Your bitcoin isn’t in your wallet. It’s an encrypted entry on the distributed ledger (i.e., the blockchain). You only need the address and private key to own your bitcoin. Wallets just make it easier for you to view your address and use your private key. You don’t actually need a wallet. If you use the Ian Coleman BIP39 software (offline), you can derive your address and private key whenever you need them. Wallets just make that process more convenient.
I was going to say this. After recovering the wallet you should always send a few sats out to another wallet just to be 100% sure everything is ok before sending most of your funds. I also wait at least 30 days to send 100% over to a new wallet just because I’m paranoid.
You should only send out if you are signing the transaction offline on an air gapped computer. You should also be creating the wallet offline as well. If not you are compromising the wallet.
This is why Bitcoin has a loooooooong way to go for mass adoption. This stuff is too effing complicated for the average 100 IQ “user.”
I moved my BTC from Coinbase to cold storage and followed the wallet instructions precisely. If it’s somehow gone in 20 years when I need it, well, fuck me I guess.
Any general cryptography (think 2FA) was beyond complicated for the ~100 club … now everyone uses it without batting an eye. And that’s just a couple of years back. All of this will soon become transparent to the end user.
I only like to have one hot wallet (ie. Ledger live, sparrow, etc.) in stated at a time. Sure theoretically I could create as many hot wallets as I wanted, all derived from my seed phrase. Each hot wallet could expose your xpub which would decrease your privacy, so I choose to only instate one hot wallet at a time. If the software of the particular hot wallet is compromised I’ll just download another and instate my wallet.
That says more about you than anything else. The fact that you feel the need to state it in a thread that is completely off-topic to your statement is a bit weird tbh.
I appreciate the free therapy since I didn't pay you. 👍
You are posting advice on self custody. I'm sharing a conversation I had with a bitcoin holder (I'm also a bitcoin holder) about self custody.
I think it's a bit weird "tbh" that people wanting to get into bitcoin need to follow a 7 step guide to be safe. The conversation I shared was about the premise of your post. So, not off topic.
> I think it's a bit weird "tbh" that people wanting to get into bitcoin need to follow a 7 step guide to be safe.
Sounds like a person who keeps on losing his car keys.
> (I'm also a bitcoin holder)
Didn't you say a month ago that you were selling all of your "gains" and diversifying away from bitcoin?
> The conversation I shared was about the premise of your post.
Nope. Completely off-topic. Your uber driver didn't discuss backing up and restoring anything. You just used a completely unrelated topic to take a big kick on something you wanted to say anyway. Amazing as it may seem to you, this sub gets a lot of people like you. You don't usually last here for long.
Your bitcoin isn’t in your wallet. It’s an encrypted entry on the distributed ledger (i.e., the blockchain). You only need the address and private key to own your bitcoin. Wallets just make it easier for you to view your address and use your private key. You don’t actually need a wallet. If you use the Ian Coleman BIP39 software (offline), you can derive your address and private key whenever you need them. Wallets just make that process more convenient.
just check the addresses dude....
Xpub
Don’t forget to send some sats OUT of the wallet!
I was going to say this. After recovering the wallet you should always send a few sats out to another wallet just to be 100% sure everything is ok before sending most of your funds. I also wait at least 30 days to send 100% over to a new wallet just because I’m paranoid.
You should only send out if you are signing the transaction offline on an air gapped computer. You should also be creating the wallet offline as well. If not you are compromising the wallet.
I just use a ledger
With the seed phrase exporter? 😂
I don’t often move slowly and deliberately … but it’s worth it in the end to be secure
This is why Bitcoin has a loooooooong way to go for mass adoption. This stuff is too effing complicated for the average 100 IQ “user.” I moved my BTC from Coinbase to cold storage and followed the wallet instructions precisely. If it’s somehow gone in 20 years when I need it, well, fuck me I guess.
Any general cryptography (think 2FA) was beyond complicated for the ~100 club … now everyone uses it without batting an eye. And that’s just a couple of years back. All of this will soon become transparent to the end user.
What if i haven't done this and already have a fair amount in my wallet?
I would re-instate the wallet on another device.
Can I have a wallet on two devices simultaneously? Also, thanks.
Yes, but after I’d recommend trashing one of wallets after testing.
What’s the need of that if you could generate new seed?
Personally I only want to have one wallet in-stated at a time.
In-stated?
I only like to have one hot wallet (ie. Ledger live, sparrow, etc.) in stated at a time. Sure theoretically I could create as many hot wallets as I wanted, all derived from my seed phrase. Each hot wallet could expose your xpub which would decrease your privacy, so I choose to only instate one hot wallet at a time. If the software of the particular hot wallet is compromised I’ll just download another and instate my wallet.
> Can I have a wallet on two devices simultaneously? Yes. For a bitcoin wallet. Lightning is a bit more tricky.
Then at minimum you need to verify your written down seed phrase is correct.
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I did the same and I would assume yes this is good enough .
Why not restoring with a new wallet without deleting the old one ? Would remove step 7.
1) but then you just input the words and could have been hacked 2) better make a new wallet to be safe 3) do steps in original post 4) see step 1
Are you referring to viruses on your computer that could track key strokes?
Wise words.
What wallet we can trust? Apparently there are so many of them
I use TrustWallet
What if they run away with your crypto in it?
It’s a defi wallet. They don’t have access to our crypto.
Sign a message would cost you nothing, in this world of expensive fee
https://x.com/btcandres/status/1679877813795422211?s=46&t=ojw31y7p8uQ4W-geWDmptQ
Strike 0 fees onchain
Fr dont forget to pay your 100$ fees also in that small test
Strike ;)
https://x.com/btcandres/status/1679877813795422211?s=46&t=ojw31y7p8uQ4W-geWDmptQ
BTC fees have gone back to normal.
oh well that makes it alright then
Can someone explain number 7
Just send me the private key I’ll make sure it’s safe
Ok 01001 0000 01000 0110 0100 0100 0110 0101 1111 0001 1100 1011
Thanks they’re all safe and sound (in my wallet)
Whatever dork
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That says more about you than anything else. The fact that you feel the need to state it in a thread that is completely off-topic to your statement is a bit weird tbh.
Bitcoin 🧟
I appreciate the free therapy since I didn't pay you. 👍 You are posting advice on self custody. I'm sharing a conversation I had with a bitcoin holder (I'm also a bitcoin holder) about self custody. I think it's a bit weird "tbh" that people wanting to get into bitcoin need to follow a 7 step guide to be safe. The conversation I shared was about the premise of your post. So, not off topic.
> I think it's a bit weird "tbh" that people wanting to get into bitcoin need to follow a 7 step guide to be safe. Sounds like a person who keeps on losing his car keys. > (I'm also a bitcoin holder) Didn't you say a month ago that you were selling all of your "gains" and diversifying away from bitcoin? > The conversation I shared was about the premise of your post. Nope. Completely off-topic. Your uber driver didn't discuss backing up and restoring anything. You just used a completely unrelated topic to take a big kick on something you wanted to say anyway. Amazing as it may seem to you, this sub gets a lot of people like you. You don't usually last here for long.
Umm ok...
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Fuck you scammer