Topic: Multi sig solution for business clients and coin inheritance (Read 595 times)
No, I am not bothered about my bitcoins. I have told everything to my sister. I will be happy if she has them after me. Moreover, she is also interested in bitcoins and I am teaching her how bitcoins work every weekend.
No one is seeing beyond the family. How about business, co-operations, institutes, organizations and religious sectors they too can benefit from this multi-sig wallets for their transactions that are always open between clients. It can serve as an open court for both parties in off-chain transactions
I mean why go this weird when you could literally store it on your binance account? If I ever die, or I am in a coma or whatever reason I can't reach my coins, my family could use my phone to just end up with account access just like I do. It doesn't require to be "me", it requires someone to know my email, my password, and have my phone for 2FA, all of which my wife has.
Oh dear. Let's ignore all the reasons (and there are a lot of them) you shouldn't store coins on a centralized exchange even when you are alive, from censorship and lack of privacy to hacks, thefts, scams, and bankruptcy. From the Binance Terms of Use:Quote from: https://www.binance.com/en/terms
The Binance Account can only be used by the account registrant. Binance reserves the right to suspend, freeze or cancel the use of Binance Accounts by persons other than account registrant.
If Binance ever find out that your wife is accessing your account, then she can wave goodbye to all of your coins, since your account will be immediately suspended. In classic Binance fashion, probably the only thing which would allow her to unfreeze your account is for you to complete "enhaned KYC" or some other such nonsense, which of course will be impossible after your death.
I mean why go this weird when you could literally store it on your binance account? If I ever die, or I am in a coma or whatever reason I can't reach my coins, my family could use my phone to just end up with account access just like I do. It doesn't require to be "me", it requires someone to know my email, my password, and have my phone for 2FA, all of which my wife has.
This is why I do not think that it would ever be a problem, why would it be? I personally believe that we should simply ignore all of these anxiety, and look for the better life ahead of us, it's too early to think about death for majority of us, sure get ready for it, but just a piece of paper explaining how to do it would be enough.
This is why I do not think that it would ever be a problem, why would it be? I personally believe that we should simply ignore all of these anxiety, and look for the better life ahead of us, it's too early to think about death for majority of us, sure get ready for it, but just a piece of paper explaining how to do it would be enough.
I am pretty sure they understand the bitcoin wallets and how to access it. My phone is always accessible to everyone in my house (password protected). In addition to this they know how to use hardware wallet and they have their own wallets too. Geekies here 
Moreover, if I accidently die, they know how to access it, if all of us accidently die then there is no question about it, consider them lost with us. Lolz.
Moreover, if I accidently die, they know how to access it, if all of us accidently die then there is no question about it, consider them lost with us. Lolz.
Then you are a rare case indeed,,, family of geekies who know the password and access to your wallets and HDD is weird on 2 things. All being geekies,,, which is not so strange, but all having access to the private funds and data of each other? That does not add up. Geeks especially would be quite serious about that. And would use more complex methods like time lock.
I know they are your family, but the only way my family will ever know my password is if I die and they get a message in their will.
Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!
How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be consideredSo while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!
My wife uses my cards too, since she does most of the shopping while I'm working.
So if she wants to "mismanage" funds, she already can
There's indeed an evil world, but ... maybe it's not as bad as in the news after all. I mean if one doesn't trust his wife, why would they stay under the same roof at all? As I said, keep it simple
I don't know, maybe Bitcoin price would have to grow much much more to make me get paranoid also about my family. For now it's not the case.
Since I don't have a lot of bitcoins so don't really think about it. Some of my family members know that I store this important data because store it on my laptop and back it up in another storage that they also know where I store it, about how to access a bitcoin wallet it is easy to learn on google, so they will be very likely to be able to retrieve it if I die.
Recently I started introducing my wife to Bitcoin. My children are young and it might not be advisable to teach them much about Bitcoin because of privacy and cyber-security reason. I have taught my wife about both centralized and decentralized wallet and she knows where I saved both the password and the keys. My wife is the only person I can give such information to because she is the mother of my children and might not mismanage the funds I might leave behind if I walk through the path of eternity. My only fear when I die is my children's well-being, that is why I am giving the keys to there mum. Multi signature wallet would make the whole stuff complicated for my Bitcoin uninformed wife, hence a single signature wallet is perfect for now.
This thread is the umpteenth time and I will answer the same thing, I have thought before to teach my wife to be able to use bitcoin how to transact and so on like I usually do.
and my wife and I are always transparent and trusting about anything so she can use it when I can't use it for some reason including if I die. And I think this is the best way and also can teach my wife a whole about bitcoin or crypto.
and my wife and I are always transparent and trusting about anything so she can use it when I can't use it for some reason including if I die. And I think this is the best way and also can teach my wife a whole about bitcoin or crypto.
How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be considered
That's because there is something wrong with the way you are the leader of the family, first put away the thought that family life is like a "happy ending" drama series. Actually wealth is not the best form of inheritance, but education.
If you slowly tell and teach them well how you can collect bitcoins legally (not by stealing from family members) from the start, surely they will not interfere with your bitcoins and think your way is better than someone having to die.
