 beep, beep, beep, beep, beep, beep, beep, beep, hi everyone, welcome to the live stream Q&A that follows the Bitcoin Basics Workshop, I hope you enjoyed that presentation, that was from August of 2019, back in the old days where we all stood close to each other and didn't wear masks, it was a great presentation, I really enjoyed doing it at the BTC 2019 conference in Denver, Colorado and it's probably the longest workshop presentation I've done covering a lot of different topics, so we have great questions, so I'm going to quickly jump in the chat and make sure all of you can hear me and see me okay and then we'll start taking questions and let's see where this takes us, all right it looks like you know hear me okay and so I'm going to start answering your questions from the previous chat, let me just pull up the right window and let's get started, all right first question comes from Dexter Cze, Antonop, how do you feel being quarantined? Must be a big change you used to travel quite a lot, didn't you? Yeah I did, I honestly I'm not enjoying this, I'm not enjoying it at all, I like traveling and even when I'm not traveling I like feeling that I could travel if I wanted to and there's something about the fact that I can't travel even if I wanted to right now that really great, but at the same time I also like grandparents and parents and I would like to continue being alive myself and this is a scary disease, so I'm staying indoors and I'm staying away from other people because it's the responsible thing to do because it's the smart thing to do because it's what the science tells us we should do and because the virus doesn't really care if you're a denier of what's actually happening it will still get you so I'm staying indoors. Crypto uncle says how do you read the situation in the world right now there are so many different opinions out there you know you know what they say about everybody having an opinion I think it's really important to be very careful about what you read and apply critical thinking and critical thinking is an important skill that you should have anyway we've discovered especially in recent times that organizations that used to carry a lot of authority have failed dramatically in these times and have provided inaccurate late incomplete or sometimes downright misleading information you know this week the CDC says let's wear masks two weeks ago they were saying don't wear masks people they don't work so I prefer to listen to scientists I read carefully scientific publications journal entries and reports from scientists I validate their sources of knowledge I look at the numbers for myself and I make my decisions based on that Desser asks do you code if yes what languages do you know and do you like PHP yes I've been coding since I was ten years old it's something I love to do but I only do it as a hobby I don't do programming as a job because that would ruin my hobby so when I get frustrated when I get anxious sometimes I code for fun so I can get my mind off things my favorite programming language right now is Python I can program in more than two dozen languages and I've used more than two dozen languages in various forms and picking up a new language once you once you understand the basics once you have some experience in both procedural and functional languages picking up a new programming language is fairly easy being proficient in it of course is a whole other thing and nowadays I don't really spend enough time to be proficient to a professional level which is why I do this instead of coding in the Bitcoin space all right let's scroll down let me see in the chat if everybody's having fun so far and if everybody can hear me okay all right yes the crypto asks how do you present so effectively with pretty much perfect matter memory and few ums and ahs thank you yes to crypto your hundred dollars will be waiting for you at the exit for giving that softball question actually my presenting skills come from practice I've been doing public speaking since I was 15 or 16 years old and I'm doing it professionally since I was 17 and I've done it thousands of times and with practice it just becomes second nature I do actually have ums and ahs in my speech you don't notice them because they're just natural I don't let them get in the way perfect speech sounds robotic and in terms of perfect memory I make lots of mistakes I have pretty good memory but but don't don't take everything I say a hundred percent sometimes I make mistakes and we we write up the corrections in the description of the video I'll come daily asks have you watched Tiger King do you think Carol Baskin took care of her husband fucking Carol Baskin man I don't know I you start watching that show you're like I think I know who the bad guys are and I think these are the good guys and then the second episode you're like no no they're bad guys too and then in the third episode you know oh no these these people are bad guys too turns out there are no good people in that show it's just a tragedy of really really messed up people which I think is the whole point anyway it was a fun show I did enjoy that yeah okay and now that we've covered the personal questions the off the cuff the bizarre questions we'll go into some more specific questions about Bitcoin open blockchains crypto currencies etc and please do follow up in the chat if you have additional questions this is one of the advantages of having a whole team of people there are currently four people from my staff on the chat feeding me questions as I do this live Q&A thank you team for helping me