What is a hierarchical deterministic (HD) wallet? How are paper wallets different from hardware wallets? Which of the Bitcoin wallets and / or clients (mobile, desktop, hardware) is best for storing coins? Are hardware wallets with Bluetooth secure? Regarding desktop wallets, what happens if your hard drive fails? Should you use different tools for storage of keys versus spending? Should you encrypt a text file for cold storage of keys?

These questions are from the fourth session of MOOC 11, which took place on February 22nd 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

RELATED:
Are hardware wallets secure enough? – https://youtu.be/3zNVDIz6Snw
How do I choose a wallet? – https://youtu.be/tN6b62sEpsY
Secure, tiered storage system – https://youtu.be/uYIVuZgN95M
Hardware wallets and attack surface – https://youtu.be/8mpDcBfNA7g
Setting up secure storage devices – https://youtu.be/wZ9LxLLvfXc
What is a private key? – https://youtu.be/xxfUpIV9wRI
How do mneomonic seeds work? – https://youtu.be/wWCIQFNf_8g
Using paper wallets – https://youtu.be/cKehFazo8Pw
Wallet design and mass adoption – https://youtu.be/WbZX6BDZJHc
Cryptographic primitives – https://youtu.be/RIckQ6RBt5E
Public keys vs. addresses – https://youtu.be/8es3qQWkEiU
Re-using addresses – https://youtu.be/4A3urPFkx8g
Passphrases and seed storage – https://youtu.be/jP7pEgBpaO0
Coin selection and privacy – https://youtu.be/3Ck683CQGAQ
Multi-signature and distributed storage – https://youtu.be/cAP2u6w_1-k
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
Is quantum computing a threat? – https://youtu.be/wlzJyp3Qm7s
How to get people to care about security – https://youtu.be/Ji1lS9NMz1E
Wallets, nodes, and monetary sovereignty – https://youtu.be/8Hb3tUn8s4E

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money” series, and “Mastering Ethereum.”

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
German, ‘Das Internet des Geldes’ (v1) – https://amzn.to/2LEiyqO
German, ‘Das Internet des Geldes’ (v2) – https://amzn.to/2VCzse5
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM: https://amzn.to/2xdxmlK

Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)

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49 COMMENTS

  3. How do you trust the manufacturer of the hardware wallet? For example, how can you know that the private keys being generated on say a Ledger are truly random, and that the device isn't sending the private keys over somewhere?

  4. Thanks for these helpful informations!!

    you don't trust softwares running on desktop or mobile

    but why do you trust hardware devices?

    in reality we trust humans who made these software and devices

    why do you think we should trust hardware devices?

  8. wow such an useful video. Im reading alot on crypto for more than 2 years, however the fact that remain balance gets transfered to another address was complete new to me. Thanks!

  9. Thank you again Andrea's Antonolupos.
    It would be received with great gratitude if someone would provide links to clear step by step instructional videos and pictograms that could be followed by the 6 to 60+ general population.
    If you believe there's room for improvement with what already exists do you and others known to you have the combined resources to do so. No need to ask permission to engage in this creative destruction.
    Is bitcoin not the seed that is the gift to humanity that offers a true alternative beyond the illusion of choice.
    If we the uneducated unexperienced among those who have an interest what bitcoin is can educate even 5 people who then educate a further 5 and so on to safely aquire/purchase, store and transact in bitcoin then we all benefit, have the ability and opportunity to contribute.

  10. Just reading ch 8 Internet of money, fantastic tech!! Thank you for sharing this treasure! I am an artist a a very visual person, visual aids would be very helpful in sharing this info. This is going to CHANGE our WORLD! I want to help share this tech, imagine a world where the "other" 5 billion people are brought into the modern economy! That will be growth

  12. Good info but here Andreas is being a bit disingenuous when he says he's changing his cold storage "about every 6 months".

    I'm guessing the more accurate answer is that he relies heavily on the Ledger Nano S, the Ledger Blue and the Ledger X. Just a guess based upon the fact that Ledger is pretty far ahead of most other cold storage device companies. In fact, they're launching the Ledger Vault for businesses and yes I hate the overused use of the word "enterprise". Prior to 2015 no one was really using that. It came into common usage around the time "literally" made its unfortunate move from a word that actually has a meaning, to a word that is used inaccurately and inappropriately to such an extent as to make me want to puke all over the planet on a daily basis. Probably the same way some of you reading this feel about my verbosity. And some may even be thinking . . . wow! "verbosity"! That's a big word for a half wit. All of that drivel aside . . . the Ledger Vault is actually new technology that no other company is using. And no I'm not part of the company, or an investor and no I don't use Ledger Vault because I'm not a small company.

    My main point here is that I wish Andreas had shared with the viewer which cold storage device he CURRENTLY is using and feeling safe about.

    Sigh.

    JB

  20. The obvious reality that hardware wallets will not remain reliable over time (because of changes in business and logistical practices of the manufacturer – and due to business failures, mergers, etc) frankly never occurred to me before, and this makes hardware wallets an absolute nonstarter for the average human being. The idea that Joe and Jane 6 pack will accept going to the trouble of periodically (in a very complex and risky process) shifting to an entirely new hardware wallet to keep their vital savings safe, is simply absurd.

    For widespread adoption to succeed, the average human being needs to be able to put their keys on a hardware wallet and be absolutely assured that they can go to that wallet 100 years later and withdraw their funds easily and successfully.

    Until that guarantee is in place, any sane lay consumer will choose an insured custody provider like Coinbase, and not a hardware wallet.

    Those of you in cryptocurrency tech need to put yourselves in the shoes of the lay person and do serious work to quickly solve this problem, or the vision of a peer to peer, uncensored, democratic economic system will never happen.

  28. Hello! I really enjoy listening to Your You tube videos, Your knowledge of blockchain and cryptocurrencies is incredible! I have a question for You. Last week I made the mistake of sending USDT from My Finance account to the wallet address supplied for My Shakepay account in Canada. Shakepay tells Me that because they do not handle USDT they are not sure they can retrieve those funds for Me. Is there anyway that I would be able to have the funds returned to My Binance account, or are they lost forever? Thank You for Your time!

  36. It is also important to know the derivation path of the wallet software you are using. Different wallet software do not all derive keys from the same derivation path, and so importing your seed phrase into a wallet with different derivation will show a balance of 0 with completely different addresses.

    Be sure to write down the derivation path if you know it, along with your seed.

  38. Bitcoin is currently my most favorite thing and i completely love the technology behind it out of which has spewed several other coins. I know its quite unclear for many how lucrative bitcoin is currently as most people have lost several thousands of dollars already in holding their coins. In my case, i have earned thousands by following a less talked about approach which is day trading. Trading is less affected by the speculative and unpredictable nature of cryptocurrency and with the right techniques and expertise, you can easily earn so much when others are actually making loses in an unstable market. Several ways to make consistent profit but the safest and easiest would be using the guidance, signals and already proven trade strategies of a successful trader. Quite a few of them but my favorite would always remain Mrs Elizabeth Gibbons. I was able to easily triple my portfolio in just 4 weeks of trading with her. It would be only fair for me not to hide such a gem in the space. You can reach her on Gmail(elizabethgibbons254@gmail. com) and ask her pretty much anything about trading and how she can help you become a better and more profitable in trading cryptocurrency.

  42. I dont understand 8:22. He says that he get access to hardware wallets through some mobile and desktop wallets, but how so without importing the hardware wallets and entering the phrase of it?

  44. somehow i found a better solution than any standard:
    just use an old phone. make sure the wifi and everything on it is disabled / broken and use a multisig address that requires the offline phone and your normal phone.

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