Cloning Hardware Wallets. Same Seed on Multiple Devices (Trezor, Ledger, Keepkey, Coldcard, SafePal)

You can have the same seed phrase on a
bunch of different hardware wallets at the same time there are two questions on
reddit I see all the time what if the manufacturer of my hardware while it
goes away can I still recover my funds and I’ve
got a Trezor one and I bought a Trezor T you know how do I move the funds
from this one to this one this video what I’ve done is restored this seed
phrase here on to a bunch of different hardware wallets and basically I’ll just
be looking at the way that you can see the same accounts the same transactions
on all these different wallets and how that works in a fairly transparent way
if you haven’t already done so you hit subscribe that way you can stay in the
loop about content I make to help you find your way in the crazy of a hostile
environment that is cryptocurrency so if you have a look on the screen what we
can see is the same Bitcoin transaction represented in Ledger Live, in Trezor, in
the SafePal in ShapeShift and in Electrum I’ll put them all on the screen
at once and you can see for example it if I make a new transaction here that it
will actually appear in all of these wallets at the same time and again that
is because these same keys are now being stored on all of these different hardware
wallets that I have and I can use any one of them to send a transaction that
will automatically stay in sync across all of the other ones when people ask
the question of you know how do I move my funds from my old Trezor on to my new
one often what’s going on here is people are misunderstanding how their Hardware
wallet works you know a lot of people when they’re new in the space basically
assume that their Hardware wallet is like a USB stick that you know the
crypto they have like lives on there rather than living on the blockchain
it’s basically your seed phrase being stored in here that is your wallet and
that all your wallet does is provide a secure way for you to use this you know
it doesn’t store the crypto in the wallet or anything like that but the
other thing is that there’s actually nothing you know Trezor specific about
the way that your wallet stores and uses this seed and that means that you can
move between different vendors if the hardware wallet supplier you haven’t goes out
of business you can import your seed to a new wallet and
off and running again this highlights just how important it is to keep your
seed safe if someone finds your 24 word seed they can restore it into a
software or hardware wall and they’ll be able to access all of your funds even if
they don’t have the pin to your physical device and you won’t know that they have
that until it’s too late if you want to have two or three different wallets from
different vendors one of the big advantage of doing this is the time to
time that we issues that come up with a particular hardware wallet and for a
particular vendor you know maybe they’ll be an update in Windows that breaks
things and causes driver issues or you know those kinds of things and sometimes
having a second wallet from a different vendor can be great because their
implementation may not be impacted by that change or might get remedied much
faster the other thing that can happen sometimes you’ll find that some wallets
support some features and others don’t and for example while it’s like safepal and ellipal and things like that you know often don’t support advanced
features like signing messages having a second wallet can also be really
useful if you’re trying to move all your funds onto a new seed in that it makes
it much less stressful to be able to have both accounts sitting there so you
can see the funds moving from one to another you can confirm the send and
receive addresses from one to another on the hardware wallets rather than having
to do things like import your seed into a software wallet and send it that way
or to create a paper wallet BIP39 seed and send the funds there then import
that into your wallet or send it all onto an exchange or all these different
sorts of things it helps you to get familiar with the process of restoring
your seed onto different wallets and it also means that you could experiment
with things like multi signature though I’ll definitely say that multi-sig is an advanced feature that you really really really need to be familiar with
what you’re doing before you start playing with that it is worth
considering that if you want to have multiple wallets that not all of the
wallets support the same currencies and for example the coldcard is a Bitcoin
only wallet so if you’re someone who holds a bunch of alt coins having a cold
card it might not be for you likewise things like a safepal actually
only support using one account per crypto so for example if you have
multiple Bitcoin accounts on your trees or the safe power will only allow you to
access the first one never mind the fact
that different wallets have different levels of support for things like seg
wit the other thing to consider is if you have your seed on multiple hardware wallets from multiple vendors you’re actually exposing yourself to
essentially all of the potential security breaches on both though it is worth mentioning that using a good BIP39 passphrase is actually quite straight foward to set up and will mitigate most of the risks around key extraction while also increasing the security of your offline seed backup at the same time I’ve made a video on that before Just make sure that if you use a BIP39 passphrase, that you include it in your backup plan if you’re really
worried about security of your seed you might do something like have a second
hardware wallet maybe a cheaper one like a keepkey you know you can get
them for $10 if you kyc on shape-shift, they’re available like
five dollars during Black Friday sales and you might have a second wallet that
you keep that you set up that you are get familiar with using but then that
you wipe and leave uninitialized that’s there if you need it rather than buying
too expensive hard walls to have as a backup if you think about we worth
getting a second Hardware wallet you’re not sure which one to get I’ve actually
got a summary of lots of different hardware wallets different features they
have on my website and i’ve got affiliate links there you found my
content useful you find the information that website useful you could go buy the
wallet using those links and help me out in the process thanks for watching I
hope that was helpful hit like if you think that other people would find this
video useful and hit subscribe if you’d like to be kept in the loop about future
content I make that helps people stay safe in the crypto space and to recover
if they get into trouble if you have any questions about this video or a topic
that you’d like me to cover just leave a reply

4 thoughts on “Cloning Hardware Wallets. Same Seed on Multiple Devices (Trezor, Ledger, Keepkey, Coldcard, SafePal)

  1. I tried that with funds stored on my Ledger Nano S and restored on my Trezor One. My ETH and ERC20 token were not visible on my Trezor.

  2. you should STILL be very careful of what you do, the seed phrase is not all there is to it, the derivation path is also important! segwit enabled wallets wont show funds on keepkey client, for example. Most hardware wallets use m/44'/0'/0'/0 but you should check that first too

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