How To Lose Your Bitcoin (Instantly)

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In this video, I discuss common mistakes that people make using hardware wallets that result in their Bitcoin being stolen instantly.

When you set up a new hardware wallet, you should always generate a fresh recovery seed and then a fresh receive address. Use your old hardware wallet to sign a transaction that sends your BTC to that new fresh receive address that's controlled by the new hardware wallet.

If you input your old recovery seed into a new hardware wallet, you've basically just reconstituted your Bitcoin holdings and their private keys on that new device. This is fine if your only goal is to have a new signing device to use.

It's not fine if you are worried about your old hardware wallet and recovery seed having been compromised.

Not investment advice! Consult a financial advisor.

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Disclaimer

[Bitcoin_University]

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[fowchiiiliedpuppiesdied]

Thank you, again and again, for these videos. I’m sure you have felt apprehension at times, for choices you have made, that put you in the line of fire, and I just thank you, from the bottom of my heart, that you did it anyway.

[derek.seaborn]

So sad to hear about these stories. For all listeners, if any of your friends or family hold bitcoin, *please* ensure they fully understand how to protect themselves. That’s how you can help Bitcoin.

[Dan-p]

Thanks again Matt for another excellent video presentation on a topic that can never grow old.

[dorfjungegeorg]

It is absolutely unbelievable how someone can understand the flaws of the fiat system, understands why bitcoin is the solution, understands why a hardware wallet is more secure, takes all the extra effort and gets one and then does such a mistake...

[rickyvera]

Thank you for all the applicable, useful education & research shared on this platform. You are an awesome presenter. You are appreciated.

[johnnymidas]

GOOD MORNING MATHEW 🌄 THANKS FOR THE INFO!!

[roadrunner]

The back-catalog of videos is definitely worth watching. The majority are not time-dependent -- they apply to any time and place.

[JanPBtest]

I think the root cause of many incidents is that many people assume the coins reside _in_ the wallet (which is false, bitcoins reside in the cloud, on the Internet). A lot of grief would likely be saved if instead of calling those devices "wallets" we called them by what they are: "keychain rings". So if the keys are compromised, the immediate reaction would be to change _them, _ not just the key _ring_ (which does nothing). But the term "wallet" appears too entrenched to change it now.

[Jake-nqfb]

Do you recommend multiple hardware wallets for storage?

[manfredvandoorn]

Have a safe journey, Matt. Thanks for all your dedication.

[jonaemusic]

Hey Matt, love your work and education. I had a questions I’ve been battling with and was wondering if you could answer. 1. Assuming the world enters into a Bitcoin standard, wouldn’t that mean that economies would now be deflationary. I’ve heard some people argue that deflation would actually good and it is just a Keynesian fear. However, China is about to enter into deflation and economists are in full terror right now. How would society function if the prices decreased and debt was discouraged. How would businesses receive loans etc. (I understand the Gold standard is a prime example of prosperous periods of deflationary times)
2. Lastly, if the future of loans would use Bitcoin as collateral, could that not end up inflating Bitcoin into a bubble similar to almost every collateral bubble humanity has used. (Dutch, 2008).

[pdinfull]

Thanks again Matt, a great reminder/refresher. 👍

[nickbali]

Great channel, thanks!
Which hardware wallet would you recommend for someone who's not so tech savvy?

[JonathanOsborn]

Thoughts on having your seed phrase in the open but your pass phrase hidden?

[markkovachis]

Quick question, do you consider typing in your 12 words into the block stream green webpage to test your recovery phrase when setting up a Wallet​ as compromising it?

[themickles]

Can you disscuss paper synthetic bitcoin supressing price like they did gold.

[scotty]

Thanks for another excellent video Matt. So sorry for our friend who lost his btc.

[lutfyefendy]

is it a must to use bitcoin only coldwallet?

[joshkaiser]

Do you know much about the Foundation Passport Bitcoin hardware wallet?