Why 'Set and Forget' Could Cost You in Crypto! Storing Crypto Safely Isn’t Enough - Here’s Why

[@CryptoDad]

💡 Key Takeaway: Storing your crypto is great, but managing it requires regular updates! Don’t let an outdated hardware wallet stop you when you need your funds most. What’s your approach to crypto storage vs. management? Let’s discuss below! 👇

[@m2n900]

Agreed 💯

[@syahrome9394]

why we not doing paper wallet?

[@CryptoDad]

@ yes I didn’t provide links in the description, but the Reddit post that I was highlighting during the video included a post from Ledger where they were directing the OP to download the proper previous version so that they could update the firmware

[@CryptoDad]

@@syahrome9394 paper wallets are obsolete. They have been replaced with back up phrases which can also be recorded on paper.

[@phyrphytr69]

Thanks for this, I didn't even realize that my NanoS needed firmware updates! Done........much appreciated!

[@UserUser-m7j2d]

I always learn something new from you. Thank you very much 👍

[@Itwasme007]

I connect my ledger nano X on a monthly basis and always and I mean always ledger asked for a new software update. I do the upgrades whenever it asked me to do it, but there's always updates that need to be done on a regular basis

[@CryptoDad]

A wise policy!

[@onlyonerombo]

Very grateful to you for all the valuable presentations you provide. Certainly gives me an added layer of comfort. ❤

[@gaa-d3p]

Thanks for your advice!!

[@Farhan-wm8mr]

Thanks Sir

[@MarshaDianeArnold]

How often should the Ledger Live be updated?

[@Tym-mf4of]

You made such a good point Thankyou! That’s why ledger is so good Cause you have to update these devices snd these air gabbed wallets make it very difficult

[@CryptoDad]

Very true!

[@ZoAzubuikeEdgeHomeFinance]

Good stuff, cryptodad thank you!!

[@danaparicio3114]

Thank you crypto dad for all that you do for our community! I’m 59 years old and I don’t have time to dig into all the details of digital assets. Thank you for highlighting. What’s really important and keeping it, top of mind, to make sure guys like me, don’t mess up. Have a great day! 😊

[@gusattiana423]

Gus Attiana Thanks again and again for your great advice ❤😊. Best

[@funnyname952]

What about the Tangem products that have a 25-year warranty and fixed firmware. No Updates need, only on the app side on your phone.

[@Rabixter]

The problem with fixed firmware is that the moment they get hacked or expose some vulnerability, you'll have to buy a newer model. Sure, they haven't had any hacks yet, which suggests they are pretty safe.... Until they aren't... 👀 I know cyberscrilla loves Tangem. But I'm not sure.

[@MsSherryl01]

Thank you. QUESTION: do I need to update each release or simply the latest update on Nano S?

[@homebaseincome101]

Today I will take the time to check my wallets. Thank you Crypto Dad.

[@jaydubya9265]

Guilty however mine still works but wont connect to pc anymore to update firmware lol. Ordered a new one and will do a better job of keeping it up to date.

[@RajKumar-nf2lm]

Alemio’s setup makes 100x feel like a done deal.

[@CupidinColorado]

Check the wallet every week, three days, month? When you are upgrading to a new wallet, how would you transfer it?

[@jeffdonofri8027]

Convinced that set and forget is not the best idea. One thing that came to mind was buy extra hardware wallets in case the ones "in use" somehow became physically disabled. Need to get busy though and see if old ones need updating and need to init and update the spares.

[@MajesticLawnGnome]

You can still folks move your crypto on ledger without using ledger live. I prefer other hardware wallets coldcard for bitcoin and tangem for crypto but this gentleman could stick with ledger or move to tangem if you use sparrow wallet as an interface it makes this easy to do to move crypto from your ledger.

[@mysticinorbit]

Thank you. Great information. Glad I updated my nano today. Question. I brought my crypto second hand, I paid someone directly and they transferred the same value crypto of my choice into my wallet, just out of ease. Will this pose problems when if the value goes up and I want to cash in? Your response would be greatly appreciated.

[@CryptoDad]

no Crypto is crypto. But your friend might regret selling to you if it go up too much

[@m2n900]

I don't think that will affect it at all....

[@DrJulianaNahas]

How often do you recommend updating the firmware on our hard wallet? And when do we need to buy a new device? ( ie how do we know if our old wallet is no longer advised to be used?)

