Multi sig solution for business clients and coin inheritance

[bakasabo]

I am not worried about my Bitcoins or other cryptocurrency assets. When the time comes, I will give all the access keys, show and teach how things works. Also, I dont have a paranoia that something must happen to me and I should write a testament. If I think more about dying, the sooner I will die imo. I am just staying positive. Third, I am prepared to a situation, that in case of a sudden death all my cryptocurrency assets will be lost forever. So far I try to live such life, that in case of a sudden death my bank accounts savings should help my family, but crypto will be a nice bonus.

[Leviathan.007]

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.

I think everyone will think about it and what's going to happen to your bitcoins after death is something everyone will think about it. People will find solutions for this according to their situations and the number of bitcoins they hold. Some people will write the 12 words recover seeds on a paper and let their family find the latter after death so they can get access to the coins. Using a multisign wallet can be another option for people. But regardless of all that, some people don't want other people and even their own families to get access to their coins after death, like these coins will be unaccessible ever, which is more interesting to me.

[so98nn]

I am not worried for now considering I am using my assets as and when required in similar ways I am using my hard earned salary from real job. Whatever I am investing in here is just savings which I believe shall become highly profitable as the time passes and bitcoin or other coins value start to increase.

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

[leea-1334]

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

Which would make it much harder for people to get your Bitcoin when you are alive,,, but even harder for loved ones to get it when you are dead.

Imagine asking them to just get access to your phone is hard enough, what more to tell them about different devices, different wallets,,, etc?

The number of people who die suddenly and their family is clueless about their inheritance is pretty high

[NeuroticFish]

and have back up stored on HDD's

With backups on HDD you may have issues with hackers or lost data, no with your family....

I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

I'd advise you consider making sure your wife or somebody can actually understand how to access those funds... just in case some medical emergency is very expensive. Better safe than sorry...

[Nrcewker]

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.

People have various opinions on this matter .
Multisig is actually useful and will always comes in handy in these types of situations.
But I have often heard from people that they don’t do multisig as it’s very hard to implement.
Nevermind, we can’t force people, but yes we can suggest the best methods to them.
Giving family members the private keys and teaching them how to cash out is really great alternative if there is sudden demise of yourself.

[oaz7t]

Cool, never thought of this ever. I think it’s just simple to share the keys with loved ones and stay safe with it. I mean I’m always synching up the bank account with my family. For example, everyone in the house pretty much knows my PIN to my ATM so they can have cash at anytime. Obviously there is whole lot of understanding and finance management / advice goes into this when it comes to your kids.

Now that’s not any different than having bitcoin on your wallet locked up with private keys or PINS. I think everyone’s getting trained for this. I would probably keep a copy for them too so if I ever die I can be sure in the hell that my family is safe.

[so98nn]

Anyways, I have my funds divided on mobile wallet, Ledger Nano X, and have back up stored on HDD's. I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

Which would make it much harder for people to get your Bitcoin when you are alive,,, but even harder for loved ones to get it when you are dead.

Imagine asking them to just get access to your phone is hard enough, what more to tell them about different devices, different wallets,,, etc?

The number of people who die suddenly and their family is clueless about their inheritance is pretty high

I am pretty sure they understand the bitcoin wallets and how to access it. My phone is always accessible to everyone in my house (password protected). In addition to this they know how to use hardware wallet and they have their own wallets too. Geekies here

Moreover, if I accidently die, they know how to access it, if all of us accidently die then there is no question about it, consider them lost with us. Lolz.

and have back up stored on HDD's

With backups on HDD you may have issues with hackers or lost data, no with your family....

I dont think there is any fear if I am gone one day because I will tell my wife or kids about it before I go away and if bitcoin still exists by that time. Not hardship I see.

I'd advise you consider making sure your wife or somebody can actually understand how to access those funds... just in case some medical emergency is very expensive. Better safe than sorry...

Arghhh, I am pretty sure no one is going to hack my external HDD just like that when its disconnected.
I am pretty much aware of the risks. I am the guy who had my Ledger wallet lost and found!



But thanks for the advices guys. Let's keep our data, wallets, hard drives safe!

[Kakmakr]

I cannot see how  multi-sig wallets will solve this problem, because you will not be around to worry about it. Yes, you can make sure that no single person will be able to "claim" your coins.. but if they know about this before you die.. it might be tempting to get rid of you... before your actual time. (so it increases the risk)  

You might give your lawyer and your spouse the "key" to signing the wallet.... but they might collude to get to your coins... while you are still alive. (This will not be the first time that it happens)  

[o_e_l_e_o]

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?

