How to protect and manage your Bitcoin
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- čas přidán 29. 08. 2024
- Stream agenda:
Introduction.
Bitcoin Overview.
What is Bitcoin?
What consensus mechanism does BTC use, and how does it work? www.ledger.com...
Bitcoin use cases.
Common scams that can affect BTC holders, and how to protect yourself from this.
Recovery phrase phishing attempts.
Being convinced by a scammer to send Bitcoin to them in exchange for more Bitcoin, or some other promise that’s never fulfilled.
Be wary of services that offer BTC staking.
Always remember - not your keys, not your crypto.
Brief overview of Ledger Live.
What is Ledger Live?
What is a seed phrase?
What happens when I add an account in Ledger Live?
Where is my crypto actually stored, and how am I able to access it using my Nano / Ledger Live?
Add a funded BTC account to Ledger Live.
There are four different address types for BTC (Legacy, Segwit, Native Segwit, Taproot).
All BTC address types are compatible with each other, but some exchanges only support certain ones (usually Native Segwit).
How to buy BTC - shout out to PayPal.
How to receive BTC in your account.
Add a second BTC account to Ledger Live from a different Nano.
Brief explanation about managing multiple accounts from different recovery phrases in Ledger Live.
Initiate a transaction between the two distinct wallets.
Retrieve the transaction ID, and show the progress on the public block explorer.
Extended Public Key (XPUB) and Unspent Transaction Output (UTXO) addresses.
How an XPUB is used to derive the individual UTXO addresses that users send funds to.
Why it’s technically okay to share an XPUB, but how this will decrease anonymity on the network.
How to retrieve the XPUB address from Ledger Live, and how to analyze it on a public block explorer to see all of your UTXO addresses - support.ledger...
Coin Control.
In Ledger Live, show users how to use the Coin Control feature to customize which UTXOs they want to send funds from. More details here - support.ledger...
How using a Ledger account as a miner could present certain challenges (too many UTXOs being used).
How Bitcoin network fees are calculated.
How the Coin Control feature can help reduce network transaction fees.
Connect Ledger to Electrum.
Electrum download - electrum.org/#...
Is it secure to connect to a third party wallet?
What is the mempool, and what does it mean to be stuck in the mempool?
A cool visualization on the current state of the mempool - txstreet.com/
Initiate a BTC transaction with low fees, and show how it can be sped up using Electrum.
Ordinals.
How to connect to Sparrow to manage Ordinals: support.ledger...
Note This is a complex process and is still very much in development. Please exercise caution and perform as much research as possible before proceeding.
Q&A
Edit
It was mentioned during the stream that the block size for Bitcoin is 8MB, but it's in fact 1MB. Although technically speaking, a BTC block can now reach up to 4MB in size, thanks to the Segregated Witness, or Segwit protocol upgrade.
Check out this article to learn a bit more about the upgrades Segwit and Native Segwit have introduced to the Bitcoin protocol - www.ledger.com...
And to learn more about the Taproot upgrade, check out this article - www.ledger.com...
Great video real shame no one put time stamps tho 😕
Can you make a video on coin control and how to use it in ledger, please?
I seriously don't know why people still believe Ledger can take your seed phrase and compromise your device.
People get breadcrumbs of informations combine those with rumours and most of the time don't think twice about before posting whatever they think they know for sure about instead of thinking at least twice about or looking above the edge of the plate to get a deeper understanding of whats going on rn.
I still wait for my ledger stax and won't step back from my order.
Because ledger is still closed source
It's based on trust.
Anyone count how many errs or uhms were said during this video?
I was scammed concerning my Ledger Nano a couple of years back. I've since not accessed it to see if the scammer took all of my crypto, for fear that the hacker/scammer would be able to access Exodus or anything else on my computer. Is there a way to open it and actually see if the scammer left anything?
We're very sorry to hear that. There is always a chance that a scammer mistakenly leaves behind funds from a stolen recovery phrase, and so it could be worth looking into.
It's important to keep in mind that if your recovery phrase was leaked due to a scam (someone convinced you to enter it in somewhere or to otherwise give it to them), then only the accounts associated with that recovery phrase would be affected. This would not grant the scammer access to any other information on your computer, including your Exodus private keys.
To safely check your accounts for any remaining assets, you can import your compromised recovery phrase into your Nano and go through the process of adding all your accounts into Ledger Live. If anything remains, send it out to a different wallet right away (such as to your Exodus wallet).
Also feel free to reach out to us at support.ledger.com and open up a support ticket if you have any further questions or if you would like some additional guidance. We wish you the best of luck!
I hope you wont Rugpull million users by having a backdoor and extract the seedphrse from everybody
Hmmm, anyone can set up a node?….that’s a little misleading right….little ol us can’t compete against the mega mining farms.
Hey - Running a node and mining are two distinct activities. While all miners must run a node to get data from the Bitcoin blockchain, you don't have to be a miner to run a node. Bitcoin nodes are optimized to run on consumer hardware. Hope this clarifies!
@@Ledger True and thanks for the reply. The intent of my comment, was to highlight an opportunity to be more specific. That distinction needs to be made obvious during presentation…what is a light node versus a full node….to the average viewer, there is not a difference…there is just 1 type of node. A lot of good information in this one. 👏🏼 And if you made that distinction and I missed it, my apologies.