it is an over kill in my opinion and would only make sense if you truly expect to be robbed at gunpoint!
I don't expect to be robbed at gunpoint, but I feel safer knowing that I'm not an attractive target to a robber.
not to mention it is a nightmare to spend from since you would have to acquire the second seed each time from the safety deposit box or the third person, recover wallet keys, sync, create tx online, sign offline, broadcast online!
It might make sense to consider this plan a long-term high-value storage plan and have another more accessible wallet for a smaller amount.
But do you have to create the transaction online? I thought a transaction can be both created and signed offline?
you also may consider encrypting the individual seed words too before "distributing" them and you can include the password on a different piece of paper and hold it separately.
I wonder if this might add too much complexity? Where would you store the encryption password? How would you ensure against loss of this password?
this section:
https://github.com/requirementsmet38/bitcoin-custody#generate-and-store-your-keyscan be summarized to a shorter text which IMO can be easier to understand:
- create 3 different seed words
- one seed is to be stored in your hot wallet (you can choose your phone)
- another seed is to be stored in a safe place (it can be a safety deposit box)
- the final seed is to be shared with a trusted person (like a family member)
* each part should contain 1 seed + all 3 master public keys
* you can create multiple copies of each seed to store in the same manner (2 copies on 2 phones, 3 copies in 3 different safety deposit boxes, 2 copies with 2 family members) but it should be copy of the same thing.
p.s. an alternate to a laptop is using a live Linux burnt on a DVD. booting with network physically cut off.
Thanks, I'll see how to work this stuff into the document! 👍
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