Not at all. Multi-sig has many uses, and I use several multi-sig wallets myself for various purposes. But hiding the very existence of coins to protect against physical attacks is not one of their uses.

Arghhh, I am pretty sure no one is going to hack my external HDD just like that when its disconnected.

But what about when it is connected? Or what about the files you presumably had on your main HDD before you transferred them across to your external drive? Did you create and transfer these back ups using an airgapped computer?

[Adbitco]

Literally, if bitcoin wallet is created one can easily share his keys with his family if afraid of death or similar occurrence. I have thought my relatives how to operate bitcoin wallet or moved out currencies and private is printed on a paper and kept in the bookcase were my most of documents are being stored and saved.
Now talking of multi sig wallet which requires 2 to 3 persons and I asked what if one number person is not available is there a way to two persons to move a fund?
This could be the disadvantage of multi sig bitcoin address.

[amishmanish]

Yes for sure, my bitcoin is not for gambling, It is  my lifetime investments. I will ensure to pass on my password to my future generations. Maybe I will passs it on a paper or keep it in a banklocker passed on to them. or maybe I will make a sumerean tablet to pass on my passwords

[OgNasty]

I am as bothered by what happens to my Bitcoin when I die as I am about what will happen when the sun engulfs the earth, or when our solar system starts colliding with others.  All I know is that it will likely be spectacular, full of wild events that nobody predicted, and leave a lot of heartache behind.  As Keanu Reeves once so eloquently put into words about what happens after we die, "I know that the ones who love us will miss us."

So my hope is more that I am missed than my coins are well spent.  Hopefully I've helped someone out there in some way to achieve this goal.

[Kelvinid]

"Just enjoy your wealth and your life while you are still alive" so the time has come (surprise) that you are not able to do things anymore, but you don't have any regrets. This is what I did.

 We can't just get crazy about money, about Bitcoin, in fact, we can share them with our families who we left. That is why we don't need to keep it alone, make sure that there is someone who knows about our Bitcoin address and access so they can still make use of it if there is something happen to us.

[TelolettOm]

I am not.
My wife knows what I am doing here and he also knows a few things about cryptocurrency, so that if someday I am passed away, she knows what to do. We have some children so hopefully, this can really help my wife to rise up them with the asset. I trust her so much as what she has been doing for me so far.
And even if I am passed away when my children have been teen enough, I think that letting them know about the crypto world will be okay ad helpful. That is why I will not feel worried about this.

[Rigon]

When I'm gone, if my bitcoins are in my account, I will leave them to my children in my family.I never worry about my bitcoins. I have definitely introduced many people in my family to this forum and to Bitcoin and they have started working too.One day I will awaken the use of coins among my sons and daughters and leave them among them.A time will come when every person will have a bitcoin at their doorstep.

[ChiBitCTy]

No I’m not personally worried at all nor should anyone else be as everyone should have a plan in place for when you pass who your coins are going to be passed to. This not only goes for bitcoin but for all assets in general. Everyone should make sure they have a proper will established and in some cases a proper trust.

[yhiaali3]

It is true that using a multi-signature wallet is more secure than a wallet with a Single-key, but it is not without risks, for example if you use a multi-signature wallet of type 2-2 and one of the keys is lost, no one will be able to access the wallet forever, this is just like a wallet with a Single-key  and the key is lost you will not be able to access the wallet, so the best solution is type 3-2 where if one of the keys is lost you can still access the wallet with the other two keys. But even in this case if you create a 3-2 wallet and keep one of the keys and give the second to your wife and the third to your son for example they will be able to access your wallet without your key if they decide to band together against you and take your money!!

[noorman0]

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

That's because there is something wrong with the way you are the leader of the family, first put away the thought that family life is like a "happy ending" drama series. Actually wealth is not the best form of inheritance, but education.
If you slowly tell and teach them well how you can collect bitcoins legally (not by stealing from family members) from the start, surely they will not interfere with your bitcoins and think your way is better than someone having to die.

[bitzizzix]

This thread is the umpteenth time and I will answer the same thing, I have thought before to teach my wife to be able to use bitcoin how to transact and so on like I usually do.
and my wife and I are always transparent and trusting about anything so she can use it when I can't use it for some reason including if I die. And I think this is the best way and also can teach my wife a whole about bitcoin or crypto.