CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers. Stay safe 🙏🏻🙏🏻🙏🏻
The biggest scam here is your claim that a hardware wallet is to dumb to be hacked. Everyone who works in IT and deals with security knows that this is a horrible conclusion. In real life the opposite is often the case. Specialised devices with a small user base usually have far more undiscovered weak points than big software as long as said software has an open code base which anyone can review. Additionally if all you have is a hardware wallet you have no redundancy. 4 cheap run of the mill memory sticks storing your keys in a KeePass container or even on a partition with regular BitLocker encryption is as secure as any hardware wallet. Sure it may not have a fancy little screen where you can do the actual transactions, but that's not really relevant.
@@aBoogivogi and also: YOU should be the guy who gets hired to be one of the 'white hat' hackers who gets hired to test these cold-storage systems out. b/c this has been my similar concern/question: don't we have to be online, at some point, to shift our BTC, for instance, from an online wallet to an offline, self-storage wallet?? to a paper one *and/or* one of the offline hardware choices like a Trezor or Ledger option - or whichever one we might choose? and then to later send it via the internet somewhere else? because even if we go offline, we could still be sending some kind of an exploit straight to our hardware wallet. and I've no idea if this guy is getting PAID to endorse one or more of these wallet options - but he also endorses the nightmare that is the Coinbase exchange [the Coinbase Reddit page + other sites say it all, which I wished I'd known about before I recently 'gave in' and signed up with them 😖]. I also have no idea if you, yourself, are pro or con BTC/crypto..but point being: you bring up some very serious concerns, imho. and I had *at LEAST* one of your same signficant thoughts - and I can *appreciate* open source software, depending on the context/situation, of course..but re: THIS kind of scenario: it DEFINITELY seems that 'open source' means that any bad actor could exploit that factor and find a way in..through the back door? the side door?..you get my meaning? and I'm still working that crypto learning curve, for sure..but I'm not certain I agree with the video content that the hardware is safe. b/c it seems that being online, somewhere in the equation, is required in order to transfer funds *to* and *from* a cold-storage hard wallet..or that even a hard wallet, itself, is only minimally, potentially hackable? since it seems ANYTHING is hackable! as I believe Edward Snowden and the NSA have, for all intents & purposes, pretty much proven😐👩🏾🏫
Just wanted to say that was the best hardware wallet explanation video I've seen! Outstanding job on explanation and execution. I teach tracking and tracing Crypto and have seen a lot of videos get it all wrong. You video was spot on! Again, great job!
Tony Moore Just goes to show, today’s young geeks are ruthless criminals. Always trying to hack, steal money, sent viruses. What a generation of garbage people. Why? They were raised in divorced households. Never went to church, no religious training, no social values, no moral conscience. Geeks think steal several million dollars, then set for life. No thought for the human suffering they are causing. People worked hard all their life sweating, then the young geek comes along and robs them. Death to the criminal young geeks! Also, crypto is not easy to understand. Peter Schiff, a smart investor lost his key, hence all his crypto money. Now he hates crypto. Too bad. We need everyone to use crypto, not just the young geeks. We need trainers to show us what to safely and carefully do.
@@thomaspick4123 I completely agree with you, I spent almost a year on crypto currency before getting the heck of it and I have just one person to be thankful to and I'm sure most people are familiar with the great cryptomark 100%
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
Ok a newbie question : what good is a hard wallet if we have a ssed phrase? Anybody with this ssed phrase is able to take control. So why a wallet when we can just have a seed phrase memorized or written in a safe place??
man I've seen some of your videos and I just love how you approach these matters without feeding us advertisement, hype or shilling some shitcoin, like most youtubers do, really great informative work, thank you.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
I think its also important to understand that there is no 100% safe method to owning crypto. You still run the risk of losing this hard wallet. It will come down to personal preference in the end.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
So if your hardware wallet gets damaged or stops working for whatever reason, you can put your seed phrase into another hardware wallet and it'll restore your crypto into that new wallet?
