You sir are the maestro from whom I have learned so much, thank you.

That is the best argument for a hardware wallet over a paper wallet I’ve ever heard! I will use that one.

Thanks Andreas. You are the only one who can explain such complex topics so easy. You are doing the best speeches when it comes to Cryptos. I personally struggled a lot by trying to use a paper wallet and then just bought a Hardware-Wallet ;-). Thanks for your explanation, before I thought I am too stupid to use a paper wallet...

Thank you for speaking to us non-techie folks. Much appreciated!

Nice one Andreas...excellent information

Thanks for clearing that up!

Thanks for the great video! I liked the analogy of flipping a coin 256 times and noting the binary result on each flip. This will lead to your bitcoin private key :)

Cristal clear! thank you.

Just watched a video why paper wallets are bad, but this content is way better since it includes the solution to the issues. Thanks for that.

An interesting experiment - create multiple paper wallets with very small amounts of Bitcoin and watch their balances to see if they are stolen. To be honest though I still wouldn't put any meaningful amounts in a paper wallet even if they weren't stolen. I did in the past but that was the wild west days! BTW, another top quality video, no one explains Bitcoin better than Andreas.

Thanks. Been keeping you in mind since 2012. “Let’s talk bitcoin” those were the days lol. Been looking for this kind of info, because I’m removing bch. Wondered about security. Should have gone to the source right away. Thanks again 👍

Great info as always Andreas. Keep it simple by going with a hardware wallet. The potential to take shortcuts/mistakes when creating a paper wallet is very likely. Hope to see you this month in Chicago.

@pancakes429

6 ай бұрын

Hardware wallets are susceptible to time, paper can last centuries.

This is the 🐐 of crypto!

Great advise - thanks

Thanks sr All my questions were answer

Very smart thank you 🙏 sir

Thank you!

Have you heard or ever used a Piper paper wallet maker? What is your opinion of them?

What an amazing video, thank you sir. When it comes to hardware wallet, my issue is introducing new attack surface with the chrome extensions. What do you think about that?

@aantonop

6 жыл бұрын

The security of a hardware wallet does not depend on the client interface. You validate all addresses and amounts on the screen of the hardware wallet. You do not trust the laptop/desktop client.

Hi . Is it secure to use a personal everyday laptop with a dedicated to paper wallet only off line use printer. Thank you for all your info ✌️

I have a paper wallet created offline and probably in a safe correct way. Andreas did you hear about the Bitfi wallet from John Mc afee? any opinions about that? he claims it is unhackable. anyway Andreas compliments for all your videos you are the best ambassador for bitcoin that exists today. everything you explain(in all of your videos) is extremely easy to grasp. Thumbs up

Why does it have to be a computer that has never been online? You use a regular old laptop, disconnect it from the web, generate the key and then as long as you're storing your crypto on that key just never plug the computer back in. Once you spend it you can plug it back in as long as you don't use that private key ever again... Am I missing something here?

Dear Sir, In light of what you say.. would it be possible to connect a hardware wallet to a cheap printer and produce endless amounts of secured paper wallets?

Is there a hardware wallet that allows multisig?

Securely generating the keys in an easily portable format is supposed to be the hard part. The rest isn't THAT hard. Crap is your friend. Crappy $150 laptop and really crappy printer $30. (Be sure new computer is never GOING to be on the internet either .. heck, take out the wifi card if it has one.) Download linux live CD, burn it to an actual CD, run CD from laptop, generate 100 keys, connect to printer with wires (probably required if it's a $30 printer with no wifi), and then print. Maybe laminate the pages to protect from water, -- or baggies will do. Mark each one off after use and move remaining funds to the next one. Put long-term paper wallet funds in a safety deposit box or off-site safe. I feel much better with that than hardware that will screw me if it gets too close to a magnet or if someone finds a back-door, etc.

