on UA-cam think if you can spell crypto you know how to setup a wallet and remote monitoring . NOPE CAN'T
It’s really not. Once you just do it, it’s straightforward. To be fair, the internet used to be the same way. Now everyone carries around a computer in their pocket, crypto will be. O different, it just takes time
Are you sure about that? BTC has outperformed all other investments including gold, stocks, SP500, everything. If BTC going from let’s say 35k which was just a couple years to 100k and that isn’t traction, I can’t wait to see what price we hit when it gets traction.
If you find it too confusing and complicated, then it’s not for you. Some people find learning to drive confusing and complicated. The same with learning a new language or even using a smartphone. Not everyone in the world needs to learn certain things
🚨 Get the most secure cold wallet Tangem for 10% OFF:
tangem.com/en/pricing/?promocode=CYBERSCRILLA#pricingstrategy
Watch my Tangem Wallet Review:
ua-cam.com/video/bPZpzjJl3ts/v-deo.html
This is my OTHER favorite cold wallet, the Ledger Flex:
shop.ledger.com/products/ledger-flex/?r=f3f59e340ecb
Watch my Ledger Flex Review:
ua-cam.com/video/xqtdxg4XEAo/v-deo.html
If you're new to cold wallets START HERE:
ua-cam.com/video/AdXpYGnFhs0/v-deo.htmlsi=7q1Ltgji9GnGgm9h
Thanks mate. You're videos have really helped me understand all of this.
@@scottnolan2182 Thank you! Very kind of you! God bless you
Thank you very much for the great info. You do a good job explaining things.
Thanks for watching!
@@cyberscrilla helo can i ask why must keep our crypto in cold or hot wallet not in exchange? in exchange we keep to buy n sell for spot or futures? in luno does not have futures compare to other exchanges. if crypto in already in exchange how to transfer to hot or cold wallet? how is the transcations process? can u do a in depth video? thank you.
@samurai-c8g4s I’ll be releasing a cold wallet masterclass video soon, but for now, you should watch this video as it answers some of your questions: ua-cam.com/video/qlzHmvbrSZk/v-deo.html
Excellent video. Thank you for the detailed explanation on what a crypto wallet is, they types of crypto wallets and some guidelines on securely using them.
Glad it was helpful! Thanks for watching
This was an awesome video, thanks for putting this together
Subbed 👍🏼 been learning a lot from you.
Boy, you is fine!!
What's the deal with privacy-o-meter on tangem? Could you do a video explaining privacy-o-meter and use?
just found your channel yesterday and love your videos
Not sure to understand why you would also need and use a hot wallet if you have a cold one? What is the use to go from cold wallet to hot wallet to exchange, and not directly from cold wallet to exchange and back? Thanks.
I believe a hot wallet is just mobile . A cold wallet is a hand piece like trezor kinda looks like a flash drive
You don’t need a hot wallet just to transfer crypto from an exchange to your cold wallet.
However, avoid using your cold wallet for risky activities like connecting to random websites, swapping or mining crypto, or claiming airdrops. Doing so turns your cold wallet into a hot wallet and increases the risk of signing a malicious contract.
Instead, use a hot wallet for these kinds of activities. That’s why you might need one.
No matter what your position super moderate or more or a risk taker never leave all your money on exchanges I think we should all agree on that and cole wallets like a safe to store for going long
@@AaronMorber yep
Hey bud, new to crypto, bought Tangem from your link, tested selling crypto to my bank, flawless 2 days $$
How are you able to buy crypto on a hot wallet for example like trust? I don’t understand how that works.
Great information. I have been wondering how safe the exchanges are with cash deposits into stable coins like USDC or RLUSD. Uphold has great perks with interest bearing accounts along with a debit card. I notice others offer the same thing. Uphold claims they are FDIC insured up to 2.5 million. Are these moves safe in your opinion?
I’ll say this. I will likely never keep any crypto on an exchange. Only in cold wallets. The point of crypto is to be your own bank. By keeping it on an exchange you’re not in control and that’s scary to me.
Hello Alex, go my Tangem wallet thru your link. It is awesome however i have a question and this is just to prepare my self in case someone steals my tangem card.
Scenario:
1. If someone stole my card, i won't be able to reset the access codes right? because you need both card to reset it, correct?