Two questions. 1. If the hardware wallet you are using generates the seed phrase at setup could this not be exploited by the producers of the said wallet? 2. In view of question one, would it not be more secure if the user (and not the manufacturer) chose their own 24 word seed phrase using the BIP39 word list? Especially in the case of certain manufacturers such as Ledger who don't provide fully open source code. Personally, call me old fashioned but I still feel paper wallets produced offline using a dedicated PC and printer provide the best cold storage option. KISS
I need to watch these like 10 times. As soon as he brought up the example of stolen wallet, just use your phrase and move to a knew wallet I got anxious like wait how do you do that..... Ahhh... So much to learn.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
hey Nr ks have you tried any of the of the hardware wallets yet ? if you havent tried any of the wallets yet then you must give a chance to walahala hardware wallet which is one of the most secure wallets ever. It provides so many features including direct connection to live exchange. Here is the link to their demo account : walahala.com/downloadDemoWallet
@@nicksvaik no, I think Satoshi Nakamoto is actually a group of very, very, veery intelligent people, probably some mathematics, cryptography and IT experts
Dear champ... can you tell me or guide me or maybe you have some video where you teach & speak about what I want to know... I wonder how to go from a private key to a seed mnemonic phrase.... could you tell me? Regards!
Is there a limit to how much crypto currency value you can store on a hardware wallet? How about the number of different crypto currencies you can store?
This is a great explanation, the only additional question I have is if the coins are currently on an exchange like Coinbase or with a broker like Voyager, earning interest; does a hardware wallet "remove" them from that account? Or do they stay there still able to earn interest, but are only able to be sent from that account with access to the hardware wallet?
The coins change ownership from Coinbase (or whatever exchange) to you so they are withdrawn from the interest earning account. In my account you have to withdraw from the interest earning account to a trading account then withdrawn to your wallet.
hi, i am a new owner, I just found out that you need both hands for making transactions, as a stroke survivor i have the use of one hand only, do you think that I could get away pressing buttons with two fingers of one hand?
Just one question which nobody seems to explain. Forgive me if it's dumb. But can you have your bitcoin on an exchange while at the same time storing them in your hard wallet.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
This may go unseen, but i have a question. I can still access my Ledger app without the nano s plugged into the computer. if i want to send or recive bitcoin i need to plug my wallet into the computer than i can process the transaction correct?
Thanks for the forecast! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
One Question, What if the ledger company is the one that steal our coins??? They create the seed phrase, means they also have access to our seed phrase????
If the seed phrase is used to create a new wallet and retrieve your crypto. Where is it retrieving it from if it’s stored on the wallet? Is the seed phrase stored on the block chain or is it stored on the companies network? I’m not really clear on that.
So from what you are saying, if we have seed phrase, then we don't have to worry about private key at all, seed phase can regenerate private key even if we lost it. I'm I correct?
So...you generate the seed phrase yourself, by words of your own choice? Or it comes inside the device to be extracted upon 1st use? This point was not made clear.
7m18s "should be configured randomly.".. By me or the device? I'm confused. Do I choose the phrases or not? If the device chooses for me, how do I know manufacturer doesn't track that choice before sending. This also seems preconfigured to me. Thanks for posting!
#4 - Another very unusual, but possible, attack is the $5. Well this refers to when someone physically threatens to hurt you with say... a $5 Wrench if you don't hand over your hardware wallet and unlock it with your PIN Code. In order to protect from these kinds of physical attacks certain wallets come with another layer of protection called a "Loaded 45 Caliber 1911".
you've watched too may episodes of *"Homeland,"* [USA version], for sure!🙄🤦🏾♀️ but Carrie *DID* get her computer access back, LoLoL!! because she's too *'CRAY!!'* to be afraid [much more than the extortionist!] & she's brilliant!! *and* I've delayed it for far too long as: I'm about to watch the FINAL episode..and if you've never seen the show, then do yourself a *temporarily-distracted-fom-COVID-19-favor* & take the time to catch up on *all 8 seasons* of it & *buckle UP!* 😁
You obviously live in the USA. In Canada here where I am easier said than done. All though you can obtain a .45 it isn't easy that is for sure so most use bear mace, replica guns, brass knuckles and nunchucks. ✊
Do you need a different address when storing different coins? If you purchase Bitcoin today and then purchase Bitcoin tomorrow do you need an different address for each separate purchase?