@nigtau2715

6 жыл бұрын

Indy Jones 💯💯💯

@aantonop

6 жыл бұрын

Sorry, your approach has far more risks than a hardware wallet and is much harder to do right for all but a few experts.

@indyjones4935

6 жыл бұрын

aantonop I agree it does require some technical skill to reach a paranoid level of safety, but I dont want to invest in a trustless currency to then trust a hardware wallet manufacturer.

@nion456789

6 жыл бұрын

Teach us those skill....

Andreas... I love your work. I can say that from ALL the resources of the Internet to learn about crypto, your channel is the best. I've been referring every crypto newby I run into to your channel. The thing Is that they're a bunch of Mexicans like myself and most of them dont speak english. I'd like to contribute by adding the español subtitles to (at least) some of your videos. Would you consider opening them to translation contributions from the community?

@b.griffin317

5 жыл бұрын

this would be a great idea! other languages too.

The BTC ATM had poor ink and now it's faded and I can only use the private and public keys (cuz i wrote them separately) so how do I transfer with just the keys??????????? Thanks, all!

What if your random wallet address that was generated offline already happened to be in use by someone else and you sent it some BTC?

@Nature1992

3 жыл бұрын

This is my question as well

@zackhighland7287

2 жыл бұрын

This, so called "collision" will practically never happened in a lifetime of our civilization, or even several civilisations. The number of different addresses is simply unimaginably too big.

@jonathanarroyo7430

2 жыл бұрын

@@zackhighland7287 do you happen to know the chances?

@zackhighland7287

2 жыл бұрын

@@jonathanarroyo7430 no I don't, but I think there are calculations to be found. What I've learned, the number of different combinations equals somewhat the number of atoms in our galaxy.

Was keepass secure ?

Could you import the same keys of a paper wallet into a hardware wallet? I have not found much information on that. Just curious if it's possible. If I already have a private key, how to put it in a hardware wallet, and be able to use the hardware wallet with electronic devices without having to explicitly transfer the private key through the questionable software that these may have, but with any key that I already have. Is that possible?

@aantonop

3 жыл бұрын

No, you can't import pre-existing private keys into a hardware wallet, if they are not in the form of a mnemonic phrase. For example a single-key paper wallet cannot be imported. Instead, you would set up a new hardware wallet and generate a new mnemonic seed. Then you would use a software wallet to "sweep" the old private keys and make a transaction that sends the bitcoin to an address from the hardware wallet.

Is it safe to generate a key on one of those paper wallet websites without downloading it as long as you turn your internet off before generating it? (Like for smartphones were it might not be possible to download the file/print it?

@aantonop

6 жыл бұрын

No. You cannot trust your computer/smartphone or printer. If any of those devices, or their operating systems, or the browsers, or the Wifi you use to download the page, have been compromised an attacker can make the software generate a private key they already possess. You would deposit money into it and a few days (or seconds) later *poof*, it's gone. As I keep saying (to non-stop objections by dozens and dozens of people), paper wallets are not secure for anyone other than a handful of highly expert infosec professionals. Use a hardware wallet. Stop trying to DIY something.

@SlothyWoffy

6 жыл бұрын

aantonop (Btw I DO use a Trezor and Ledger, but I was just wondering!) I’m not a professional but the safest I personally would be capable of achieving would be Downloading a paper wallet generator onto an encrypted flash drive via Https or an other encryption method on a Brand New computer/Hard Drive, or at the very least one that has had a LOW LEVEL format. Then decrypt it on a non-internet connected computer meeting the aforementioned criteria and Generate the seed before finally printing it off via a old Non-WIFI USB Printer. Afterwards I would LOW LEVEL format the Hard drive/Destroy it followed by smashing up the printer. As far as I know this method would be pretty safe, but please correct me if I’m wrong.