[@sadullahkhan1558]

In this bull run, I'm all in on meme and DeFi projects! My top picks are ALM(Alemio), Injective, Doge, and Pepe.

[@RollerSkatinActor]

I just stepped into the C world with a 200 share purchase of XRP last week. Should I get a Trezor or is a Coinbase account fine since I only have a fee hundred? for now. Thanks in advance:)

[@Subhashkumar-j9r1r]

My top pick for bull run KAS, SOL, Alemio (ALM).

[@ljones5203]

I need explicit instructions on how to use seed phrase to access a new ledger Nano as i havent kept up with my updates! Any help would be appreciated.

[@CryptoDad]

🚀 Migrating to Ledger Stax: Restore Wallets with 24-Word Seed Phrase. Save on Fees!: kzbin.info/www/bejne/l3SqY5x-aLWqjbc

[@DEVUNK88]

I wasn't mad when the nano s I hadnt used in 7 years wasn't seen by my PC..... I PANICKED!!!!! But fear not I have the seeds, and I just bought a Flex because it will make it much easier to stay involved moving forward.

[@CryptoDad]

That's a relief.

[@DEVUNK88]

@@CryptoDad btw I am thankful for all your work, I subbed 7 years ago, I may not have watched every video but I really appreciate that you help us new btc holders navigate these devices and give us the information we need to be confident holding our crypt. It can be a daunting decision especially for the less tech savvy. Your videos are extremely valuable Thanks so much

[@MarcusAurelius12]

Tangem can't be upgraded. Why i won't use it

[@lxw3-b8y]

You mentioned that the key phrase may not work when switching from ledger to trezor. So what if ledger go bankrupt ? Does that mean key phrase may not work at that point if we have to switch to different device？

[@CryptoDad]

@@lxw3-b8y I mentioned that it may not work seamlessly with Trezor. But there are plenty of other wallets out there that are bip-39 compatible that would be able to recover all of your Ledger assets. And by the way, Ledger is the largest hardware wallet company in the world. I don’t think they’re going anywhere.

[@Grok-AI]

in the case of the nano S im shocked you can’t get old fw ver n take a upgrade path to the latest fw

[@cuba8591]

I use the blockstream Jade Hardware wallet . What are your thoughts on that hardware wallet ?

[@dearbit8173]

Ty very much

[@-joe-davidson]

Do you only talk about crypto storage? Do you ever cover the crypto market and trends?

[@FirstTimer23]

This should not surprise anyone. Even in a 9 to 5 job with a 401K that someone else manages, you have a periodic touch base with that person to make sure things are on track. How much more should you do that touch base when you are your own bank. At the very least, a 3 to 6 month checkup of your backup/recovery process is the minimum. It's then that you do any firmware updates, etc.

[@m2n900]

Great video 🙌 totally agreed.. managing cripto is as important as keeping it safe ... 👍 Im between bybit, Coinbase, bitflex .. haven't decided on one .. 😅 witch exchange has better "sync/functionality" with Ledger Stax ? ?... What's your preference... 🙌

[@Shanwaz-ys3ky]

Alemio is paving its way through the presale phase, and I have a strong belief it's gearing up to be the next 500x gem.

[@liplip-u5b]

Thanks CryptoDad, first time to hear about this problem. If some people just want to store the bitcoin without managing it, is it safe to do this: Safely keep the seed phrase. Then factory reset the hardware wallet. It can now be kept with the physical seed phrase because the hardware is empty. If 3 years latter, you want to manage your btc, just setup the hardware wallet. Everything will be fine. Is it save to do it like this? Thanks.

[@CryptoDad]

Yes a 12/24 word seed phrase can effectively function as a paper wallet. It can always be restored. However, this is storage not management. In order to manage (send/swap/cash out) you need to have a working device.

[@liplip-u5b]

Hi. Fully understood, thanks very much. If someone just want to store crypto, keep a factory reset wallet is better than a working wallet. For me, it doesn't matter as I can setup a wallet with ease. I am doing it every month as a practice. Thanks for sharing useful info.

[@jeffmorlen6504]

Great video on an everyday scenario!

[@carlosleshawn]

If I only use cold card q for qr scan, do I need to update?

[@pratappasad3488]

Alemio is more than a project; it's a financial revolution in the making!

[@DWW-o5o]

Great content!

