Bitcoin Q&A: Can You Trust a Hardware Wallet to Generate Your Seed?

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Can hardware wallets be trusted to generate seeds for you? What are the risks of trusting these devices? How can you use them securely without making things too complex and causing yourself more problems?
Chapters
0:00 How can we minimize the amount of trust that we put in third parties?
2:37 How do we trust the seeds that are generated on these devices?
4:20 If you were to put millions of dollars in these devices, you probably need to take some precautions
This question is from the bonus Q&A session on security, which took place on March 28th, 2020. If you want early-access to talks and a chance to ask questions in the monthly live Q&As with Andreas, become a Community Builder on Patreon: / aantonop
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Andreas M. Antonopoulos is a best-selling author, speaker, educator, and highly sought after expert in Bitcoin and open blockchain technologies. Andreas has written two best-selling technical books for programmers, “Mastering Bitcoin” and “Mastering Ethereum”. He has published “The Internet of Money” series of books, which focus on the social, political, and economic importance and implications of these technologies. He is known for making complex subjects easy to understand and highlighting both the positive and negative impacts these technologies can have on our global societies.
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3 авг 2024

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Комментарии : 105

@SocraticMethodGuy 4 года назад

This man is a hero plus genius

@abedrole7512 4 года назад

0:40 "Trying to do elliptic curve multiplication or hashing by pencil & paper is probably too difficult for most people" => Like this comment if you think he did just that for his own wallet xD

@Juznik1389 4 года назад

Hah, was about to write it! And only need to do it once too. I'm tempted

@Redreynard Год назад

It's May 2023. The middle of the Ledger backdoor controversy. And I was not happy. But this video has helped me calm down a bit. .... I think that Ledger should make Andreas their press spokeman!

@jllarivee60 3 года назад

Andreas should do a step by step tutorial on generating a seed by rolling dice or cards. That would be fun to watch.

@margoomahony9565 4 года назад

great question, well explained as always. Thanks again AA.

@chico280 4 года назад

Thank you! I've asked this question to myself numerous times.

@rickparker8036 4 года назад

Fantastic as always!

@cococrypto1381 4 года назад

My advice is to check if your mnemotics are in a book and then write down the page, line and word number on a paper. Even someone find your paper, you will not have to worry. My second advice is to create a second mnemonic key and wallets and in case of emergency transfer all your assets on them.

@Kerrington_John 4 месяца назад

Could you explain further ?

@bradmarcus26 4 месяца назад

Horrible advice. They can check to see if you have done search engine searches for the word mneumonics as well as the books recommended.

@Nuf1337 4 года назад

How do you trust your pen?

@timurtimak6372 4 года назад

How do you trust yourself?)

@Blackwingsss 4 года назад

What if im mindcontrolled by 5G

@cococrypto1381 4 года назад

Especially if its name is Lepen.

@Juznik1389 4 года назад

You can't, the angle of the led, the pressure asserted on the pens led and grip can be measured against the persons regular writing and recreated with enough combinations to get the correct characters🤯😁

@MitchellCallahan 3 года назад

Using a dice roll and writing it on paper.

@TheEVGAftw 4 года назад

Great video, just got a trezor

@mrjam6767 3 года назад

very well layed out

@OscarHerrera-xc4to 3 года назад

thanks bro!

@MarceloRodrigues-ch1lv 4 года назад

excelent video

@infatuationirony 4 года назад

Great explanation! Would you consider doing a review on a non-open source BC-Vault wallet?

@willjensen4261 4 года назад

Thanks🤙

@deaconjamesk 4 года назад

I have bought every one of Andreas' books They are awesome! 'The internet of things volume 3' just arrived and I will be reading it over the next couple weeks! Highly recommend guys and gals! I have a question for Andreas... 50 Times multiplier is the figure I have heard in this space for a while Can you explain why crypto has a 50 x Multiplier marketcap? a)What contributes to create that? b)Who sets it? c)Could the multiplier lower in the future?

@wrfootball3847 4 года назад

Mastering Bitcoin is incredible.

@PoppyRaid 4 года назад

Elliptic curve calculations “Probably” to difficult for most people 😂👏✌️

@user-pf1wc3fu1t 15 дней назад

Sending you love from July 2024! ❤

@baronsilverbaron757 8 месяцев назад

Excellent. I would think that by far the most losses come from user mistakes. The simpler the hard wallet the better.

@xmenmerex1376 4 года назад

I'm on Paper Wallet. Better than hardwares.