Supose your wallet gets lost, stolen or just broke forever. What happens if a hardware wallet manufactor bankrupt, ends prodution or just produce incompatible new models of products. I mean, supose you just cannot buy a new similar wallet. As far I know the seed it is not the complete raw private key, right? The seed just generates the private keys using internal proprietary algoritms. Am I wrong? So, should we not backup in laminated paper (as you recommend) the raw public and private Keys as well (not just the seed) so we can import them on any other future wallet?

I have a question. Is not already confirm that those initials seeds from the hard wallet can be already copied by the previous owner and then sold to another person in order to steal the new funds..?? If so how can one make new seeds to prevent that awful situation.?? Thanks in advance..

@aantonop

6 жыл бұрын

You should never buy a wallet with a seed installed already - that's compromised. You should always generate a new seed by wiping the wallet. In fact you should never buy a second hand wallet. Seeds are generated randomly on the hardware wallet. If you receive one from the manufacturer, it does not have a seed on it. You generate one when you run it the first time.

Roll dice!

Flipping a coin 256 times does not always work. If your binary starts with more than 128 ones, then it's not a valid ECDSA (elliptic curve digital signature algorithm) private key for sure.

@AlexandreSk

2 жыл бұрын

And what is the odds of that. 2^128?

How to transfer all my bitcoins from paper wallet to hardware wallet. What is better - Sweep or Import. How to correctly do Sweep from paper wallet to ledger or trezor. Thanks.

@aantonop

6 жыл бұрын

Sweep. Move it off the paper wallet and then destroy it. You don't want to find out later that the paper wallet had been compromised. Why have two copies of the keys (one offline, one online) lying around?

Andreas? Therefore, with hard wallets, when I send a percentage of btc from one Ledger Nano S to another Ledger Nano S address (to avoid keeping all of my eggs in the one basket so to speak), must I turn my WIFi off to do so? And if I do not turn it off, am I then compromising my btc?

@cod4148

6 жыл бұрын

Lily Brogan no, because the keys are stored on the ledger device, which can't connect to the internet

@lilybrogan1440

6 жыл бұрын

Thank you CoD4, I appreciate your reply very much indeed.

@lilybrogan1440

6 жыл бұрын

Thank you CoD4, I appreciate your reply very much indeed.

if you generate a key from 256 rolls of the dice or coin flips, how do you ensure the result is truely yours and you haven't stumbled on someone else's key and by using your key you aren't accidentally giving someone else your BTC?

@edugomez5492

3 жыл бұрын

Have the same question on this side

@SECUP1

3 жыл бұрын

The same problem exists with hardware wallets. The answer is, you can't. What protects you from this is the size of the address space. The chance of a collision is extraordinarily low.

@zackhighland7287

2 жыл бұрын

The same privat key will never be generated twice, or more times, not during the existence of mankind. The number of different combinations exeeds every imagination.

What about the paper wallet generated by an ATM? Is it a secure wallet? I believe it is one of the most secure wallet around.

@b.griffin317

5 жыл бұрын

a computer you don't know, is connected to the internet and is printing your paper wallets is most secure wallet around? ha ha! sounds like custodial wallet to me.

Andreas would you ever consider doing a tutorial on how to properly create a paper wallet for an altcoin??

@aantonop

6 жыл бұрын

Working on a book about basic security for crypto-currencies (aimed at non-technical people)

@nion456789

6 жыл бұрын

Thanks sir....plz do one on zcash shielded address generation and monero address generation...no sir now plz make mastering zcash and monero because monero became very hard than before to usderstand anything because of forking.....

@MrManBuzz

6 жыл бұрын

aantonop Hey Andreas, any rough idea of a timeline for when that book will come out?

@jonathanarroyo7430

2 жыл бұрын

@@MrManBuzz bump

Thanks sir can u tell us after doing the coin flip up to 256 times how to use ecc on paper to do the maths and find the public key and without touching the internet how to find the point g in ec and to calculate the bitcoin address.....