out with this and and thank you to all of the supporters on patreon and YouTube who make it possible for you to have a team so the next questions there's two questions which are relatively similar a first one is from Jim Mavro Kefalos do you see Bitcoin going beyond the store of value as a use case in the near future and the second one comes from Jimenez 89 am I wrong for seeing Bitcoin as a store of value I'd like to buy stuff with Bitcoin but I also don't want to be that guy who bought a pizza for point tax Bitcoin and seeing the exchange rate go a hundred acts in ten years all right so I think for some people Bitcoin is a store of value but for other people it's a medium of exchange I use Bitcoin transactionally on a weekly basis almost I use it to pay suppliers contractors I use it to pay my staff I get paid in Bitcoin I use it to buy services from web hosting to DNS services to things like that all the time so I do use Bitcoin transaction one of the reasons I use Bitcoin transactionally the most is in areas where it's very difficult to use traditional currencies primarily for cross-border transactions so I can run a team of people that are spread out across the world effectively a small business multinational and use the capabilities of Bitcoin to be able to enable testing all right and we're back with some minor technical problems turns out both of my microsoft my microphone transmitters and my microphone receiver ran out of battery at the same time if you didn't know it one of the fun things about lithium rechargeable batteries is that they don't go full half full core full empty they go full full full full empty and with no warning so I ended up in that situation I hope you can hear me okay let me just check in the chat room and make sure you can hear me okay sorry for the delay right we've got some more questions Bernard mailman says hi Antonop I'm new to Bitcoin is it okay to use a mobile Bitcoin wallet thanks and James Lindsay asks hi Andreas a lot of normies are asking me about Bitcoin later lately do you have a wallet you recommend for new users who are not as technically inclined so yes I think it's okay to use a mobile wallet a wallet on your smartphone is actually one of the best and most secure solutions for most people out there your smartphone is actually a very secure operating system if you have it correctly updated so if you keep it up to date a smartphone will be a good basis for a wallet now it's important to very carefully select the application you use as your mobile wallet specifically you want to look at a couple of important things first of all it has to be a non custodial wallet which means that you retain control of your keys the keys are not held by a third party but instead as you control the keys and do you know why I say it's important to control your keys it's because of this saying we have in the crypto space and the saying as you can see on this mug is not your keys not your coins cheers to that not your keys not your coins means that one of the most important rules in crypto is that you maintain control custody of your own currency and so whatever mobile wallet you use on your smartphone operating system Android or iOS or whatever you have to make sure that you control your keys one good way to know that is if your wallet generates a mnemonic phrase which is 12 to 24 English words usually 12 English words and asks you to back that phrase up that phrase is your keys that phrase effectively is what all of your keys are generated from so if you have that phrase written down somewhere safe stored separately from your mobile wallet you have control of your keys your keys your coins now as to which wallets to recommend that very much depends on what operating system you're on and which wallet is most suitable for the level of experience of the person you're trying to help there is a number of them out there I'm not going to do endorsements of specific mobile wallets because it changes so fast and I have to change my opinion so fast on that but there are certainly many good quality mobile wallets out there that allow you to keep control of your own keys Amsterdam Holland asks can I send change to the same address where I'm sending from in the same transaction technically yes you can however if you do that what that means is that the address that you've used that you sourced your transaction from that then also received the change will end up getting reused a future transaction and that is bad practice most wallets effectively work against that bad practice of address reuse by constructing change addresses that are different and making sure that when you use an address to fund a transaction it uses all of the funds in that address and returns funds to a new address a new change address so that you don't end up ever reusing that address once and done and the reason for that has to do with privacy as well as some level of security but primarily privacy if you reuse addresses is much easier for someone to be able to statistically link the use of certain addresses with your real-life identity Dave Friar asks a regarding transaction fees is their history lost as they are effectively burnt and then regenerated through the Coinbase transaction that is a really smart point Dave and in fact some developers have suggested using this as a form of privacy within the Bitcoin system because that's exactly what happens fees that are paid to miners are effectively recreated in the Coinbase transaction and therefore appear to have a pristine history because they're not related to the specific transactions from