So I don't understand. Why do I need the hardware wallet if the seed phrases do all the job? Why can't I just write down the seed words and be done with it?
So when a address is created on a blockchain with a designated password or key, i dont get to see the key but the ledger software does and masks it. So i basically have to thrust Ledger for example that they dont read the real key trough the software, store it and have access at any time or simply have the alledged randomly created seed phrase stored. Is that right?
Can you please help me understand how the seed of 24 word will restore my crypto(private keys) from a lost or damaged ledger to a new ledger ? 24 words its done at beginning when setup the new device....how restore know what u added on ledger? I am beginner in crypto. Thank you.
So in order to "sign" a transaction you have to plug in a hardware wallet to into a potentially unsecure device. Doesn't that defeat the purpose of a cold wallet and eliminate the air gap protection?
I think the hardware is secure that's why you don't need to necessarily worry about whether are not the device you plug into is secure. For the most part at least.
Question: Can I change the seed phrase when I get the device? If not, then what is stopping the maker of the device from stealing all the cryto if THEY created the seed phrase?
What about this situation. On Trezor I will use passphrase to create hidden wallet. After that my trezor will damage or Trezor company will bancrot. How i will restore my hidden wallet on normal wallet which usually dont have passphrase option?
I'm a beginner in crypto and I do understand the functionality of the hardware wallets, but I still have some questions. Can someone please enlighten me? So, you transfer your crypto coin from an exchange to your wallet for safekeeping. I read that coin base charges you fee for transferring. So, how does that work when you want to trade? do you transfer the crypto back to an exchange so you can trade and at the end of it when you're done and want to secure your crypto you put it back on your wallet? Or do you keep it in your wallet, plug it, and you can trade in an exchange with your wallet plugged and transactions will still be executed and balance will be updated in the wallet?
Unless the additional "passphrase" is always required, one would assume that the $5 wrench attackers would know that wallets have a dummy account function. However, if it's always required, you could plausibly say that it's your only account, and maybe they'd believe you.
I just bought a nano s plus. I know I can add as much crypto as I want to this and daily if I wanted to but I was told I should only withdrawal one time from a cold wallet back onto an exchange to sell the crypto and then the cold wallet could be potentially compromised and should never be used again. Is this true?
Thanks for all your videos Nate. The BEST info abt crypto currency etc...on YT atm. Very grateful that I've found your channel. Will continue watching them daily to learn more abt this topic. Keep up ya great work! Much appreciated! Chuuurrrr!
i received a ledger nano s from amazon- it did NOT come with the holographic seal. After viewing this video- it appears that i should return this.... would you like to validate this? thank you.
hm.. and how do I know that the hardware wallet and the bridge program will do exactly what the vendor say they do, i.e. _just_ sign the transaction offline and nothing else? what if let's say after every 10th transaction, the software in the wallet starts leaking the private key bit by bit to the bridge program? i.e. say send 'signature + 1' where '1' is some mathematically encoded number that only the bridging programm knows how to interpret, example - first 20th transaction sends '1', the bridging program knows 'ok', it's letter 'h' on the 25th character in the seed phrase. Is the process transparent at all, are there ways to check what _exactly_ comes out from the hardware wallet to the bridging program... oh man, even the signature could be send 'encrypted' to the bridging program with some overhead payload in it. And the internet of things, where even a parking sensor can be connected to the internet without the owner even knowing it.... still not convinced that it's safe; to me it looks like all this is more based on trust, rather than on technology.
Does that mean the seedphrase is more important than the wallet itself? Given the fact that there are additional PIN on certain wallets, it doesnt stop the fact that ppl who knows ur seedphrase can access all your coins. So if u are in a situation when someone forces u to say out ur seedphrase, u lose everything? Can we have multiple seedphrases to act as a decoy?
