Bitcoin Self-Custody and Cold Storage: The Risks and Benefits of Hard Wallet Devices feat. NVK

-In this episode we discuss:

-Why should you self-custody your Bitcoin and how?
-How to choose between cold storage wallets
-What happened with Ledger this month?
-Can someone extract a seed phrase from my cold storage device?
-Cold storage vs trusting exchanges
The history of cold storage wallets
-NVK/Coldcard Wallet origin stories

NVK is a co-founder of Coinkite, a builder of Bitcoin security hardware and other devices, including OpenDime, the Coldcard Wallet, and the BlockClock. The Brazilian-born Canadian previously was co-founder of Ripe Apps, the VP of Product at Method:CRM, and Chief Product Officer at Quandl.

🐦 Follow NVK on Twitter   / nvk  

Partners:
✔️ Coin Stories is powered by ‪@Swan_Bitcoin‬ the best way to build your Bitcoin stack with automated Bitcoin savings plans and instant purchases. Swan serves clients of any size, from $10 to $10M+. Visit https://www.swanbitcoin.com/nataliebr... for $10 in Bitcoin when you sign up. If you are planning to buy more than $100,000 of Bitcoin over the next year, the Swan Private team can help.
✔️ BITCOIN 2024 by ‪@BitcoinMagazine‬ is July 25-27 in Nashville! Check out the highlights from Bitcoin 2023 in Miami Beach, and get your 2024 early bird pass at a steep discount at https://b.tc/conference use code HODL.
✔️ Fold is the best Bitcoin rewards debit card and shopping app in the world! Earn Bitcoin on everything you purchase with Fold's Bitcoin cash back debit card, and spin the Daily Wheel to earn free Bitcoin. Head to https://www.foldapp.com/natalie for 5,000 in free sats!
✔️ Health insurance needs an overhaul. The government and insurance companies have jacked the price, increased complexity, and made insurance almost unusable. You send your money to the health insurance black hole and never see it again. Then, when you get hurt you have to send them more money. The great news is now you have an alternative: CrowdHealth. It’s totally different from insurance. Instead of sending your hard earned money to an insurance company, you hold your money in an account CrowdHealth helps you set up when you join. You can even convert dollars in that account into Bitcoin. When someone in the community has a health need, you help them out directly and if there is Bitcoin or $ left over in your account when you leave, you take it with you. https://www.joincrowdhealth.com/natalie

The custom Bitcoin B sculpture featured on Natalie’s set can be purchased at www.vonbitcoin.com

🗒️ IN THIS EPISODE:

0:00 Intro, Swan Bitcoin promo
1:33 What is a cold storage wallet? What is self custody?
4:32 Defense against debasement
5:50 How does cold storage and self custody work
6:53 What is a seed phrase?
8:28 Picking 12 to 24 words
10:41 How are words generated
11:33 How does wallet-maker not have access to seed phrase?
12:48 Seed phrase security
14:00 Bitcoin 2024, Fold debit card promos
14:56 Public key vs. private key
16:17 MultiSig
18:07 Why create COLDCARD?
19:28 Bitcoin Maxis love security
20:38 Nothing is infallible
23:20 Ledger concerns
25:41 Air gap, points of failure
28:25 Growing up in Brazil
30:58 CrowdHealth, iTrustCapital promos
32:58 Discovering the White Paper
34:25 Early days
35:42 First cold storage wallet
36:56 How do exchanges hold Bitcoin?
39:21 Does cold storage go obsolete?
40:37 Next best thing to cold storage?
42:42 Should I store my Bitcoin all in one place?
46:34 Which cold storage wallet should I use?
48:09 "If you don't want to take the responsibility, don't buy Bitcoin."
49:21 "It's very early."
50:23 Why does NVK live in Canada?

💡 OTHER RESOURCES
Natalie’s website https://talkingbitcoin.com/
NVK https://nvk.org/

💰 VALUE FOR VALUE — SUPPORT NATALIE’S SHOWS
Strike ID https://strike.me/coinstoriesnat/
Cash App $CoinStories

FOLLOW NATALIE ON SOCIAL MEDIA📱
🐦 Twitter   / natbrunell  
💻 Instagram   / nataliebrunell  
👔 Linkedin   / nataliebrunell  

Producer: Aron Bender   / aron-bender  

DISCLAIMER This show is for entertainment purposes only and does not give financial advice. Before making any decisions consult a professional. #bitcoin #cryptocurrency #money