Do you think this is a good idea or you would still go multisig

[Somegory]

Splitting recovery seed between a father and son.

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

[rat03gopoh]

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

Why not split it into 12:12 (24 phrases) and then fund each 12 seed phrases with a small amount of bitcoin to convince the thief that it's the complete set of phrases? Besides, how can they trust each other that the wallet creator doesn't have a backup of the complete set of 12 phrases?

I haven't considered the risks of both, but I prefer 2/3 multisig. Dad has 2 backup keys and 1 for the child. If something happens, Dad can recover them at any time.

[CryptoYar]

While concept seems to make much of sense but there is major technical issue. 12-word seed is not meant to be split like that. Each half alone is not only useless, but it actually weakens security much since if someone manages to guess one half they have only to force-guess 6 more words instead of 12. Number of combinations is reduced from billions to thousands.
There is already tool for this situation, Shamir's Secret Sharing or multisig 2-of-2. Both support proper division of control, without weakening math based security of either part.
Multisig is at higher level of difficulty but it is right way to go. Two parties each have their own independent key to use and cannot spend without each other. No weakness due to guessing, no seed wholeness problems. When security plan fails, sometimes simple is not best approach. Explain this to anyone that asked before they do it.

[hosemary]

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

If you want a wallet to be owned by two people and neither can spend the funds without the other's permission, the best thing you can do is to go with a multi-signature wallet.
If you have a single-signature wallet and split the seed phrase into two parts, one party will have to trust the other when spending the funds.

[VRExpress]

I think this is not safe, because they have to be divided accordingly or else they will run into trouble in future, those words need to be next to each other accordingly, just like the wallet that was used too generated the seeds give them out or else you will have to battle with setting the right words to each other.

It's not a safe practice, better go with multi Sig that existed for something like this.
The chances of losing your recovery seed is then smaller than splitting recovery seeds.

[Zaguru12]

Splitting recovery seed between a father and son.

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

I think you have yet to mention the purpose behind sharing the seed phrase between the two parties,

First let’s say the father and the child owns the bitcoin together and both needs the knowledge of one before spending the bitcoin then this is about partnership then and the clear answer is a multisig and not splitting the seed phrase because it’s easier to actually recovery the remaining 6 seed phrase splitted than recovery the full back up of one co-signer.

If it is about inheritance I still wouldn’t go for splitting of the keys because either the son tries to find the other 6 phrases through brute forcing and any other means or one party losses the split seed phrase completely and that’s another threat to the bitcoin. The best idea for inheritance without spending early by the child still remains that you time lock the wallet.

I will never like the idea of actually splitting keys because of the dangers, multisig still the best for me but must be a multisig where the number of total of authorized keys are higher than the number of needed signers to execute a transaction like 2-of-3 multi sig because when the number of key holders and co-signers are the same like 2-of-3 then the danger is still much similar to a split key, a loss of one part leaves the wallet vulnerable

[Alvin_talk]

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

I think its WACK.
This is not good for an inheritance arrangement at all, what if the father dies unexpectedly or a case of fire accident or maybe theft where one of the party loss their phrases, how do you recover your coins?

[Livingleged]

Splitting recovery seed between a father and son.

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

This doesn’t make sense to me in trying to protect your coin you shouldn’t create more problems if one of the shareholders eventually dies it’s going to be a problem. There should be trust between the father and so to a certain extent and not keep 6 different phrases away from each other and not making any proper arrangements of the other knowing the other 6 words in a situation when one of them dies as anybody could die at anytime.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

I don’t buy it at all this might lead to total lost of access if it goes wrong as I did not see you write if there are written documents and arrangements of how the second person will get access to the other 6 words if something happens to one of them. Secondly this will just create more difficulty in accessing the wallet since they are not even staying in the same house. Imagine I want to import my wallet to a new device and I couldn’t reach the other person it will just be a waste of time. Multsig 2-3 is just the best thing to do when you want to share wallet access  between two people.

[OcTradism]

Splitting recovery seed between a father and son.

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

Go with multisig wallet is better in security of your fund and the multisig wallet you should set up is 2 - 2, not 2 -3. If it is 2-3 multisig wallet, which the third cosigner goes to?

If there are only two people, father and son while you want to set up multisig 2-3 wallet, it's very non-sense as either the father or the son can sign a transaction with 2 or 3 cosigners.
{List} Multisig wallets.
Creating a multisig wallet.

[Felicity_Tide]

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

And that's where multisig comes in. 2-of-2 multisig wallet solves this problem, but it's best to also consider the cons, especially in a situation where one party is not available or one key is lost.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

Wait, do you mean manual splitting of a seed phrase ?, this is very risky.
You don't necessarily have to create a wallet and start slipting the words.
Instead of splitting a seed phrase, you can decide to own a 2-of-2 multisig wallet, where each participant holds their own seeds.
While in a case of inheritance, 2-of-3 works best. Afaik, this is much safer.