@aantonop

6 жыл бұрын

If you need an explanation on this, you should buy a hardware wallet. But, you can find this information in my book (github.com/bitcoinbook). The numbers (curve parameters G, p etc) are listed in the NIST specification, in any library that implements secp256k1 etc.

@nion456789

6 жыл бұрын

aantonop Thanks sir i din't understood the curve paramater g...etc

What hardware wallet?

Raspberry pi or an arduino/mcu (I'm a do it my own damn self kinda guy, helps with learn the intricacies of the tech)

I realize this is off topic but do you realize that as desperation sets in for the "money managers", they will be forced to implement a universal basic income to keep people using "their" currency. What effect do you think that will have on bitcoin adoption?

@b.griffin317

5 жыл бұрын

UBI isn't about using "their" currency. if people don't use a given currency, fiat or crypto, they will just off ramp all those UBI checks to crypto as soon as they come in.

Can two different peoples bitcoin be stored on the same Nano S with two seperate wallet addresses (my father storing his bitcoin on my Ledger?

@sunking25

6 жыл бұрын

My fathers bitcoin is on coinbase, i was asking can he have a seperate wallet to mine but using my nano, i suppose i could wipe and create a new backup words for him, but can he store it on mine in a seperate wallet.

@Out_of_Czech

6 жыл бұрын

Not 100% sure at this moment, but I think you can create several (max 4) BTC accounts (addresses) in Nano S.

@aantonop

6 жыл бұрын

You can use two different passphrases to have two different accounts, independent of each other. Without the passphrase, you can't access the "other" account. They share a single seed, but are independent.

Why not generate transactions offline which only show that they are valid transactions. Can be done with Electrum. Then submit these transactions online. No private key involved online.

@patrickfurtner4498

6 жыл бұрын

Because not everybody is a tech nerd ;-). Andreas is taking about the general public.

@knowledgeharvester5438

3 жыл бұрын

Offline transactions is the way to go, and btw is electrum the only wallet allowing users to do offline transactions?

Can multiple hardware wallets store the same private key? I like the idea that if my house burns down, there's a spare out there some where

@aantonop

6 жыл бұрын

(see 6:31) Yes, the same private key can be stored on multiple wallets simultaneously, as long as they are compatible.

@hynjus001

6 жыл бұрын

Thank you for the reply!

Why you shouldnt use a usb drive that was connected to an online computer to generate a paper wallet on an offline computer? If the private key is generated offline and you destroy that pendrive later that information will never leave the offline computer. The only risk is having a corrupted wallet generator, but if you download the html file directly from GitHub its pretty secure.

@sunchips5

6 жыл бұрын

André Vidiz Agreed! The biggest risk of generating a cold storage wallet offline seems to be with a compromised wallet generator in which a sophisticated bad actor knows what private keys are gonna be generated when going through this process.

@chubitos

6 жыл бұрын

Exactly. And all the cockpit mistakes the user can make. In general I agree with the video: its safer to use a hardware wallet

doensn't the Wallet stays registered on the Blockchain? how does it can be created offline?

@aantonop

6 жыл бұрын

A wallet is really a keychain. A key is a number. It is not "registered" anywhere. Until your address receives funds it is not known by anyone. You can generate a key by flipping a coin 256 times and doing all the math with pencil and paper (if you had to). Or any offline secure device, such as a hardware wallet connected to power over USB (not a computer, just power).

@DeVerm123

3 жыл бұрын

@@aantonop what if the offline generated private key for the paper wallet, and/or the bitcoin address, is already in use?

Andreas, what about using a virtual machine with new OS installation to generate paper wallet?

@aantonop

6 жыл бұрын

Virtual machines can be compromised easily from the host OS. Not secure.

@FajorMuckup

6 жыл бұрын

A vm is better than using your system without it for sure. But it's not as secure as an offline computer. For example, if you want to print (assuming that would include the priv key), this print job goes through your main OS and printer.

