Multi sig solution for business clients and coin inheritance - page 2.

so98nn

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Quote from: leea-1334 on July 19, 2022, 06:01:55 AM

Quote from: so98nn on July 19, 2022, 03:53:49 AM

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

Which would make it much harder for people to get your Bitcoin when you are alive,,, but even harder for loved ones to get it when you are dead.

Imagine asking them to just get access to your phone is hard enough, what more to tell them about different devices, different wallets,,, etc?

The number of people who die suddenly and their family is clueless about their inheritance is pretty high

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.

Quote from: NeuroticFish on July 19, 2022, 06:43:14 AM

Quote from: so98nn on July 19, 2022, 03:53:49 AM

and have back up stored on HDD's

With backups on HDD you may have issues with hackers or lost data, no with your family....

Quote from: so98nn on July 19, 2022, 03:53:49 AM

I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

I'd advise you consider making sure your wife or somebody can actually understand how to access those funds... just in case some medical emergency is very expensive. Better safe than sorry...

Arghhh, I am pretty sure no one is going to hack my external HDD just like that when its disconnected.
I am pretty much aware of the risks. I am the guy who had my Ledger wallet lost and found!

But thanks for the advices guys. Let's keep our data, wallets, hard drives safe!

oaz7t

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Cool, never thought of this ever. I think it’s just simple to share the keys with loved ones and stay safe with it. I mean I’m always synching up the bank account with my family. For example, everyone in the house pretty much knows my PIN to my ATM so they can have cash at anytime. Obviously there is whole lot of understanding and finance management / advice goes into this when it comes to your kids.

Now that’s not any different than having bitcoin on your wallet locked up with private keys or PINS. I think everyone’s getting trained for this. I would probably keep a copy for them too so if I ever die I can be sure in the hell that my family is safe.

Nrcewker

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Quote from: DeathAngel on July 18, 2022, 01:11:16 PM

My wife knows how to access my bitcoin & I will teach my son when he is old enough. I know what I’m doing & will not trust anybody else to custody anything for me. I do not like multisig myself.

People have various opinions on this matter .
Multisig is actually useful and will always comes in handy in these types of situations.
But I have often heard from people that they don’t do multisig as it’s very hard to implement.
Nevermind, we can’t force people, but yes we can suggest the best methods to them.
Giving family members the private keys and teaching them how to cash out is really great alternative if there is sudden demise of yourself.

NeuroticFish

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Quote from: so98nn on July 19, 2022, 03:53:49 AM

and have back up stored on HDD's

With backups on HDD you may have issues with hackers or lost data, no with your family....

Quote from: so98nn on July 19, 2022, 03:53:49 AM

I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

I'd advise you consider making sure your wife or somebody can actually understand how to access those funds... just in case some medical emergency is very expensive. Better safe than sorry...

leea-1334

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Quote from: so98nn on July 19, 2022, 03:53:49 AM

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

Which would make it much harder for people to get your Bitcoin when you are alive,,, but even harder for loved ones to get it when you are dead.

Imagine asking them to just get access to your phone is hard enough, what more to tell them about different devices, different wallets,,, etc?

The number of people who die suddenly and their family is clueless about their inheritance is pretty high

so98nn

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I am not worried for now considering I am using my assets as and when required in similar ways I am using my hard earned salary from real job. Whatever I am investing in here is just savings which I believe shall become highly profitable as the time passes and bitcoin or other coins value start to increase.

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

Leviathan.007

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Quote from: DeathAngel on July 18, 2022, 01:11:16 PM

My wife knows how to access my bitcoin & I will teach my son when he is old enough. I know what I’m doing & will not trust anybody else to custody anything for me. I do not like multisig myself.

I think everyone will think about it and what's going to happen to your bitcoins after death is something everyone will think about it. People will find solutions for this according to their situations and the number of bitcoins they hold. Some people will write the 12 words recover seeds on a paper and let their family find the latter after death so they can get access to the coins. Using a multisign wallet can be another option for people. But regardless of all that, some people don't want other people and even their own families to get access to their coins after death, like these coins will be unaccessible ever, which is more interesting to me.

bakasabo

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I am not worried about my Bitcoins or other cryptocurrency assets. When the time comes, I will give all the access keys, show and teach how things works. Also, I dont have a paranoia that something must happen to me and I should write a testament. If I think more about dying, the sooner I will die imo. I am just staying positive. Third, I am prepared to a situation, that in case of a sudden death all my cryptocurrency assets will be lost forever. So far I try to live such life, that in case of a sudden death my bank accounts savings should help my family, but crypto will be a nice bonus.

aoluain

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Quote from: LodisMcguire on July 18, 2022, 11:25:43 PM

I just store all my digital information in my personal laptop and when i'm gone,my family members can access it and retrieve the asset.I never part with my laptop,so no one can touch it while i'm still here.I know that it's not safest method,but i just like the simplicity of handling the matter this way.

Would you not be concerned about the security of your laptop from both malfunction
to being hacked? storing your digital info like that wouldnt be recommended.

Quote from: Initscri on July 19, 2022, 12:04:54 AM

I think anybody who has actually thought it through has a back-up plan for demise. In my case, there is 1-2 close family members who know locations of stored assets.