You're correct, the seed phrase is key! Sure you could have a decoy. The pin is key too, because once the pin is entered correctly, the device and the private key can now be used to transfer your coins elsewhere. The PIN, the wallet, and the seed phrase are all important. Our teacher mentioned having another hw wallet as a decoy with minimal amounts in it. So if someone breaks into your home and forces you to enter your pin, you just use the decoy wallet and they got the wrong one!
I need someone to Slowly show me how to use the secret key thing/24 word code. Where to find it in coinbase or Exodus and how to use it. I often have trouble with this kind of thing and I'm afraid of loosing my key and or sending it to a wrong address.
CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers.
Stay safe 🙏🏻🙏🏻🙏🏻
u ur right.
I subscribed in the hope that you make a video explaining how it can be that the pass phrase can allow access to your coins through any device?
The biggest scam here is your claim that a hardware wallet is to dumb to be hacked. Everyone who works in IT and deals with security knows that this is a horrible conclusion. In real life the opposite is often the case. Specialised devices with a small user base usually have far more undiscovered weak points than big software as long as said software has an open code base which anyone can review. Additionally if all you have is a hardware wallet you have no redundancy. 4 cheap run of the mill memory sticks storing your keys in a KeePass container or even on a partition with regular BitLocker encryption is as secure as any hardware wallet. Sure it may not have a fancy little screen where you can do the actual transactions, but that's not really relevant.
@@aBoogivogi and also: YOU should be the guy who gets hired to be one of the 'white hat' hackers who gets hired to test these cold-storage systems out. b/c this has been my similar concern/question:
don't we have to be online, at some point, to shift our BTC, for instance, from an online wallet to an offline, self-storage wallet?? to a paper one *and/or* one of the offline hardware choices like a Trezor or Ledger option - or whichever one we might choose? and then to later send it via the internet somewhere else? because even if we go offline, we could still be sending some kind of an exploit straight to our hardware wallet.
and I've no idea if this guy is getting PAID to endorse one or more of these wallet options - but he also endorses the nightmare that is the Coinbase exchange [the Coinbase Reddit page + other sites say it all, which I wished I'd known about before I recently 'gave in' and signed up with them 😖].
I also have no idea if you, yourself, are pro or con BTC/crypto..but point being: you bring up some very serious concerns, imho. and I had *at LEAST* one of your same signficant thoughts - and I can *appreciate* open source software, depending on the context/situation, of course..but re: THIS kind of scenario:
it DEFINITELY seems that 'open source' means that any bad actor could exploit that factor and find a way in..through the back door? the side door?..you get my meaning?
and I'm still working that crypto learning curve, for sure..but I'm not certain I agree with the video content that the hardware is safe.
b/c it seems that being online, somewhere in the equation, is required in order to transfer funds *to* and *from* a cold-storage hard wallet..or that even a hard wallet, itself, is only minimally, potentially hackable? since it seems ANYTHING is hackable! as I believe Edward Snowden and the NSA have, for all intents & purposes, pretty much proven😐👩🏾🏫
Nice one man. Can you please do one for Privi Protocol?🔥🔥🔥
Give this man a pay rise... He explains everything so well.
Here here 🍻
He probably got one with Bitcoin
Truly. He is doing the lord's work
He explains it in 10 minutes when it takes everyone else it take 40 minutes. . . . like I want to sit that long.
This guy is already has VIP seat in heaven with Jesus
Just wanted to say that was the best hardware wallet explanation video I've seen! Outstanding job on explanation and execution. I teach tracking and tracing Crypto and have seen a lot of videos get it all wrong. You video was spot on! Again, great job!
Tony Moore Just goes to show, today’s young geeks are ruthless criminals. Always trying to hack, steal money, sent viruses. What a generation of garbage people. Why? They were raised in divorced households. Never went to church, no religious training, no social values, no moral conscience. Geeks think steal several million dollars, then set for life. No thought for the human suffering they are causing. People worked hard all their life sweating, then the young geek comes along and robs them. Death to the criminal young geeks! Also, crypto is not easy to understand. Peter Schiff, a smart investor lost his key, hence all his crypto money. Now he hates crypto. Too bad. We need everyone to use crypto, not just the young geeks. We need trainers to show us what to safely and carefully do.
