Op e for fine well well if this thread na were you come ask make people tell you waiting you go do for am than this plenty things way you done show am because I no go lie, you no show am well, seeing the big box with a lock on it is even were that seem very funny because even as big as it is it cannot protect the seed phrase because somebody could hijack the box from his room and he cannot recover it again or maybe they stole everything, people doesn't save anything important key on the box, how would you believe that padlock cannot be open without the key?
I never tell him to use the box as a save for his seed phase. Just use it as an illustration to explain how important the seed phase is and how he should try to protect it well to save his coin.
Helping to setup someone wallet may not be a good thing because of security reasons because, you can only explain how to setup the wallet not helping to setup the wallet this has made you to know the security keys to the person you are trying to help which is not a very good thing to do.
I don't think he will be able to do this himself even after teaching him many times. I think the greatest mistake here is writing the seed phrase for him myself
I told him to keep this paper in a very save place(i later explain the importance of what is written in the paper to him)
I hope you told him to have multiple backups of his seed phrase. Since you taught him well enough on how to use a wallet, I think it’s better he moves his coins to a new wallet. That way, you’re free from any accusations of theft if his wallets somehow gets compromised.
Secondly, the wallet choice was terrible, we learn from mistakes. OP hasn't learnt much to give out, maybe asking before offering help would have done better job.
I thought of electron mobile as well doing the process but I'm thinking this may be complex for him to use as an illeterate. Even at first, my plan was to creat a multisig electrum wallet using two signature for the process so that he's coin may be fully secured but there isn't any other person who can hold the second signature (phrase) since his wife is also an illeterate and their kids are still young.
This person is a pure illeterate that doesn't know anything about the space. He just wish to hodl some coin for future purpose. I think using electrum wallet may be complex for him. That is why I used trust wallet for him.
If he fit understand how to use Trust wallet, e go fit understand how to use Unstoppable wallet or Blue wallet.
You keep saying “trusted person” in the OP, you should teach him that he shouldn’t trust so easily. Being your own bank means that you have to take sole responsibility for your funds.
I'm not familiar with both blue wallet and unstoppable wallet. If they have a mobile version, I will check it out. If they are easy to set-up and use then I will see if we can re-visit things all again.
I would have loved to know the kind of illiterate that he is
he is a core illiterate that can't read nor write. This is the reason I decided to open the wallet for him myself.
You said illiterate? Then why are you teaching him again? You don't have to team an illiterate person to invest in bitcoin instead you invest foe him. You can create a separate wallet for the investment but not to give him the seed phrase but you secure everything for him.
This advice is worse than what OP did. You might as well take up mv1986 offer.
I can't even invest for him directly. This is highly risky. I already explained the volatility of Bitcoin to him the way he can understand and I want him to gain access to his coin anytime he wishes by clicking on the trust wallet icon. I never think of the risk behind the seed phrase like this during the process. This thread is an eye opener for me and alteast I have learn alot as well.
Region based exchange? That doesn’t make any sense. Exchanges way person fit buy bitcoin for Nigeria no hard to find. And cost of fees no fit be the problem. I for like make the OP tell us how everything take happen before we start to speculate.
Well, this has been the process I often use myself when buying Bitcoin. I believe it will be cost effective than buying directly. I will consider this when next I'm buying Bitcoin.
Involving an illiterate into Bitcoin is a financial burden - whatever happens to their money is 99% on you.
Hmmm, this is what I never think of. Moreover I think I am save since I wrote the seed phrase in his presence and I gave it to him immediately. With various comment on this thread, I now observe I got it wrong.