I had a conversation with them which indicated 2 points.

1. Don't trust anyone to convert to cash. Figure it out yourself.
2. Don't forget rule #1.

I have the same approach but I'm lucky because nearly all of my immediate family have Bitcoin.
But I understand trust in family can be questioned for a lot of people but in the end of the day
I wouldnt be worried what happens to it if I'm dead.

coinsrider

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This was informative topic Myself never thought about it but was essentially useful to have got to read about it. Thank You for sharing. Also while being alive it is necessary to also understand the best wallets to use to store it safely.

worle1bm

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This topic has been discussed many times and people have different ways in which their coins will be utilised after them by them whom they trust.

For me my family members know that I am into this bitcoin stuff and have some coins on wallet and seeds for it are stored at somewhere safe and they can use it in my absence but trust is the building block which needs to be maintained in family for this and no more coins are wasted if you have not shared it with anyone and you die without withdrawing the coins.

Initscri

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I think anybody who has actually thought it through has a back-up plan for demise. In my case, there is 1-2 close family members who know locations of stored assets.

I had a conversation with them which indicated 2 points.

1. Don't trust anyone to convert to cash. Figure it out yourself.
2. Don't forget rule #1.

LodisMcguire

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I just store all my digital information in my personal laptop and when i'm gone,my family members can access it and retrieve the asset.I never part with my laptop,so no one can touch it while i'm still here.I know that it's not safest method,but i just like the simplicity of handling the matter this way.

Fivestar4everMVP

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The idea of multi signature wallets is good, but it is only good to some extent, and on the other hand, if the setup has anything to do with a third party, I will honestly let the idea slide past me, I think I am quite satisfied with my single signature wallet, I will make sure My family, who is no other person than my wife and ~~kids (though my kids are still very little)~~ know all that there is to know about the wallet where I store my crypto funds and give show her where all my private keys and seed phrases are stored, i think this is enough and goes a long way to show that i trust her as my wife and not the other way round.

Iranus

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Quote from: Zilon on July 18, 2022, 01:34:55 PM

Quote from: NeuroticFish on July 18, 2022, 01:26:39 PM

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 considered

We are trying to work, trying to earn money every day for our family, for our loved ones, not just for ourselves. Life will be meaningless if you don't trust anyone, including your loved ones. My kids are very young and I can't teach them about bitcoin or wealth, but with my wife, everything I do, she knows and we share it all.

It can be said that she is my everything, the person I trust the most. If I lose my family, having a lot of bitcoins means nothing to me.
My wife knows how many bitcoins I hold and she holds my private keys so I won't need Multisig or any other method.

Franctoshi

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No bother at all since I have already written down the directive records of everything or prceedures to follow in order for my Next of kins or family to easily gain access to my Bitcoin holdings in case of any misfortune in life or when I'm no longer alive.
Due to this I have to save my money in two different wallets and state who has full access to my funds when I'm no more.

franky1

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Quote from: Zilon on July 18, 2022, 01:34:55 PM

Quote from: NeuroticFish on July 18, 2022, 01:26:39 PM

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 considered

i know you might he hypothesising.. but if YOU right now have a family member that wants you dead. then simply kick them out the house and dont tell them anything about your bitcoin security.

tell only the good people in your life.

multisig does allow you to have 1 key put into a will family cant have access to until death. whilst also meaning the lawyer cant just randomly sneak a peak at your will and steal from you either because it requires all keys to come together at same time to work. it also presents itself with more complications of having to learn more about bitcoin to be able to join the keys together to spend it, compared to just telling them your 12 word seed where 6 are stored in will and 6 are told to family. thus another way of splitting the data to give preservation of data when both are not provided at same time(only provided at death)

DaveF

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Yes I want it to go to certain people.

I actually have a somewhat convoluted 'dead man switch' on my cold wallet.
Its a 3 of 5 multisig but not everyone knows each other or even how to get to the other parts.

Kind of a matter of perspective, my IRA / 401k is worth more but I still want certain people to have access to my BTC.
BUT they would need the help of other people to get to it who I trust or really don't know what data they are holding.

-Dave

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Quote from: Zilon on July 18, 2022, 02:26:29 PM

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?

@o_e_l_e_o was basically saying that multi sig does not help much in cases of fund transfer in case of an untoward situation. And if you fear someone harming you cause you own bitcoins, actually announcing you do, by giving out a signature while holding onto one, would expose you to that very risk.

Keeping your wallet private in that case, is your best option. Does not mean multi sig does not have its uses.

NeuroticFish

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Quote from: Zilon on July 18, 2022, 02:26:29 PM

But how about cases where a family business accepts Bitcoin will we kick against this multi-sig as well. I know trust is most important in marriage and any relationship but will it be extended in business as well?

Business relationship is good as long as both parts have material benefits. Marriage is not business. Or it should not be Grin

Multisig in business? Yes, it can be! There's for example a use case where the funds can be spent only if all (n-of-n) or most (m-of-n [1]) business partners agree on that.

[1] Here I mean m = 1 + floor(n/2), so m signatures consist a majority.

Topic: Multi sig solution for business clients and coin inheritance - page 2. (Read 595 times)