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

Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet

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.


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Chapters:
0:00 Intro
0:53 Keys are just Numbers
1:14 What is hierarchical deterministic
2:15 Why Private Keys are Secure
3:15 Graphing Derived Addresses
4:35 Demo in Bitcoin Wallets
6:00 Address Reuse and Privacy
6:40 Sending Transactions
7:19 Hardware Wallet Capacity
8:45 Seed Backups

Images and articles in video:
Space Imagery: NASA:
Bitcoin Wiki:
Wikipedia:
Observable Universe Image: CC-BY-SA Andrew Z. Colvin,

———————

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:

For Trading, just start with Binance:

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:
(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:
BTC: 37hiiSB1Poj6Shs8WawPS2HjT2jzHkFSQi
BCH: qr9qenlgjh0xlyz802h70ul69rpdj8z6qyuh7m79ah
LTC: MRWnUcsyofisVp5GvX7nxMog5caneycKZ6
ETH: 0x14b2E26021d0Ce8E2cE6a2Eb6E2690714bB18E17
VTC: vtc1qxauv20r2ux2vttrjmm9eylshl508q04uju936n
ZEN: znUihTHfwm5UJS1ywo911mdNEzd9WY9vBP7

#bitcoin #btc #ethereum #eth #cryptocurrency #crypto #ledger #trezor #security

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

  • January 24, 2022 at 1:58 am
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    Wow deep

    Reply
  • January 24, 2022 at 1:58 am
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    So i accidentally deleted an eth address from ledger live and it's my address for the spark airdrop. Can i recover that address or did i just lose all my spark tokens before the airdrop?

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  • January 24, 2022 at 1:58 am
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    how to check all btc address on my ledger nano

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  • January 24, 2022 at 1:58 am
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    can you talk about why ledger X will NOT generate a new address?

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  • January 24, 2022 at 1:58 am
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    Just saw an answer you made on reddit, linking this video, and it was a perfect explanation! Thank you very much!

    Reply
  • January 24, 2022 at 1:58 am
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    My Ledger gave me the same address for SWAN and COINBASE PRO. I assumed they would give me different address. Isn’t that kind of a security risk?

    Reply
  • January 24, 2022 at 1:58 am
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    Hi. Bitcoin addresses changes every time you receive a transaction. But for other crypto assets (Ethereum, etc.) the address stays the same. how do we can change the addresses for other crypto to stay with privacy like in bticoin? thanks

    Reply
  • January 24, 2022 at 1:58 am
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    Another super video 👍 you deserve millions of subs and likes!

    Reply
  • January 24, 2022 at 1:58 am
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    So would sending multiple transactions using the same receiving public key be a weak point in my private key security?

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  • January 24, 2022 at 1:58 am
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    I have been binge-watching (and re-watching) your videos. Extremely helpful! I don't get it all, but with your videos, it is slowly sinking in! Thanks mate!

    Reply
  • January 24, 2022 at 1:58 am
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    Hi thanks for the video’s, my brain hurts sometimes trying to fully understand the technical aspects of what you are saying.
    I have 2 questions if ya don’t mind? And I apologize in advance if they are nonsensical.
    1. Is it a security issue if I’m getting paid weekly into the same receiving address on my Trezor wallet?
    2. If I have a trezor setup with no pass phrase, and have multiple coins stored in the accounts that aren’t protected with a pass phrase, is it a matter of setting up a pass phrase protected account on the same trezor and sending the coins from the main account to the new addresses that are protected with a pass phrase? Or can I just add a pass phrase to that main account essentially?
    Hope this makes sense😂

    Reply
  • January 24, 2022 at 1:58 am
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    On the Ledger website, it says you can "Store up to 100 apps". What are they referring to by "app"?

    Reply
  • January 24, 2022 at 1:58 am
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    Can I safely mine ETH directly on my Trezor one address? Heard there is a limit or error occurs when frequently receiving payouts

    Reply
  • January 24, 2022 at 1:58 am
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    Thank you very much for this amazing explanation, I have a question: If I am using several account as explained at 3:50 and want to send funds from all those to 1 address, is there a way to do that in a single transaction in order to safe on transaction fees?

    Reply
  • January 24, 2022 at 1:58 am
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    Hello ,I am trying to learn from your very informative videos and thanks again for that !
    I have a question, how private is the blockchain and how can we be protected when holding crypto ?
    If ledger i.e has all your transactions when holding a nano or similar.
    How do we hide from nosy people and companies?
    Is there a way ?

    Reply
  • January 24, 2022 at 1:58 am
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    Ok I feel better after watching this video

    Reply
  • January 24, 2022 at 1:58 am
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    Confused. If you have a wallet, but you use different derived addresses for each transaction, can a third party derive the total amount of BTC in the overall wallet?

    Reply
  • January 24, 2022 at 1:58 am
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    Thank you for the video! Question: How safe is the Hardware Wallet like Cobo Vault, I'm concerned that the 24 Seed phrase that is generated has been copied or pre-generated before its shipped out to the customer, and later stolen after the addresses are funded. Is it possible for someone to preprogram 24 seed phrase for theft later ? thank you in advance.

    Reply
  • January 24, 2022 at 1:58 am
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    The most awesome description I have seen to date!! 🤘 really appreciate your efforts on making this concise 🥳

    Reply
  • January 24, 2022 at 1:58 am
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    What a great video! I am personally always worried that when i generate a new receive address offline, that the address that is generated already exists. Now I know you explained (using that graph with the size between the 2 points being as big as the universe) that this is extremely unlikely, but the thought of it still gets to me. It is probably just a mindset shift I need to make. Do you mind if I ask where you learnt about crypto? You are basically the only YouTuber I watch regarding crypto (specifically the technicalities behind it) and I would really love to know where I can do additional research about this incredible technology.
    Also, for a normal user, how many wallet addresses would you say one would have to generate before the system starts lagging (specifically if you use a normal free hotwallet, such as coinomi)? Couple hundred/thousand?

    Reply
  • January 24, 2022 at 1:58 am
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    Always helpful! Thanks mate!

    Reply

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