@@thomaspick4123 I completely agree with you, I spent almost a year on crypto currency before getting the heck of it and I have just one person to be thankful to and I'm sure most people are familiar with the great cryptomark 100%
Have finally found a trusted investor I met him 0ň !ňśtą . I invested 500 $ and got 900$ within 24 hours.Thanks to keypoint101
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
I earn 4% interest for holding bitcoins on the axisoption,com wallet service.
I’m so glad I stuck around for the bloopers at the end! As a fellow content creator I’ve got to give you props for not cursing haha
He seems to be that guy that doesn’t curse.
Clear and easy to understand explanations. Thank you.
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
Ok a newbie question : what good is a hard wallet if we have a ssed phrase? Anybody with this ssed phrase is able to take control. So why a wallet when we can just have a seed phrase memorized or written in a safe place??
Ive skimmed over you're vids a few time. Glad I watched this one.
My preferences: Trezor for transactions on the PC and big amounts to hodl, Safepal if you need to pay for a coffee with your phone small amounts
man I've seen some of your videos and I just love how you approach these matters without feeding us advertisement, hype or shilling some shitcoin, like most youtubers do, really great informative work, thank you.
Thanks Nate... Happy New Year !!! Great video again mate... !!!
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
This channel should have millions of subscribers. 1 stop shop for everything crypto. Im completely crypto literate now thanks to this channel
Great info, fun bloopers passing this along to family, for better understanding👍🏼thx!
Thank you so much I am new in this world of BTC, and this video is awesome! 😃
Greetings from Spain!
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
Straightforward explanation in layman‘s terms. Fantastic job.
Have finally found a trusted investor I met him 0ň !ňśtą . I invested 500 $ and got 900$ within 24 hours.Thanks to keypoint101
@@Zyrobeatz OK take my credit card number. I am DM’ing it to you right now. 😏
I think its also important to understand that there is no 100% safe method to owning crypto. You still run the risk of losing this hard wallet. It will come down to personal preference in the end.
Really like this no brainer simplified explanation about hard wallets!💪
Glad it was helpful!
Man .. you guys really explain it very well. Covering all scenarios and common questions
Thanks Ned, really well articulated educational video on hardware wallets!
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
So if your hardware wallet gets damaged or stops working for whatever reason, you can put your seed phrase into another hardware wallet and it'll restore your crypto into that new wallet?
Two questions. 1. If the hardware wallet you are using generates the seed phrase at setup could this not be exploited by the producers of the said wallet? 2. In view of question one, would it not be more secure if the user (and not the manufacturer) chose their own 24 word seed phrase using the BIP39 word list? Especially in the case of certain manufacturers such as Ledger who don't provide fully open source code. Personally, call me old fashioned but I still feel paper wallets produced offline using a dedicated PC and printer provide the best cold storage option. KISS
Very clearly explained and the visual aspect of the video also helps a lot. Great video.
Glad it was helpful!
I need to watch these like 10 times. As soon as he brought up the example of stolen wallet, just use your phrase and move to a knew wallet I got anxious like wait how do you do that..... Ahhh... So much to learn.
8:30 Does it work with $1 stick attack?
Can you do a video where you use seed from ledger and restore the funds in other company hardware wallets?
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
@@HAFBeast91 What about Trezor?
Most concise and comprehensive explanation on YT
@@Bitcoins-dw5wc Yeah, just wait for me by the phone...I'm dialing you now😎😎😎
I've just finished the The Complete Beginner's Crypto Crash Course :) It was awesome! Thank you!
hey Nr ks have you tried any of the of the hardware wallets yet ? if you havent tried any of the wallets yet then you must give a chance to walahala hardware wallet which is one of the most secure wallets ever. It provides so many features including direct connection to live exchange. Here is the link to their demo account : walahala.com/downloadDemoWallet
Thank you for such a comprehensive, yet easy to follow explanation!
