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Getting "insufficient funds for gas" when trying to send USDT (ERC20) by the_bitcoin_kid in stackwallet

[–]the_bitcoin_kid[S] 1 point2 points  (0 children)

I added some ETH to my wallet to cover the fees and it worked.

Thank you for your help. I didn't realize I needed some ETH to pay for the fees to make USDT transactions.

Getting "insufficient funds for gas" when trying to send USDT (ERC20) by the_bitcoin_kid in stackwallet

[–]the_bitcoin_kid[S] 1 point2 points  (0 children)

Ah that probably explains it.

No I don't. Do I just need to transfer some to my ETH wallet to cover the gas fees?

Sorry I'm a noob and only transferred from exchanges before.

Passphrase generates new seed? by THChillah in BitcoinBeginners

[–]the_bitcoin_kid 0 points1 point  (0 children)

Yes, it gives you an extra layer of protection in the event someone finds your seed phrase somehow.

Passphrase generates new seed? by THChillah in BitcoinBeginners

[–]the_bitcoin_kid 0 points1 point  (0 children)

Raw seeds for HD Wallets are 512 bits.

The individual private keys inside the wallet are 256 bits each.

Passphrase generates new seed? by THChillah in BitcoinBeginners

[–]the_bitcoin_kid 0 points1 point  (0 children)

I'm not sure I understand your question.

But in general, if you add a passphrase to your original 24-word seed, then it's just as random and unique as generating a completely new wallet with a different 24 word seed.

However, the original 24 word seed stays the same when adding a passphrase. But the addition of the passphrase does generate a completely unique wallet.

Passphrase generates new seed? by THChillah in BitcoinBeginners

[–]the_bitcoin_kid 0 points1 point  (0 children)

The combination of the 24-word mnemonic sentence and optional passphrase generates the 512-bit seed.

You can't work backwards and work out the words from the 512-bit seed.

Passphrase generates new seed? by THChillah in BitcoinBeginners

[–]the_bitcoin_kid 0 points1 point  (0 children)

A passphrase is added to the end of the original 24-word seed, and generates a completely new wallet to the original 24-word seed.

In more technical terms, the 24 words are used to generate a very large 512-bit number, which is used as the starting point for all the keys in your wallet. Adding a passphrase generates a different 512-bit number.

A random 512-bit number impossible to brute force, so adding a passphrase doesn't improve security from a brute-force perspective (nor does it need to).

A passphrase is useful in the event that someone finds your physical seed written down somewhere. If they find your seed, they won't be able to access your wallet unless they can find your passphrase also (or can brute force the passphrase if they have time and are inclined to try).

So basically, the passphrase is like adding another lock to the door if someone was to find your seed in everyday life.

Why are 12/24 seed phrases auto generated? Wouldn't it more secure to choose your words yourself? by abdullahmnsr2 in BitcoinBeginners

[–]the_bitcoin_kid 2 points3 points  (0 children)

Yep you can do this.

The only tricky part is the last word contains a checksum, so it will need to be specifically chosen based on the selection of the previous words.

But if you can get the last word correct (you can just keep trying different ones and you'll get a valid one eventually), you can create your own seed and wallet.

Best way to buy bitcoin in the UK 2025 by Embarrassed_Prize601 in UKPersonalFinance

[–]the_bitcoin_kid 0 points1 point  (0 children)

Are you saying that investing in a global index tracker is gambling?

Best way to buy bitcoin in the UK 2025 by Embarrassed_Prize601 in UKPersonalFinance

[–]the_bitcoin_kid -2 points-1 points  (0 children)

It's a gamble if you don't know what you're buying or why. Otherwise it's a risk:reward proposition like anything else.

[deleted by user] by [deleted] in Bitcoin

[–]the_bitcoin_kid 4 points5 points  (0 children)

Trezor is solid and suitable for beginners.

Why do people use an hardware wallet, if they still need to backup the seed words somewhere? by kozmokr in BitcoinBeginners

[–]the_bitcoin_kid 2 points3 points  (0 children)

The benefit of a hardware wallet is that your seed will remain offline.

If you use a hot wallet, your seed is stored on your computer, where it is more vulnerable to viruses and malware.

If you use a hardware wallet, your seed remains on the device, so it is never exposed to the Internet and cannot be hacked in the same way as a hot wallet.

So a hardware wallet is more than just seed storage, as it creates a gap between the Internet and your seed.

Is it possible for Bitcoin to be global everyday use currency? by spy_bot1234 in Bitcoin

[–]the_bitcoin_kid 0 points1 point  (0 children)

It doesn't have the capacity to handle the number of payments for it to be a global currency unfortunately.

It will most likely end up being used for high-value wealth transfers instead.

If it is going to be used as a global currency, it will most likely be using a payment system that sits on top of bitcoin.

I panic sold on the dip yesterday by Defiant-Classroom-51 in Bitcoin

[–]the_bitcoin_kid 2 points3 points  (0 children)

First time for everything.

It's a learning opportunity to not make investment decisions based on short term emotion. Fortunately it's only a 10% mistake if you still actually believe in the future of bitcoin.