Well said - For the record; you would be better splitting funds across multiple seed phrases; E.g. Ledger 1 BTC, ColdCard 1 BTC, that way you've effectively spread the risk however as you've correctly said - you're better off investing in better security for that one seed phrase, which also would be better as a 24 word. Funds security only as good as the flimsy piece of card. Thanks for the demonstration on multiple access points. Also worth noting, if you were to ever recover with a new device, I would then transfer into a new wallet which never had a previous hard wallet access, should the previous device ever be discovered, seed phrase or another point of risk etc.
100% - my understanding of 12 words vs 24 words is they contain the same amount of entropy so no difference in security. Explanation here: czcams.com/users/liveP7IuPA26GGc?feature=share @8:33
One reason to have your seed phrase on more than one device is so you can have your devices spread across different geographical locations. If one device is lost, stolen or destroyed, you always have a backup device that should be safe. Having both your seed phrase and one device in a single location is at risk from a fire, flooding, an earthquake etc. Useful video though!
But you don't need multiple hardware devices loaded with your seed. You just need your seed stored separately if losing/ damaging your main hardware wallet is your biggest fear. Put it in your sealed will. I think that having multiple hardware wallets is like having extra doors in your house. Yes, you will be safer in fire and other disasters, but you leave yourself more vulnerable to more attack vectors. There are trade offs.
@dereksbooks Exactly. Every new hardware device loaded with the same seed is just a new attack vector. It would also just be cheaper to just write down the seed multiple times and store that in different locations. IMO multiple hardware devices is only helpful if you're using multisig or trying to keep track of different accounts.
@@RhettReisman Really? I'd give a Ledger Nano to anyone to keep for me. They can try to unlock it, but three wrong passwords and the device is wiped. I wouldn't make multiple copies of the seed phrase in plain text and store them in different locations - I've seen friends and family take advantage of situations like that in the past and I personally wouldn't risk that. Also, what if the seed phrase was stolen? That's too much responsibility to give to friends and family as a favour even if they were 100% honest. Seed phrase in a bank vault or equivalent, cold wallets spread around makes most sense to me.
Any hardware wallet has memory storage in it. As long as it is not damage, hacker can glitch and identify the source code and trace back the seed phrase. Of course if you lose your seed phrase. That is even more disastrous. If by any chance that the hardwallet is not working, and you want to dispose it.. Just make sure the chip that stores the memory ram is fully smashed or melted. Having multiple seed phrase store at different place sound like a good plan. However, some prefer to have multiple wallet that store different crypto. For example wallet A stores cypto A. Wallet B store crypto B. If wallet A goes missing, he will lose crypto A not B. Unless, he has the private key for A or know exactly what is crypto A and which network it uses( if written physically elsewhere). That is spreading the risk through diversification but it could be a little headache for me. Personally, storing seed phrase and also know which crypto is stored in the blockchain and knowing which BIP is important. It could be BIP 39 or BIP 44. Ledger and Trezor uses BIP 39. Hence, your seed phrase will generate the exact same wallet address on the block chain. Using BIP 39 recovery seed phrase on BIP 44 device will not work because the seed phrase will generate a different crypto wallet address or maybe there could be some error. Seed phrase and derivation path is important.
I've been using Trezor since 2017, but I have a Ledger Nano X as well, which I've setup but haven't used yet. I'm not the most tech savvy so have a couple questions: If I instead restore my Ledger Nano X using my Trezor password, would I be able to use the same Metamask account on both Trezor and Ledger? For every receiving address I've used on my Trezor, if I wanted to see or use them all on Ledger would they need to all be imported individually? Or would all the same addresses show up automatically on Ledger just from setting it up with the Trezor seed phrase? Thanks for the video!
If you import your private key from your trezor to your ledger they will effectively be the same wallet. Every deposit address you've used in the past for your trezor will now also send those same funds to your ledger. In that case both devices should work interchangably with metamask A list of every deposit address for your wallet is called an xpub (extended public key) which is derived from your private key (seed phrase). Hope that makes sense :)
Hi sir, I loose my passphrase in my Trezor, o still have the pin and word seeds, is posible change the cryptos to a nano wallet (just with seeds) (I got nano xs too, and is empty). Thanks for your answer.