which they came from so fees break the chain of custody in Bitcoin transactions and effectively wipe the history clean and they create pristine coins it's one of the reasons why when the block subsidy has dropped to zero and miners are rewarded with fees as their only reward that will also create a mechanism for introducing more privacy to those particular coins Simon Andreas asks what would be the point of exploring transactions on the blockchain I'm going with my phone node I don't see practical usage of surfing on the blockchain well I mean manually surfing on the blockchain the main thing it allows you to do is be able to verify that certain transactions that you expect have happened and be able to see some details as to where some money went it's useful for troubleshooting certain automated systems and transactions like for example finding if a lightning channel has closed and the UTXO has been spent or not that's the kind of thing I most recently used a blockchain explorer for if you want to do more than that most people would use some kind of data analytics platform and do it programmatically you're not likely to be exploring the blockchain in order to find answers to questions that you might have by clicking through from one transaction to the next or from one block to the next you're more likely to connect that to some kind of data analytics platform and do statistical analysis on your results it's also a great learning tool I mean it's it's one of the things that makes teaching these topics much easier because when I do a workshop and I say okay this is what Alice paid Bob and you can actually go and look at that transaction on any block explorer and look at the inputs and the outputs and the fees and all of the little details and validate for yourself it gives you a much better understanding of how the transactions work alright Vladislav asks hi address it's still not clear for me how one private key can generate multiple public addresses I see in my hardware wallets and also inside mobile wallets thank you Vladislav it's not exactly how you stated it so it's not one private key that generates multiple public addresses it's effectively one seed that generates many private keys that each of those private keys has one public address and one Bitcoin address that correspond to it so your wallet is not generating multiple public addresses or public keys from a single private key it's generating multiple private keys through a process of deterministic generation which uses or deterministic derivation which is defined by a Bitcoin improvement proposal called Bip32 Bip32 is a standard for hierarchical deterministic wallets that says how you can take a certain amount of entropy which in most cases is 512 bits use part of it as a master private key and part of it as a so-called chain code and by mixing those together and using hashing algorithms then derive a sequence of private keys in a hierarchical deterministic quality each account or sub-account can have up to two billion private keys generated and because you can have an unlimited number of sub accounts and sub-sub accounts and sub-sub accounts effectively it's wide open you could keep generating private keys until the end of time so every single one of these wallets that you've used desktop wallets mobile wallets hardware wallets etc. they have mnemonic phrase that is converted into a 512 bit seed and that seed is used to generate a sequence of deterministically derived private keys each of which can be used to sign for a specific Bitcoin address so your wallet is generating new private keys for every transaction which generates new addresses and it's doing all of that from a single source of entropy which is the seed which was derived from your mnemonic phrase the 12th 24 English words and that entire process which involves a lot of hashing primarily as the main mathematical function you can find in BIP32 the process for developing the mnemonic phrase is defined in BIP39 and those two standards work very closely together almost all wallets are based on those two standards so if you want to look those up can I get my private key from BTCP I'm assuming BTCP is BTC private stored on a ledger nano S and then inserted into a new Bitcoin wallet and swap the coin or will this make the nano ledger S vulnerable you can take a single key and load it on a hardware wallet and also load it on another wallet but then the some security you have the total security you have is that of the weakest link if you spend or transact from one of the wallet and they all have the same keys then that transaction will appear in all of them it would be as if all of them did that transaction because wallets just contain keys there though the coins are not inside the wallets so you can take a single key and you load it on multiple wallets and they will see the transactions that each other are making but of course the level of security you have is that of the weakest wallet so if you have a cold storage wallet like a hardware wallet and then you have a hot wallet like a mobile software wallet then your keys are stored on a hot wallet that's the level of security you have the fact that you also have that in cold storage doesn't make it very cold so from that perspective you've effectively made your your key material itself vulnerable by loading it on an online system alright let me just quickly check into the chat see how everybody's doing give me a second I'm gonna have to put on my glasses for this because I cannot read these tiny tiny fonts I'm gonna see me putting on some glasses here now the