Stephan Livera Podcast Don’t Lose Your Coins with NVK (SLP526)
Nov 19, 2023
Bitcoin security expert NVK joins Stephan Livera to discuss preventing coin loss, securing cryptocurrency keys, transitioning to hardware wallets, upgrading to multi-signature technology, self-custody tools like the cold card, QR codes in the bitcoin ecosystem, the use of mini-script in Bitcoin security, limitations of multi-sig, transaction fees, the future of Bitcoin and its potential impact on fiat currency and gold.
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Never Keep Seeds On General Purpose Computers
- Do not store private keys on general-purpose computers or online password managers.
- NVK described a user who lost 25 BTC after keeping seeds in an online password manager and using old paper wallets, urging hardware wallets instead.
Practice With Small Transfers Before Full Migration
- Move funds to hardware wallets methodically and practice with small transfers first.
- NVK recommended withdrawing a small amount to a phone wallet, learn backup and recovery, then set up a Coldcard, test passphrase and backups before migrating the rest.
Choose Battle Tested Wallets And Sources
- Prefer battle-tested, market-vetted hardware wallets and vendors with reputations.
- NVK said Coldcard, Trezor, Ledger and long-standing podcasts/communities provide heuristics to avoid risky, new unvetted solutions.