Securely Backup your seed and passphrase ColdTI:
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
A short video that looks at how to use the EFF 2.0 diceware list to generate a secure passphrase, ideal for a BIP39 wallet. (Can also be used with any crypto hardware wallet, Ledger, Trezor or Keepkey) Also looks at how to check your backup for those who are after a completely offline paper wallet. Some wallets will refer to a BIP39 passphrase as a 25th word.
Diceware Lists and Usage Guide:
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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:
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
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Generating a Secure Passphrase with Diceware
In my previous video I looked at some guidelines for selecting a secure 25th word (or BIP39 passphrase) but didn't really talk about how you go about this...
Why Diceware
⦁ Your passphrase is secure based on true entropy (randomness) and not just you coming up some way of obscuring a password that you think is secure. (Essentially taking an entropy short-cut that probably isn't as unique or secure as you think)
⦁ EFF 2.0 makes it easy to have a passphrase that ca be memorable, secure and has fault tolerant backups.
Steps
1) Get some dice ($1) off ebay (or fancy ones from EFF if you want to support their great work)
2) Select a consistent way of rolling/reading the dice that removes your subjective choice. (eg: Don't just roll them and read them in whatever order seems best to you)
*I will be shaking them in a box and reading them from left to right... (Consistent and easy to demonstrate)
3) Roll Dice enough times for 8 words (need 28 rolls), writing down result on paper in groups of 4 (Don't just save and store the raw entropy)
4) Optional Step - Verify that your dice is fair(ish)
5) Commit your passphrase to memory and store a backup of it somewhere seperate to your 24 word seed. (In my opinion, it is sensible to store this in a password manager, but you can also store it on paper, titanium plates, etc)
⦁ Store it on a ColdTi if you want something that won't burn, rust and will survive a toddler or pet eating it...
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