So is the phrase plate just redundancy to keep safe somewhere? If all a cold storage wallet does is hold your seed phrase, than is it needed at all? Or is it needed to transfer from the exchange to itself. Sorry for the stupid questions, trying to learn.
Correct. A hardware wallet is used to both hold your keys and manage your crypto. However, if you lose your wallet or its damaged (and you don’t have your seed phrase) then you’d lose access to your crypto. So storing your phrase in another location in something like a metal plate will help avoid this situation. - Alex
Purchase two hardware wallets and move a low-cost coin to one of them (for testing). Use the seed to restore the second wallet to ensure it is correct, creating a backup in the process.
Smart contract wallets are an alternative. No seed phrase. Email and password required to access on a device. Ambire wallet goes a step further, you can add multiple signers, like 2FA. Any transaction requires 2FA code. To disable 2FA need the 2FA code. A second signer can be a hardware wallet like a Ledge. Any transaction then requires the 2FA code and interaction with the Ledger. Email authorisation required when logging in on a new device. It’s tough to hack.
For the average crypto enthusiast I don’t believe a smart contract wallet is a good solution. At least, not right now. Simplicity is key. Smart contract wallets also have their own vulnerabilities. Overall, I’d say cold wallets are still more secure and easier to use.
Tip number minus 1 : don’t buy Ledger. Buy Trezor or Keystone for multi cryptos, or bitcoin only you can add Coldcard and Passport. Not ledger. It doesn’t worth the risk.
Please How to know that your wallet is cold wallet? Cause I think i’ve been scammed with fake USDT and the people responsible for that keep on saying that it’s a cold wallet due to unpaid taxes. Please I need help
That doesn’t make any sense so I’m not sure what you mean. But whatever it is-it’s definitely a scam and has nothing to do with “hot” or “cold” wallets. A cold wallet is a device that stores your private key offline (Ledger, Tangem, Trezor, Onekey, Keystone) are all examples of cold wallets. A hot wallet is a software that stores your private key on an internet connected device (Metamask, Trust Wallet, Rabby, Phantom, Solflare, etc).
@3:24 wait ... what!? How can signing a txn lose your entire wallet? When you sign with the cold wallet, can't you verify the address and amount? The private key is not actually embedded in the txn, but encrypted in the digital signature.
Can I use two seedphrase on a single hardware wallet ? One seedphrase where I'm only holding assets and the other one for other trading stuffs .. and can I use this both alternatively in the same hardware wallet ?
Yes, you can technically use as many seed phrases as you want in most hardware wallets. You just have to use them one at a time. So you’ll have to reset the wallet and import the other seed phrase to use it. Alternatively, you can create a passphrase (hidden wallet) for your seed phrase. This creates a new wallet with new receiving addresses. This is likely your best and most secure option. Both the Trezor Safe 3 and Onekey Classic 1S support using a passphrase, I’d recommend check these wallets out. I’ll drop some review videos here for you: Trezor Safe 3: th-cam.com/video/2I7fVG97uVE/w-d-xo.htmlsi=OzjeHV3tnlQkPm1G Onekey Classic 1S: th-cam.com/video/We3bMqSN0c4/w-d-xo.htmlsi=yq8seYLctGIEjo9t - Alex
since these cold wallets are electronics that get obsolete after some time, do you have a time frame on how long you are going to use your hardware wallet?
By obsolete do you mean the tech changes or device failure? I’m not worried about the actual technology changing. And if it does, it will be an adapt or die scenario with these companies. As for longevity, I expect many of my wallets to last 10-20 years. The battery has been the first to go in my experience. Then I just use it plugged in and it still works (this is what I did with my Ledger Nano X). All my other wallets are still good.
That’d be my absolute last resort. I’d try to find a wallet that ships to my country directly from the manufacturer before buying one from a reseller. That’s just me though.
Thank U Alex, question ...if BTC is on Blockchain .. wouldn't that be the safest place for it to sit and use it directly from there? In 2013, we didn't have any options, so the only option that was available at that time was a Bitcoin wallet connected to the Blockchain. So question : with Bitcoin address and Blockchain address...is Bitcoin on the Blockchain?
All cryptocurrencies are on the blockchain. A wallet is just used to access crypto and store your private key. Best to use a cold wallet to access it. If you use a hot wallet, you expose your private key to the internet and potential malware.
So I just bought a Trezor 3 off Amazon. I had no thought that it could be sketchy to do that. I tried to cancel the order but it wouldn't let me. Is there a way to ensure that it hasn't been compromised?
