Just asking here if someone wants to move bitcoin from hot to cold wallet which one is best security practices is it by entering the 12 words into cold wallet or send it over to new cold wallet??
262 sats \ 5 replies \ @nerd2ninja 22 Sep 2023
If you're sending to a cold wallet and not spending out of it, you do not need to touch your signing device or private keys at all. Use a "watch only wallet" (why do we call everything a wallet? Makes no sense sometimes) to get your addresses and send your Bitcoin to those addresses
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0 sats \ 0 replies \ @DarthCoin 22 Sep 2023
hahaha well said watch only wallet is so dumb term.
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0 sats \ 3 replies \ @Bitcoinfreedom OP 22 Sep 2023
Yas l do want a cold wallet just for hodl longterm.
Sorry if this a silly question. Would be possible if l use a watch only wallet to have my previous hot wallet hodl by entering the seed in it instead of generate addresses to receive from hot wallet.. l just want to save the fees
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0 sats \ 1 reply \ @Bitcoinfreedom OP 26 Sep 2023
Hey @DarthCoin a question here please can l import my old hot wallet into sparrow taproot type and moved my BTC into a cold storage. I just want to save fees
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0 sats \ 0 replies \ @DarthCoin 26 Sep 2023
https://darthcoin.substack.com/p/move-your-btc-to-taproot-address
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0 sats \ 0 replies \ @Bitcoinfreedom OP 26 Sep 2023
Hey @DarthCoin a question here please can l import my old hot wallet into sparrow taproot type and moved my BTC into a cold storage. I just want to save fees
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0 sats \ 0 replies \ @ionisle 22 Sep 2023
Best Security Practices for Moving Bitcoin to a Cold Wallet:
- Create a New Cold Wallet:
- Use a reputable hardware wallet.
- During the setup, you will be provided with a new set of 12/24 recovery words (seed phrase).
- Write down the seed phrase on paper and store it in a secure location. Do not store it digitally to avoid hacking risks. Or use the @darthcoin poetry standard to remember/memorize your seed phrase.
- Secure the Seed Phrase:
- Store the seed phrase in a fireproof and waterproof container or safe.
- Consider using a metal backup tool like Cryptosteel or Billfodl to store the seed phrase, as it is more durable than paper.
- Do not share the seed phrase with anyone and avoid entering it on online platforms or taking pictures of it on your phone.
- Whirlpool
- Before sending your Bitcoin to the cold wallet, use a CoinJoin service like Whirlpool by Samourai Wallet to mix your coins.
- This step enhances your privacy by breaking the link between the input and output addresses, making the transaction trail harder to analyze.
- Generate a Receiving Address:
- Connect the cold wallet to a safe computer or use its interface to generate a new receiving address.
- Double-check the address to ensure it is correct.
- Send an UTXO:
- Send one of the UTXO's from whirlpool to the address.
- Confirm that the transaction is successful and the funds are received in the cold wallet.
- Send the Remaining Balance:
- Once the test transaction is confirmed, send the remaining balance from the hot wallet to the cold wallet. (Be sure each UTXO goes to a new address on the wallet this way only someone with your xpub would be able to make additional connections)
- Monitor the transaction until it gets enough confirmations on the blockchain.
- Keep the Hardware Wallet Secure: Store the hardware wallet in a secure location when not in use. Use strong PIN/password protection on the hardware wallet.
- Verify
- Frequently verify you can access your hardware wallet ( I recommend monthly but at least when you change your batteries in your smoke detectors)
I'm sure @darthcoin has a more definitive guide on this somewhere but with my threat model this would be the way I go.
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