Topic: What is the best approach to give 'divided' BTCs to n00bs? (Read 626 times)
Thank you guys! Been using the core client forever and didn't know about multisig.
knightdk has some good advice. Multisig might be a good bet.
You could also consider just giving the multisigs in two envelopes to someone who is trusted (e.g. an attorney, spouse etc in an envelope) and just direct them to give one envelope to each of godparents in the event that something happens to you. No need to say what is in it. Put a letter in it explaining what it is etc. Or you could keep them in your safety deposit box/safe with your Will etc with a note that the envelopes be given to them in the event something happens to you.
This way, if nothing happens to you, you change your mind, or something happens to one godparent before you, it is just a matter of changing the instructions for who is to get each envelope.
If something were to happen to you and bitcoin continues to grow and you explain what each is, they will have plenty of incentive to figure it out or ask for help figuring it out at that point.
Good luck!
You could also consider just giving the multisigs in two envelopes to someone who is trusted (e.g. an attorney, spouse etc in an envelope) and just direct them to give one envelope to each of godparents in the event that something happens to you. No need to say what is in it. Put a letter in it explaining what it is etc. Or you could keep them in your safety deposit box/safe with your Will etc with a note that the envelopes be given to them in the event something happens to you.
This way, if nothing happens to you, you change your mind, or something happens to one godparent before you, it is just a matter of changing the instructions for who is to get each envelope.
If something were to happen to you and bitcoin continues to grow and you explain what each is, they will have plenty of incentive to figure it out or ask for help figuring it out at that point.
Good luck!
1) What is a safe way to split a key or wallet file? (or maybe on paper?)
What about a 2-of-2 multisig address? Multisig is already fairly common and in the future, it will probably be more common so they can look up guides for how to use multisig.2) How to provide simple but adequate instructions on how they can combine those keys or wallet files?
You could tell them and show them how to use a multisig wallet or point them to a guide on how to use one.3) How to explain in lamers terms where and how to spend BTCs?
Just show them a wallet that you think they should use that has the multisig functionality (like Electrum) and demonstrate how to send Bitcoin to other addresses. Make sure you remember to include something about change addresses and fees.As for where, you can point them to various sites such as coinmap.org which show where Bitcoin is accepted in physical stores and show them sites like newegg where Bitcoin is accepted online.
The situation is as follows: I want to give the two godparents of my child some BTCs. You know, just in case something happens to me and to allow them to buy things for my child in the future.
Now, my plan is to give several denominations to them but 'divided', so half of each key or wallet to each. In other words, they both need to agree to spend BTCs on something. However, halving a wallet file is no problem to me, but they are not computer literate. Also, I may be computer literate but have very limited knowledge of keys and wallet files and do not know if that is actually doing the job, or may be open to single-sided spending (when helped by a geek).
So I have a challenge, namely how to get done what I want, but safely and in such way that they can figure out how to spend the BTCs.
1) What is a safe way to split a key or wallet file? (or maybe on paper?)
2) How to provide simple but adequate instructions on how they can combine those keys or wallet files?
3) How to explain in lamers terms where and how to spend BTCs?
Now, my plan is to give several denominations to them but 'divided', so half of each key or wallet to each. In other words, they both need to agree to spend BTCs on something. However, halving a wallet file is no problem to me, but they are not computer literate. Also, I may be computer literate but have very limited knowledge of keys and wallet files and do not know if that is actually doing the job, or may be open to single-sided spending (when helped by a geek).
So I have a challenge, namely how to get done what I want, but safely and in such way that they can figure out how to spend the BTCs.
1) What is a safe way to split a key or wallet file? (or maybe on paper?)
2) How to provide simple but adequate instructions on how they can combine those keys or wallet files?
3) How to explain in lamers terms where and how to spend BTCs?
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