How to secure save Bitcoins and pass them to beloved ones after death, amnesia, imprisonment etc.
1) Use truecrypt to
encrypt your wallet.dat (strong passphrase) Or use the new version (0.4).
2) Make several
copiesand leave or send a copy to your geek friend / dad / son / grandson / attorney / wife etc. Keep in mind that they will not have the passphrase so you're secure.
3) Set up a scheduler sender of emails to send a
PGP encrypted email with the passphrase and instructions to open the file. (1 year from now I think it's good).
All this without printing wallet private keys in paper, without using safe boxes or vaults, without worrying about my passphrase in plain text out of my sight.
The person which you'll send a future PGP encrypted email has to understand, of course, the PGP system to communicate. Teach the person you want to leave your Bitcoin how to communicate using PGP.
Your passphrase will be encrypted in the schedule email, so no third party will be able to read it.
You'll have to remember to
always reschedule the email, otherwise the people you choose will receive the informations. If this happen you'll have to hope that they warn you and you can make all over again.
Another scenario would be the 3rd party reschedule email provider somehow gets the private key of your trusted party and decrypt the message. Perhaps you set up a one-use PGP yourself to your trusted party and give them in plain text, in an envelope, so when the message arrives they don't even have to remember the private key to open it.
PS: I know that this strategy helps "hoarding". Well, I think that for Bitcoins to succeed, besides help each other with ideas, people has to have confidence in the system so they can buy or mine Bitcoins and leave in their will. I hope that secure strategies of proper hoarding helps the community and the economy. We are
old people too.
Critics and comments appreciated. Thanks.
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