@rentacowisgoogle

6 жыл бұрын

disconnect from the internet, generate the wallet and then reinstall the OS before going back online if you absolutely must

Hi Andreas, I love all your work, but don’t you think there is a major problem if the internet of money requires everyone to have an “air gapped computer” and run a node (maybe I’m not sure you advocate everyone should do this)? Listening to the latest talks from bitcoin cash maximalist such as nChain etc. sounds way way better if what they are saying is true (threshold signatures enabling complete secure web / mobile wallets). What does everyone think ? I’m positive for lightening and the suggested path for bitcoin cash, I was something real and useable and everyone is using it!!!

@aantonop

6 жыл бұрын

A hardware wallet will work fine. They're getting cheaper and more secure with each iteration.

@thomasmcgregor3302

6 жыл бұрын

aantonop, thanks for replying. The current gen of popular hardware wallets use STM32 microcontrollers to realise signatures and some have an additional chip to generate and store private keys via PRNG functionality, technically I hope this is secure but for certain this circuit should be extremely cheap to manufacture and low cost for any R&D. So, imagine old mate in Unbanked land, will he be able to use this even if he could afford it? Perhaps if these hardware wallet chips were built integrated into a phone or at least easy to pair with any phone it would be ok for the mass market. I hope there is an alternative approach: maybe a wallet service with a multisig so your mobile app has a hot key and your account on a web service runs secure hardware for providing the second signature on your behalf and then broadcasts transaction for you?

@b.griffin317

5 жыл бұрын

@@thomasmcgregor3302if its built into your phone, isn't it suspect at that point? what if it is compromised and you have to get another one? also not everyone has/wants a phone (given that they are personal tracking beakons/audio-video buds for the telecoms/NSA).

I understand you are trying to balance this to drive adoption, but I still disagree with this hardware wallet shilling of yours. You say banks will steal our money, if opportunity is presented, yet you offer us to trust some HW-manufacturing company not to temper with HWs they are selling. I believe we need something like 3d-printable open hardware asic (peer-reviewable by everyone), that would convert sha-256 to public addresses. That would be sufficient for my paranoia.

Sir, I hope you are aware of the situation in India regarding India's Central Bank (Reserve Bank of India) ring fencing regulated entities from virtual currencies. Can you show us a way how we can use other service to convert our crypto into fiat? Or any other solution you have. We would be very greatfull to you Sir.

@b.griffin317

5 жыл бұрын

localbitcoins, hodl, bisq, any peer-to-peer exchange really.

How do we know the companies making the hardware wallets don't have something hidden inside that'll take everyone's money someday

@FellowWorldCitizen

6 жыл бұрын

sourdonkeyjuice because they are open source in case of bitcoin core, or because you trust the wallet provider.

@patrickfurtner4498

6 жыл бұрын

At ledger e.g. to stick will ask you some words from your phrase after first installing it. Additionally these companies live and earn there money by providing these solutions, so they don't have an incentive to produce bad, hackable products. They want to have a secure product, that everybody buy one of them. Never order such devises from third party offerings, just from the official website!

@aantonop

6 жыл бұрын

For some you can inspect the source code. For others you have to have a bit of trust. But the same question applies to Intel/AMD laptops, desktop operating systems etc. For those, we *already know* that they are full of unpatched vulnerabilities, firmware and hardware vulnerabilities, "management" backdoors, vendor crapware, compromised distribution chains and an enormous attack surface.

@FajorMuckup

6 жыл бұрын

The fact that it's open source and reviewed doesn't mean anything. You have to then also read the memory on the thing itself, check that it hashes to same has as the published reviewed open source code, and then trust the hardware works as you think it does. We don't use any hardware wallet for securing funds because it can't be trusted.

@sunchips5

6 жыл бұрын

lnternet RB Who's "we". Then how do you secure funds, if it's not using a hardware wallet? If you use cold storage, how are you coming up with your private keys and protecting yourself against corrupt cold storage wallet generators?