I have a slightly deeper question. I have a Ledger. I store my BTC etc. on an account generated in Ledger Live. However, I used the Ledger to create accounts in Metamask, which I use for DeFi. If I use the seed phrase to restore my wallet in the Trezor, I can access my BTC, etc, but it seems that Trezor uses a slightly different algorithm Ledger to generate accounts from the seed phrase, as my DeFi wallets do not appear when I connect the Trezor to Metamask. Do you know how I can access my DeFi accounts on my Trezor?
Here's a tutorial for connecting Trezor to metamask: trezor.io/learn/a/metamask-and-trezor My understanding is that your defi wallets should be included in the xpub for your Ethereum wallet which should be stored by your seed phrase (which would mean that copying your ledger over to your trezor should just work with Metamask) possible I'm missing something though, I don't use DeFi.
If you’re taking about sending your bitcoin / crypto you should definitely be using QR or copy/paste for this reason. Don’t try to manually type in an address or you’ll be way more likely to send to a bad address
Whats up Rhett, this video got me super confused, so all you did was enter the seed phrase on the ledger and it magically located the wallet it belonged to ? I never saw you refer to a specific wallet, I re-watched and all you did was enter the seed phrase into the ledger, how did the 12 word seed phrase know which address it belonged to in the blockchain ?? I thought you would have to point the seed phrase to you wallet as a "forgot your password" type of thing.
Your seed phrase is used to generate every Bitcoin/Ethereum/etc wallet that is available on your device. So once you type in the seed phrase everything else can be derived
@@RhettReisman that was the problem, my wife wrote it just in the Trezor app, she forgot write it on papper, and one month after when we will try to get in to the account we noticed it, and now we can remember the passphrasse. 😞
That sucks man I’m sorry :( I would just keep trying passphrases that are meaningful to you. Unfortunately you need the passphrase - it’s like a 13th word of the seed phrase.
PLEASE TELL ME CAN WE ADD SWEAT OR JMPT IN IT AS ITS NOT SHOWING ON THEIR SITE CAN WE ADD IT AND RECIVE THAT CRYTO I MENTIONED please research and tell
Putting copy of seed on the internet, someone getting access to physical device, moving a seed over from software wallet, rolling your own seed are the only ways I can think of that it would get hacked.
Ledger or Trezor?
I have a Trezor One, I'm a big fan of open source, but honestly it was just cheaper than ledger at the time lol. Smash, love the videos as always.
Ledger’s interface
Trezor,, Ledger app is junk
Well said - For the record; you would be better splitting funds across multiple seed phrases; E.g. Ledger 1 BTC, ColdCard 1 BTC, that way you've effectively spread the risk however as you've correctly said - you're better off investing in better security for that one seed phrase, which also would be better as a 24 word. Funds security only as good as the flimsy piece of card. Thanks for the demonstration on multiple access points.
Also worth noting, if you were to ever recover with a new device, I would then transfer into a new wallet which never had a previous hard wallet access, should the previous device ever be discovered, seed phrase or another point of risk etc.
100% - my understanding of 12 words vs 24 words is they contain the same amount of entropy so no difference in security. Explanation here: czcams.com/users/liveP7IuPA26GGc?feature=share @8:33
Super thank your Video
that help a lot.
Thank you. 🌼🌷🌺🏵🌸💮🦖
Glad to help :)
Thank you sir
Glad to help! Let me know if you want to see any other tutorials
One reason to have your seed phrase on more than one device is so you can have your devices spread across different geographical locations. If one device is lost, stolen or destroyed, you always have a backup device that should be safe. Having both your seed phrase and one device in a single location is at risk from a fire, flooding, an earthquake etc. Useful video though!
