🤝 Users are spoiled with some really great mobile options these days. Muun is another really solid one and there are others, but I must say BlueWallet is still my #1 for mobile. Glad you enjoyed this!
Keep up the good work bro. Videos are always on point with great information. Also looks like you will be hitting 1,000 subs around Thanksgiving. Cheers to that!
What's up man - I appreciate the kind words and support! I originally thought end of year would be a stretch goal so it's awesome to see the current pace. You've got some great content yourself 🤝Cheers
@@IanMajor Thanks man, quick question for you. I recently got a coldcard and exported the wallet to a desktop wallet where I do all my buying and selling. Can I also export the xpub to blue wallet just to act as a "watch" wallet? just to check on my balances. What would you recommend being the best way to do this?
@@ThinkStocks You nailed it. You should even be able to use the same JSON file that you exported to that desktop wallet except this time you would just want to get that file on your phone where you can access it with BlueWallet. When you're in BlueWallet, you'd go to create a new wallet and then hit the "import wallet" link at the bottom and from there hit "scan or import a file" and you'd be able to choose the file from your phone. Just in case, BlueWallet should have some pretty good documentation on this here: bluewallet.io/docs/coldcard/ Hope that helps!
Hey man! Excellent video. Congrats! One more question: If an attacker gets the seed from one wallet, he is able to get my funds in any other wallet or he doesn't because he still needs both see?
Glad you found it useful! If an attacker gets the seed from only one of the co-signing wallets in a multisig setup, they won't be able to steal any funds. Hopefully in such a scenario you had another copy of that seed somewhere else so that you could move the funds to a totally separate multisig setup. Or alternatively maybe in something like a 2-of-3 setup, if an attacker has 1 then you still have the other two. Keep in mind too that a wallet can generate keys for both single-sig and multi-sig addresses. So if you have any funds on any single-sig addresses associated with that key, then the attacker would indeed be able to steal the funds.
I have a new question for you, Ian. Let's say that you set up a 2-of-2 MultiSig configuration between two different hardware wallets, like a Ledger and a Trezor. What would happen if one of those hardware wallets were to die/break/stop working, yet you still have your seed phrase for both of the required hardware wallets? If the Ledger stopped working but the Trezor was still functional, would you still be able to access your funds? Could you replace the Ledger with any hardware wallet, or would it need to be the exact same brand and model (e.g. Ledger Nano Plus X) that you had used to set up the MultiSig configuration?
Really good question - in general, as long as you have your seed for the device that is now broken, you should be able to restore that seed and it doesn't necessarily have to be the same make/model. With that said, there are definitely nuances depending on the exact devices and accompanying software you may be using to create or recreate the multisig. So you'd also want to make sure to have all the pubkeys for the different signers as well. And - to be extra safe - the derivation paths/script type ideally. This is why you often see more in-depth multisig backup files that contain these other pieces of information available to download. BlueWallet calls this the "Coordination Setup"
Hey Jason - missed this one! There is not a "main" one per se, so it's more the latter of what you said. Both wallets form together "equally" to generate multisig addresses that require multiple signatures to spend out of.
If you end up getting an extra hardware wallet in the future, can you add it to your multisig setup, or would you first need to withdraw the funds, setup a new multisig configuration, and then move the funds back onto a wallet assiciated with one of the devices in the new multisig configuration?
Good question - it would be the latter. But you should only need to move the funds once - step 1: setup the new multisig configuration with the additional wallet and then step 2: move the funds from the prior multisig setup to the new one
Yes, you're right: only once the new MultiSig system is set up can a person use it to generate an address - thus making it possible to transfer the crypto from the old address to the new one linked to the full MultiSig setup. Thank you for addressing my question about whether more devices can be added to an existing MultiSig system/configuration.
I'd suggest having a copy of your coordination file (go to "Export Coordination Setup" from the top right menu in your multisig vault) saved to another device in case you lose your phone. Then if you lose your phone, you can install BlueWallet onto a different device and import the coordination file to recover it. Please note you'd still need access to the private keys of the individual co-signers in order to provide signatures to spend funds out of the multisig vault - these keys should be stored offline and separated.
What are your thoughts on 2-of-2 vs 2-of-3 multisig for individuals? Especially weighing pros and cons between increased security vs increased risk of accidental loss/inheritance issues from increased complexity?
Great question - from a pure cryptographic security standpoint I'd argue they're equivalent (i.e. 2 co-signers required to spend funds in either case). Having 3 potential co-signers provides more optionality in case 1 of the other 2 gets lost or something, so in that sense the 2 of 3 is still most likely "better" even though it does indeed add a little more complexity to the setup. Ultimately it probably depends on the situation/context (e.g. who are you entrusting the other co-signers to? How comfortable are they with all of this?), but if forced to pick I'd lean towards the 2 of 3 option. Hope that helps!
@@IanMajor Makes sense. Thanks! I guess I'm wondering about the trade offs of 2 wallets and 2 mnemonic backups vs 3 of each when you'd need to store all of those items securely and (I presume for best practice) separately. The steel backups are cool for durability, but can also run as much as high end HWs themselves. Maybe a tutorial on physical mnemonic backup management would be helpful? Anyways, appreciate your videos and your comments! Great stuff.