@azoresmarine 4 года назад

Obrigado

@televolna 4 года назад

Making our own seed phrase...if I am right it has checksum and must be created according certain rules. Or not?

@irclaw42 4 года назад

How do we know the manufacturer doesn't keep a copy of the mnemonic phrase?

@davids4063 3 года назад

Great answer Anton, and thank you! I have a few other questions. We have 2048 word for 12, 24, and 48 word mnemonic phrases. How many combinations are there? Are there more possible ways to create wallets than this? Will the world ever run out of private keys to be generated? Lastly, an observation, it seems as though one could attempt to use dice rolls or some other form of entropy to generate a new wallet, but then randomly generate an already used private key and accidentally discover someone elses bitcoin.

@localtribe2851 3 года назад

Check his other video

@IRGhost0 Год назад

You’d multiply 2048 by itself the number of times that’s the number of words in the mnemonic phrase.

@gumed85 4 месяца назад

Respectfully, one should learn how to do all these steps to create an off-line seed, for the sole purpose of understanding the fundamentals, even if you are going to use a comercial hardwallet.

@TALKCalgary 2 года назад

Perhaps you should be discussing the issues with BIP39.

@Mr25thfret 2 года назад

How about owning a hardware wallet, transfer your crypto to it then create a paper wallet to store the bulk of your crypto?

@kimgaugemusic Год назад

❤

@sl523 4 года назад

Surprised you didn't include "optional passphrase"

@ThedudeMMXlll 3 года назад

Can you make a 2021 video plz.

@ChitranjanBaghiofficial 4 года назад

How does Digibyte's MultiShield works?

@izzylogan25 2 года назад

Some people are talking about diy cold wallet manufacture

@andrewjeremysilke 4 года назад

Your logo is your hairline. Brilliant.

@rogernevez5187 4 года назад

Is there a secure algorithm to generate private keys from a seed ???

@Ones_Complement 7 месяцев назад

How do you know the wallet is not generating a fake seed from your dice rolls with a private key already known by a malicious employee? If the answer is "you don't", is there a safer alternative?

@zorg621 5 месяцев назад

There's a really great guide on their website on how you can verify it. Would recommend you checkout their docs and read the guide.

@lordswaggity1213 4 года назад

I need dat SEED (:

@chrisone8283 4 года назад

What is wrong with Tails? I’ll take that any day over a black box which is connected to an internet device, not to mention it’s free

@Quantris 4 года назад

Nothing is wrong with Tails per se but the point is Tails' threat model doesn't protect you from compromised hardware. It's also not newbie friendly so as a recommendation for newbies, "use a hardware wallet" is probably the winner.

@GiffysChannel Год назад

What about using bitaddress on an air gapped device?

@biochemistry870 4 года назад

If you manually generate your mnemonic phrase offline, you'll have to insert it into your hardware wallet to produce addresses right? So it will be exposed to hypothetical backdoors anyway. Or am I wrong?

@kloonaajakloonaaja 4 года назад

No. Hardware is offline device. You can test that the out puts are same, after using few sets on it and in some random web sites. If they match, it means that it's probably almost impossible for the hardware maker to get your account keys from their device, what they made for you. But testing is the key on this. Blind trust is not a good thing.

@billfrenger8955 4 месяца назад

Thank you Andreas. What if a government seizes the internet in it's jurisdiction and requires a government issued "Driver's License" in order to gain access?

@fromeddie 4 года назад

No!

@PoppyRaid 4 года назад

Andreas could you update to present day your confidence in a 51% attack on bitcoin , or is it tge sane result as from 2015. ? 😉Many thanks

@Covalent5 4 года назад

It’s even harder now! Impossible I would say.

@MitchellCallahan 3 года назад

It already happened, and the result wasn’t nearly as bad as expected.

@Saribex 11 месяцев назад

Well we can have our own entropy for our 24 words with 256 physical dice (1-3 is 0 , 4-6 is 0).

@F16_viper_pilot 9 месяцев назад

Eh, you might want to make one of these ranges equate to a 1.😬

@PietroSperonidiFenizio 4 года назад

It's easy to make the first 23 words of the seed randomly. The problem is always the 24th. Could you give suggestions about that?

@norbertsimon4270 Год назад

hmm Why? is the last word something like a sumcheck validating the combination? If so then the Total number of combinations is not 2048 on the 24th but "only" 2048 on the 23rd... well that is also big enough for me... :-)

@F16_viper_pilot 9 месяцев назад

@@norbertsimon4270Yes, the last word is partially a checksum. The first 3 most significant bits (as I recall) are computed from die rolls or coin flips or whatever, and the last 8 bits are a checksum.

