Bitcoin Dad Pod
Episode 16: Deep Dive - Starting Self Custody and Your First Wallet
May 14 2022 • 37m
Fast off exchange
Custody risk (https://www.businessinsider.com/coinbase-users-transfer-crypto-cold-hardware-wallets-2022-5)
Slow on cold storage
Bitcoin.orgs wallet selector (https://bitcoin.org/en/choose-your-wallet)
Another pretty good guide to mobile bitcoin wallets (https://bitcoiner.guide/wallet/mobile/)
Guide to desktop wallets (https://bitcoiner.guide/wallet/desktop/)
The Exodus Wallet (https://www.exodus.com/) for those of you who are doing bitcoin + altcoins
Printable sheets for writing out your wallet seed (https://bitcoiner.guide/backup.pdf)
Remember to get in touch email@example.com or @bitcoindadpod on twitter
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Value for Value
Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/)
The Fountain (https://www.fountain.fm/) podcast app
Sponsors and Acknowledgements
Music by Lesfm from Pixabay
Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
One thing to note about Bip39 seed phrases. The words alone are not always enough to recover your funds. The derivation path is also required. walletsrecovery.org provides the default derivation path for a long list of wallets. In practice you can usually get away with not having the derivation path but the path may be required if you are attempting the recovery of your funds on a different wallet than the one you generated the seed phrase on. I recommend recording the path along with the words.
I found this episode very informative, thanks. One thing I encountered when choosing an exchange and buying my first lot of bitcoin, was that I could not send to a Bech32 address. I had to send to a P2SH address first. So there are exchanges out there that are not yet using the latest wallet address type, and as a result, I think I had to spend a bit more on fees, since I wanted my bitcoin in a Bech32 multi signature wallet. keep up the great work. :)
What do you think about storing your seed phrase on an encrypted USB drive, in a safe? This is a method I've used, but I will definitely rethink this now.
This was a very informative episdode! Thank you for this episode split. I hope many people come here and get started because of your podcast
You finally got me over that initial barrier to boost! I’ve been experimenting with Umbrel for several weeks and I must admit that the Lightening Network setup is still a mystery to me. I’m a Jupiter Party attendee but I’m starting to see that model of support may not be the best in the near future.
thanks for the great tips. love the pod
Good info. Thanks guys!
are there good lightning wallets besides "Blue Wallet" and "Exodus"....I just want to make a simple transaction...wallets give me "invoice numbers" but nowhere to type it in. can give more info if need be. plz advise.
what a detailed walk through 👏