[hugeblack]

This idea is foolish because it severely weakens entropy, and losing either part means losing the coins forever. If someone knew three more words, it would be very easy to guess the rest.

Multisig is stronger in terms of entropy, offers more options, and provides all the current features.

[lionheart78]

I also go with multi-signature.  it is far more practical than spitting the seed in half. It is also the feature Bitcoin suggests when more than one person is involved with the Bitcoin address.  Early replies give strong point about weakening the security if the seed phrase is divided in half and each gets half of the seed, and it also complicates things.

[EluguHcman]

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

Yeah it really sound good as illustrated but come to think of it, what if one among the father and son misplaces the 6 seed phrase in his custody, don't you think the Bitcoin in the wallet will remain a ghost forever? Because they can not get access to the wallet with the available 6 seed phrase.

If you also consider the misplacement to be impossible then also note that death can be inevitable which can also set this kind of ideal on the very high risk.

At least for multisig where you have more than 2 key holders, you would have minimum number of custodians to sign in the wallet and then they could have access to the wallet even when one of the custodian does not have to sign in.

[Rikafip]

What do you think? Someone asked this of me yesterday.

Nah, I don't like it one bit. I wouldn't want to put the responsibility of storing my coins in anyone else's hands because, if something happens to the other half of the seed, you could lose access to your funds forever. Also, just because you split the seed in two doesn't mean that someone can't spend the money.

So yeah, multisig is the way to go.

[Nothingtodo]

I don't like this method because if a wallet is shared among multiple people then if one person or party loses their seed phrase and the other party maintains it then there is no benefit because if one part is lost then that wallet is lost forever and the bitcoins stored in the wallet will never be recovered. That is why I prefer single wallet and I also don't support multi signature wallet or one wallet being shared 6:6 between two parties and putting it at more risk.

[Findingnemo]

Splitting seed phrase is not a good security practice, it just reduces the entropy, so it's better to go with a multi-signature wallet that ensures the complete security for your address. You can also use electrum's 2FA wallet which is easier to handle for little money that is spent on the service or you can go on and create your own but you need to find someone as a middleman who will keep the third key safe.

[notocactus]

Splitting seed phrase is not a good security practice, it just reduces the entropy, so it's better to go with a multi-signature wallet that ensures the complete security for your address.

Seed splitting is a bad idea, let's see why?
Bitcoin Q&A: Why is Seed Splitting a Bad Idea?

It's impossible to brute force a Bitcoin private key so if one of seed splitting parts is lost, that wallet is lost and bitcoin stored in that wallet lost forever too. If a practice makes more difficulty, increase risk of losing a wallet and bitcoin, it's not a good practice.

[Cookdata]

Splitting recovery seed between a father and son.

What do you think about this? A recovery seed should be able to be split in two for better security and also prevention of one side spending Bitcoin without the other.

12 recovery seeds can be split in 6,6 , they are useless words since they are both not living in the same home, but it becomes one when they both put together.....

What do you think? Someone asked this of me yesterday.
I think it's more simpler than the inheritance idea of multisig 2-3

You don't know how multi sig actually work, maybe you should read how to create a 2-3 multisig instead of this illogical thinking.

To create a multisig, you don't need to share your seed phrase with anyone, each signer create their separate Seed phrase through a multisig wallet. Then proceed to share the master public key with each other to create an address. That way, any Bitcoin send to that wallet address can't be move by one person, both parties must co sign the transaction and share it with each other for it to be broadcasted and confirmed by miners, that way nobody have to worry about anything.

How do you even think of sharing seed phrase with another person. What do you do when there is emergency or when the person need access to the fund that is for the interest of you both. What do you do when you travel to another country and you spend days over there? You wouldn't have choice but to share the seed phrase you think you are hiding from each other and that breaks the purpose of your security.

[macson]

If the method you mentioned were more effective, then multi-sig wouldn't have been developed in the first place. That's because single-sig cannot resolve certain trust challenges, which is why multi-sig was developed to ensure that multiple parties can sign a transaction --- so no one can execute a transaction without the others' approval.

Moreover, if you use the idea of ​​splitting the phrase, it not only makes things more complicated for you, but it also drastically lowers cryptographic security and increases the likelihood of errors, which could potentially cause you to lose access to your assets.

[promise444c5]

You don’t need splitting.. doesn’t add up.

Is this all about inheritance or just holding Bitcoin in a joint wallet ? Or they’re running a business with a joint wallet?


Using multisig for inheritance means he  needs to be alive to sign the txn if he’s not willing to give up the seed .. Does it really make any sense for inheritance? Only if the 3rd seed is giving to another trusted person so who are you trusting? If he can answer that badly then go ahead with it, I mean it’s his son anyway..

He can easily sign a LockTime  txn and print the qrcode on a sheet of paper which is so easy…The son will only need to keep the destination wallet seed safe

Imo [bI [/b] will generally consider multisig if I want to add an extra layer of security for my own personal wallet , not when I’m trying to setup an inheritance plan but it’s  fine, people use it so far they can trust their third party/parties signer.