DiscoverBitcoin Takeover PodcastS15 E61: Polto & Darko on Self Custody Pro Tips
S15 E61: Polto & Darko on Self Custody Pro Tips

S15 E61: Polto & Darko on Self Custody Pro Tips

Update: 2024-10-28
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Time stamps:

Introducing Polto & Darko (00:00:50 )

Top Hardware Wallets (00:01:33 )

Trade-offs in Multi-Signature Wallets (00:02:06 )

Importance of Secure Elements (00:03:25 )

Passphrase Usage and Security (00:04:37 )

Confusion Around Passphrases (00:06:06 )

Backing Up Passphrases (00:07:14 )

BIP 39 and Passphrase Features (00:08:02 )

Derivation of Wallet Addresses (00:09:39 )

Standardization of HD Wallets (00:10:01 )

Best Practices for Backups (00:11:19 )

Verifying Recovery Procedures (00:12:06 )

User Experiences with Backups (00:12:57 )

Full Node Users (00:15:31 )

Historical Context of Hardware Wallets (00:17:15 )

Trade-offs in Hardware Wallet Design (00:18:15 )

Open Source Developments (00:20:35 )

Secure Elements and Verification Concerns (00:22:43 )

Understanding Secure Elements in Wallets (00:22:48 )

Ledger Wallet Features (00:24:08 )

Using Seed Signer with Satochip Smart Cards (00:24:41 )

Open Source Secure Element Development (00:25:53 )

Challenges in Hardware Wallet Evolution (00:26:38 )

Miniscript Support in Hardware Wallets (00:27:30 )

Complexity of Multi-Signature Setups (00:28:45 )

Standardization in Multi-Sig Wallets (00:29:46 )

Experimental Nature of Taproot Mini Script (00:30:45 )

Using Phones as Signing Devices (00:32:12 )

Security of Bitcoin-Only Wallets (00:34:38 )

Attack Surfaces in Multi-Coin Wallets (00:35:06 )

Specter DIY vs Other DIY Wallets (00:39:10 )

Entropy Modification in Seed Generation (00:40:04 )

Trust Assumptions in Proprietary Devices (00:42:30 )

Limitations of the Passport Wallet (00:43:50 )

Introduction to Specter DIY Wallet (00:46:14 )

Pricing of Specter DIY (00:46:43 )

Development of Secure Element Boards (00:47:02 )

Client Consultation for Bitcoin Security (00:48:03 )

Multi-Signature Wallet Recommendations (00:48:30 )

Considerations for Children Inheriting Bitcoin (00:50:21 )

Using Liana for Bitcoin Management (00:51:00 )

Risks of Pre-Signed Transactions (00:52:43 )

Adapting to the Bitcoin Network (00:53:00 )

ETF vs. Self-Custody (00:53:25 )

Role of Co-Signers in Multi-Signature Wallets (00:53:58 )

Future of Bitcoin and Exciting Innovations (00:57:59 )

Concerns About Drivechains (00:58:45 )

Consensus Mechanisms in Bitcoin (01:00:33 )

User Activated Soft Forks (01:02:42 )

Key Rotation in Multi-Signature Wallets (01:06:00 )

Emerging Solutions in Multi-Signature Technology (01:06:41 )

SLIP39 and Shamir Secret Sharing (01:08:05 )

Shamir Secret Sharing Implementation (01:09:16 )

Multi-Sig vs. Shamir (01:10:44 )

Importance of Multi-Sig (01:12:01 )

3-2-1 Backup Strategy (01:13:20 )

Tamper Evident Storage (01:14:15 )

Annual Backup Verification (01:15:24 )

Using Passphrases with Multi-Sig (01:16:14 )

Backup Complexity Risks (01:17:12 )

Traveling with Backups (01:19:43 )

Customs and Crypto Assets (01:22:08 )

Workshops on Multi-Sig (01:25:14 )

Node Importance in Bitcoin (01:25:53 )

Hardware Wallet Recommendations (01:26:51 )

Blockstream Green Discussion (01:29:07 )

Trusted Co-Signers Network (01:31:27 )

Legal Restrictions in Switzerland (01:31:37 )

Contacting FINMA (01:32:08 )

Frustrations with Regulatory Definitions (01:32:50 )

Backup Principles (01:33:49 )

Closing Remarks (01:34:12 )

Recaping the Best Practices for Bitcoin Storage (01:34:26 )
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S15 E61: Polto & Darko on Self Custody Pro Tips

S15 E61: Polto & Darko on Self Custody Pro Tips

Vlad Costea