@boyacaxa 4 года назад

I have a question. This devices work with a battery? If so, how to recovery the bitcoins if the battery dies? Or if the device stops working?

@jllarivee60 4 года назад

You're suppose to write down your seed in the event any device breaks.

@lile5341 4 года назад

After you save and written down the seed words, your cryto accounts can be recovered with any other hardware wallet from any manufacturer as long as it support BIP39 (Bitcoin Improvement Proposal 39)

@boyacaxa 4 года назад

@@jllarivee60 thanks

@boyacaxa 4 года назад

@@lile5341 thanks

@majmunbezgaca5220 4 года назад

ok i just have 1 question... what in case that something happens to ledger company and i end up with 24 phrase words and cant recover my coins from ledger... :/

@Quantris 4 года назад

Wallets these days are all following a standard. So you can use these words with a different hardware wallet (or even software wallet) without issue.

@friedrichhayek3683 4 года назад

making your own seedphrase!? We humans CANT create satisfying amounts of entropy

@MitchellCallahan 3 года назад

Dice.

@deminthaashubodha9387 4 года назад

My advice, don't keep all eggs in one basket.

@majmunbezgaca5220 4 года назад

why ? isnt ledger nano best possible way to store coins? :P what can go wrong?

@tikklemeemo1979 3 года назад

Still losing 1 basket would be enough to piss me off

@leemisciali6020 Год назад

Hello. I need some help please. I have some funds which is aparently stuck in the blockchain which came from my Binance page due to minor fees being too low and can’t pay more. Aparently if I add the exact same amount on to my Binance this will release the funds that’s stuck. Is this correct. Also can a third party access my Binance page even when it’s my email/password and passcode

@YouuRayy 4 года назад

what about Mycelium?

@firstlast3507 4 года назад

No.

@DanHaiduc 4 года назад

What about it?

@yawzerdoink-a-sore-as8159 10 месяцев назад

Hello from 2023, Ledger is not trusted anymore, go fig!

@stevolanddownunder3549 Месяц назад

Still the best.

@marvelattar7798 6 месяцев назад

I have recently got into Bitcoin. I was led through the process and got my Bitcoin up to $49,999. The problem is I have maintenance fees of $4100. I have been told that I have to pay the $4100, before I can get the Bitcoin. I live on a fixed income and have not been able to pay the maintenance fee of $4100. What can I do to retrieve my Bitcoin?

@connylaurine745 4 года назад

I just lost all trust in my Ledger Nano S.

@nofood1 4 года назад

just a little I agree, but still got 90% of it in my Ledger.

@friedrichhayek3683 4 года назад

But I don't need trust with my ledger nano s, it comes sealed and you connect it to a power source and generate your seed offline. Ledger is unsatisfying but trezor is cancer

@friedrichhayek3683 4 года назад

Trezor is a nightmare, I don't have a pc but you need one for updating it's firmware

@RandyDupree 4 года назад

I have both Trezor and Ledger and Own a 2015 PC.. Trezor is my choice

@nimohobbs9827 4 года назад

@@RandyDupree I do prefer my Trezor over Ledger also..

@nauxsi 4 года назад

@@nimohobbs9827 is that version 1 or the new one?

@firstlast3507 4 года назад

Sell into this pump.

@kokonato8646 4 года назад

'Cure worse than disease' lol I love your political joke.

@KryptosChain 4 года назад

Me too

@missionpupa 4 года назад

Kokonato he just said no pun intended and yet you still took it as

@hyperskivo8426 4 года назад

Just create a paper wallet on an air gapped computer and burn the computer afterwards.

@securemaple 4 года назад

Crypto was hyped up and touted as cure many problems but we have seen crazy financial situation, printing tons of money etc but the use cases of crypto seem to have not taken any advantage of it. It's still fringe market with manipulation and fluctuations for no reason or logic. If this will ever be mainstream, who knows?? It seems to be turning bit pointless thing.. Anyone agrees? For or against welcome

@jamesm2881 4 года назад

If you do research of what is being developed behind the scenes you would think different. Follow the money .. visa is even getting in on the bitcoin game now

@nauxsi 4 года назад

@@martinlutherkingjr.5582 I'd agree. I would go as far as to say no one(new to the space) should be buying bitcoin between now and halvening event. Just turn off all the videos from day traders, let it drop, check back and in August buy a very small quantity if still intending to.