[@karanrawat1862]

I’ve just dropped $10,000 into Alemio, and I’m feeling like it’s a ticket to generational wealth! This AI-powered DeFi play is gonna be huge.

[@SpeedDemonExpress]

No need to transfer to a new address. Just use the same seed words as the original device, as long as that new device accepts a 24 word seed. Some devices only accept 12

[@CryptoDad]

Yes seed migration is always a good option!

[@michaelthielen4973]

My trezor safe 3 has a 20 word seed (not 12 not 24). Can I restore my "account" on a 24 word ledger or bitbox? Wouldn't it say i need 4more words?

[@kashinathmathpati2509]

Alemio is the one, mark my words. All early investors will earn generational wealth.

[@KyleKeller-v1m]

Looks like the video doesn't work? Says "An error occurred. Please try again later.

[@tulgapro]

So, tangem is better than these? No maintenance or management?

[@CryptoDad]

Tangem is a great wallet. It is designed more for simplicity and ease of use. It’s a great wallet for beginners. However, the firmware is static and it’s not as powerful and flexible as the Ledger and Trezor line. It’s just designed for a different use case. I use all three wallets myself

[@lou1.618]

Thank you for the update! I haven’t touched mine in like 2 years It’s a ledger nano x Do you recommend me try to update firmware Or should I just get a new ledger nano x and put in seed phrase Yes still have seed phrase in different places Thank you again!

[@waynenorth5322]

Hi sorry to butt in but you are in the same position I find myself in! Im not gifted with any technical ability whatsoever and was advised by a colleague 2-3 years ago about XRP. The colleague advised me to get a Nano X and load that up. It gave me 2 sets of random words to remember which I have in a safe place. Are these random words the "seed phrase" or is that something totally different? My son helped me set it all up, he's in banking but not crypto Thanks in advance

[@lou1.618]

@ yes those are the seed words I’m in the same boat not tech savvy

[@JohnQPublic345]

move it to a new trezor

[@yskeagan8358]

Forget BTC, ETH, and SOL! Those are yesterday's news. If you're looking for the next big thing, Alemio is where you want to be. With its cutting-edge technology, a 100x return is inevitable.

[@riznordin.x]

If the outdated ledger guy still has the seed… he just get a new wallet and use the seed, no?

[@Ss..videos.....critor]

Alright, just came across Alemio-it's still in presale, and it’s already blowing up! 🚀 With AI being a big narrative right now in crypto, I’m feeling like this could be one of those 20x projects in this bull market. Keeping an eye on this one!

[@davidmcfadden1763]

Great information, much appreciated!

[@dm3035]

THANK YOU ........

[@dm3035]

FYI - I contacted Trezor - asked ( their support team ) What happens IF you purchase a new wallet ( for a rainy day ). Decide to keep it sealed till needed - the support person - responded that it's fine - because it's NOT ( basically formated yet ) BUT once you SETUP it is very important to UPDATE frequently. Just sharing. 😏

[@KundanKumar-vi8xn]

With a strong whitepaper, huge hype, and a buzzing community, Alemio’s got all the signs of being the next big player. What do you all think?

[@totallyraw1313]

How about storing your bitcoin on Electrum?

[@hidden2753]

Excellent suggestion.. I don't think he likes it as much though. He was talking about how closed source is apparently "safer" in a previous video.

[@totallyraw1313]

@hidden2753 I recently chatted to a guy who has lots of bitcoin that he bought nearly 10 years ago, and he has stored it in his Electrum wallet on his laptop this whole time. Was he just lucky that no one stole it? How is Electrum unsafe if no one else has access to your computer and nobody knows your Electrum password?

[@CryptoDad]

Electrum Bitcoin wallet is not inherently "unsafe" it is just not a safe a hardware wallet which stores the private key offline. Electrum stores the private key on the computer (somewhere in the preferences. It is encrypted of course). But if you keep your computer secure and virus free and malware free and don't click on phishing links, you have pretty good security. By the way, you can also use a Ledger or Trezor device in conjunction with the Electrum Bitcoin wallet to increase security. And Open Source is not inherently bad either. I love open source and think it is a great model for large software projects. I just don't think it is a good model for hardware devices that use proprietary secure element chips. I think security through secrecy is also a valid model.

[@hidden2753]

@@CryptoDad I was under the impression that he meant cold storage using Electrum (with airgapped computer). I don't think a hot wallet is safe either because it's susceptible to spyware/hacking.