CDC does not recommend any specific supplements for fighting coronavirus but I am quite partial to vitamin B this particular vitamin B is a hazy India pale ale cheers to all of you alright advice for new bit coiners what advice would you give to new bit coiners in these times educate yourself before you wreck yourself it's really important to understand all of the risks that you're facing with this complex and new technology and so therefore I advise the people always get involved only as deep as their understanding is so if you feel uncomfortable about buying a large amount of Bitcoin or making large transactions or investing money in this that's because you're not yet comfortable with the technology to a level to make that investment and you should trust that instinct that's a good instinct so don't get in over your head I think this is as good a time as any to acquire education about this technology whether or not you decide to treat it as an investment to use it as a currency to engage any transactions even if you just do a few tiny transactions just to learn you get the value of that education I'm a big proponent for educating yourself in new technologies like this so that's what I would recommend Navina asks hi Andreas and team hi team thank you for supporting me great sessions as always could you comment on assessing a default or credit risk for an exchange well I broadly put exchanges into two broad categories category a is exchanges that have been hacked and category B is exchanges that will be hacked and from that perspective that's how I assess the risk any money that is sitting in an exchange is vulnerable I do not leave money on exchanges if I need to trade or make a transaction or exchange what I do is I move the money into the exchange I exchange it and I move my money out of the exchange I do not leave it sitting there and even those 15 minutes while I'm trying to process the deposit and withdrawal of my money I'm sitting there in front of my computer with both fingers and all toes crossed going please don't get hacked now please don't get hacked now I just need 15 minutes to get my money out so I don't trust the Sodeo services at all especially with digital currencies ironically I would actually trust my bank holding dollars more than I would trust the average exchange holding Bitcoin because it's harder to steal the money from the bank unless you're a banker whereas with an exchange not only can the exchange owner steal it so can a lot of other people through hacks because it's very difficult to secure digital currencies if you concentrate it all in one place did I mention not your keys not your coins cheers all right actually Aaron has a follow-up question about that which is what's the best way to earn interest on Bitcoin and still have ownership of the keys Aaron as far as I know there's no mechanism to do that in Bitcoin I know that in some other blockchains there are capabilities to use smart contracts to do the kind of collateralized loan that allows you to earn interest while holding your crypto inside a smart contract where you still have control of the funds because you control that smart contract but you're exposed to the risk of that smart contract having bugs but the bottom line is you don't turn interest on Bitcoin by having ownership of the keys and really it's very very very very risky to lend Bitcoin to someone for a variety of reasons so I'd be very careful about that kryptonite says interest do you believe that point shares report that 74% of the energy mining Bitcoin is renewable energy it's hard to believe knowing that China only has 38% for renewable energy it's not hard to believe for that reason it's not hard to believe for that reason because the 38% of China's renewable energy is an average across an entire enormous country with more than a billion people and a hundred cities have more than 10 million people that none of us can pronounce like I mean China is an enormous country most people don't realize how many mega metropolises there are in China and how big a country it is so 38% of that enormous country is renewable the economics of mining Bitcoin make it so that renewable energy is far preferred not because renewable energy is cheaper but primarily because renewable energy is often produced at locations where there isn't local demand and therefore the renewable energy has to be transported through high voltage cables or other mechanisms to other locations in order to serve the populations in need hydroelectric dams wind farms solar farms etc are generally in wide open remote spaces whereas the demand of the energy is in big cities so it's not surprising to me that the economics of Bitcoin would make it such that putting a mining operation near an underutilized hydroelectric plant or an underutilized solar farm or underutilized wind farm energy plant would make a lot of sense so the idea that the percentage of average renewable energy in Bitcoin is twice that as the average in the country is not unbelievable however I don't know how they've collected this data so I could have many other reasons not to believe that report because I have no idea how they collected that data and I haven't really analyzed it to form my own opinion but certainly the fact that it's twice the average for the entire country of China doesn't surprise me the economics certainly justify that next question is about to India what do you think about India's recent Supreme Court decision to remove the crypto ban in India so let me first clarify that from what I understand this first of all India did not have a