You can use a tool to generate one, but I would never choose the words myself because seed phrases are derived from a pre-determined list of 2048 words. Humans tend to follow patterns or use familiar words that make them susceptible to being guessed. That's why using a random number generator or specialized tools for generating seed phrases is recommended.
Ledger has Base and also integrates w MetaMask and w Phantom wallets. I’m sure other hardware wallets support and/or work w Base too… Can look into hardware wallets that integrate w MetaMask bc there’s Base network on MetaMask. if there’s another wallet you use check that out… To check a wallet that uses base just go to ADD ACCOUNT > HARDWARE WALLET, and then see what comes up. P.S. Base is not even that great. It is owned by Coinbase too (doesn’t do much for decentralization, lol)… I’m not the biggest ETH fan either. BTC and SOL all day for me.
Many differences. But in general an encrypted usb stick doesn’t provide the same level of security as a a cold wallet. Also, cold wallets are used to manage crypto to do things like send, trade, and approve transactions. A usb stick doesn’t do that.
@@cyberscrilla about trade you are right but about level of security USB stick made by miself is more secure bc do not involve another ppl. And is cheap. Nobody promote USB stick bc there is no company to sponsor right?😁
@@homosacer6252 no. It’s simple. A usb stick is not as secure or usable as a wallet. There are plenty of ways to promote a usb stick (Amazon affiliate for example). Why promote that when there are better options?
Is it okey if i use a brand new laptop with only Ledger Live installed ? But no antivirus on it ? I use this pc only for Ledger Live no browsing no installing others apps nothing just ledger live and i turn off the laptop ! Or i should install antivirus also ? I prefere not... ! Any advice ?
It’s fine. Even if your computer got malware, your Ledger wallet would not be directly affected. Just don’t enter/store your seed phrase anywhere online and you should be good.
What do you mean? As in, reset it to factory settings? - Tap the three dots in the right hand corner. - Tap Card Settings - Tap Reset to Factory Settings Make sure you know your seed phrase and access code for each card before resetting.
Nope, they locked him out of his account for a security breach. He provided everything they asked and still would not allow him to access the account. There are numerous stories of people being locked out of accounts. Also they hold users funds. Unacceptable and an absolute terrible way to store crypto.
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So is the phrase plate just redundancy to keep safe somewhere? If all a cold storage wallet does is hold your seed phrase, than is it needed at all? Or is it needed to transfer from the exchange to itself. Sorry for the stupid questions, trying to learn.
Correct. A hardware wallet is used to both hold your keys and manage your crypto.
However, if you lose your wallet or its damaged (and you don’t have your seed phrase) then you’d lose access to your crypto.
So storing your phrase in another location in something like a metal plate will help avoid this situation.
- Alex
Purchase two hardware wallets and move a low-cost coin to one of them (for testing). Use the seed to restore the second wallet to ensure it is correct, creating a backup in the process.
Good idea!
Creating a back up key you then have 3 privet keys 🔑
@@tootall2630 Wouldn’t that be 2 keys, one associated with each Hardware Wallet. The keys would be identical, just like a spare house key…
Oh…..one more. Rey important tip…..only use secure internet….trusted….no open free public etc…. wifi’s
Good point!
@@cyberscrillahow about using data on your phone when you’re in public?
@@bepreparedforwhatscoming4975I’m pretty sure it’s fine, as long as it’s not a public net work then good 👍
The thumbnail is hilarious
@@EvertvanIngen thanks 😆
Smart contract wallets are an alternative. No seed phrase. Email and password required to access on a device. Ambire wallet goes a step further, you can add multiple signers, like 2FA. Any transaction requires 2FA code. To disable 2FA need the 2FA code. A second signer can be a hardware wallet like a Ledge. Any transaction then requires the 2FA code and interaction with the Ledger. Email authorisation required when logging in on a new device. It’s tough to hack.
For the average crypto enthusiast I don’t believe a smart contract wallet is a good solution. At least, not right now.
Simplicity is key.
Smart contract wallets also have their own vulnerabilities.
Overall, I’d say cold wallets are still more secure and easier to use.
Great content.
Thank you for watching!
I appreciate your detailed videos. Thanks 1,000,000
Thank you for watching!
Nice information thanks ❤
Thank you for watching!
Tip number minus 1 : don’t buy Ledger. Buy Trezor or Keystone for multi cryptos, or bitcoin only you can add Coldcard and Passport. Not ledger. It doesn’t worth the risk.
