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Breaking Up with Your Bitcoin Wallet: How Do You Move From One Cryptocurrency Wallet to Another? - YouTube
Channel: aantonop
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in this segment of down the rabbit hole
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I want to talk about a particular
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problem
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occurs fairly often with new users who
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are trying to either recover or migrate
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a wallet from one wallet to another for
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example from a smartphone wallet to
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another smartphone wallet or from a
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smartphone wallets to another hardware
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wallet or from a hardware wallet to a
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hardware wallet or any combination of
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the above now we have a standard that
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has actually made such things much much
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more interoperable this is where I put
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on my grandpa voice and I go in the old
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days back three years ago when we didn't
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have bit 39 yeah
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and that standard is PIP 39 and it makes
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life a lot easier but it does have some
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weaknesses as part of v 39 which is the
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mnemonic phrase standard which allows
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you to move a whole tree of keys from
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one wallet to another using just the
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English word mnemonic phrase as part of
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that standard and the related standards
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there are some nuances that often cause
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problems with newbies the underlying
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standard is called BIP 32 which is
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hierarchical deterministic wallets
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hierarchal deterministic wallets define
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a system of wallets that are organized
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in a hierarchy that looks like a tree
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where you have a root key that is
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generated from them mnemonic phrase or
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can be generated and these days is
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almost always generated from the
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mnemonic phrase the BIP 39 mnemonic
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phrase and that root key can then be
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used through a series of hashing
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operations to derive billions and
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billions and billions and billions and
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billions of potential private keys that
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can each derive an address and this
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works across different cryptocurrencies
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and it works with different other
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systems it can generate entropy for
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things etc etc etc now within that
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system there is a further specification
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which is called BIP BIP 43 and a further
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specification called BIP 44 that tell
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you how to find where your keys are
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hanging on the branches of this tree now
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if you think about it this the reason
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this is complex is because the tree
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itself at the first level has four
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billion branches
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each one of those four billion branches
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has four billion branches coming out of
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it and so on and so forth to an infinite
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depth ah and of course that gives us a
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lot of flexibility but it also means
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that if you don't know which branch your
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keys are on you could be searching for
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centuries almost all wallets like 90
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plus percent of them put all of their
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keys on a very specific branch for
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Bitcoin wallets that would be the m-40
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for prime 0 prime 0 prime branch and
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what that stands for is 44 prime
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designates that this is compliant with
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the bit 44 branch derivation path scheme
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0 prime specifies that this is a Bitcoin
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wallet and you can have others 1 prime 2
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prime etc which are other wallets for
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other cryptocurrencies and then 0 prime
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after that means the first sub-account
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the 0th sub-account because it's a multi
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account system now if your money's on
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that path m-44 prime 0 prime 0 prime
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then you can find it fairly easily most
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wallets are going to look their first
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when you import them but what if your
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wallet was weird and put it somewhere
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else or what if the wallet you're
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importing to is weird and is looking
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somewhere else well then it will come up
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with a different address and it's going
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to find zero money at that address which
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if you're a newbie causes the following
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reaction where's my money and then you
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go to Reddit and a lot of people will
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tell you you know use this website or
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use this tool and that's when the
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problems really start because a lot of
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people will go in and type their seed
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into a webpage and lose their money
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properly because they went to the wrong
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place people are squatting on typos of
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web addresses there they're compromising
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generators they're building software
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that they're launching on the Android
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and the App Store and storing a zip
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files and executables all over the web
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for you to stumble a call across these
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think they're the legitimate or original
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software you were looking for type in
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your seed and promptly wash your money
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be taken away don't worry they know how
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to find the derivation path where your
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money is very very quickly so one of the
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things I've been thinking about is how
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do we fix this problem and I came up
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with an idea and then I funded this idea
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as a software bounty and just about a
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week ago a developer finished building
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this and I'm very excited because I'm
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hoping that it's actually going to be
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merged into a very popular piece of
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software called the electrum wallet now
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the electron wallets is a desktop wallet
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that runs on Mac Linux and windows
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it's cross-platform and it's very very
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feature --fill I use it for a variety of
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my own activities by keeping it on your
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desktop it's not as perfect as other
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security mechanisms but you can also
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combine it with a hardware wallet in
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which case your keys are safe and safely
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stored in a hardware wallet
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electrum however expects you to know
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where your derivation path is so if you
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give it a seed or if you simply attach
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it to a hardware wallet and say look my
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seed is on there you can't see it but
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you can talk to it and ask about the
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master public keys then it needs you to
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tell it where the derivation path is and
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the bounty that I funded was a bounty to
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create a wizard that scans the most
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popular derivation pass of the most
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popular wallets now this is based on
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another great project called wallets
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recovery.org that's managed by Janine
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Romer and Robert Novak who have and I
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hope I got those names correct nvk and
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j9 roam these that website has basically
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a table that lists hundreds of wallets
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and all of the derivation paths they
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have known to use in they've been known
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to use in different versions and
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iterations of that software and most of
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them are and 44 prime 0 prime 0 prime
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but some are some very weird alternative
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options and
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yeah so that plugin will basically go
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scan it will look through and see if it
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can find money hanging on various
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branches that have been previously
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identified as popular ones and by
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investigating 20 or 30 branches and
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picking an address from each to see if
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it's been used it can basically say hey
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there's actually some money hanging off
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these three branches which one would you
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like to import and that way you don't
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need to know your derivation path I'm
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really excited about this because I
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think it actually gives newbies a much
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more secure way to do that search and in
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fact just yesterday I helped a friend
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figure that out and recover some money
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for their father who did not know how to
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import from a derivation path that was
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unknown
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Luke Charles is the developer who
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developed this particular feature you
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can see the pull request on the electrum
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github repository I am delighted this
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worked out and I'm also really excited
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about the possibility of helping newbies
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with this little problem that happens
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with not knowing your derivation path
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and trying to migrate wallets and that's
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my little down the rabbit hole the
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section where I ask myself a question
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about something that I'm interested in
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in this particular case something I'm
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really excited about because it just
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finished and then I talked about it if
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you enjoyed this video please subscribe
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free so if you want to support it join
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you
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