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IntroductionBitcoin, the world's first decentralized digital currency, has gained immense popularity in recent years. With its potential for secure and anonymous transactions, many individuals...

This is Matthew Crowder from trade University and today I want to talk about how to hide your Bitcoin from thieves and I'm going to be showing you how to set up a decoy wallet on your Hardware wallet this is a really good trick if you haven't heard about itBefore for those of you who don't know what a hardware wallet is it looks like this this is a trezor hardware wallet you can plug it into the back of the USB port of your your laptop or desktop this is a very good brand for beginners IAlso like the block stream Jade a lot for beginners and then if you want to spend a little bit more money and your more advanced user the gold standard or should I say the Bitcoin standard really is the code cold card wallet and they've just come out with a new model as wellWhich I'm looking forward to testing so this is what Hardware wallets look like heart the cold card is pretty cool because they make it look like a calculator on the outside so for people for thieves who don't know what it is they might be fooled into thinking thatIt's not a hardware wallet but a calculator so those are the brands that I like I would note here that I don't like the Nano The Ledger Nano or any of The Ledger Hardware wallets because the software is not open source open source software is best it's a little bitCounterintuitive but I think it's best because you have lots of eyeballs looking for back doors and malware in the code even if you can't read code yourself there are a lot of people in the world who can and they'll be posting reports on Twitter and elsewhere ifThere's a problem with the codes I would never trust a ledger Hardware wallet with any significant amount of my Bitcoin in addition they have not done a very good job of protecting customer data they had a large data breach in 2020 in July of 2020 and the theRecipients of this are receiving bad Hardware wallets in the mail for example now another note before we get started with Hardware wallets your Bitcoin is not stored on the hardware wallet or anywhere else this is really a misconception your Bitcoin Holdings at a certain Bitcoin address is really justAn entry on the global Ledger that's known as the Bitcoin block chain and what a hardware wallet does instead of storing your Bitcoin is store something even more important which is your private keys and it stored it stores your private Keys offline in a manner in which they do not touch the internetThis is called Cold Storage private keys can be represented in human readable form by 12 words or 24 words listed in a particular order and this order is very important if you mess up the order of your words in your terms of your seed backup it's going to be a completelyDifferent wallet so here's an example of a recovery seat or a backup of a hardware wallet don't try using this one this is kind of a joke one that a lot of people use but it's basically assumed these were different words they would have to be listed in in a certain orderFrom 1 to 12 or 1 to 24. a lot of people ask me whether they should use a 24 word backup or a 12 word backup I think a 12 word backup is sufficient though I also prefer multi-sig which I'll talk about the end of this video for large amountsOf Bitcoin now if you lose or damage your Hardware wall wallet you can buy a new one from any manufacturer so basically any bip 39 compatible Hardware wallet will do trezor block stream Jade and cold Carter prominent examples of it a ledger is also a bib39 compatibleHardware wallet and then what you do is you enter your 12 word recovery seat in the order received it from 1 to 12 and you enter it only on the hardware wallet you never want to enter these words online in a web form if you receive anEmail that is some sort of attack you don't want to click on the link and then enter your your 12 words online they should only be entered into the hardware wallet itself so that they don't touch the internet and if you do this your private keys will be restored to yourNew device so this is why it's called a 12 word recovery seat or a backup you may often see words as well recovery seeds seed seed phrase mnemonic recovery phrase bib39 seed phrase these are all versions of the same thing and they're basically what we showed here you have12 or 24 words now going to show you how to set up a decoy wallet as well as a regular wallet on your trezor and I'm going to be using a trezor Model T that's plugged into the back of my Mac desktop through the USB port I just goTo treasure.io I click on app and that will take me to this page you can either download the desktop app for the purposes of this I'm just going to use treasure suite for web and it's going to connect to the hardware wallet that is plugged in through the USB port I'm justGoing to set this up this is a brand new trezor and that was bought from the manufacturer you definitely don't want to buy these from third-party resellers and you definitely don't want to buy a used Hardware wallet so I'm going to click setup trezor this has an oldVersion of the firmware for the purposes of this video I'm not going to update the firmware so I'm just going to skip update but you should do it now we have two choices here I can either recover an old wallet so for example if my previous Hardware