I don’t agrees here’s my updated video:
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Excellent video again. Thank you, much appreciated! Hopefully you reach 10K’s subscribers soon!
Thanks for watching! Coming up on 10k fast 👍
Super info I learned thanks
Glad it was helpful!
Please How to know that your wallet is cold wallet? Cause I think i’ve been scammed with fake USDT and the people responsible for that keep on saying that it’s a cold wallet due to unpaid taxes. Please I need help
That doesn’t make any sense so I’m not sure what you mean. But whatever it is-it’s definitely a scam and has nothing to do with “hot” or “cold” wallets.
A cold wallet is a device that stores your private key offline (Ledger, Tangem, Trezor, Onekey, Keystone) are all examples of cold wallets.
A hot wallet is a software that stores your private key on an internet connected device (Metamask, Trust Wallet, Rabby, Phantom, Solflare, etc).
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Happy to see you still hanging around!
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Glad it was helpful! Thanks for watching
@3:24 wait ... what!? How can signing a txn lose your entire wallet? When you sign with the cold wallet, can't you verify the address and amount? The private key is not actually embedded in the txn, but encrypted in the digital signature.
You’re signing an approval tx that would allow the scammer to move your funds.
Thanks good advice . I'll be following and learning
Thanks!
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Thanks for watching! ❤️
Can I use two seedphrase on a single hardware wallet ? One seedphrase where I'm only holding assets and the other one for other trading stuffs .. and can I use this both alternatively in the same hardware wallet ?
Yes, you can technically use as many seed phrases as you want in most hardware wallets.
You just have to use them one at a time. So you’ll have to reset the wallet and import the other seed phrase to use it.
Alternatively, you can create a passphrase (hidden wallet) for your seed phrase. This creates a new wallet with new receiving addresses. This is likely your best and most secure option.
Both the Trezor Safe 3 and Onekey Classic 1S support using a passphrase, I’d recommend check these wallets out. I’ll drop some review videos here for you:
Trezor Safe 3: th-cam.com/video/2I7fVG97uVE/w-d-xo.htmlsi=OzjeHV3tnlQkPm1G
Onekey Classic 1S: th-cam.com/video/We3bMqSN0c4/w-d-xo.htmlsi=yq8seYLctGIEjo9t
- Alex
since these cold wallets are electronics that get obsolete after some time, do you have a time frame on how long you are going to use your hardware wallet?
By obsolete do you mean the tech changes or device failure?
I’m not worried about the actual technology changing. And if it does, it will be an adapt or die scenario with these companies.
As for longevity, I expect many of my wallets to last 10-20 years. The battery has been the first to go in my experience.
Then I just use it plugged in and it still works (this is what I did with my Ledger Nano X).
All my other wallets are still good.
How about buying from a 3rd party that recognise under official store and reseller for keystone? Since from official web they dont ship to my country
That’d be my absolute last resort.
I’d try to find a wallet that ships to my country directly from the manufacturer before buying one from a reseller.
That’s just me though.
Thank U Alex, question ...if BTC is on Blockchain .. wouldn't that be the safest place for it to sit and use it directly from there? In 2013, we didn't have any options, so the only option that was available at that time was a Bitcoin wallet connected to the Blockchain. So question : with Bitcoin address and Blockchain address...is Bitcoin on the Blockchain?
All cryptocurrencies are on the blockchain. A wallet is just used to access crypto and store your private key.
Best to use a cold wallet to access it. If you use a hot wallet, you expose your private key to the internet and potential malware.
So I just bought a Trezor 3 off Amazon. I had no thought that it could be sketchy to do that. I tried to cancel the order but it wouldn't let me. Is there a way to ensure that it hasn't been compromised?
The Trezor Safe 3 lets you authenticate the firmware so you can verify the device you’re using is safe during setup.
@@cyberscrilla awesome, thank you
Must you accept a randomly generated seed phrase or can you create your own ???
You can use a tool to generate one, but I would never choose the words myself because seed phrases are derived from a pre-determined list of 2048 words.
Humans tend to follow patterns or use familiar words that make them susceptible to being guessed.
That's why using a random number generator or specialized tools for generating seed phrases is recommended.
do you have any recommendations for wallets that store coins on the base ecosystem? currently using tangem but they dont offer that (yet..)
Ledger has Base and also integrates w MetaMask and w Phantom wallets.
