Cryptocurrency

Receive Address Changed? Hardware Wallet Capacity? How your Crypto Wallet Works (Ledger, Trezor)



Keep all your crypto safe & upgrade to a Ledger Nano X Hardware Wallet https://shop.ledger.com/pages/ledger-nano-x/?r=5243ecbb8427&tracker=youtube

Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=2922&source=YouTube

I often see folk worried that the receive addresses change for their crypto wallet, or perhaps they are worried because they have re-used an old address. A related question I often see is whether a hardware wallet has a limit in terms of how many private keys it can store. This video looks at how hierarchical deterministic crypto wallets work, how addresses are derived from a seed, as well as looking at how this increases your privacy. This applies to just about any crypto wallet whether it’s Bitcoin Core, a Ledger Nano, Trezor or blockchain.com wallet.

Chapters:
0:00 Intro
0:53 Keys are just Numbers
1:14 What is hierarchical deterministic
2:15 Why Private Keys are Secure
3:15 Graphing Derived Addresses
4:35 Demo in Bitcoin Wallets
6:00 Address Reuse and Privacy
6:40 Sending Transactions
7:19 Hardware Wallet Capacity
8:45 Seed Backups

Images and articles in video:
Space Imagery: NASA: https://www.nasa.gov/content/ultra-high-definition-video-gallery
Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page
Wikipedia: https://en.wikipedia.org/wiki/Observable_universe
Observable Universe Image: CC-BY-SA Andrew Z. Colvin, https://en.wikipedia.org/wiki/File:Observable_Universe_with_Measurements_01.png

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If you are new to Crypto, my suggestion is that you start with buying ~$150 worth of Bitcoin, Ethereum, Litecoin @ Coinbase and get familiar with storing it, moving it around, etc.

For your first purcahse, just stick with CoinBase: https://www.coinbase.com/join/5691c9d0a4c3a05dfa000151

For Trading, just start with Binance: https://www.binance.com/?ref=18111926

By sticking with large, reputable exchanges for your first purchase (Coinbase) and first trade (Binance) you can avoid getting scammed right at the start by purchasing a non-existing coin off a scammy exchange. (You would be surprised how many people fall into this trap)

Don’t have a hardware wallet?
Be safe and buy them direct from the manufacturer. (Not just through some random on eBay, Amazon, etc)
Get a Ledger: https://shop.ledger.com/?r=5243ecbb8427&tracker=youtube
(If you are just starting out, I would just recommend a Ledger Nano S)

If this was helpful, feel free to send me a tip:
BTC: 37hiiSB1Poj6Shs8WawPS2HjT2jzHkFSQi
BCH: qr9qenlgjh0xlyz802h70ul69rpdj8z6qyuh7m79ah
LTC: MRWnUcsyofisVp5GvX7nxMog5caneycKZ6
ETH: 0xCe41d43349E1c8C53E02631650E236d94A899a95
VTC: vtc1qxauv20r2ux2vttrjmm9eylshl508q04uju936n
ZEN: znUihTHfwm5UJS1ywo911mdNEzd9WY9vBP7

#bitcoin #btc #ethereum #eth #cryptocurrency #crypto #ledger #trezor #security

23 Comments

  2. Jeff

    Hello ,I am trying to learn from your very informative videos and thanks again for that !
    I have a question, how private is the blockchain and how can we be protected when holding crypto ?
    If ledger i.e has all your transactions when holding a nano or similar.
    How do we hide from nosy people and companies?
    Is there a way ?

  3. RealExony

    Thank you very much for this amazing explanation, I have a question: If I am using several account as explained at 3:50 and want to send funds from all those to 1 address, is there a way to do that in a single transaction in order to safe on transaction fees?

  6. Nat Sev

    Hi thanks for the video’s, my brain hurts sometimes trying to fully understand the technical aspects of what you are saying.
    I have 2 questions if ya don’t mind? And I apologize in advance if they are nonsensical.
    1. Is it a security issue if I’m getting paid weekly into the same receiving address on my Trezor wallet?
    2. If I have a trezor setup with no pass phrase, and have multiple coins stored in the accounts that aren’t protected with a pass phrase, is it a matter of setting up a pass phrase protected account on the same trezor and sending the coins from the main account to the new addresses that are protected with a pass phrase? Or can I just add a pass phrase to that main account essentially?
    Hope this makes sense😂

  9. Rui A

    Hi. Bitcoin addresses changes every time you receive a transaction. But for other crypto assets (Ethereum, etc.) the address stays the same. how do we can change the addresses for other crypto to stay with privacy like in bticoin? thanks

  14. Oo 54

    So i accidentally deleted an eth address from ledger live and it's my address for the spark airdrop. Can i recover that address or did i just lose all my spark tokens before the airdrop?

  20. Xanh

    I still don't understand why even generate new addresses for receiving each time? I saw a video about a guy showing mathematical equation and he says if we reuse the same address then they can solve for K which then would lead to our private key. I don't know how true that is. But some other people say it is just for privacy i.e. people not knowing who is that guy that is paying for all these stuff.
    But my main question is, if this is a problem that reusing addresses must be avoided then explain to me how are we reusing the same address on metamask every single transaction is using the exact same address and nobody is taking about this as a "bad thing", metamask is popular yet if you create a wallet it will have ONE SINGLE address that you will keep reusing to receive funds. Pls someone explain.

  21. CAL

    Hi. Great concise video. I've read through the comments (appreciate how responsive you are to questions!) but I'm not seeing an answer to my question, re BTC privacy. My hardware wallet generates a new public key each time. I have several transactions to that wallet that come from a KYC exchange, each to different public addresses. Now I want to send new BTC from another source that does not do KYC. Will that new BTC be tainted by is association to the wallet even though it is gong to a new public address? In other words will a blockchain explorer be able to associate the new BTC with the previous BTC? Thank you. I hope to see more videos from you.

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