wallet was lost or destroyed ifIt was lost I'm probably going to want to recap cover it and then move the Bitcoin to a new address but if it was just if the hardware wallet was damaged I'll click here and this will allow me to enter my 12 recovery seed words onto the hardware wallet itself I'm not goingTo be entering it onto the laptop or desktop for the purposes of this video though we're going to create a new wallet we're going to configure it we're going to use a standard seed backup I'll click right here and now I need to confirm something on the wallet itselfIt's asking me do you want to create a new wallet so I'll click the green check mark so now it says I've successfully set up my treasure and created my wallet it says I should never use my treasure without backing it up I need to create a12 word recovery seed so I'm going to create a backup right here your treasure will generate a list of words which you need to write down this information is the most important part of securing your treasure check your backup in device settings but first before before sending wallet money toThe wallet and this is important never upload these 12 words online never take a photo of them never put them in Evernote never put them in a Google doc never send them in an email or text keep your backup secured and never share with anyone so now I'm going to click beginBack up I'm going to go to my treasure and confirm on here I'm going to click I understand which is green button and now I need to write down my 12 Recovery words which are only being shown on the screen of my treasure so I'm going toPause right here I'm going to write down the 12 words in the order in which they're presented and then I'll be right back okay I'm back my treasure generated a 12 a list of 12 words I wrote them down in order and then it had me it did a littleTest for me A little quiz where it asked me for example what is word 3 out of 12 or what is word 7 out of 12 and what is word 11 out of 12 just to make sure that I'd written them down in the correctOrder and then it sent me to this screen now normally The Next Step would be to set up a pin which just is just an external code that you entered into the screen every time you use the trezor in order to unlock the screen I'm going toBe skipping that for now but you should definitely do it that way if someone gets their hand hands on your treasure they have something like 15 tries to guess the correct pin if they don't guess it correctly the trezor wipes itself so you'll definitely want to setUp a pin that you can remember I'm not going to do it right now as I said I'm going to skip and it's going to say skip pin of course now you can activate coins you just want to have Bitcoin on here I'll click complete setup and I couldChange the name Etc I'm going to click access screen now here's where I have a choice the first thing I can do is I can set up a standard wallet and that is going to be the one that is going to be accessible using those 12 words that I just wroteDown now I'm going to enter a passphrase on this to create a hidden wallet and so basically the Standard wall is going to be your decoy wallet and the hidden wallet is where you're really going to store your your funds now you're going to want to use a passphrase here inOther words a word a long word I believe you can use multiple words as well that no one can guess so don't use your dog's name don't use your name don't use your name one two three or passphrase one two three something like that this should be something really unique about your lifeThat's easy to remember and that no one else knows for the purposes of this I'm just going to type in Matt m-a-t-t I guess I'll add Matthew and make it a little bit longer and then I'm going to click access hidden wallet so now I'm looking at the screen in my treasure itSays hidden wallet access hidden access hidden wallet and next screen will show the passphrase so I'm going to click the green check mark it's asking me use this passphrase question mark and it's lowercase my my name lowercase m-a-t-h-e-w I'll click the green check mark it says please wait and now I'm allSet up so this is basically the hidden wallet that is about to be revealed here it's right now asking me for the passphrase so let's see I need to enter it again on the screen here you never want to enter your 12 words onto a screen but you can enter your passphraseHere for example I will click the check mark here I'll confirm the passphrase it's asking me on my treasure do I want to access the hidden wallet I'll click the green check mark use this passphrase Matthew I'll click the green check mark and now it's taken me to this hiddenWallet number one so what I can do is I can put the real money in here I can put tens of thousands of dollars or hundreds of thousands of dollars or millions of dollars and the way I would do that is I'll just click receive I would generateRate an address I'm not going to use this right now but basically I would copy this address and then I would send the Bitcoin to this address from coinbase or Kraken or from wherever you got the Bitcoin or wherever you're holding it and this would be in theHidden wallet and that's where you'd want to store the really large amounts of savings now let's go back and look at the regular wallet if we go to dashboard we're still in the hidden wallet here so what I'm going to do is I'm going to eject this basically and we're going toGo back to my treasure let me click