Satoshi really went crazy. Can’t believe how ingenious this tech is.
Do you think he came from the future?
@@nicksvaik no, I think Satoshi Nakamoto is actually a group of very, very, veery intelligent people, probably some mathematics, cryptography and IT experts
@@Kitulous this is my first stop when memes make it to youtube.
@@Kitulous Possibly each initial of "Satoshi Nakamoto" is the initial letter of the name of each person of the group :D
👽
Dear champ... can you tell me or guide me or maybe you have some video where you teach & speak about what I want to know... I wonder how to go from a private key to a seed mnemonic phrase.... could you tell me? Regards!
Is there a limit to how much crypto currency value you can store on a hardware wallet? How about the number of different crypto currencies you can store?
9:00 - FINALLY, THIS IS WHAT I WAS LOOKING FOR
This is a great explanation, the only additional question I have is if the coins are currently on an exchange like Coinbase or with a broker like Voyager, earning interest; does a hardware wallet "remove" them from that account? Or do they stay there still able to earn interest, but are only able to be sent from that account with access to the hardware wallet?
I had the same exact question. Do you allready have an answer to it?
I was wondering the same thing 🤔
The coins change ownership from Coinbase (or whatever exchange) to you so they are withdrawn from the interest earning account. In my account you have to withdraw from the interest earning account to a trading account then withdrawn to your wallet.
hi, i am a new owner, I just found out that you need both hands for making transactions, as a stroke survivor i have the use of one hand only, do you think that I could get away pressing buttons with two fingers of one hand?
You’re a great teacher thank you! Teaching is it’s own skill...
A great explanation. I was able to understand the hardware wallet concept in one video.
Thank you, we are glad it was helpful!
👆👆❤️ All thanks to the name above for the successful recovery of my coin sent to a wrong address without delay
I'm still wondering, are hardware wallets compatible with any software wallets? Can we move coins from an exchange to a hardware wallet?
Great explanation! Thank you!
Just one question which nobody seems to explain. Forgive me if it's dumb. But can you have your bitcoin on an exchange while at the same time storing them in your hard wallet.
Enjoyed the bloopers, You make it look easy but it is a lot of work.
What a great job! Thank you so much for your information!
Don't buy a Ledger Wallet. I bought a Ledger Nano S and X and my X is defective, I requested a refund and they want me to pay $50 for shipping back to fucking France. Stupidest customer service ever.
@@HAFBeast91 You obviously didn't buy it directly from Ledger. Stupidest customer purchase ever.
This may go unseen, but i have a question. I can still access my Ledger app without the nano s plugged into the computer. if i want to send or recive bitcoin i need to plug my wallet into the computer than i can process the transaction correct?
Thanks for the forecast! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
Great job... Can i keep more than one currency in the same wallet?
What I don't understand is for example the ledger say it can only have so many applications what is meant by applications?
Is seed phrase essentially another form of private key?
One Question, What if the ledger company is the one that steal our coins??? They create the seed phrase, means they also have access to our seed phrase????
So how do you recover your coins with a seed phrase and send them to a new wallet with a new seed phrase? (Risk #3 from the vid).
What if all companies who use the BIP39 system close their business? Do soft wallets support the BIP 39 seed phrase?
Thanks for all the warnings. It really helps to know what to look out for.
Thanks for all this valuable information Nate. I understand the whole process better with your help and our oldest son Nick. 💕
Have finally found a trusted investor I met him 0ň !ňśtą . I invested 500 $ and got 900$ within 24 hours.Thanks to keypoint101
If the seed phrase is used to create a new wallet and retrieve your crypto. Where is it retrieving it from if it’s stored on the wallet? Is the seed phrase stored on the block chain or is it stored on the companies network? I’m not really clear on that.
So from what you are saying, if we have seed phrase, then we don't have to worry about private key at all, seed phase can regenerate private key even if we lost it. I'm I correct?
ViShNu ViZz Correct
So...you generate the seed phrase yourself, by words of your own choice? Or it comes inside the device to be extracted upon 1st use? This point was not made clear.