But you don't need multiple hardware devices loaded with your seed. You just need your seed stored separately if losing/ damaging your main hardware wallet is your biggest fear. Put it in your sealed will. I think that having multiple hardware wallets is like having extra doors in your house. Yes, you will be safer in fire and other disasters, but you leave yourself more vulnerable to more attack vectors. There are trade offs.
@dereksbooks Exactly. Every new hardware device loaded with the same seed is just a new attack vector. It would also just be cheaper to just write down the seed multiple times and store that in different locations.
IMO multiple hardware devices is only helpful if you're using multisig or trying to keep track of different accounts.
@@RhettReisman Really? I'd give a Ledger Nano to anyone to keep for me. They can try to unlock it, but three wrong passwords and the device is wiped. I wouldn't make multiple copies of the seed phrase in plain text and store them in different locations - I've seen friends and family take advantage of situations like that in the past and I personally wouldn't risk that. Also, what if the seed phrase was stolen? That's too much responsibility to give to friends and family as a favour even if they were 100% honest. Seed phrase in a bank vault or equivalent, cold wallets spread around makes most sense to me.
Any hardware wallet has memory storage in it.
As long as it is not damage, hacker can glitch and identify the source code and trace back the seed phrase.
Of course if you lose your seed phrase.
That is even more disastrous. If by any chance that the hardwallet is not working, and you want to dispose it..
Just make sure the chip that stores the memory ram is fully smashed or melted.
Having multiple seed phrase store at different place sound like a good plan.
However, some prefer to have multiple wallet that store different crypto.
For example wallet A stores cypto A.
Wallet B store crypto B.
If wallet A goes missing, he will lose crypto A not B.
Unless, he has the private key for A or know exactly what is crypto A and which network it uses( if written physically elsewhere).
That is spreading the risk through diversification but it could be a little headache for me.
Personally, storing seed phrase and also know which crypto is stored in the blockchain and knowing which BIP is important.
It could be BIP 39 or BIP 44.
Ledger and Trezor uses BIP 39.
Hence, your seed phrase will generate the exact same wallet address on the block chain.
Using BIP 39 recovery seed phrase on BIP 44 device will not work because the seed phrase will generate a different crypto wallet address or maybe there could be some error.
Seed phrase and derivation path is important.
Very informative thanks. I have a question. How about the secret passphrase? Does it work the same way as Trezor?
Glad to help. Yeah the passphrase is the same across all these devices and you can think of them as the 25th (or 13th) word in a seed phrase.
@@RhettReisman thanks man. Greatly appreciate your help. Cheers
Anytime man 🙏🙏 let me know if there’s every anything you want me to talk about
@@RhettReisman i never seen the option for the 13th word when you keyed it in to the ledger. It was just 12th word then said processing
Looks like it might only be available as a 25th word. Blog post on it here: www.ledger.com/academy/passphrase-an-advanced-security-feature
When you put seed phrases in new device, is it checking with block chain ledger so that it brings same balance and transaction information?
Yeah exactly
From Trezor safe 3 to nano S didn't work, I'm using Trezor seed for nanoS but from nano S to Trezor I had no problem using ledger S ?
Not sure. 12 and 24 word seeds should work both ways. Did you generate a different kind of seed phrase on the Trezor safe 3
I've been using Trezor since 2017, but I have a Ledger Nano X as well, which I've setup but haven't used yet. I'm not the most tech savvy so have a couple questions: If I instead restore my Ledger Nano X using my Trezor password, would I be able to use the same Metamask account on both Trezor and Ledger? For every receiving address I've used on my Trezor, if I wanted to see or use them all on Ledger would they need to all be imported individually? Or would all the same addresses show up automatically on Ledger just from setting it up with the Trezor seed phrase? Thanks for the video!
If you import your private key from your trezor to your ledger they will effectively be the same wallet. Every deposit address you've used in the past for your trezor will now also send those same funds to your ledger. In that case both devices should work interchangably with metamask
A list of every deposit address for your wallet is called an xpub (extended public key) which is derived from your private key (seed phrase).