this so now we're at the this this this screen again and I have a choice I can go back to that hidden wallet where the passphrase is required by typing in Matthew right here what I'm going to doThis time is I'm going to click standard wallet this is going to take me to the standard wallet that is being backed up by those 12 words that I wrote down earlier now I obviously haven't put any money here either but what I can do is ICan put a small amount of money here so maybe I'm holding 10 or 20 000 in the secret wallet and decoy wallet I'm just going to put a small amount and you should make it it should be a small amount but it should also be enough thatA thief might be happy with it so if you're holding twenty thousand dollars in your secret wallet in this decoy wallet maybe you put five hundred dollars I think that would make a thief uh basically happy so what I do here is I'll create a fresh address I'll copyThis address and I'll send five hundred dollars to this address and again looking at this there's no way to know that I have a hidden wallet available here at all if someone types in my 12 Recovery words if they find them and they type them in somewhere into a newHardware wallet or software wallet they will be taken to this wallet and they'll have no idea that there's a secret wallet associated with it so again this would be the decoy wallet if I want to access the other wallet what I basically do is I eject this again I go to my treasureAnd it's going to ask me which one I want to go to the standard wallet which in this case is the decoy wallet or the hidden wallet again to access the hidden wallet I need to enter my name right here or what or whatever password passphrase I've chosen so what's theSummary of all of this the summary is basically this adding a passphrase to your 12 words or adding a passphrase to your 24 words will actually create an entirely new wallet so you could keep a small amount of Bitcoin in your 12 word wallet in the standard wallet perhaps aSmall amount as we said like 500 or whatever is a small amount for you I then keep a larger amount like twenty thousand dollars or two hundred thousand dollars or two million dollars or 20 million dollars in your 12 word plus passphrase wallet in that hidden walletSo what you do is you let the thief steal the 500 from your standard wallet so he or she presumably leaves you alone and he or she has no idea that there's also a hidden wallet that contains the bulk of your savings so I think this isA good solution in this case if someone gets hold of your treasure they still will not be able to access the hidden part without knowing the passphrase the only problem with this is if you die and you don't let anyone know your passphrase they will not be able toAccess this wallet this hidden wallet and in order to access this hidden wallet you need both your 12 words plus your passphrase so that this is something to think about when it comes to inheritance protocols now if you want to store a backup of your hidden walletWhat you can do is you can store your 12 Recovery words in one place and you can store your passphrase in another place what you could do for example if you're passing on your Bitcoin to someone is you could give them the 12 words or you could give them just the passphrase andThen you could keep the other piece locked up somewhere and say if you trust them only open at the time of my death and then they'll be able to combine the 12 word list with a passphrase to access the hidden wallet if you enjoyed this video and you enjoying my teaching styleThen you're definitely going to love my paid Bitcoin course which goes into many of these same issues including inheritance and estate planning Solutions I also talk about how to use your own node with any Bitcoin Hardware wallet like a treasure or cold card I also talk about multi-sig how to set upA do-it-yourself multi-vendor multi-sig setup which is how I store my own Bitcoin this is the the safest way of doing it you would do it for example three out of five keys are needed to move the coins or two out of three private keys are needed to move theCoins that's two of three multi-sake versus three out of five multi-sig so if you really if you want to go deep deep down the rabbit hole I cover everything in this course it's just hours and hours of material including how to buy Bitcoin Anonymous anonymously how to run aCouple different ways how to run your own Bitcoin node how to hook up a hardware wallet to that how to coin join how to do multi-sig and also how to manage utxos how to turn your phone into a multi-sig vault how to connect a block stream Jade Hardware wallet to your ownNode lots of these things that I haven't yet covered on YouTube either because they make very very long videos or it's a subject that I'm not comfortable putting on YouTube so after you've exhausted all of my free material I'd encourage you to check out my paidCourses by clicking in the link in the description notes below and make sure you use the coupon code there to get the best price YT as in YouTube YT 99 will get you the best price so be sure to check that out again after you've exhausted all my free material onYouTube if you found this video helpful be sure to hit that subscribe and like buttons hit the notification Bell if you want to be notified when I publish my next video and let me know your questions and comments in the comment section below thanks a lot for watchingAnd I'll see you in the next video