Please review my inheritance strategy - page 3.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

When I read your thread, I immediately thought that it would be too easy to break. Certainly not for an ordinary person, but still: "Computer programs used for brute force attacks can check anywhere from 10,000 to 1 billion passwords per second.", but i did some calculations and:

number of combinations - 24! (24 x 23 x 22 x 21 x ... x 3 x 2 x 1)

24! = 620,448,401,733,239,439,360,000

Assuming 1 billion tests per second, the correct order will be 100% cracked in 19,631,267,468,771,206 years! half of this time to be 50% sure. I think its secured enough!

At least to my knowledge

Despairo

hero member

Activity: 1064

Merit: 843

If you want something easy, then it's either share your seed phrase directly or create a multi sig wallet 2 of 3 (which mean it's need at least two private keys to open it). You can share it to your wife and your son, so when you're gone, both of them can access it.

However life isn't focus about inheritance, but you need to focus every single thing when you're still alive, if you have teach them about Bitcoin when you're alive, you don't have to think about inheritance anymore.

adaseb

legendary

Activity: 3808

Merit: 1723

Yeah you gotta becareful with this. If this was 12 words I think someone was able to crack it with their computer but with 24 words it’s going to take forever to get the correct order. If you lose the second part then it will be gone forever.

You need to just give it to your loved one and trust that they won’t steal anything from you. Because you are making this very complicated and they might not understand computers as well as you and they will have issues getting to the funds.

BlackBoss_

sr. member

Activity: 602

Merit: 387

Rollbit is for you. Take $RLB token!

Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

Don't create new method to store your wallet seed.

When you do it, like this method, sorting words alphabetically and need another backup part to know orders of those words in your seed phrase, it's risky. You can lose the second part and can not recover your wallet with 24 words you have.

Write down 24 words as they are and back up, it's enough.

Sim_card

hero member

Activity: 560

Merit: 511

Trust is all that matters on whoever that you are handling your seedphrase to, because one must finally pass on and leave his bitcoin behind for someone to inherit. When your seedphrase is in the hands of trusted person, then your bitcoin is safe but if it icn't in the hand of someone that you trust, your bitcoin will be gone for life. If this method works for you fine then go ahead. Everyone will have their different method on how they can transfer their bitcoin to their heir for inheritance, and emost people will come up with different suggestion.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

This looks a bit problematic to me. You may not respond for a long time for some other reason. It is probably a better idea to trust a third party like a bank in this situation. I know banks suck but sometimes there is no need to make life harder when you can choose the easy way and in this case banks do win in my book. You may still pass down your coins btw, let them stay in a bank deposit box, write a will and get it notarized so everything will be official. If go with the unofficial way, you will always have doubts…

deepskydiver

jr. member

Activity: 56

Merit: 42

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

Topic: Please review my inheritance strategy - page 3. (Read 340 times)