@@Nitroaereus Great consideration on the backups which as you note can carry considerable cost, and I agree this would make for a good video topic! I'm planning on doing a video for managing a multisig with geographically separated participants in the near future, and I think this would then be a nice accompaniment to that so consider it on the list! Regarding the steel backups themselves, I'm generally of the mind that most are overpriced... Some are fine, but there are also solid DIY options if you're feeling adventurous :) Like this one: safu.ninja/
I did like the video, could you create a video where the multisig is done through the blockchain and from multiple devices without the devices being in contact with each other, would that be possible?
Hey Vincent - glad you enjoyed the video! I assume you mean a multisig setup where the devices are geographically separated from one another, correct? If so, that's a great topic that I'm putting on the list. I recently helped a client with this type of setup, and there's surprisingly little content out there on how to achieve this (I found it was most easily done with Electrum).
Yo! Thanks for the video - I am having a hard time getting the import from Coldcard. It doesn’t do anything when I click the json file. Have you had that happen?
Hey David - that's strange. You're saying when trying to create the Vault in BlueWallet, you're unable to import the JSON wallet file that you got out of your Coldcard? Do you see the file on your phone and BlueWallet is just not taking it in, or? Did you definitely grab the multisig XPUB from Settings --> Multisig Wallets --> Export XPUB in the Coldcard? It's possible to grab the single sig XPUB from the Advanced menu which I imagine wouldn't work. Maybe versioning? Is BlueWallet updated to its latest version?
You will need to first send your BTC to some exchange or service that has fiat on/off ramps as there is no direct connection to your bank from this app (nor any self-custodial wallet that I’m aware of)
Fantastic Video boss man! Blue wallet looks like an awesome offering. Thank you! 🙏🏽
🤝 Users are spoiled with some really great mobile options these days. Muun is another really solid one and there are others, but I must say BlueWallet is still my #1 for mobile. Glad you enjoyed this!
Keep up the good work bro. Videos are always on point with great information. Also looks like you will be hitting 1,000 subs around Thanksgiving. Cheers to that!
What's up man - I appreciate the kind words and support! I originally thought end of year would be a stretch goal so it's awesome to see the current pace. You've got some great content yourself 🤝Cheers
@@IanMajor Thanks man, quick question for you. I recently got a coldcard and exported the wallet to a desktop wallet where I do all my buying and selling. Can I also export the xpub to blue wallet just to act as a "watch" wallet? just to check on my balances. What would you recommend being the best way to do this?
@@ThinkStocks You nailed it. You should even be able to use the same JSON file that you exported to that desktop wallet except this time you would just want to get that file on your phone where you can access it with BlueWallet.
When you're in BlueWallet, you'd go to create a new wallet and then hit the "import wallet" link at the bottom and from there hit "scan or import a file" and you'd be able to choose the file from your phone.
Just in case, BlueWallet should have some pretty good documentation on this here: bluewallet.io/docs/coldcard/
Hope that helps!
Great video, thank you very much for your explanation. Have a great day!
Glad you enjoyed it!
Thank you good video
Hey man! Excellent video. Congrats!
One more question: If an attacker gets the seed from one wallet, he is able to get my funds in any other wallet or he doesn't because he still needs both see?
Glad you found it useful!
If an attacker gets the seed from only one of the co-signing wallets in a multisig setup, they won't be able to steal any funds. Hopefully in such a scenario you had another copy of that seed somewhere else so that you could move the funds to a totally separate multisig setup. Or alternatively maybe in something like a 2-of-3 setup, if an attacker has 1 then you still have the other two.
Keep in mind too that a wallet can generate keys for both single-sig and multi-sig addresses. So if you have any funds on any single-sig addresses associated with that key, then the attacker would indeed be able to steal the funds.
Foundation Passport make the sig so much less cumbersome with QR sync.
Yup - it's my new favorite hardware wallet :)
I have a new question for you, Ian. Let's say that you set up a 2-of-2 MultiSig configuration between two different hardware wallets, like a Ledger and a Trezor. What would happen if one of those hardware wallets were to die/break/stop working, yet you still have your seed phrase for both of the required hardware wallets? If the Ledger stopped working but the Trezor was still functional, would you still be able to access your funds? Could you replace the Ledger with any hardware wallet, or would it need to be the exact same brand and model (e.g. Ledger Nano Plus X) that you had used to set up the MultiSig configuration?
Really good question - in general, as long as you have your seed for the device that is now broken, you should be able to restore that seed and it doesn't necessarily have to be the same make/model.
With that said, there are definitely nuances depending on the exact devices and accompanying software you may be using to create or recreate the multisig. So you'd also want to make sure to have all the pubkeys for the different signers as well. And - to be extra safe - the derivation paths/script type ideally. This is why you often see more in-depth multisig backup files that contain these other pieces of information available to download. BlueWallet calls this the "Coordination Setup"
Fantastic
Cool. Good. Thanks. If I just set it up with three keys and each with it's 12 word phrase that would be extremely secure. Do you agree?
