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    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.

    My favorite hardware wallets:
    https://coldcard.com/
    https://blockstream.com/jade/

    BIP-39 word list:
    https://www.blockplate.com/pages/bip-39-wordlist

    Free Bitcoin videos:
    https://www.bitcoinuniversity.com/courses/80320-free-bitcoin-videos
    https://www.youtube.com/@Bitcoin_University/videos

    I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

    #Bitcoin
    #hardwarewallet

    Disclaimer
    Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.

    View 36 Comments

    36 Comments

    1. Bitcoin University on

      WARNING: There are a number of scammers who are using my image and
      channel name to try to connect with my viewers on WhatsApp and other
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      "my personal trader" or try to connect with you personally to sell you
      something. I am trying to ban these scammers as quickly as they pop up. You can
      always recognize a scammer by clicking on the image and seeing how
      many videos he has. All of these guys have zero videos, while I have
      hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter

    3. Tygyr Lylly on

      Newbie mistake. Not to be rude, but this mistake depicted is the equivalent of giving your payment/ private info via the infamous Nigerian prince with millions to give away email 😂

    4. fatcat8dog on

      Truly appreciate the education great vid and info keep posting please
      please help….. no one has made a video on using the led screen on the cold card to receive… I sent from hot wallet to QR code on device…. But my skeleton wallet doesn’t show funds… I do see it when I make watch only wall with pub address

    5. Plan T on

      Apologies if this is a stupid question but, for example if I buy a hardware wallet and the hardware wallet breaks, lost or the company goes out of business. How can I get my Bitcoin back? Can I use my seed phrase on any device?

    11. Maria Garcia on

      investments in the digital market is  really advisable because despite the recent happings in the digital market I still make about $29k profits from my investments bi weekly

    12. Jonae Music on

      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).

    20. tharg330 on

      If your old hard wallet device has been lost or broken you can’t follow the advice in this video. You have to do a recovery on the new wallet, not set up a new address. How can you send from the old wallet to a new address if the old one is inaccessible ???

    21. 01 02 on

      thanks, Matthew!🙋🏾‍♀

      and on the road again? well, I imagine you driving all around the country so you can get some geographical distance between more hardware wallet hiding places. so you'll not easily be too much of a temptation for Bitcoin thieves!😄
      have fun!🏖

    22. JMickeyG on

      Love your channel. Just wanted to let you know though that I bought a Jade wallet to use in a multisig setup with Unchained and was disappointed to find out that Unchained doesn’t support Jade wallets.

    27. gabriel paquet on

      I bought a blockstream jade but it seems very unsafe to be able to simply move Bitcoin directly from my phone without the wallet to authorize any signature, just my phone password. Is it normal?

    29. Roadrunner on

      Sorry, but every time I hear that someone "lost their life savings" in crypto, I don't have much sympathy. Over and over people are told, "Don't invest more than you can afford to lose."

    30. Roadrunner on

      Someone dumb enough to enter their recovery phrase into a phishing site AND dumb enough to put all of their life savings into crypto, has no business doing self-custody.

    33. The Dibstar on

      I don’t understand, Matthew. Why would I generate a fresh recovery seed if I get a new hardware wallet? I’m absolutely positive my old recovery seed hasn’t been compromised, so why not just do a “seed recovery” when I buy a new wallet?

    34. B O on

      So I’m new to this and my question is as the world seems to adopt it more how, secure or worth while would it be to just have your bitcoin/cryptos on exchanges. I know everyone says that is just an iou but it would seem just as we keep money in the bank so we would keep our crypto there also.
      Like where in the world do you keep you cold wallet that it can’t get destroyed or stolen? Almost seems more risky than just having lots of exchange accounts with a little in each? This all makes me very nervous yet I completely see bitcoin is the future of wealth/money.
      Is there a good video explaining the probabilities of both ways of storing it.
      Thank you

    36. Scorch428 on

      True bitcoiners love when the price in USD falls. Thats the chance to accumulate BTC using USD.

      Fake bitcoiners like when the price rises in USD because it lets them farm USD out of Bitcoin

      Ask yourself: Is it more BTC that you want? Or more USD?

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