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The Best Ways To Store Small and Medium Amounts of Bitcoin:
In this video, I discuss the best way to store large amounts of Bitcoin.
Hot wallets on your phone are fine for up to a few hundred dollars. After that, you’ll probably want to graduate to using a hardware wallet (single-sig) for amounts up to about $10,000.
For larger amounts of Bitcoin, my favorite storage solution is multi-sig (multi-signature, where you need multiple keys to move your Bitcoin). These keys/hardware wallets can be stored in a geographically dispersed way, which renders home attacks ineffective.
With collaborative custody multi-sig, a company like Casa or Unchained Capital holds one or more of your keys. They do not hold enough keys to move your Bitcoin on their own, but just enough to help you out in case you lose one or more keys.
With 2/3 multi-sig, you need 2 signatures to move your Bitcoin. With 3/5 multi-sig, you need 3 signatures to move your Bitcoin.
Consider using different vendors for each of your hardware wallets (Trezor, Blockstream Jade, Coldcard), in order to guard against a single-vendor attack.
Collaborative custody is great for beginners, but as you become a more serious Bitcoiner and don’t want to leak privacy or compromise your personal security, it makes more sense to set up DIY multi-vendor multi-sig, which I discuss in the following 2 paid lectures:
Not investment advice! Consult a financial advisor.
Unchained Capital multi-sig:
Casa Keys multi-sig:
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Hi Matthew. I’ve recently discovered that popular exchanges are no longer accepting “tainted/mixed” BTC for deposit and conversion to USD, or accepted for any of their borrowing/lending products. Are we all going to end up (effectively) converting our BTC to useless “paperweights” by coinjoining them?
Multi-sig should also mean having a couple Sig sauers to chose from, or multi-glock
https://www.youtube.com/watch?v=uIWJBAcZk5E
I understand the benefits of a hardware wallet. Curious your thoughts on setting up a 3/5 multi-sig wallet using BlueWallet mobile app with 5 separate people in an org. Benefits: no cost vs hardware wallet, convenience of mobile access, and enhanced security via dispersed keys. Downsides?
btc mag bro was talkin a bunch of mess about trezor, some privacy issue.
thanks, what do you think of cold card? heard trezor is no bueno now for some reason…thanks again!
Hi Matt , I have a weird question/scenario.
What if you have a 2of3 setup, and someone is actually able to steal one of your seed phrases? The most they could possibly do is recover the wallet to a new hardware/software wallet, but they wouldn't actually be able to move any BTC correct? Because it's still protected by 1 other key that they don't have.
What's wrong with ledger?
It's interesting to regret mentioning you hold bitcoin. I totally understand that, but the other side of the coin is that you regret not mentioning it. This is a regret because NOBODY gets to actually know you or your real interests if your totally absorbed into BTC like I am. I have lived 6 years "in the closet" and it's not a good place to be at all. People find I often have furrowed eyebrows.
Debate me
Okay I'm struggling for a while now on this topic about hardware wallets, seedphrases, passphrases, multi sig, etc. Let me lay down the advantages and disadvantages as I see it, of all these different solutions here. I'm hoping this way I start a discussion among us about everything I am or we are missing here and what would be best practice for different Bitcoiners.
I think multiple hardware wallets does not scale as I agree with Matthew that you eventually maybe have +10 hardware wallets all with relatively small funds or +10 seed phrases, making it very complicated while there is a better solution in that case which is I think Multi sig.
Matthew, thank you for what is truly useful information to help us avoid making catastrophic mistakes! Question: If I use my recovery seed from a single sig h/w wallet on another manufacture's h/w wallet, will I see my BTC there? Thanks again!
The problem is one goes to such great lengths for security that they very well could end up compromising their own BTC accidentally.
I have 5.15 BTC and I keep it all on ONE single hardware wallet with a pass phrase and all the other little things (authenticator) ect.
Best way to store bitcoin profits is gold and silver.
The problem with multi Sig is that if a company was co-opted by a government, they could just make that company not give you the other half of your signature locking you out of your wallet.
Great video – whats the difference between shamir and multi sig Matt?
Could you comment or make a video on the multi-sig solutions being offered by Muun and Blockstream?
With a company like Casa do they only hold one of the three sets of keys?
When do you think you'll convert to a taproot multisig?
What’s wrong with keeping above $10,000 on a Trezor?
I was also recommended to watch that Myst video – what a classic from the 90's. That game blew my mind as a kid.
What would be the risk of keeping a large amount of Bitcoin in a single sign cold storage?
What's the difference between a 12 and 24-word seed? And what about wallets that use a passphrase on top of the seed?