reply on: Unchained Capital - The free ride stops now \ stacker news ~bitcoin

64 sats \ 5 replies \ @BitcoinIsTheFuture OP 19 Oct \ parent \ on: Unchained Capital - The free ride stops now bitcoin_beginners

Great question and concerns. I’ve done some research here a you are still covered and it’s a 2 of 3 multisig so you don’t technically need them. Here is their latest update:

This is a follow-up to email notices we sent on January 10th and September 18th, 2024 regarding pricing changes for Unchained personal accounts. Your $250 personal account fee is now due.

To view and pay your invoice, please log into your Unchained account and select the button labeled make your first payment on the home dashboard. This will save your credit card information for future invoices.

Once paid, your card on file will be charged $250 annually moving forward.

Log into Unchained to pay your invoice: https://my.unchained.com/login

What happens if I don’t pay the invoice?

Your bitcoin is safe! Unchained cannot move bitcoin without your participation nor can we prevent you from accessing your bitcoin.

If the invoice is not paid within the initial 30 day window, your vaults and personal account will continue to exist, but you will have limited access to Unchained’s services.To regain full access, you will need to pay retroactive annual account fees.

What you can do without paying:

Withdraw your bitcoin using your keys and a separate wallet software, such as Caravan, Sparrow, or Electrum, by downloading the wallet configuration file. Access your account’s Support and User info pages to verify Support PINs or update account information. Close your account by following these instructions. What you can’t do without paying

Access Unchained’s key if you lose a key and need help recovering bitcoin. Access Unchained’s support team for direct technical assistance with keys or vaults. Access Unchained financial services such as trading and the inheritance recovery workflow. Perform device checks to keep up with hardware wallet maintenance. Paying the invoice will immediately re-establish access to all of Unchained’s services.

Thanks for your continued support, and we are honored to secure, manage, and grow your bitcoin wealth.

If there are any questions about this change, please reply to this email. We'd be happy to assist.

Thank you, The Unchained Team Austin, Texas clientservices @unchained.com

21 sats \ 4 replies \ @siggy47 19 Oct

Thanks for this information. Perhaps dumb question: what if unchained and partner key agent team up and steal bitcoin because it's 2 of 3 multisig?

43 sats \ 3 replies \ @BitcoinIsTheFuture OP 19 Oct

I have 2 keys, they only have one. By partner are you referring to someone I give it to?

10 sats \ 2 replies \ @siggy47 19 Oct

No. If you look at the FAQ, they name partner agents. I was under the impression that they also held a key. I just reread the FAQ. I guess the key agents are only used if you request it. So, if fees become outrageous, you can just decide to move your coins? That's good. But now you need to secure two keys, when the purpose of using the service is not to trust yourself with custody?

65 sats \ 1 reply \ @ChrisS 19 Oct

They have other products such as loans where they hold a key, the user holds a keys and a third party holds a key. It’s different than the multisig set up where the user holds 2 of the three keys.

0 sats \ 0 replies \ @BitcoinIsTheFuture OP 19 Oct

Yeah I haven’t gone there yet! Again great company and great services for those who need/ want it!