Bitcoin Tech #3 - Wallets with Shinobi

 
 
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“You should really try to dive into this stuff and see all the benefits that you can get out of bitcoin, besides just watching your account balance in Coinbase be worth more and more money every day.”
— Shinobi

SHOW DESCRIPTION

Location: Remotely
Date: Tuesday 23rd March
Company: Block Digest
Role: Host

With Bitcoin, if you don't control your private keys, you don't own your bitcoin. That means the first thing you should do once you have bought bitcoin is to move it to a wallet you control.

Bitcoin wallets come in all shapes and sizes and offer different use cases depending on the amount of bitcoin you have and how you intend to use it:

  • For smaller amounts of bitcoin, mobile and desktop wallets are convenient and often simple to use. However, by operating on your device, they are constantly connected to the internet and more vulnerable to attack.

  • For more significant bitcoin holdings, hardware wallets separate your keys from an internet connection and offer a far greater level of security.

  • Another option for securing large amounts of bitcoin is multi-signature wallets. A multi-signature wallet requires multiple keys to sign a transaction; this means you can geographically distribute these keys and have no single point of failure.

In this interview, I talk to Shinobi, the host of Block Digest. We discuss the tradeoffs between different wallets, how wallets work, and how you should secure your bitcoin.

TIMESTAMPS

00:06:10: Introductions
00:08:42: Nodes update
00:11:25: What is a wallet?
00:14:54: Paper wallet
00:19:19: Software wallet
00:21:24: Hot and cold wallets
00:23:56: Exchange account safety
00:26:01: Your seed word
00:38:24: Public and private keys
00:40:58: What is a public key?
00:43:13: Your UTXOs
00:47:38: More about nodes
00:50:45: What is happening when a transaction is signed
00:53:02: How your private key is stored on your device
00:55:56: Hardware wallets…
00:57:07: …Trezor
00:58:30: …Ledger
00:58:58: …Coldcard
01:00:49: Peter's personal recommendation
01:03:32: Physical security
01:05:34: What is a multisig
01:12:16: Putting a passphrase on your seed
01:16:16: Risks and benefits of splitting your seed
01:20:50: Final comments

 

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SHOW NOTES

PodcastPeter McCormack