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Do you prepare your family to handle your BTC?
178 sats \ 19 comments \ @LibertasBR 19 Feb AskSN
I was thinking about this today. I'm not a respectable HODLer yet—I'm still just getting started with all of this. However, the little I have on-chain in cold wallets makes me wonder how my family would access it if something happened to me.
But none of them have the practical knowledge or basic IT skills that I do.
Did you have or do you have difficulties teaching them how to recover all your hard-earned money without compromising security, or is it more of an "If he dies, he dies" situation, leaving that value lost in the void?
In my case, I want them to have access.
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63 sats \ 0 replies \ @NovaRift 19 Feb
"If he dies, he dies" situation, leaving that value lost in the void
@DarthCoin really answered it very well.
“Darth, what is your inheritance plan?”
If my hears were not capable or merit to get my sats while I was alive and able to give them, then they don’t deserve them. Who wants my sats, MUST show me Proof of Work before they will get my sats.
https://darthcoin.substack.com/p/darth-bitcoins-after-death
Maybe you should teach someone close to you more about Bitcoin and orange pill them; see how it goes.
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21 sats \ 0 replies \ @expatriotic 20 Feb
My wife just keeps telling me not to die. Every now and then I try to call her over to show her how I'm moving XYZ or using XYZ... but yeah, it's tough.
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21 sats \ 1 reply \ @Beeteesea 19 Feb
No problem teaching the procedure for recovery—the ones who need to know have basic IT skills, and thanks to the user-friendly hardware wallets, I believe this part is under control. The difficult part is general security. I don't trust them to be in a state where they won’t make mistakes, trust an outsider or the government, or get tricked in some other way when I’m gone.
I’m in the thinking/researching phase right now and open to suggestions or pointers on where to go regarding this.
That said, I’m in a situation where I have other, more traditional assets that will ensure my family’s future. Bitcoin is just icing on the cake—at least with Bitcoin at 96k and TradFi still doing fine.
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0 sats \ 0 replies \ @LibertasBR OP 19 Feb
I don’t know if he has a family or kids, but I can’t imagine going through all that effort to accumulate and not leaving it for them.
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21 sats \ 3 replies \ @justin_shocknet 19 Feb
Very difficult problem, and that's why a lot of people end up using services like Unchained and rolling over to ETFs
I've been thinking about this issue a lot lately from a product standpoint, as its even worse if you consider active Lightning nodes in family businesses...
It's relatively simple if you don't worry about security much, could then just compile very thorough instructions and a copy of the secret and give it to someone...
Once you consider security it gets a lot more difficult, what if they can become wrench attacked because its too simple? General security of the documents? Does your setup rotate periodically? Do you need a dead-man switch? etc etc...
I'd be curious to know more about your goals from a user interview perspective, there needs to be more work done on this UX.
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0 sats \ 2 replies \ @LibertasBR OP 19 Feb
I don’t want any of that. I want pure and simple Bitcoin, and in that, security is what matters most. My goal is to teach my daughter part of the secret and my wife another part, I don’t know. From what people are sharing here, many are in the “if he dies, he dies” mode. Do you have plans for this?
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0 sats \ 1 reply \ @justin_shocknet 20 Feb
Still gathering ideas/input...
What would help you the most? a documentation template? Encrypted cloud dead man switch to send the docs? Ideas for encryption riddles?
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0 sats \ 0 replies \ @LibertasBR OP 21 Feb
An encrypted cloud dead man switch sounds good. But, if in a specification moment I can’t stop triggered, my privacy is dead. Can you share any post about it?
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21 sats \ 1 reply \ @DarthCoin 19 Feb
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0 sats \ 0 replies \ @LibertasBR OP 19 Feb
Tell me
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21 sats \ 1 reply \ @Aardvark 19 Feb
I am trying to make sure that my wife knows what to do in the event that I die
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21 sats \ 0 replies \ @LibertasBR OP 19 Feb
I’m thinking the same
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21 sats \ 1 reply \ @bief57 19 Feb
My daughter is 7 years old, we are teaching her little by little according to her age, but sometimes I think "what if something happens to us before she knows how to handle it? How will she access them?". So for that reason I have tried to persuade my mom, dad and sisters to learn, but they are not interested in the slightest (they are my core of extra trust). So let's say it is something that worries me a little.
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0 sats \ 0 replies \ @LibertasBR OP 19 Feb
For sure. Many people around me also don’t seem to care much. Since I’m new to this, I’m in the process of spreading the word. My daughter will be my apprentice in this, but she’s still too young for it. I’ll probably go with the plan of teaching my wife how to access one of the “central banks.” I’m reading @DarthCoin guides.
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21 sats \ 2 replies \ @denlillaapan 19 Feb
should; don't.
I used to separate it carefully, such that those who had IT/Bitcoin skills didn't have the exact info (seed words, passwords) but knowledge of who did; and those with backup info_, didn't have the IT/Bitcoin skills to (maliciously) recover.
Not quite that clean anymore but it made sense at the time.
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11 sats \ 1 reply \ @LibertasBR OP 19 Feb
Did you leave this plan behind?
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0 sats \ 0 replies \ @denlillaapan 19 Feb
No, my neat groups changed — ie new people in my life and new stances on bitcoin
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21 sats \ 0 replies \ @ThonyAlexander3 19 Feb freebie
La verdad se intenta con pequeñas charlas semanales ya luego poco a poco van teniendo más interés
11 sats \ 0 replies \ @LowK3y19 19 Feb
Just let them get lost and it will increase the value of everyone else sats
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