7m18s "should be configured randomly.".. By me or the device? I'm confused. Do I choose the phrases or not? If the device chooses for me, how do I know manufacturer doesn't track that choice before sending. This also seems preconfigured to me. Thanks for posting!
#4 - Another very unusual, but possible, attack is the $5. Well this refers to when someone physically threatens to hurt you with say... a $5 Wrench if you don't hand over your hardware wallet and unlock it with your PIN Code.
In order to protect from these kinds of physical attacks certain wallets come with another layer of protection called a "Loaded 45 Caliber 1911".
He's absolutely right.....all my wallets come with one
you've watched too may episodes of *"Homeland,"* [USA version], for sure!🙄🤦🏾♀️ but Carrie *DID* get her computer access back, LoLoL!! because she's too *'CRAY!!'* to be afraid [much more than the extortionist!] & she's brilliant!! *and* I've delayed it for far too long as:
I'm about to watch the FINAL episode..and if you've never seen the show, then do yourself a *temporarily-distracted-fom-COVID-19-favor* & take the time to catch up on *all 8 seasons* of it & *buckle UP!* 😁
You obviously live in the USA. In Canada here where I am easier said than done. All though you can obtain a .45 it isn't easy that is for sure so most use bear mace, replica guns, brass knuckles and nunchucks. ✊
a 2nd amendment ppl! :)
great video! really well put together and informative
Do you need a different address when storing different coins? If you purchase Bitcoin today and then purchase Bitcoin tomorrow do you need an different address for each separate purchase?
👆👆👆Mine was recovered successfully without delay by the name above
Easily the best crypto learning site out there!! Clearly explained without a lot of garbage in between. Good job, Nate!
Newbee here..if all your crypto is on a hard wallet, does your crypto profits still go up and down??
Very eloquent presentation. Well planned and thought out. Thumbs up done.
So I don't understand.
Why do I need the hardware wallet if the seed phrases do all the job?
Why can't I just write down the seed words and be done with it?
The best cryptoworld teacher ever.. love you man 👍
You explain everything incredibly well. Thumbs up!
So is it correct to say that if you do not intend to transfer bitcoins but are keeping them as an investment,then there is no need to use a wallet?
Great video explaining complex concepts in a simple way. Thank you so much!
i don't understand how you can enter the seed words into any device and it will create your private keys from nothing
So when a address is created on a blockchain with a designated password or key, i dont get to see the key but the ledger software does and masks it. So i basically have to thrust Ledger for example that they dont read the real key trough the software, store it and have access at any time or simply have the alledged randomly created seed phrase stored. Is that right?
Thank you so much. You explained it perfectly. I watched 2 other videos and had no clue what EXACTLY it was. Not it’s so simple. Thank you again!
What I’m confused about is how do I put that paraphrase for the private key on websites
So far best video explaining hw wallet.. Great
Is there a video on ,How do you shift crypto ,e.g Bitcoin , from exchange Wallet such as Coinbase to a cold storage like Nano S.
Using your public key, you can transfer crypto from your online wallet to your offline wallet right?
Can you please help me understand how the seed of 24 word will restore my crypto(private keys) from a lost or damaged ledger to a new ledger ? 24 words its done at beginning when setup the new device....how restore know what u added on ledger? I am beginner in crypto. Thank you.
So in order to "sign" a transaction you have to plug in a hardware wallet to into a potentially unsecure device. Doesn't that defeat the purpose of a cold wallet and eliminate the air gap protection?
I think the hardware is secure that's why you don't need to necessarily worry about whether are not the device you plug into is secure. For the most part at least.
Clear and easy to understand video! Thanks for your information.
Wait miners validate transactions? Though full nodes did that. What happens when all the Bitcoin is mined?
Question: Can I change the seed phrase when I get the device? If not, then what is stopping the maker of the device from stealing all the cryto if THEY created the seed phrase?
Great Video!!!! Informative and easy to understand. I will look for more of your episodes!!! Sent a Brave tip!!