crypto ban India had a ruling by the central Bank of India RBI that applied a ruling to all of the member banks that it regulates saying that they could not service exchange operators and therefore exchange operators had no basis to have bank accounts in order to allow withdrawals and conversions to rupees so what they did is they didn't ban crypto they banned exchanges from holding bank accounts which made it impossible to have an exchange in India Bitcoin didn't go anywhere crypto didn't go anywhere it was still operating in India I know plenty of people in India who use cryptocurrency and they continued to use cryptocurrency they continued to trade they just used informal markets and over-the-counter operations cash and things like that and they also used a lot of overseas exchanges many of the people who have the ability to trade Bitcoin in India also have the ability to open bank accounts in other countries which they do because the banking system in India is very controlling so what happened here is that when the RBI issued the ruling to ban exchanges from having bank accounts the exchanges sued and that went all the way to the Supreme Court and the Supreme Court said that that ban was unreasonable and vacated that order making it possible for all of the exchanges to reopen operations banning crypto is something that you can write into law very easily but you can't actually enforce lots of countries will and have banned Bitcoin and that doesn't mean the Bitcoin is no longer available in their country or as I like to say it you can take your country out of Bitcoin but you can't take Bitcoin out of your country Richard asks actually we have a whole bunch of layer 2 solutions I'm gonna before I go into lightning and layer 2 questions I'm gonna go back into the chat by the way did you know that we have a lightning emoji it's a little yellow heart with a lightning bolt in it so if you're a YouTube member you can actually use that in the chat let's see if anybody's using it right now there we go fantastic it seems like everybody's having fun I think I need a bit more vitamin B cheers everyone all right Richard asks I'd like to send some satoshis as a gift via the lightning network without the recipient first having to issue an invoice is that possible Richard it kind of is possible but using only some work around there's a couple of ways you can do it that allow you to do it without the recipient having to issue an invoice it's a capability that being introduced into the standard now and some clients implemented however the easiest way honestly to do this is to open a channel with a recipient directly and just do a push so when you open a channel you can also select to do a push most nodes accept pushes my node doesn't and the reason it doesn't is because a lot of people did it by accident and then I had to send them back their money but most nodes by default accept pushed transactions which means that you start a channel but then you immediately move some of the balance to their side as part of the funding transactions which effectively means that they now have those funds on their end of the channel which means you effectively tip them as a gift without receiving an invoice so you could do that now adaptive asks when will mastering the lightning network be released you know I used to make plans and project plans and trying to figure out what I'd be doing next in my life and the universe decided to laugh in my face by launching a global pandemic so at this point I'm not making plans anymore the original plans date for release was December 2020 I don't think we're going to make that deadline anymore I would like to but I don't think it's possible in the meantime mastering the lightning network is an open source book you can actually watch it being written as we do so and I can tell you honestly we haven't done any work in the last three weeks because of all of the upheaval you can watch it on github.com slash ln book slash ln book and watch it as it's being written maybe even contribute some yourself Fred asks do you think a second-layer solution will make it possible to transact in Bitcoin with complete privacy in the future will that replace privacy coins eventually Fred honestly no I don't think that's the case and the reason I don't think that's the case is because privacy is competition between attackers and defenders we're trying to increase privacy for ourselves but some people are trying to violate our privacy actively so this is a moving target there is no point to which you achieve perfect privacy and privacy is not something that you achieve by doing one thing it's actually a layered approach that involves applying many different privacy policies and capabilities in different aspects of your life and your technology engagement so privacy can mean things like VPNs privacy can mean things like securing your computer properly privacy can mean things like using the onion router and it can also mean things like stealth addresses and coin joins and zero knowledge protocols and all of that so there's no magic solution that achieves 100% privacy lightning will enable more private transactions than the transactions you can make on chain on the big Bitcoin blockchain but it's not panacea and it's not the end of the road so we will keep we will keep working and we need to keep working on privacy and privacy coins adopt many different approaches that are not necessarily easy to apply within Bitcoin or even within the lightning second layer so I doubt they're going away as a solution either wow we have 250 people watching the