2. If someone stole both of my cards, how can i access my cold wallet?
3. If someone stole my card and i only got 1 card with me, i can still import my cold wallet on another phone with just access code, correct?
All the best, your channel has been really useful. Thanks for all the videos.
I just purchased a tangem cold wallet and my son just got me a Trezor safe3 cold wallet. Up until now, I have the bulk of my crypto is on coinbase. The rest is on meta mask and trust wallets. I'm ready to move all of my crypto onto my 2 new cold wallets. One question I have is since the tangem wallet I have is used with an app on my phone, I'm wondering if I should maybe get a new phone that's set up with a VPN and I use it only for my cold wallets? My existing phone I use for everything, personal, work, social media, everything else and I'm wondering if I should keep my cold wallets separate to keep them safe. Thoughts??
Good luck getting it off trust wallet, all of my assets on trust have been dissapearing into thin air and they do not help you
Excellent video Cyber. Clear and concise. You mentioned Robin Hood. Have you moved any crypto from Hood to say your Tangem wallet and how did it go for you?
Do you have any reservations about trezor wallets?
Is not the same thing to have your funds on coinbase or binance but with a physical security key added to it? Is not almost the same level of security? Thanks….
Nope, not even close. A security key has nothing to do with accessing or managing your crypto.
A security key helps prevents someone from accessing your crypto exchange account, but the exchange remains in control of your crypto.
It’s the exchange that freezes your funds, locks your account, could be hacked, could shut down, that’s the worry.
By using a cold wallet, YOU are in control of the keys used to manage your crypto.
By leaving crypto on an exchange, you don’t control it because you don’t have the keys, the exchange does. Make sense?
@cyberscrilla thanks a lot! 🙂 I understood now...
@@cyberscrillathen how does the chain of actions work? I buy a certain cryptocurrency on the exchange, but how do I transfer it to a cold wallet? what to do, for example, with those coins that require registration on the network? how to check the balance?
I personally prefer Tangem because of its "non-updatable" chip firmware. If the firmware is updatable, we need to trust the wallet manufacturer to never receive an update with backdoors that can compromise the security of private keys. However, Tangem does not have a secure screen operated by the secure element chip. Instated, we rely on the smartphone screen which is operated by an MCU chip designed with performance (not security) in mind.
Great video. I just sent it to my brother. Perfect for someone that’s just starting.
…what is the difference between mining crypto and staking crypto? Tangem allows staking.
My guess is, staked crypto is crypto in its pure form, it has to be. It’s no longer part of the blockchain, it’s mined out and in circulation
Staking and mining are two ways to help secure a cryptocurrency network and earn rewards, but they work differently:
• Mining: This involves using powerful computers to solve complex puzzles. The first miner to solve the puzzle gets to add a new block to the blockchain and earns rewards. It’s used in Proof of Work systems like Bitcoin and requires a lot of electricity and hardware.
• Staking: This involves locking up your crypto in a wallet to support the network. In return, you earn rewards. It’s used in Proof of Stake systems like Ethereum 2.0 and is more energy-efficient since it doesn’t require heavy computing power.
So mining uses computing power, while staking uses your crypto holdings.
What is best tool to track portfolio if on uses tangem? Thx.
Investment in crypto-wallets and where and how can investing?
No wallet companies are public. So you probably can’t invest in them unless you’re a venture capitalist
Great video my dude! Are you excited for tomorrow? Did you get in on Trump Coin? I missed out and feel like crap about it today. hahaha.
Great video! TY!
@@krissybell777 thanks for watching Krissy!
Great video ! 👍🏻👏🏻
I got a Safepal S1 days ago, my first cold wallet. It was kinda hard to finally understand but finally got it and got my cryptos (their seed key ) safe and completly off line.
My doubt now is with the Safepal App part... Even with the seed off line, the app installed on the movile don't represent a weak point? 🤔
No. Doesn’t matter as your keys aren’t stored on the app.
They keys are on the Safepal device. And in order to approve transactions, you have to use the device.
No worries there
Hey Alex, what about using the swap feature in Tangem?
Does that make your cold wallet vulnerable?
Good video for beginners, to the point and not long. Used for referral for the tangem wallet
Thanks for watching, dropping a comment, and for your support!
- Alex
Sama Sama Pak
Hi.. im still not fully grasp the differences between crypto wallet and (hot or cold wallet) .. is crypto wallet is per exchanges or per coin? let say i use coinbase exchanger and have bitcoin and solana, does that mean i have 1 crypto wallet or 2 crypto wallet?