[@CryptoDad]

@ yeah so I recorded this video forever ago. Not only would it be technically challenging for the average user it was technically challenging for me to record the video. I think it took me about two days because of all the back-and-forth not having access to my WebCam while I was doing clean installs, and things like that there was also a video by Andreas Antonopoulos that pointed out that trying to do something like this as opposed to using a single purpose, hardware wallet was attempting to use several multipurpose machines for a single purpose. In other words, the bootable flash drive the air-gapped machine, and the watch-only machine were all potential points of security failure. Whereas using a custom built hardware device designed specifically for that purpose would be a lot less technically challenging and a lot more secure as well. I don’t know that I put it as well as he did, but I think you get the gist. www.google.com/gasearch?q=cryptodad%20electrum%20cold%20storage&source=sh/x/gs/m2/5#fpstate=ive&vld=cid:68f793e1,vid:wPzbUIZrPn0,st:0

[@harshidakananiharshidakana7298]

With Alemio, the power of crypto payments and investments is at your fingertips.

[@mycinemax2653]

Well blocking user because they not updating, and cant updating, and just remove old device just like that, and tell them to buy new one, is sus, what if the owner are dead and one day their love one found it?

[@CryptoDad]

Then the loved ones can buy a new device and restore from seed phrase.

[@mycinemax2653]

@@CryptoDad thats not the point, sorry but our hard earned money to buy that nano s now became junk because its unuseable. unless they are millionaire and dont care, but some of us do.

[@sathviksathvik5358]

Sure, I’ve got my BTC, ETH, and SOL stack, but I know they’re not gonna 10x anytime soon. Projects like Alemio, with strong tech and a presale entry, are where the big gains happen. Betting big on it this cycle!

[@chadmartin-w7k]

So what about tangem, and doesn’t require firmware updates other than the app itself that should so it automatically when using your phone day to day. Thanks

[@CryptoDad]

So the Tangem wallet is a different animal from Ledger and Trezor. It is designed for simplicity and ease of use. As such it has no screen read out and the firmware is static. I consider it more of a working wallet rather than a long-term storage wallet. Ledger and Trezor wallets are designed to be a little more powerful and flexible when it comes to managing multiple cryptos and interfacing with third-party wallets.

[@chadmartin-w7k]

Thanks for the response. But you would still have no issues with holding bitcoin for the long haul on Tangem correct? I just like Tangem like you mentioned because of its ease of use, no firmware updates, no screen or batteries to worry about and it has a 25 year warranty. Thanks

[@TwinMillMC]

Thank you. I need to know how to transfer my crypto from my old nano x to a new Ledger nano.

[@CryptoDad]

You might want to check out this video about migrating your crypto from a previous device using your 24 word back up phrase. In this video, I am migrating onto a Ledger Stax, but this can be done in a very similar way on other Ledger devices. kzbin.info/www/bejne/l3SqY5x-aLWqjbcsi=h57ISk6F2C_jT9Rz

[@TwinMillMC]

@@CryptoDad Thank you so much! I appreciate you very much!

[@ff_mayur_01]

Alemio’s whitepaper got me hyped-put a few grand in to start. If the presale keeps picking up steam, I’m ready to throw in more. This one’s looking solid!

[@basha0810]

Get firmware that works for you. You'll never keep up, and it's expensive to do so.

[@sanjosefretworks4757]

Thank you Rex. My Nano S has been sitting for several years. I recently updated it and then took advantage of your promotion to get a newer Nano S Plus. The update went well. If I use the same seed phrase, have you done a video to explain moving to another device with the same seed ?

[@CryptoDad]

Yes, I did this video not too long ago. in the video, I am migrating a seed phrase onto the ledger Stax, but the process is very similar for the other Ledger devices. kzbin.info/www/bejne/l3SqY5x-aLWqjbcsi=h57ISk6F2C_jT9Rz

[@joe197301]

Wow .. thats what happened to me. My nano s is unusable because i cant see a damn thing on a dimmed light. They dont sell nano s anymore

[@CryptoDad]

Nano S plus is the logical replacement. It is the same price and has more app storage space

[@joe197301]

I thank you very much I thoughtvi lost my coins because I thought i needed the same type of Ledger. So, it looks like i can use the seedphrase from my s to the x and get the same address. We'll. I hope so because I don't want to have to buy another Ledger. I have one s and 2 x's. Thank you again. Really helpful videos. Im glad there's good people like you out there just helping out. Merry Christmas sir.