Absolutely! We often forget that even a 12-word key is quite secure, but multisig makes it exponentially harder to "crack"
When 2 of 2 mutisig wallet, is there a so called "main wallet"? Or every single one is treated equally?
Hey Jason - missed this one! There is not a "main" one per se, so it's more the latter of what you said. Both wallets form together "equally" to generate multisig addresses that require multiple signatures to spend out of.
If you end up getting an extra hardware wallet in the future, can you add it to your multisig setup, or would you first need to withdraw the funds, setup a new multisig configuration, and then move the funds back onto a wallet assiciated with one of the devices in the new multisig configuration?
Good question - it would be the latter. But you should only need to move the funds once - step 1: setup the new multisig configuration with the additional wallet and then step 2: move the funds from the prior multisig setup to the new one
Yes, you're right: only once the new MultiSig system is set up can a person use it to generate an address - thus making it possible to transfer the crypto from the old address to the new one linked to the full MultiSig setup.
Thank you for addressing my question about whether more devices can be added to an existing MultiSig system/configuration.
I’m a raging communist but I like your style. Subscribed
Welcome 🤝
Thank for share, If my SmartPhone is failed, I do not know how to recover to BlueWallet Multisig Vault other. Phease guide!
I'd suggest having a copy of your coordination file (go to "Export Coordination Setup" from the top right menu in your multisig vault) saved to another device in case you lose your phone. Then if you lose your phone, you can install BlueWallet onto a different device and import the coordination file to recover it. Please note you'd still need access to the private keys of the individual co-signers in order to provide signatures to spend funds out of the multisig vault - these keys should be stored offline and separated.
What are your thoughts on 2-of-2 vs 2-of-3 multisig for individuals? Especially weighing pros and cons between increased security vs increased risk of accidental loss/inheritance issues from increased complexity?
Great question - from a pure cryptographic security standpoint I'd argue they're equivalent (i.e. 2 co-signers required to spend funds in either case). Having 3 potential co-signers provides more optionality in case 1 of the other 2 gets lost or something, so in that sense the 2 of 3 is still most likely "better" even though it does indeed add a little more complexity to the setup.
Ultimately it probably depends on the situation/context (e.g. who are you entrusting the other co-signers to? How comfortable are they with all of this?), but if forced to pick I'd lean towards the 2 of 3 option.
Hope that helps!
@@IanMajor Makes sense. Thanks! I guess I'm wondering about the trade offs of 2 wallets and 2 mnemonic backups vs 3 of each when you'd need to store all of those items securely and (I presume for best practice) separately. The steel backups are cool for durability, but can also run as much as high end HWs themselves. Maybe a tutorial on physical mnemonic backup management would be helpful? Anyways, appreciate your videos and your comments! Great stuff.
@@Nitroaereus Great consideration on the backups which as you note can carry considerable cost, and I agree this would make for a good video topic! I'm planning on doing a video for managing a multisig with geographically separated participants in the near future, and I think this would then be a nice accompaniment to that so consider it on the list!
Regarding the steel backups themselves, I'm generally of the mind that most are overpriced... Some are fine, but there are also solid DIY options if you're feeling adventurous :) Like this one: safu.ninja/
@@IanMajor That sounds great! Looking forward to that one. And thanks for sharing! That looks like a really neat (and actually kind of fun) concept.
I did like the video, could you create a video where the multisig is done through the blockchain and from multiple devices without the devices being in contact with each other, would that be possible?
Hey Vincent - glad you enjoyed the video! I assume you mean a multisig setup where the devices are geographically separated from one another, correct?
If so, that's a great topic that I'm putting on the list. I recently helped a client with this type of setup, and there's surprisingly little content out there on how to achieve this (I found it was most easily done with Electrum).
Yo! Thanks for the video - I am having a hard time getting the import from Coldcard. It doesn’t do anything when I click the json file. Have you had that happen?
Hey David - that's strange. You're saying when trying to create the Vault in BlueWallet, you're unable to import the JSON wallet file that you got out of your Coldcard? Do you see the file on your phone and BlueWallet is just not taking it in, or?
Did you definitely grab the multisig XPUB from Settings --> Multisig Wallets --> Export XPUB in the Coldcard? It's possible to grab the single sig XPUB from the Advanced menu which I imagine wouldn't work.
Maybe versioning? Is BlueWallet updated to its latest version?
@@IanMajor I finally got it to work. Didn’t do anything differently. Just reset the bluewallet app a few times and tried again. Just glitchy.
@@dcotrone Always nice when things work themselves out :)
Trying to find a video of Ian called something like "how much you really know about btc" but can't find it...
Hey friend - is it this one? ruclips.net/video/Se2QSp7xjSU/видео.html
@@IanMajor yes! Great video
How do you send to your bank account
You will need to first send your BTC to some exchange or service that has fiat on/off ramps as there is no direct connection to your bank from this app (nor any self-custodial wallet that I’m aware of)