Multi sig solution for business clients and coin inheritance

[Zilon]

i have heard several persons who say they are nervous about how the go about their private key, while this set of folks use single-key addresses to get their own self-custody to store family coin or personal coin in a form of UXTOs, they intend investing for their future generations and keep their coins out of centralizations . Most times the biggest fear that comes with this single signature solution is the inability to retrieve your funds if the  private key got misplaced or in situation of death when no one else know about your private key.

With multi-sig wallets created a year after multi signature was introduced in bitcoin in 2012. A powerful tool such as multi-signature brought extra security for bitcoin investors with more than one signature which could be two or more signature attached to an address, which will require funds to be spent only if multiple signatures are provided a very good tool for long term investment and access to funds in cases where on dies because since more than one signature exist it will be more easy to relay detail of the other signature to a trusted family member.

With multi-sig address comes different private-keys to help safe-guard funds so that even if one of the keys get stolen it will be difficult to withdraw or move the coin since it takes 2 of the 3 signatures in a 2 of 3multi sig address to move the coin and only one is available. Multi sig is also good for businesses as well as co-operations, unions and organizations to ensure security and good decision making where by a number of persons hold each a single key making mismanagement of funds even more difficult.

Although with this comes some difficult and complex set-up especially if a third-party provider is needed but in general it is a cool and secure wallet because there is no legal custodian of funds deposited into a shared wallet with multiple keyholders.


example of multi-sig wallet:

• Blue wallet
• sparrow

how to set-up the wallets loading.........

[DeathAngel]

My wife knows how to access my bitcoin & I will teach my son when he is old enough. I know what I’m doing & will not trust anybody else to custody anything for me. I do not like multisig myself.

[sbrys]

I’ve put my recovery seed of my trezor and instructions with other valuables

Should do the trick 

[romero121]

Already there were more threads discussing about the same thing. Maybe going through those threads will get you better information regarding the same. Everything has been filed and it is with my girl. She doesn't know I have kept the recovery seeds secure on her space. Someday when it is required she'll come to know about it. She already knew how to use wallets as well as recover funds.

What happens to the coins after your death ?
What happens with my crypto when I die?
What Happens to One's Bitcoin if Death Occurs?

[NeuroticFish]

Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!

[Zilon]

Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!

How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be considered

........

Multiple thread different information....
I saw them before i made this

[NeuroticFish]

Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!

How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be considered

My wife uses my cards too, since she does most of the shopping while I'm working.
So if she wants to "mismanage" funds, she already can

There's indeed an evil world, but ... maybe it's not as bad as in the news after all. I mean if one doesn't trust his wife, why would they stay under the same roof at all? As I said, keep it simple

I don't know, maybe Bitcoin price would have to grow much much more to make me get paranoid also about my family. For now it's not the case.

[o_e_l_e_o]

How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin.

If a family member is willing to murder you to steal your coins, then they are definitely also willing to murder you plus one other person to steal your multi-sig coins. Or simply hit you with a wrench until you crack and reveal the location of your other back ups, or phone up your other family members and have them hand over their shares, or unlock the multiple devices/wallets you have to spend your multi-sig coins, etc.

Multi-sig or no multi-sig, either you hand over your coins or you die. The only protection against physical attacks on your person is plausible deniability.

By creating a multi-sig wallet and handing out shares, you are advertising the very existence of that wallet. If you are this concerned about physical attacks, then you need a hidden wallet that nobody knows about, probably created by utilizing a passphrase on top of an existing wallet's seed phrase.

[Zilon]

My wife uses my cards too, since she does most of the shopping while I'm working.
So if she wants to "mismanage" funds, she already can

There's indeed an evil world, but ... maybe it's not as bad as in the news after all. I mean if one doesn't trust his wife, why would they stay under the same roof at all? As I said, keep it simple

I don't know, maybe Bitcoin price would have to grow much much more to make me get paranoid also about my family. For now it's not the case.

I am not married yet though so i don't know much about married life. I wish to get as lucky as you  when the time is ripe. But how about cases where a family business accepts Bitcoin will we kick against this multi-sig as well. I know trust is most important in marriage and any relationship but will it be extended in business as well?

Multi-sig or no multi-sig, either you hand over your coins or you die. The only protection against physical attacks on your person is plausible deniability.

By creating a multi-sig wallet and handing out shares, you are advertising the very existence of that wallet. If you are this concerned about physical attacks, then you need a hidden wallet that nobody knows about, probably created by utilizing a passphrase on top of an existing wallet's seed phrase.

Are we then saying the security multi-sig wallets offer aren't worth any stress?. How about organizations, businesses or joint investment will we still recommend single key addresses?

[NeuroticFish]

But how about cases where a family business accepts Bitcoin will we kick against this multi-sig as well. I know trust is most important in marriage and any relationship but will it be extended in business as well?

Business relationship is good as long as both parts have material benefits. Marriage is not business. Or it should not be
Multisig in business? Yes, it can be! There's for example a use case where the funds can be spent only if all (n-of-n) or most (m-of-n [1]) business partners agree on that.

