Initial Setup of the COLDCARD

  1. Per the Quick Start instructions posted on COLDCARD's website:

    1. Verify the tamper-evident packaging and write the Shipping Bag Number (below the barcode) on a piece of scratch paper
    2. Power up the COLDCARD using a microUSB cable connected to an A/C adapter - NOT (at this point) a computer
    3. Agree to the Terms of Sale
    4. Create a Primary PIN per the instruction on the device and the website (read through the informative section on the website)
  2. Record the Primary PIN and Anti-phishing Code Words on your waterproof seed backup sheet

    For example:

    COLDCARD Primary PIN: 1234-5678
    Anti-phishing Code Words: economy near
  3. Go through the mind-numbingly tedious process of entering the 24 seed words from your waterproof backup sheet into the COLDCARD device

    1. From the menu on the COLDCARD display, select Import Existing > 24 Words
    2. Enter each of the 24 words by navigating through the menu hierarchy of words
      • Use 5 and 8 to move up and down the list
      • Use X and [CHECK] to move up and down the hierarchy
      • Use [CHECK] to select a word
      • Important Tip: Use the 9> and <7 keys to move through the list page-by-page
    3. After selecting the 24th word, the COLDCARD display will read: Applying...

  4. Verify the identity of the wallet you just imported into the COLDCARD

    1. On the COLDCARD, select Advanced > View Identitiy

    2. Confirm that the Master Key Fingerprint on the display matches the Master Key Fingerprint of the Account Key that you generated using the Burrow device and recorded on your backup sheet

    3. Scroll down and confirm that the Shipping Bag number matches the one you took down previously

    4. Press X to go back to the previous menu

    5. Select Address Explorer

    6. Press 4 to proceed

      • The COLDCARD menu now displays 4 different addresses, corresponding to the first external address (derived from your seed phrase) of each of 4 different Bitcoin address types
    7. Note the address starting with bc1 (probably the last one)

      1. Verify that the first/last few characters of that address match the the first/last few characters of the address that you generated using the Burrow device and recorded on scrap paper

        • Important Note: This is an extremely important verification, as it confirms that this same address has been derived from your seed words by two different devices (Burrow and COLDCARD) independently, from two different vendors. This alleviates any suspicions of the dangerous possibility of either device feeding you an address that isn't actually derived from your seed phrase (either maliciously or due to a bug / honest mistake). This is a primary advantage of our technique of using two seed/offline devices to audit each other.
      2. Select this address and press [CHECK] to generate the first 10 addresses of this type

      3. Scroll down the list of addresses (each preceded by its derivation path) and note the following:

        • Each is derived from your seed words using the path prefix of m/84'/0'/'0', matching the path that you copied onto your backup sheet as the location of your funds and indicating that these are Native Segwit / P2WPKH addresses

        • The addresses match the addresses output from the Burrow device

        • The addresses match the addresses listed in the Addresses tab in the Electrum Watch-Only wallet that you previously created