Receive Address Changed? Hardware Wallet Capacity? How your Crypto Wallet Works (Ledger, Trezor)

Keep all your crypto safe & upgrade to a Ledger Nano X Hardware Wallet https://shop.ledger.com/pages/ledger-nano-x?r=5243ecbb8427

Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=2922&source=YouTube

I often see folk worried that the receive addresses change for their crypto wallet, or perhaps they are worried because they have re-used an old address. A related question I often see is whether a hardware wallet has a limit in terms of how many private keys it can store. This video looks at how hierarchical deterministic crypto wallets work, how addresses are derived from a seed, as well as looking at how this increases your privacy. This applies to just about any crypto wallet whether it's Bitcoin Core, a Ledger Nano, Trezor or blockchain.com wallet.

Chapters:
00:00 Intro
00:53 Keys are just Numbers
01:14 What is hierarchical deterministic
02:15 Why Private Keys are Secure
03:15 Graphing Derived Addresses
04:35 Demo in Bitcoin Wallets
06:00 Address Reuse and Privacy
06:40 Sending Transactions
07:19 Hardware Wallet Capacity
08:45 Seed Backups

Images and articles in video:
Space Imagery: NASA: https://www.nasa.gov/content/ultra-high-definition-video-gallery
Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page
Wikipedia: https://en.wikipedia.org/wiki/Observable_universe
Observable Universe Image: CC-BY-SA Andrew Z. Colvin, https://en.wikipedia.org/wiki/File:Observable_Universe_with_Measurements_01.png


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If you are new to Crypto, my suggestion is that you start with buying ~$150 worth of Bitcoin, Ethereum, Litecoin @ Coinbase and get familiar with storing it, moving it around, etc.

For your first purcahse, just stick with CoinBase: https://www.coinbase.com/join/5691c9d0a4c3a05dfa000151

For Trading, just start with Binance: https://www.binance.com/?ref=18111926

By sticking with large, reputable exchanges for your first purchase (Coinbase) and first trade (Binance) you can avoid getting scammed right at the start by purchasing a non-existing coin off a scammy exchange. (You would be surprised how many people fall into this trap)

Don't have a hardware wallet?
Be safe and buy them direct from the manufacturer. (Not just through some random on eBay, Amazon, etc)
Get a Ledger: https://shop.ledger.com?r=5243ecbb8427
(If you are just starting out, I would just recommend a Ledger Nano S)

If this was helpful, feel free to send me a tip:
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#bitcoin #btc #ethereum #eth #cryptocurrency #crypto #ledger #trezor #security