[1] Here I mean m = 1 + floor(n/2), so m signatures consist a majority.

[Upgrade00]

Are we then saying the security multi-sig wallets offer aren't worth any stress?. How about organizations, businesses or joint investment will we still recommend single key addresses?

@o_e_l_e_o was basically saying that multi sig does not help much in cases of fund transfer in case of an untoward situation. And if you fear someone harming you cause you own bitcoins, actually announcing you do, by giving out a signature while holding onto one, would expose you to that very risk.

Keeping your wallet private in that case, is your best option. Does not mean multi sig does not have its uses.

[DaveF]

Yes I want it to go to certain people.

I actually have a somewhat convoluted 'dead man switch' on my cold wallet.
Its a 3 of 5 multisig but not everyone knows each other or even how to get to the other parts.

Kind of a matter of perspective, my IRA / 401k is worth more but I still want certain people to have access to my BTC.
BUT they would need the help of other people to get to it who I trust or really don't know what data they are holding.

-Dave

[franky1]

Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!

How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be considered

i know you might he hypothesising.. but if YOU right now have a family member that wants you dead. then simply kick them out the house and dont tell them anything about your bitcoin security.

tell only the good people in your life.

multisig does allow you to have 1 key put into a will family cant have access to until death. whilst also meaning the lawyer cant just randomly sneak a peak at your will and steal from you either because it requires all keys to come together at same time to work. it also presents itself with more complications of having to learn more about bitcoin to be able to join the keys together to spend it, compared to just telling them your 12 word seed where 6 are stored in will and 6 are told to family. thus another way of splitting the data to give preservation of data when both are not provided at same time(only provided at death)

[Franctoshi]

No bother at all since I have already written down the directive records of everything or prceedures to follow in order for my Next of kins or family to easily gain access to my Bitcoin holdings in case of any misfortune in life or when I'm no longer alive.
Due to this I have to save my money in two different wallets and state who has full access to my funds when I'm no more.

[Iranus]

Multisig has many good uses, but imho using multisig for when I am dead means that I don't trust my family enough.
So while I do care what happens with my coins after I am gone, I consider that the fact my family knows where I keep one of the seed backups is just fine. Why would I make it more complicated?!

How about cases of funds mismanagement or situation where a member of my family wants me dead just to have full custody of the coin. We live in an evil world where different things happen as we keep advancing. In as much as i trust my family member i think securing both my future and theirs should also be considered

We are trying to work, trying to earn money every day for our family, for our loved ones, not just for ourselves. Life will be meaningless if you don't trust anyone, including your loved ones. My kids are very young and I can't teach them about bitcoin or wealth, but with my wife, everything I do, she knows and we share it all.

It can be said that she is my everything, the person I trust the most. If I lose my family, having a lot of bitcoins means nothing to me.
My wife knows how many bitcoins I hold and she holds my private keys so I won't need Multisig or any other method.

[Fivestar4everMVP]

The idea of multi signature wallets is good, but it is only good to some extent, and on the other hand, if the setup has anything to do with a third party, I will honestly let the idea slide past me, I think I am quite satisfied with my single signature wallet, I will make sure My family, who is no other person than my wife and kids (though my kids are still very little) know all that there is to know about the wallet where I store my crypto funds and give show her where all my private keys and seed phrases are stored, i think this is enough and goes a long way to show that i trust her as my wife and not the other way round.

[Initscri]

I think anybody who has actually thought it through has a back-up plan for demise. In my case, there is 1-2 close family members who know locations of stored assets.

I had a conversation with them which indicated 2 points.

1. Don't trust anyone to convert to cash. Figure it out yourself.
2. Don't forget rule #1.

[worle1bm]

This topic has been discussed many times and people have different ways in which their coins will be utilised after them by them whom they trust.

For me my family members know that I am into this bitcoin stuff and have some coins on wallet and seeds for it are stored at somewhere safe and they can use it in my absence but trust is the building block which needs to be maintained in family for this and no more coins are wasted if you have not shared it with anyone and you die without withdrawing the coins.

[coinsrider]

This was informative topic Myself never thought about it but was essentially useful to have got to read about it. Thank You for sharing. Also while being alive it is necessary to also understand the best wallets to use to store it safely.

[aoluain]

I just store all my digital information in my personal laptop and when i'm gone,my family members can access it and retrieve the asset.I never part with my laptop,so no one can touch it while i'm still here.I know that it's not safest method,but i just like the simplicity of handling the matter this way.

Would you not be concerned about the security of your laptop from both malfunction
to being hacked? storing your digital info like that wouldnt be recommended.

I think anybody who has actually thought it through has a back-up plan for demise. In my case, there is 1-2 close family members who know locations of stored assets.

I had a conversation with them which indicated 2 points.

1. Don't trust anyone to convert to cash. Figure it out yourself.
2. Don't forget rule #1.

I have the same approach but I'm lucky because nearly all of my immediate family have Bitcoin.
But I understand trust in family can be questioned for a lot of people but in the end of the day
I wouldnt be worried what happens to it if I'm dead.