Yeah but how to trust hardware wallet manufacturers

Maybe a raspberry pi would be a cheap way to generate paper wallet? Can keep separate SD card with clean Linux installation on it. And raspberry pi's are cheap.

@aantonop

6 жыл бұрын

A "clean Linux installation" is the hard part. How do you do that? Where do you download it? How do you audit it? As someone who used to build airgapped machines I can tell you that it's not easy. Not even for someone with a LOT of experience.

@feroze170

6 жыл бұрын

Yah security is really hard. I like the Trezor. Sometimes I worry that a device like the Trezor will stop working. You can always use the mnemonic passphrase to recover. But you have to keep the passphrase safe. It is the fight between the more secure it is, the harder it is for the owner to access as well, with the increased risk of making a mistake, or some unforeseen circumstance that leads to you losing your own private keys. In a possible future where most people have their entire savings in bitcoin, is it ever a good idea to involve a trusted 3rd party to help you secure bitcoins, and only allow you access? Like a bitcoin bank? If so, how much would you trust with this party and how much would you keep in cold storage? Or would it be ok to keep your entire life savings yourself, on let's say multiple hardware wallets? What is the best way to make sure you will always have access to your Bitcoin, like a way to always remember your passphrase while not allowing others access to it? Seems like a hard problem when there​ is a lot of money on the line.

@aantonop

6 жыл бұрын

It is a hard problem. No harder than securely storing a paper wallet, though. Physical security is something we have millennia of experience with, as a species. Use a hardware wallet. Store the seed and BIP39 passphrase in a safe, safe-deposit box, bank vault, private vault company. Store the seed and BIP39 passphrase in two or three different (geographically diverse) locations, each with high physical security.

@protectingcoin4200

6 жыл бұрын

A bank box or private vault box will also soon have an option of a crypto insurance policy to be placed on the wallet or seed stored in the box. It is launching late April and a policy can be as low as $5K to more than $5 Million.

@feroze170

6 жыл бұрын

Very interesting idea to just store the BIP39 passphrase in the vault. The Trezor comes with a backup passphrase and one could store that in a bank or private vault. I would think that someone with multi-millions of dollars worth of bitcoin would need to have a team of people figuring out how to keep it all safe. Because the person could quite literally loose it all if someone was able to steal the funds.

Can you tell us how to get BTC off a paper wallet safely. Thanks

@aantonop

3 жыл бұрын

Use a wallet that has an "import" or "sweep" function that moves all of the bitcoin off a paper wallet with a transaction.

@alexleach4002

3 жыл бұрын

Thank you so much! Is there one you recommend? Can you do this with a ledger?

@zackhighland7287

2 жыл бұрын

So, I guess... Sweeping costs transaction fees and importing the private keys is free.

I understand that private key are just random characters generated in a fixed length but the question that confuses me is how does the wallet generator know whether the keys it just generated has not been generated by someone else before if it generates offline? Do they have a code that checks this at all? I know it is a long shot but I am curious...

Using paper wallets, don’t use them?

@aantonop

6 жыл бұрын

Use hardware wallet. Unless you are an infosec expert with the ability to create a fully airgapped computer (there are maybe 1000 of those in all of our cryptocurrency industry), use a hardware wallet.

I think you got this slightly wrong Andreas. It's not about a computer that has never been online. It's about a computer that will never ever be online in the future. A computer that's infected can still be used to safely create paper wallets. Just don't let it touch the internet ever again. Same for USB: you can use any USB or other media to put data onto your cold-computer. You just can't let them touch a hot-computer afterwards; meaning they are single-use. Copy over software and destroy them.

@aantonop

6 жыл бұрын

A computer that has previously been infected can be made to generate a private key that has already been compromised in advance. No need to exfiltrate any data.

So Exodus is probably not a good idea ? lol

Reserve Bank Of India banned crypto. Please make a video around that topic?

