Bitcoin Passphrase Recovery

[designerusa]

Looks like great suggestions overall. But I still prefer to hold password in passworded personal lock.
And you can tell its pass to only 2-3 people.

[CoinSkipper]

What's keeping your relatives from taking all your life savings?

That share of the encrypted code is a share of money. Some people will choose money over family sometimes...

You don't give your bitcointalk password do your friend, do you? Why the hell would you give them money?

[dothebeats]

Looks like great suggestions overall. But I still prefer to hold password in passworded personal lock.
And you can tell its pass to only 2-3 people.

The downside is once a person whom you gave the password to gets eaten by greed and decided to run away with the money, you can't do much about it. A split passphrase or a multisignature address is better in this case, as it would require multiple codes before you can move the funds.

[JeffZwolle]

thats why OP said split it..

EG
lets say you know the social security numbers of your spouse and 3 kids
wife 077-99-0099
kidA 087-96-3021
kidB 097-59-1239
kidC 107-98-5868
now without telling them... you make a passphrase using those 4 SS numbers
077990099087963021097591239107985868
you then add on a secret word
077990099087963021097591239107985868hullabaloo

now this is what you write in your will
"dear wife. my savings are locked into bitcoin using you, and our 3 kids SS numbers followed by the safe word we agreed on when having rough sex"

that way even the lawyers wont know it

Unless they bug your bedroom or wherever you would use the safe word for rough sex
 

[DenisGorbachev]

There is already another thread where we were discussing this.

Just what was that thread? I honestly tried to find it, but couldn't.

[bryant.coleman]

I don't think that there is any need for all these trouble. Split your pass-phrase in to four or five parts, and store each of them in an USB drive. Store them in different locations (different bank lockers or residential safes). Mention in your will that you have kept the backups, with the details (in case anything happens to you).

[BitMaxz]

Looks like its interested. But how if i die how to send the bitcoin to my love ones or relatives or father mother sister or brother?
If i have phassphrase recovery how can i say to my family that files is very important and you can get my heirs.
I think is the best way is to upload the file to a automated send with set time and date in what year . That's what i think

[DenisGorbachev]

BitMaxz, you'll need to tell your relatives that the passphrase is like a "key to the chest" (chest = Bitcoin wallet). Once they have assembled the "key", they can open the "chest" and access the Bitcoins.

If you want the passphrase to be accessible strictly upon your death, you can put one of the pieces in your last will.

[Mickeyb]

There is already another thread where we were discussing this.

Just what was that thread? I honestly tried to find it, but couldn't.

Here are two threads:

https://bitcointalk.org/index.php?topic=736618.200

https://bitcointalk.org/index.php?topic=1134527.0;all

[teukon]

As Small link mentioned, for split keys multisig is the way to go.  This general idea was discussed years ago and is very well established albeit rarely used.

Q: What if a trustee loses its piece of the passphrase?
A: You can send copies of the same piece to multiple trustees using a "split" technique:

• Split the passphrase in 2 pieces
• Send the 1st piece to mom and wife
• Send the 2nd piece to dad and best friend

This is fine but notice that a more efficient arrangement is possible with 2-of-3 multisig.  2-of-3 multisig means that you have 3 pieces, any 2 pieces can unlock, and any number of pieces less than 2 cannot unlock.

For myself, I'd prefer a locktime-based dead man's switch.

[BitMaxz]

BitMaxz, you'll need to tell your relatives that the passphrase is like a "key to the chest" (chest = Bitcoin wallet). Once they have assembled the "key", they can open the "chest" and access the Bitcoins.

If you want the passphrase to be accessible strictly upon your death, you can put one of the pieces in your last will.

But how ?,  do you think he can understand the puzzle of my wallet. How about if my brother or my mother has not literary computer illitirate? They can reciece my bitcoin?

[7788bitcoin]

This is really not an easy way to manage your bitcoin. Not everyone around you think bitcoin is something serious and most likely they will forget where they keep the part entrusted to them...

[Kprawn]

if the trusted fiend have a full acces to it, then he can steal your fund, in the case your friend will be not your friend anymore, and money are knwon to have this power over friends and family...

well soem are immune to greed but they are the minority

thats why OP said split it..

EG
lets say you know the social security numbers of your spouse and 3 kids
wife 077-99-0099
kidA 087-96-3021
kidB 097-59-1239
kidC 107-98-5868
now without telling them... you make a passphrase using those 4 SS numbers
077990099087963021097591239107985868
you then add on a secret word
077990099087963021097591239107985868hullabaloo

now this is what you write in your will
"dear wife. my savings are locked into bitcoin using you, and our 3 kids SS numbers followed by the safe word we agreed on when having rough sex"

that way even the lawyers wont know it

It would just get awkward for your parents, if your wife died with you in a car accident and they have to figure out your safe word for rough sex. 

Why not just keep this word with the institution that keeps your safe deposit box or your Will and testament? Once your will is read, the last word will be handed to the

beneficiaries or the key to your safe deposit box?  Or have 4 questions with answers all 4 of them have, and if something happens to any of them, the remaining people

could still figure it out together.