Q&A thank you so much for joining us alright third layer technology Brian asks are there any talks of a third layer lay level three or layer three of Bitcoin being implemented or theorized where Bitcoin transactions on chain or level one or layer one lightning in layer is layer two and layer three is yes we are definitely having these discussions there's a couple of concepts that people are calling layer three but if you think about it if we had a layer two network like lightning and it was another layer two network perhaps not even on Bitcoin maybe at the plasma or radon or one of the other layer two networks on Ethereum or somewhere else and you wanted to connect lightning with this other layer two network and you needed a protocol for the gateways that connect the two layer two networks what would you call that protocol I'd call that's a layer three protocol so if you think of layer two protocols similar to how local area networks work on the internet and IP is the protocol that bridges them together then I do think we might see the emergence of layer three and down protocols within the blockchain space for sure and I think those are most likely going to be multi-currency multi-currency protocols all right so we'll go to the last question actually we have one more question on the topic of lightning which is why would anyone run a lightning network since the transactions are very cheap the answer is twofold one is ideological people run the lightning network because they want to see this technology succeed and they don't care about the financial motivation of this and the second is that they need to use the lightning network in order to offer retail services or other services on top for example I run a lightning node because I have a shop which is shut down now because of coronavirus but otherwise wasn't where you could buy you know this mug with a lightning payment so why was I running a lightning node because I needed it to run my shop and also because I'm interested in this technology running this experiment there's all kinds of reasons that people might run lightning nodes that have nothing to do with the incentives and then again of course individual transactions are cheap on the lightning network but that doesn't mean that you can't aggregate thousands and thousands or even hundreds of thousands of transactions and make a reasonable amount of money at the moment it's not break even so we'll see we have another follow-up question from the last chat pure thoughts asks are paper wallets considered safe and the answer is no now every time I give that answer people go but what about no just just no no I don't see this because I dislike paper wallets I've used paper wallets in fact I had a company that made paper wallet kits and sold them in 2013 called the safe paper wallet and paper wallets were great at the time since then the technology has advanced we now have BIP 39 mnemonic races and BIP 32 hierarchical deterministic wallets that give us all of the security capabilities of paper wallets including the ability to back it up on a permanent medium such as paper or steel with several big advantages including multiple accounts multiple cryptocurrencies no address for use etc and those mnemonic phrases can be loaded onto a broad variety of hardware wallet devices or even some wallet devices and spent without weird side effects paper wallets have a lot of problems and the biggest problems they have is if you try to implement paper wallets today by yourself what you're doing is you're building a DIY hardware wallet and most people don't have the expertise to do that correctly so you end up building an insecure hardware wallet using insecure software and with insufficient backups so people lose money all the time because of applying too complex technology that exceeds their level of knowledge of understanding and insecurity that's a deadly mistake so I even though I love paper wallets and I use paper wallets in the past that was the past we have better technology now paper wallets are obsolete there's no reason to use a paper wallet when you can use a mnemonic phrase instead you can generate those offline you can even do it with simple things like ice or playing cards you don't have to trust anything more than you do with a paper wallet and you can achieve much better results yes the crypto says given how hard it is for a newbie to use Bitcoin currently how custodial services are the only thing they're used to what can the crypto savvy do today that can help the situation I like to use a metaphor that Stephanie Murphy introduced which is the staircase of financial sovereignty and she describes it as each step on the staircase getting you to more financial sovereignty step one is getting into crypto and no matter how you get into crypto for what reason you get into crypto you've already taken one important step outside of the constraints of the monolithic fiat system and into this new technology now even if at that moment you buy crypto on an exchange and even stores on an exchange a custodial system you've still taken a positive step away from fiat so that's step one now that's not the best way to store your crypto so as crypto experts as crypto savvy people what we need to do is gradually help educate our friends and family on how to take step two which is secure custodial control of their own money meaning taking control of their keys installing a hardware wallet using a hardware wallet backing up correctly and knowing how to use it securely instead of a custodial service it like a third party custodial service like an