It is true that using a multi-signature wallet is more secure than a wallet with a Single-key, but it is not without risks, for example if you use a multi-signature wallet of type 2-2 and one of the keys is lost, no one will be able to access the wallet forever, this is just like a wallet with a Single-key and the key is lost you will not be able to access the wallet, so the best solution is type 3-2 where if one of the keys is lost you can still access the wallet with the other two keys. But even in this case if you create a 3-2 wallet and keep one of the keys and give the second to your wife and the third to your son for example they will be able to access your wallet without your key if they decide to band together against you and take your money!!
No I’m not personally worried at all nor should anyone else be as everyone should have a plan in place for when you pass who your coins are going to be passed to. This not only goes for bitcoin but for all assets in general. Everyone should make sure they have a proper will established and in some cases a proper trust.
When I'm gone, if my bitcoins are in my account, I will leave them to my children in my family.I never worry about my bitcoins. I have definitely introduced many people in my family to this forum and to Bitcoin and they have started working too.One day I will awaken the use of coins among my sons and daughters and leave them among them.A time will come when every person will have a bitcoin at their doorstep.
I am not.
My wife knows what I am doing here and he also knows a few things about cryptocurrency, so that if someday I am passed away, she knows what to do. We have some children so hopefully, this can really help my wife to rise up them with the asset. I trust her so much as what she has been doing for me so far.
And even if I am passed away when my children have been teen enough, I think that letting them know about the crypto world will be okay ad helpful. That is why I will not feel worried about this.
My wife knows what I am doing here and he also knows a few things about cryptocurrency, so that if someday I am passed away, she knows what to do. We have some children so hopefully, this can really help my wife to rise up them with the asset. I trust her so much as what she has been doing for me so far.
And even if I am passed away when my children have been teen enough, I think that letting them know about the crypto world will be okay ad helpful. That is why I will not feel worried about this.
"Just enjoy your wealth and your life while you are still alive" so the time has come (surprise) that you are not able to do things anymore, but you don't have any regrets. This is what I did.
We can't just get crazy about money, about Bitcoin, in fact, we can share them with our families who we left. That is why we don't need to keep it alone, make sure that there is someone who knows about our Bitcoin address and access so they can still make use of it if there is something happen to us.
We can't just get crazy about money, about Bitcoin, in fact, we can share them with our families who we left. That is why we don't need to keep it alone, make sure that there is someone who knows about our Bitcoin address and access so they can still make use of it if there is something happen to us.
I am as bothered by what happens to my Bitcoin when I die as I am about what will happen when the sun engulfs the earth, or when our solar system starts colliding with others. All I know is that it will likely be spectacular, full of wild events that nobody predicted, and leave a lot of heartache behind. As Keanu Reeves once so eloquently put into words about what happens after we die, "I know that the ones who love us will miss us."
So my hope is more that I am missed than my coins are well spent. Hopefully I've helped someone out there in some way to achieve this goal.
So my hope is more that I am missed than my coins are well spent. Hopefully I've helped someone out there in some way to achieve this goal.
Yes for sure, my bitcoin is not for gambling, It is my lifetime investments. I will ensure to pass on my password to my future generations. Maybe I will passs it on a paper or keep it in a banklocker passed on to them. or maybe I will make a sumerean tablet to pass on my passwords
Literally, if bitcoin wallet is created one can easily share his keys with his family if afraid of death or similar occurrence. I have thought my relatives how to operate bitcoin wallet or moved out currencies and private is printed on a paper and kept in the bookcase were my most of documents are being stored and saved.
Now talking of multi sig wallet which requires 2 to 3 persons and I asked what if one number person is not available is there a way to two persons to move a fund?
This could be the disadvantage of multi sig bitcoin address.
Now talking of multi sig wallet which requires 2 to 3 persons and I asked what if one number person is not available is there a way to two persons to move a fund?
This could be the disadvantage of multi sig bitcoin address.
Are we then saying the security multi-sig wallets offer aren't worth any stress?. How about organizations, businesses or joint investment will we still recommend single key addresses?
Not at all. Multi-sig has many uses, and I use several multi-sig wallets myself for various purposes. But hiding the very existence of coins to protect against physical attacks is not one of their uses.Arghhh, I am pretty sure no one is going to hack my external HDD just like that when its disconnected.
But what about when it is connected? Or what about the files you presumably had on your main HDD before you transferred them across to your external drive? Did you create and transfer these back ups using an airgapped computer?
I cannot see how multi-sig wallets will solve this problem, because you will not be around to worry about it. Yes, you can make sure that no single person will be able to "claim" your coins.. but if they know about this before you die.. it might be tempting to get rid of you... before your actual time. (so it increases the risk) 
You might give your lawyer and your spouse the "key" to signing the wallet.... but they might collude to get to your coins... while you are still alive. (This will not be the first time that it happens)
You might give your lawyer and your spouse the "key" to signing the wallet.... but they might collude to get to your coins... while you are still alive. (This will not be the first time that it happens)
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