I’m sure other hardware wallets support and/or work w Base too… Can look into hardware wallets that integrate w MetaMask bc there’s Base network on MetaMask. if there’s another wallet you use check that out… To check a wallet that uses base just go to ADD ACCOUNT > HARDWARE WALLET, and then see what comes up.
P.S. Base is not even that great. It is owned by Coinbase too (doesn’t do much for decentralization, lol)… I’m not the biggest ETH fan either. BTC and SOL all day for me.
Base is coming to Tangem very soon. They’re actively working to add it
How if a user randomly guessing our seed phrase or generating the same seed phrase when creating new wallet, accidentally?
How what?
The odds of someone randomly guessing a seed phrase are incredibly low, virtually impossible.
@@cyberscrilla is there a chance if cold wallet generating same seed phrase to another user?
What is the difference between a cold wallet and an encrypted USB stick?
Many differences. But in general an encrypted usb stick doesn’t provide the same level of security as a a cold wallet.
Also, cold wallets are used to manage crypto to do things like send, trade, and approve transactions.
A usb stick doesn’t do that.
@@cyberscrilla about trade you are right but about level of security USB stick made by miself is more secure bc do not involve another ppl. And is cheap. Nobody promote USB stick bc there is no company to sponsor right?😁
@@homosacer6252 no. It’s simple. A usb stick is not as secure or usable as a wallet. There are plenty of ways to promote a usb stick (Amazon affiliate for example).
Why promote that when there are better options?
You say use more than one wallet, but that means another seed phrase. When will seed phrase end.
Yep.
That, I don’t know. There are seedless wallet options, but I don’t recommend using a wallet in that way.
Use a tangem cold wallet
@@cyberscrillaI thought you recommended using a tangent with the back up cards and no seed?
I’ve never recommended that. I recommend Tangem, but with a seed phrase.
@@cyberscrilla ah my mistake, thank you. Love the vids
I use Tangem and Blockstream Jade
Both are AWESOME wallets. Nice!
Damn no trezor discount 😏
Nope. They discontinued them…
Is it okey if i use a brand new laptop with only Ledger Live installed ? But no antivirus on it ? I use this pc only for Ledger Live no browsing no installing others apps nothing just ledger live and i turn off the laptop ! Or i should install antivirus also ? I prefere not... ! Any advice ?
It’s fine. Even if your computer got malware, your Ledger wallet would not be directly affected.
Just don’t enter/store your seed phrase anywhere online and you should be good.
@@cyberscrilla Thanks so much for your videos. You really help us 🙏♥️ best crypto chanel
@DrhYouness Wow, thank you!
I have an Ngrave 😅
It does the job. Just overpriced in my opinion 😅
Coinbase is an absolute nightmare avoid at all costs. It is not the safest exchange as they proclaim.
Agreed. Scambase sucks
How to Re-install tangem wallet
What do you mean? As in, reset it to factory settings?
- Tap the three dots in the right hand corner.
- Tap Card Settings
- Tap Reset to Factory Settings
Make sure you know your seed phrase and access code for each card before resetting.
Honestly, who can move in the Crypto World not knowing all this...Big--Huge mistake.. Everyone should see this video. Peace :)
Thank you for watching!!
its 90% user fault truth
Ledger. Not even once.
🤣
Tip #1: Don't use a Ledger. It's barely more secure than a phone wallet.
Agreed. Ledger is NOT my first, second, third, fourth, or even twelfth choice 😂
@@cyberscrilla Why? Do you explain this divergence from popular opinion in the video?
@@cyberscrillaHi, do you know of any cold wallets that support ICP? I believe Ledger are the only ones, but obviously not now a good choice.
@@it551 Yes, Tangem will support ICP with their next app update (between now and June).
@@cyberscrilla thanks for replying, I'll be getting a Tangem Wallet now for sure. Your reviews are very informative.
So your buddy loses the password for 2 years on coinbase? Or are you going to elaborate on the story
Nope, they locked him out of his account for a security breach. He provided everything they asked and still would not allow him to access the account.
There are numerous stories of people being locked out of accounts.
Also they hold users funds.
Unacceptable and an absolute terrible way to store crypto.
Yeah, coinbase is full of shit. I just moved most of my bags
GOOD!
Tangem 👍🏻
If you bought a ledger you allready fcked up 😅😅😅
Good PSA… but, what was the Pee-wee Herman make up and voice really necessary😳🙄⁉️
Are you okay? I’ll pray for you.
Wtf hahaha
This video was very informative
I saved it