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438 sats \ 2 replies \ @BlokchainB 13 Nov 2022 \ on: Daily discussion thread
Stackers please take time and do bitcoin inheritance planning. I been putting it off for a long time and now I’m realizing how much time and effort will go into the whole process. Take a weekend or two verify backups write plans people can follow so they can recover the sats you stacked.
I got the basics down but every month I’m going take a weekend to go over everything and start training people I trust how to handle bitcoin hard and software.
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463 sats \ 0 replies \ @jp 13 Nov 2022
Inheritance Plan:
  1. Hash your seed via Shamir Sharing Scheme
  2. Place SSS Hash and instructions (with source code) on USB devices
  3. Distribute USBs to trusted individuals (with individuals who do not know each other)
  4. Tell friends that, upon request, you have to return the USB (e.g in the event you lose your keys and/or need to recycle new keys). If they do not, they will be banned from the inheritance
  5. Create a deadman switch that will broadcast an email to seed holders to convene at your place of last known residence exactly 1 month from the message
  6. Key holders who show up and can present their USB (and can prove the hash) will be eligible for equal parts of bitcoin
Happy to elaborate further on this setup.
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150 sats \ 0 replies \ @scampy 14 Nov 2022
Good for you. Inheritance is something that I think a lot of Bitcoiners overlook, and is probably something that doesn't get discussed enough.
There's quite a lot of effort that goes into just the basics. Bitcoiners on SN are technical and familiar with seed phrases, HWWs, multisig, etc. But your average Joe isn't going to know any better and could easily expose his private keys by typing his seed phrase into a malicious copy of Ledger Live or something. Or maybe they move it all into an exchange for "safe keeping" and get rugged. Or maybe they panic sell after a drawdown.
How long does it take your average Bitcoiner to appreciate the risks of shitcoins, exchanges, private key management, etc.? There are so many loss vectors. I should update my inheritance documentation to say something like "read XYZ books and study up on Bitcoin for one year before touching ANYTHING".
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