Effective & safe recovery of a wallet with multiple accounts

[apogio]

Is this really worth all the transaction fees, just to "not have KYC coins"? Depending on who you're hiding from, the exchanges you used in the past will still have a pretty good idea you own crypto. They may not know your addresses, but that's it.

Sorry, I have asked in multiple threads about non-KYCed bitcoin etc. I understand what you say. For me, it is important, because there is no legislation at all in my country. So I am worried, what can happen if they, at some point, decide to apply laws regarding bitcoin. Especially laws against it. The fact that Binance knows I own crypto, is super bad, but I thought I could just make things better now.

[LoyceV]

Sorry, I have asked in multiple threads about non-KYCed bitcoin etc. I understand what you say. For me, it is important, because there is no legislation at all in my country. So I am worried, what can happen if they, at some point, decide to apply laws regarding bitcoin. Especially laws against it. The fact that Binance knows I own crypto, is super bad, but I thought I could just make things better now.

That's (kinda) my point: what if they make Bitcoin illegal, they find out you used to buy Bitcoin on Binance, and then ask you where it is now. Can you have a plausible story (other than "a boating accident")?

For me, it's the opposite: banks want to know where the money came from, and the more anonymous it is, the harder this is to explain. Using P2P in combination with a bank account raises more questions than using an established exchange. P2P in person has a whole set of different risks (for $5 wrenches and for privacy).

[apogio]

Sorry, I have asked in multiple threads about non-KYCed bitcoin etc. I understand what you say. For me, it is important, because there is no legislation at all in my country. So I am worried, what can happen if they, at some point, decide to apply laws regarding bitcoin. Especially laws against it. The fact that Binance knows I own crypto, is super bad, but I thought I could just make things better now.

That's (kinda) my point: what if they make Bitcoin illegal, they find out you used to buy Bitcoin on Binance, and then ask you where it is now. Can you have a plausible story (other than "a boating accident")?

For me, it's the opposite: banks want to know where the money came from, and the more anonymous it is, the harder this is to explain. Using P2P in combination with a bank account raises more questions than using an established exchange. P2P in person has a whole set of different risks (for $5 wrenches and for privacy).

I 've never thought about it this way. However, I suppose, that if they decide to make it illegal, they will say "from now on!" and ignore the past transactions, since it is almost impossible to trace them. I may have lost the keys, or spent it somewhere or sold it (not through a bank transfer).

[LoyceV]

I 've never thought about it this way.

Another thing to consider: the amount. If it's $100, it's not really a problem spending it anywhere. But if it's $10 million, you're going to need a car wash in Albuquerque.

[apogio]

I 've never thought about it this way.

Another thing to consider: the amount. If it's $100, it's not really a problem spending it anywhere. But if it's $10 million, you're going to need a car wash in Albuquerque.

Hahah I don't think I would be here asking if we were talking about $10 millions. But I get your point, despite the fact that $1000 today can be $100k in 20 years

[LoyceMobile]

$1000 today can be $100k in 20 years

That's they main reason to pay your taxes now, it gives you a plausible story later if we ever reach the million dollar Bitcoin.

[Pmalek]

As  o_e_l_e_o mentioned, a good software will do that for you. It will scan the first x number of addresses on derivation path m/84'/0'/0' and then go to m/84'/0'/1', m/84'/0'/2' until it finds an empty wallet. That's why it's in your interest to make it easy for the software to find all your accounts by using a logical derivation path sequence. It won't be able to find something unusual, and if you don't write it down, your coins are almost lost. It would be like having the coins to a NYC apartment but you don't know where the apartment is. Good luck finding it.

Ledger Live does a decent job of finding all accounts in a logical derivation path sequence.
When I changed laptops some time ago, I had to install Ledger Live on my new machine. After recovering my coins from seed and installing the BTC app, you need to select the correct address type and let the software scan funded accounts. And it does that by going from .../0'/0' to .../0'/1' and upwards.