Practice using your keys! 🔑 🔐
3902 sats \ 27 comments \ @satoshi_in_the_classroom 17 Oct 2023 bitcoin
I think it's very prudent to do this often! More of us need to make it a frequent practice IMO. Why?
-helps you become more familiar with the technology behind it. BIP standards, cryptography, multisig... you learn by doing!
-as with any tool, practice makes permanent. It can boost your confidence in using it and give you crucial skills so you're less likely to make a mistake or lose your coins when it really matters.
-stay on top of current protocols (like Sparrow and UTXO management), or using the latest firmware.
-safeguard your coins by weeding out bad actors on the spectrum of trust (like Ledger for example and their interface issues)
write
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71 sats \ 7 replies \ @NeuroNinja 17 Oct 2023
Yes, I did just that the fist time I installed Electrum wallet. Uninstalled the app, and used the seedphrase on separate PC to recover my account. Surprisingly, our wallet is just a JSON file 😂😂😂Went through each line, there are lots of things still not understood by me. Hope to catch up soon.
All the BITCOIN only exists over on the network. You can have your key, but you can not have BITCOIN, it is still on the network. Even when you spend it, it doesn’t go anywhere else. It remains still on the network. One mined, BTC can neither be created or destroyed. Only accessed.
REMEMBER: You don't own money, you just own keys. It is a bit scary though.
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46 sats \ 4 replies \ @Stacksats 17 Oct 2023
Bitcoin is so beautifully complex.
Like you said... I've been trying to understand what a checksum is lately...
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30 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
Agreed. So many different pieces all working in unison.
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0 sats \ 2 replies \ @NeuroNinja 17 Oct 2023
You will find these useful-
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40 sats \ 0 replies \ @Stacksats 17 Oct 2023
Oh these are good! Thanks!!
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5 sats \ 0 replies \ @SatoshisSkeleton 17 Oct 2023
These are great
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35 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
Totally. It's a mind trip to conceptualize the abstractions.
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20 sats \ 0 replies \ @SatoshisSkeleton 17 Oct 2023
You don't own the money! In other words, the coins are NOT on the device. But the ability and cryptography passwords ARE.
This is a HUGE pinnacle of understanding to uncover.
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81 sats \ 1 reply \ @shyfire 17 Oct 2023
Another piece of good advice here is to practice restoring from your seed backup using a completely different hardware wallet and / or software wallet than what you regularly use.
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5 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
Oh this is a good piece of advice too! Nice!
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41 sats \ 2 replies \ @SatoshisSkeleton 17 Oct 2023
Use a spare/back up wallet with some coins on it. It's like training camp
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20 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
Yep! This is the way
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5 sats \ 0 replies \ @SatoshisSkeleton 17 Oct 2023
Keep learning
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35 sats \ 3 replies \ @birdeye21 17 Oct 2023
Playing around in testnet with Sparrow was a great way for me to get more comfortable with things
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20 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
100%
Learning by doing! This reminds me...
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10 sats \ 1 reply \ @spraveenitpro 17 Oct 2023
I would like to do that. Any idea/tutorial I can get started with? thanks
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0 sats \ 0 replies \ @satoshi_in_the_classroom OP 17 Oct 2023
Good question! Not that I know of off the top. Bitcoin sessions has a good video on Sparrow if you search for it in youtube! Go slow and step by step!
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30 sats \ 2 replies \ @Stacksats 17 Oct 2023
Totally. Better to do it when it doesn't matter so you're prepared for when it does matter. ✅️
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25 sats \ 1 reply \ @satoshi_in_the_classroom OP 17 Oct 2023
💯 exactly
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10 sats \ 0 replies \ @SatoshisSkeleton 17 Oct 2023
Stack sats!
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20 sats \ 3 replies \ @Bullen 17 Oct 2023
When I set up my hardware wallet I tested around five times to recover it from my seed phrases final burial site at spaced intervals over some month or so. I tested sending and receiving transactions at the same time.
After a while I started to trust that I knew it worked. Now that my stack has grown, I can't not be a bit worried I can't transact them out of my cold storage... But I think it is just a ghost in my mind.
I consolidated some UTXOs a while back, so I know it works. It just... doesn't feel like it's so...
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60 sats \ 2 replies \ @Stacksats 17 Oct 2023
Good job. Keep going! Keep your skills sharp!
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20 sats \ 0 replies \ @satoshi_in_the_classroom OP 18 Oct 2023
This is the way
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20 sats \ 0 replies \ @SatoshisSkeleton 17 Oct 2023
💯
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5 sats \ 2 replies \ @Diego 17 Oct 2023
I was doing a test to recover a wallet. I tried in sparrow with the seed phrase and it wasn’t found. I then did the check recovery seed in the trezor desktop app and it matched. The keys were originally generated on the trezor device. Any reason why it didn’t work in sparrow? Should I consider the seed phrase compromised?
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10 sats \ 1 reply \ @Stacksats 17 Oct 2023
Could be a checksum issues. This is a good question! What has a google search brought up?
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0 sats \ 0 replies \ @Diego 18 Oct 2023
Nothing conclusive. Not sure if the keys are generated in different format?
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