[@lindaalmeida3698]

He connects his wallet without consent.

[@mariecross4721]

Ok.. well I have a decent Cold wallet .. how do I even get my fund off it to my bank account.. I have my XRP on there... Don't know how to do anything. They don't tell you anything about decent wallet on how to transfer.. any advice???

[@CryptoDad]

You can transfer your XRP to an exchange like Coinbase, Kraken or Binance to cash out.

[@Resistcontrol-u2g]

⚠⚠⚠⚠ People BEWARE of scammers on here, if they have lots of replies, and recommend names, AVOID!!!! Stay safe🙂

[@MarkWell808]

Guilty as charged😂 Thanks for this

[@CryptoDad]

No problem 😊

[@s.s2642]

Love love love all your contents. Very insightful as always. Your advices are always on point and hugely helpful. For that a million heartfelt THANK YOU AND BLESS YOU BROTHER !!! ❤

[@PawanSingh0.22]

Buying Alemio during the presale might just be my best move yet! 🔥 I’ve got a feeling this one’s hitting $5 soon after launch.

[@rithin572]

I know it’s a bold call since it’s still in presale, but I truly see Alemio hitting the top 20 within the next 5 years. Mark my words-the tech is just insane!

[@santoshkumarmohanty9134]

Alemio, Pepe, Doge, and SUI-bought the dip and feeling good! AI and meme coins are the way to go in this bull run. Now, just waiting for the $$$ to pour in!

[@FirstTimer23]

It amazes me that folks maintain what is or will be hundreds of thousands or millions of dollars one day on a $20 dollar device. If you have Bitcoin, get a cold card hardware wallet... period....end of story.

[@ljones5203]

whats the difference between a cold card hardware wallet and a cold storage wallet?

[@Liqdsky]

My ledger nano x was stored for like 2 years untouched and I got a battery error message I heated up the devise over a stove burner and it came back to life and was able to be charged thankfully lol also the place it was stored was a lower temperature so May have just been too cold (no pun intended lol)

[@acjitsu]

I’m getting a battery error too. My ledger is stored in a heated room. Maybe I should upgrade?

[@Liqdsky]

My not hurt to try I’m upgrading as well

[@prem-zs9rx]

Alemio’s whitepaper got me hyped-put a few grand in to start. If the presale keeps picking up steam, I’m ready to throw in more. This one’s looking solid!

[@jawedahmed715]

Alemio’s setup makes 100x feel like a done deal.

[@-AYAN-EDITS]

I know it’s a bold call since it’s still in presale, but I truly see Alemio hitting the top 20 within the next 5 years. Mark my words-the tech is just insane!

[@parboti4505]

My top pick for bull run KAS, SOL, Alemio (ALM).

[@sudheervijju8233]

Alemio is paving its way through the presale phase, and I have a strong belief it's gearing up to be the next 500x gem.

[@ramanaramana7680]

Alemio is the one, mark my words. All early investors will earn generational wealth.

[@RekhaDevi-cr9dm]

Alemio is more than a project; it's a financial revolution in the making!

[@surjeetkaur1182]

I’ve just dropped $10,000 into Alemio, and I’m feeling like it’s a ticket to generational wealth! This AI-powered DeFi play is gonna be huge.

[@HIMANSHUBHIL-xi5zb]

With a strong whitepaper, huge hype, and a buzzing community, Alemio’s got all the signs of being the next big player. What do you all think?

[@maheshkingahiran1864]

With Alemio, the power of crypto payments and investments is at your fingertips.

[@mursalimsk9519]

Forget BTC, ETH, and SOL! Those are yesterday's news. If you're looking for the next big thing, Alemio is where you want to be. With its cutting-edge technology, a 100x return is inevitable.

[@jayminffgamingjayminffgami2498]

My top pick for bull run KAS, SOL, Alemio (ALM).

[@AnupMishra-i4u]

Alemio is more than a project; it's a financial revolution in the making!

[@SurjitsinghSidhu-do7uz]

I’ve just dropped $10,000 into Alemio, and I’m feeling like it’s a ticket to generational wealth! This AI-powered DeFi play is gonna be huge.

[@dhakadboss7143]

With Alemio, the power of crypto payments and investments is at your fingertips.

[@mr__devam]

With Alemio, the power of crypto payments and investments is at your fingertips.