Should you run a full node with a hardware wallet like Trezor? What are the main factors to monetary sovereignty? Self-validation of the consensus rules and controlling your own keys. What are the issues with using a custodial wallet or a block explorer? What is BIP-174?

More about Electrum wallet: https://electrum.org/#home
More on Electrum Personal Server: https://github.com/chris-belcher/electrum-personal-server
More on Trace Mayer’s monetary sovereignty initiative: https://www.proofofkeys.com/
More on BIP-174: https://github.com/bitcoin/bips/blob/master/bip-0174.mediawiki

CORRECTION: At 3:59, I mistakenly named “Bitblocks” as a hardware wallet. It is not a hardware wallet. I meant to say “BitBox.”

This question is from the December monthly subscriber session, which took place on December 15th 2018. 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

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18 COMMENTS

  1. Another solution you can do is to use the software provided by Trezor, but import the read-only BIP32 keys to Bitcoin Core, and check that you really recieved the money (for sending there's no need for checking, as it doesn't require full trust).

  2. I'm running a full node, but NOT using it for transactions, for the simple reason, that if I get hacked, and they somehow get my entire D:BTCCore folder, I've lost my Bitcoin. Haven't I?
    Using a Trezor, even if they break in and steal it, they still can't get they keys. I'm using both password and pass-phrases.
    I really wish the Core team would support hardware wallets directly. Obviously, I have no idea what it takes to do that. Maybe their time is just better spent elsewhere. But it would be the optimal solution, wouldn't it? Owning your keys, validating your own transactions. Will look into Electrum.

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