@b.griffin317

5 жыл бұрын

localbitcoins, bisq, hodl, wall of coins. or just engage in a business that accepts BTC as payment.

What are your thoughts on the news of George Soros coming into the market?

@aantonop

6 жыл бұрын

WelcomeGeorge! As I say to everyone: Focus on technology not price

I respectfully disagree and ask all of you, to please tell me, where I am wrong: Issue 1 (special case).: How and why would anyone creating a paper wallet even consider using a printer or plotter? Honestly? Did we forget to use a pen and write down a terribly long public key from a screen? (like 40chars or so...) Issue 2 (generally).: How does ANYTHING, that happened on a computer BEFORE I generate my public key out of the private one have an effect on my private-keys afterlife? Seriously? I've done it several times, and what was sad is logically false. Please give me your best shot, and tell me, even if on a theoretical level: - if you had unlimited access to my computer BEFORE I generate my public key, how would you screw me? Please, I honestly need to know. There is only one information leaving said computer, through one interface, and that is the public key which I READ from the screen. So unless the public key itself does not point to my private key, which is checked with a tiny amount as soon as your finished, I do not see, how you access my funds. A paper wallets security is SCALABLE, and you do not need to go to places, that never existed. And the massive difference between a quite easily generated paper key-pair and a hard wallet is, that you can reasonably say: you did not have to trust ANYONE. If there was anything corrupted on the way, you notice it. BTW paper wallet for that matter = analog wallet. Its the computers afterlife, that matters, not what happened before! That's a huge difference, but that you can CONTROL! I've been wrong many times, I just don't see, where I could be wrong in this case. Cheers

@aantonop

6 жыл бұрын

A compromised computer, containing malware, can generate a private key from a compromised source of entropy, allowing the attacker to make your computer generate a private key they already know. Then they wait for you to put a lot of money into it and they take the money. It has actually happened, due to a broken random number generator, but could also happen due to malware. Given that most people would use one of a handful of paper wallet generating software, it is not hard to design malware to detect the presence of that software and make it produce a specific key.

@sunchips5

6 жыл бұрын

aantonop i think this is the biggest risk to diy cold storage.

I disagree that hardware wallets are easier to use. My Trezor required a firmware update that took me 8 hours to complete. It was the most stressful 8 hours of my life and it failed many times. These hardware wallets are all garbage, just read all the negative amazon reviews. They break, they fail, the require constant firmware upgrades. And where are the internal components all manufactured?….China.

Andreas this is horrible advice at the end of the video. DO NOT keep your seed written down as is. Always encrypt it before storing it. And more importantly, DO NOT keep all your coins in a single wallet. Use at least 2 different wallets, each having different hardware, software, and seed. This will ensure that if the worst happens, you still got half the coins.

@nigtau2715

6 жыл бұрын

Pineapple29 I do exactly that!

@aantonop

6 жыл бұрын

And where do you store the encryption key? Also on paper? If so, you should use a BIP39 passphrase rather than apply your own encryption. Much more has been lost because of poorly executed DIY encryption than theft. A properly secured paper backup is much more resilient than a DIY encryption scheme, where you haven't backed up the encryption key. It's not horrible advice. It's the correct balance of security and resilience, an expert opinion, based on decades of experience in risk analysis and infosec.

@mulimotola44

6 жыл бұрын

You'd store the encryption key on paper in a separate secure location, also backing it up. So you'd have backups for both the encrypted seed and the encryption key. If you only write the seed as is, without even splitting the words, you present a single point of failure. The idea of diversifying risk is written in your own book, Mastering Bitcoin, so I'm surprised you don't mention it in the video. I understand that most people lose their password more often than get their wallets stolen. But there must be a better advice than letting their inadequacy dictate long term security practices. I actually use a repeating reminder in my calendar once a week to go over my entire security protocol, including remembering passwords and the location of my backups.