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

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#Bitcoin
#hardwarewallet

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