Can anyone withdraw my xrp after I it in a wallet cold/hot.
Cause I’m only investing for my kids future I don’t have much but I’m trying to get more.
If I’m not here anymore will my kids be able to cash out my crypto still ?
They’ll need the seed phrase to access your wallet
Can you review the d'cent wallet
@@dontmindme7818 sure, but likely not a wallet id recommend being that’s it’s fully closed source so there’s no way to tell if any of the claims are true
@cyberscrilla shit.. i should've found your channel before buying it. I haven't even turned it on but I got it on sale from their site during Christmas for $100 figured I'd add another wallet next to my nano x. But yknow what, I think ima just buy a tangem wallet and use that alongside my ledger
Great info. But what about staking and yield farming on cold wallet. It would no longer be secure. And what if i tont want a hot wallet can i treat the tangem like a how wallet
Hello and thank you,
What is your opinion on Satichip, similar to Tangem?
Satochip, sorrow
Great breakdown! 🚀 The comparison between crypto exchanges, hot wallets, and cold wallets was super clear and easy to understand. Perfect for anyone starting their crypto journey!
How do you use cold wallets when you have to file for taxes with all your transactions?
if crypto exchangers are not insured, are hot n cold wallet insured ? will we get back our crypto?
Nope. Crypto is not insured. However, you might be able to write losses off on your taxes
I do not understand how to do a UTXO consolidation in my Tangem wallet? Is it possible?
Can you do a resent video on cronos. On how to send coins on the tagem wallet please.
Great content Alex. Thanks again
Wow! A lot to unpack, but this video was so informative for a begginer like me. THANK YOU! I am only buying small amounts of Satoshis and splitting them between Kraken and Coinbase, but will definitely switch to cold wallets in the future ! Kept your video in my vault!
what product do you use to store the keys - to avoid the downsides of writing on paper and storing?
Stamping 405 stainless steel washers on a stainless steel bolt and a stainless steel nut in a stainless steel case.
Is trust Wallet, exodus, Coinbase wallet and metamask wallet safe for million dollars crypto holding for long time?
Definitely not. As I explained in this video, those are hot wallets. Don’t keep your crypto on it wallets. Get one of the cold wallets I mentioned in this video
But no wallet is 100% safe. Ledger has been hacked before. The best wallet is to use your brain and be silent about holding crypto. You can successfully use a hot wallet as a cold wallet its all about your mindset
@@Gnostic_Development I don’t agree. It’s very well known that hot wallet carry significantly more risk if using them to secure crypto.
Of course you can do it, but the moment you get malware or someone hacks your device, it’s game over.
But if you use a cold wallet, your crypto will still be secure. When it comes to security it’s about reducing risk. Everything is considered secure until it’s not.
And hot wallets have been proven not secure. Also, a ledger device has never been hacked. You might be talking about the data breach or the Ledger Connect Kit both of which had nothing to do with Ledger devices.
@ even ledger had malware in it software at one point. Cold wallets are just inconvenient. And they offer limited staking i have a safe hot wallet. A lot of UA-camrs push a lot of fud videos and clickbait just for views
Again, that is false. Ledger devices never had malware.
To each their own. If you want to use a hot wallet to “secure” your crypto, that’s your choice.
Question...I bought a Tangem wallet, set it up, transfered everything last night with a seed phrase, and access recovery code also. So now what is the concept for protection? Hide the 3 cards in 3 locations, and hide 2 copies of the seed phase in more locations...nothing together? And I only need a card when I make transfers in and out of the cold wallet?
Very helpful video, thank you. A couple of questions, are you sure Exodus/Trust keeps your seed phrase or can you custody that without their knowledge; also if you want to stake your assets, would you use a hot wallet or connect from a cold wallet? Thanks.
I didn’t say Exodus or Trust keeps the seed phrase.. They’re hot wallets = you own the seed phrase. The issue with these wallets is that they keys are stored in the software on your internet connected device, so they are prone to hacks/malware. I recommend watching the video again and pay close attention.
Exchanges = they own your keys
Hot wallet = you own the keys, but theyre prone to hacks/malware
Cold wallet = you own the keys and they’re immune to hacks/malware
Moral of the story = get a cold wallet if you’re serious about securing your crypto
For staking, use a cold wallet
@@cyberscrilla Thank you for the clarification, I am in the process of setting up a hard wallet. I still need to work out how to gain yield from staking my assets in the safest way.