Hope that makes sense :)
Hi sir, I loose my passphrase in my Trezor, o still have the pin and word seeds, is posible change the cryptos to a nano wallet (just with seeds) (I got nano xs too, and is empty). Thanks for your answer.
Hello!? Are you there? 😢
You need the passphrase. Adding a passphrase to a seed phrase changes the seed phrase. Not having the passphrase is like not having the seed phrase.
I have a slightly deeper question. I have a Ledger. I store my BTC etc. on an account generated in Ledger Live. However, I used the Ledger to create accounts in Metamask, which I use for DeFi. If I use the seed phrase to restore my wallet in the Trezor, I can access my BTC, etc, but it seems that Trezor uses a slightly different algorithm Ledger to generate accounts from the seed phrase, as my DeFi wallets do not appear when I connect the Trezor to Metamask.
Do you know how I can access my DeFi accounts on my Trezor?
Here's a tutorial for connecting Trezor to metamask: trezor.io/learn/a/metamask-and-trezor
My understanding is that your defi wallets should be included in the xpub for your Ethereum wallet which should be stored by your seed phrase (which would mean that copying your ledger over to your trezor should just work with Metamask) possible I'm missing something though, I don't use DeFi.
If you don't know about QR and you use numbers and letters, how do you tell the difference between I and L in upper and lower case?
If you’re taking about sending your bitcoin / crypto you should definitely be using QR or copy/paste for this reason. Don’t try to manually type in an address or you’ll be way more likely to send to a bad address
Whats up Rhett, this video got me super confused, so all you did was enter the seed phrase on the ledger and it magically located the wallet it belonged to ? I never saw you refer to a specific wallet, I re-watched and all you did was enter the seed phrase into the ledger, how did the 12 word seed phrase know which address it belonged to in the blockchain ?? I thought you would have to point the seed phrase to you wallet as a "forgot your password" type of thing.
Your seed phrase is used to generate every Bitcoin/Ethereum/etc wallet that is available on your device. So once you type in the seed phrase everything else can be derived
Thanks suga cakes ❤
No prob Dale
Hey Rhett, I can’t remember my Trezor passphrase for the life of me. Any ideas/suggestions/recommendations? I’m freaking out. TIA
Sorry man :/
Like the whole seed phrase or the passphrase 25th word? Do you think you wrote it down somewhere?
@@RhettReisman that was the problem, my wife wrote it just in the Trezor app, she forgot write it on papper, and one month after when we will try to get in to the account we noticed it, and now we can remember the passphrasse. 😞
@@RhettReisman we got de 12 seeds, and the pin, we can’t remember just the passphrasse
That sucks man I’m sorry :(
I would just keep trying passphrases that are meaningful to you. Unfortunately you need the passphrase - it’s like a 13th word of the seed phrase.
Hi, l`m trying to see my funds from trezor safe 3 on my ledger s but is not working?
im using the same seed on both devices.
You should see all the same transactions. Are you having the issue in trezor suite or ledger live?
PLEASE TELL ME CAN WE ADD SWEAT OR JMPT IN IT AS ITS NOT SHOWING ON THEIR SITE CAN WE ADD IT AND RECIVE THAT CRYTO I MENTIONED please research and tell
The full list of available crypto is on Trezor and Ledger’s websites
@@RhettReisman but SWEAT AND JMPT TOEK NOT SHOWING BUT SHOWING IN SAFEPAL SITE NOT LEDGER IT MEANS LEDGER NOT SUPPORT IT PLEASE TELL
Rhett let’s get fuggin rich ova hurrrrrr
But for real your crypto vids are gold
Talk about it king 🗣️🗣️🗣️ keep telling them the facts 🔥
Bruh I reset my trezor then tried the nano and my coin gone 😂 says sent to some address
Are you sure it’s the same seed? Sounds like it got hacked
@@RhettReisman yeah same sead I only ever had one copy. Don't know how those can get hacked I thought you needed to confirm on the trezor
Putting copy of seed on the internet, someone getting access to physical device, moving a seed over from software wallet, rolling your own seed are the only ways I can think of that it would get hacked.