exchange so then we help them get up one step on that staircase we may be several steps above we may be running our own node and running our own electron personal server and doing coin doings and participating in e-commerce with crypto with BTC pay server no matter what you're doing there are many stops that give you more sovereignty more independence in this financial system and it's important not to criticize the people who have taken one small step but are not there yet instead congratulate them for the small step they've taken away from the fiat system that's a huge achievement already it's a huge break from the past and help teach them how they can take more control over their crypto and learn how to use things like hardware wallets so thank you all there's a couple of follow-ups of paper wallets because as always when I say don't use paper wallets they're not secure everybody jumps in and goes well what about no if you're not sure why I'm saying the paper wallets are not the secure solution do not try the what about not because I'm the expert or the authority but because I've studied this topic and I used to run a paper wallet kit company so I do know this topic quite well what about paper wallets created on an offline computer you're rebuilding a hardware wallet from scratch with less secure hardware less secure software and less technical expertise than the people who build hardware wallets so if you think you have the technical expertise to build a hardware wallet from scratch and make it better cheaper and more secure than the people who build hardware wallets for a living great good for you 99.99% of users do not know how to do that securely and will get themselves into very very serious trouble beyond that paper wallets are still not a good solution even if you can build them on an offline computer and make them if the way you think is as secure as hardware wallet you're still going to have problems with address reuse with change addresses with resilience with all kinds of other things so no don't use paper wallets on an offline computer instead buy a hardware wallet and and build a mnemonic phrase stacking sacks asks what about open dime open dime isn't really a paper wallet it's more of a single-purpose hardware wallet I'm a big fan of open dime devices I use them myself I think they're great but they've already done all of the work for you so you don't need to worry about the details I would still use open dimes and they do have a good purpose but that's not a paper wallet aren't Bergman says hardware wallets have flaws too right yes they do and yet they're still more secure than anything you would build yourself unless you are a security expert who can not only understand somebody else explaining that hardware wallet vulnerability but can probably replicate it themselves and test it themselves then the best option you have is to use a hardware wallet according to the instructions of the manufacturer almost all of the flaws that have been found in hardware wallets have to do with specific attack scenarios where someone has physical access to your hardware wallet you do not have a passphrase set and they're able to introduce some kind of electronic device and inspect your hardware wallet none of these flaws really apply to the general use of hardware wallets just because you see something at an academic conference on security doesn't mean that you should stop using hardware wallets for the vast vast majority of users hardware wallets are by far the most secure resilient easy to backup and easy to use solution for long-term storage cryptocurrency full stop period don't use paper wallets and with that let's wrap it up we've been going for a long time today I I can't thank you enough for joining both my bitcoin basics workshop which is now available as a regular video you can watch it as many times as you want and this live stream q&a session we answered lots of different questions about bitcoin and coronavirus and the lightning network and I think the best advice I gave today was vitamin b cheers so I know I wasn't able to answer all of your questions I still got like three pages of questions here from my team if you like these types of live live stream q&a sessions this is one of the main perks I give to my patreon subscribers who make it possible for me to do this global education mission without having to shield corporations sell products or run around chasing deals instead I can do what I want to do which is focus on neutral education about bitcoin and open blockchain and actually get funded by my own community who enjoy access to my work all my work available for free and under open license and in order to do that I need your support so when people subscribe on patreon they give me a steady regular income that I can use to pay my team basically so that they can extend my reach and I can do more work and not worry about all of the little details that have to be done in running a company on a global basis so thank you so much if you want to ask questions like this you can be a subscriber on patreon that's one of the main perks please subscribe uh to my youtube channel hit like smash the like um and turn on the notifications so you can see when I do my next video youtube does announce the live streams and public videos like that and I'm doing another live stream next Saturday so see you then stay safe stay inside stay the fuck at home pot on a mask uh be kind to those around you and I hope you're all doing well with this strange environment where and thank you so much for joining me I'll see you next week bye bye