Really nice videos, got a Tangem a few weeks back with your 20% discount, thanks! How do you minimize (frequent?) transfer fees, especially for ERC-20 coins, between exchanges and hot/cold wallets?
Just don’t transfer frequently? No reason to transfer frequently. Just buy the coin and store it on your wallet until you’re ready to sell.
Can you explain derivation path? You need them with your seed phrase.
Can't you just install Linux on a USB drive, and use that as a "hardware wallet"? I have tried this method, and it works great. All you need to do is encrypt the drive.
@@xoneeleven I’d rather use a dedicated wallet. It’s not just a device to securely store the keys, but also to transact in a secure environment. Plus, these wallets have more security features than a USB
That is not at all comparable to a cold storage wallet from a security standpoint. Safer than many other solutions but still far away from a dedicated cold storage device.
Mr scrilla could you help me when i try and send my xrp to tangem from coin base it keeps giving me a pop-up saying 22 xrp minimum and i don't understand what that means i order tangem wallet baaed on your advice i know its not the wallet but it doesn't do me any good if i can't get my xrp to transfer
Coinbase has a 22 XRP withdrawal minimum to send XRP from Coinbase to an external address. So you must send at least 22 XRP
Robinhood allows you to transfer crypto to your personal wallet.
Correct
For some reason I cannot reply back on your relpy. I first want to thank you for your opinions and advice. Second, I never keep my crypto on the exchanges and I have never kept cash in an exchange either but Im starting to think keeping cash in an exchange via RLUSD might be trend that is good. Banks do not instil trust for me either. I have been hacked in that sector as well. I keep most of my money in blockchain via cold wallet, precious metals or cash. I think I might give that Uphold thing a chance. Why do I feel like exchanges could receive banking status soon?
Once you send the crypto to a cold wallet, how will you know where you got it from to cash out? I have crypto stored on three different exchanges. And one particular crypto, I have spread out over two exchanges.
That doesn’t matter. You can cash it wherever you want. It doesn’t have to go back to the same exchange to cash out
@@cyberscrilla OK, thank you.
@@cyberscrilla Thank you
@@cyberscrilla Thank you
@@cyberscrillai am a real novice to this. If I have my crypto on a cold wallet, how do I safely reintroduce it to the exchange to cash out? Would I need both hot and cold wallets to do this?
is okx wallet safe
@@aukicoral OKX wallet is a hot wallet. Not a place of keep my crypt. Again, I only secure my crypto using cold wallets, not an exchange or hot wallets
@@cyberscrilla thank you to answer me so what is best cold wallet do you think
@@aukicoral the two that I mentioned in this video. Links to my reviews and everything else are in the description 👍
@@cyberscrilla im still watching thanks
No worries, like I said, links are in the description. Nonetheless, let me know if you have any more questions, happy to help!
Learning that exchanges are unnecessary is one of the highlights of the Crypto journey
They are TOTALLY NECESSARY !!!
As of today you cannot buy it sell crypto without an exchange!
Yep
Excellent vid!
Got a Tangem 3 card, installed app,
Tapped 3 cards and got seed phrase.
I havent tried moving anything into it yet.
Can I factory reset,
create new wallet and generate a new seed phrase? And tap the three cards again?.
Yep, you can do that
Hey bro why are guys saying not to link the coinbase wallet to the app? They won't answer why? Do they mean use another brand of wallet with the cb app? I watched alot of your videos and you have yours linked right? Whats the deal
Not sure what you mean? Link it to what app? You don’t link wallets to exchanges, they’re completely separate. So I’m not sure what you’re referring to
@cyberscrilla yeah I'm told coinbase asks if I want to link the coinbase hot wallet to the exchange. So you don't have to do that and still buy crypto? And be able to transfer to a cold wallet from the hot? Sorry for the confusion thanks for the help bro
@@michaelpeters2506 no, I wouldn’t do that. You don’t need to link hot wallet to buy crypto. But none of this shoudl matter if you keep your crypto on a cold wallet…
I bought the tangem from your link. Sadly it requires an iphone, which I do not have. You need to let people know that it won't work on android phones.
I have an android phone and it works for me
I just got the tangem also and I have an android and it works perfectly fine. I also used his link.