What's the difference in using a private key or a seed phrase?
Can you transfer XRP from BSC wallet stored on Nano X ledger to Uphold, or does it all have to be ERC-20?
What about this situation.
On Trezor I will use passphrase to create hidden wallet. After that my trezor will damage or Trezor company will bancrot. How i will restore my hidden wallet on normal wallet which usually dont have passphrase option?
I'm a beginner in crypto and I do understand the functionality of the hardware wallets, but I still have some questions. Can someone please enlighten me? So, you transfer your crypto coin from an exchange to your wallet for safekeeping. I read that coin base charges you fee for transferring. So, how does that work when you want to trade? do you transfer the crypto back to an exchange so you can trade and at the end of it when you're done and want to secure your crypto you put it back on your wallet?
Or do you keep it in your wallet, plug it, and you can trade in an exchange with your wallet plugged and transactions will still be executed and balance will be updated in the wallet?
Unless the additional "passphrase" is always required, one would assume that the $5 wrench attackers would know that wallets have a dummy account function. However, if it's always required, you could plausibly say that it's your only account, and maybe they'd believe you.
I just bought a nano s plus. I know I can add as much crypto as I want
to this and daily if I wanted to but I was told I should only withdrawal
one time from a cold wallet back onto an exchange to sell the crypto and then the
cold wallet could be potentially compromised and should never be used
again. Is this true?
Absolutely wonderful video. A ton of information in a very simple language. Thank you so very much!
Thanks for all your videos Nate. The BEST info abt crypto currency etc...on YT atm. Very grateful that I've found your channel. Will continue watching them daily to learn more abt this topic. Keep up ya great work! Much appreciated! Chuuurrrr!
how do hardware wallets generate the private key? I can't find ANY information about this
This is one of the best explanations of any crypto-related concepts I've ever watched.
i received a ledger nano s from amazon- it did NOT come with the holographic seal. After viewing this video- it appears that i should return this.... would you like to validate this? thank you.
You make such awesome instructional content
Best tutorial ever. Respect!
I finally understand seed phrases and hardware wallets, thank you.
Best way to educate folks ever.... Thank you
will the ledgers work if the hacker has your seed phase of the wallet you want to connect it to
Is the seed phrase the same as private key? thanks in advance for answering my question.
hm.. and how do I know that the hardware wallet and the bridge program will do exactly what the vendor say they do, i.e. _just_ sign the transaction offline and nothing else? what if let's say after every 10th transaction, the software in the wallet starts leaking the private key bit by bit to the bridge program? i.e. say send 'signature + 1' where '1' is some mathematically encoded number that only the bridging programm knows how to interpret, example - first 20th transaction sends '1', the bridging program knows 'ok', it's letter 'h' on the 25th character in the seed phrase. Is the process transparent at all, are there ways to check what _exactly_ comes out from the hardware wallet to the bridging program... oh man, even the signature could be send 'encrypted' to the bridging program with some overhead payload in it.
And the internet of things, where even a parking sensor can be connected to the internet without the owner even knowing it....
still not convinced that it's safe; to me it looks like all this is more based on trust, rather than on technology.
Does that mean the seedphrase is more important than the wallet itself? Given the fact that there are additional PIN on certain wallets, it doesnt stop the fact that ppl who knows ur seedphrase can access all your coins. So if u are in a situation when someone forces u to say out ur seedphrase, u lose everything? Can we have multiple seedphrases to act as a decoy?
You're correct, the seed phrase is key! Sure you could have a decoy. The pin is key too, because once the pin is entered correctly, the device and the private key can now be used to transfer your coins elsewhere. The PIN, the wallet, and the seed phrase are all important. Our teacher mentioned having another hw wallet as a decoy with minimal amounts in it. So if someone breaks into your home and forces you to enter your pin, you just use the decoy wallet and they got the wrong one!
I need someone to Slowly show me how to use the secret key thing/24 word code. Where to find it in coinbase or Exodus and how to use it. I often have trouble with this kind of thing and I'm afraid of loosing my key and or sending it to a wrong address.