It works on both iOS and Android and I say this in all my videos. You also need a phone with NFC and one that’s not ancient.
Aside from that, it will work
@@cyberscrilla I tried it on my year old phone but it didn't have the NFC so I bought a new one and set up my wallet but I still haven't figured out how to transfer from uphold to my wallet. I don't know where to find my wallet address
Thank you for your great content. 🙏
How can we avoid pluging a cold wallet on to a website, since devices eventually requires updates found on the manufacturer's website.
Example : Safepal S1, even Air-Gapped wallets will eventually need updates and connected to our computer, it might get compromised.
Do you throw away devices that needs updates?
Connecting to your computer is safe and fine.
I’m specifically talking about signing transaction approvals.
So then what happens if you have crypto on a cold wallet and want to cash out to your bank?
To my understanding, you still have to send the crypto to an exchange to cash out.
At that point the exchange has all your crypto again and if the transaction freezes, etc? You’re essentially screwed?
How does you avoid this?
You're correct, that part is unavoidable. Hence why you keep it on an Exchange for as short a duration as possible.
Think of exchanges in terms of exchanging foreign currency. I'm not sure where you're from, but let's assume you're an American traveling to Europe. If you wanted to have Euro, you would visit a foreign currency exchange, give them your USD and in return you'd receive EUR. You wouldn't allow your funds to sit with that exchange, nor would you have your bank direct deposit into it. It would be in/out, as quickly as possible. That's how you need to utilize crypto exchanges.
I pondered the same question. Did you ever get an answer?
@ so on the Tangem wallet you can cash out directly to your bank, however MoonPay (the service that the Tangem wallet uses) sucks at cashing out your crypto.
It will constantly ask you if the “new price is good” and stay on a loading screen for 10 mins to ask you the same thing. I tried cashing out crypto the other day and was stuck doing this for 2 hours.
I cancelled the order and sent it to my coinbase hot wallet to cash out instead.
So in theory you can cash out to your bank from certain cold wallets and only with certain coins (mainly the main ones) but in reality, it will never work.
Are you a millionaire?
I consider myself a future millionaire. Not quite yet… 😂
How can I order a custom Tangem card?
You can’t, you’d have to order a batch (I think the minimum is 250 cards).
@cyberscrilla Thanks Dude for your confirmation. Then I think Anonymous will be a good choice for me.
I would have thought it does add extra level of safety to use the hot wallet in the path. EX -> Hot -> Cold Or Cold -> Hot -> EX
I may be paranoid but I dont want any exchange sites even know my cold wallet address.
Nope. It adds literally zero security or privacy. It’s all recorded on the blockchain.
Even you go exchange > hot > cold anyone can still see that. The blockchain is public.
You’re just wasting money on additional fees
Thanks for explaining. But what about the contract approvals that are created behind the scenes of transactions… if you use your cold wallet directly you may hit a malicious contract. Using a hot wallet with minimal crypto on it would expose only that hot wallet for this. Am I missing something
I’m talking about simply sending/receiving crypto were you not? Now you’re talking about something else.
I discussed what you’re talking about in this video.
❤❤❤
I guess Nana is smarter than me. I spent 2 hours o my phone and desktop trying to setup a hot wallet with no luck. I have a couple of servers that would handle mining. I am not buying a cold wallet until I see mining happen . Everybody on UA-cam think if you can spell crypto you know how to setup a wallet and remote monitoring . NOPE CAN'T
How can you not setup a wallet? It’s very straightforward. Just download the app and follow the instructions on screen. Very, very, simple.
Hi, Everyone
You look and sound like lando karliz
😆 nice
I sent an email I'd love to hear back please
Gang
Too confusing and complicated for average people- that’s why crypto doesn’t gain traction
It’s really not. Once you just do it, it’s straightforward.
To be fair, the internet used to be the same way. Now everyone carries around a computer in their pocket, crypto will be. O different, it just takes time
Are you sure about that? BTC has outperformed all other investments including gold, stocks, SP500, everything. If BTC going from let’s say 35k which was just a couple years to 100k and that isn’t traction, I can’t wait to see what price we hit when it gets traction.
If you find it too confusing and complicated, then it’s not for you. Some people find learning to drive confusing and complicated. The same with learning a new language or even using a smartphone. Not everyone in the world needs to learn certain things