218 sats \ 2 replies \ @hades 2 Apr 2023 \ on: how would you store 10k btc? bitcoin
- What is your desired end state? Do you want to buy a home and land and settle and have a family and split it between your offspring? Do you want to hold until some other point? What are you saving for?
- What is your threat model? Who knows about it? Who is a threat to you? What happens if you die tomorrow?
Depending on your answers it would inform your storage. The method I think is most safe for people with this much is to do the following:
-Build an air gapped pc. Encrypt it. On this pc will be very accurate descriptions of how to solve your multi-signature wallet scheme. Let’s use 3 of 5 keys as an example using 5 coldcard devices. Also, all your passwords for online banking, insurance policy locations, and anything else your family should know- is on this encrypted computer. The keys are not.
-Make 5 keys using the coldcards but add a passphrase (25th word) on each only you know. Store bitcoin split across however many addresses on that multisig wallet as you wish.
-Make 5 metal backups. Put stickers on backup and coldcard identifying which belongs to which. Now buy 2-5 more coldcards and metal backups and do the same but they are dummies. (You can keep them all in a safe or distribute dummies and 2 real ones to trusted associates that don’t know each other). Only instructions in the pc would let someone figure out which keys worked.
-Go to an estate attorney and have a will drafted. In the will you will put an attachment to be read upon your death with the password to unencrypt your pc and the passphrase for your coldcards. Leave will with attorney, put another copy in safe deposit box or a lock box. Make sure people know your attorney has your will. At your death they will be able to figure everything out.
My only concern is the PC. Is the idea that if it's lost/destroyed your family could still potentially figure the multisig out, maybe with help from a knowledgeable confidant? The only thing I'd add is to thoroughly educate any family who are interested how multisig works. For example your wife could setup a 3/5 so she knows the process and how to spend etc. 10k Bitcoin seems like enough incentive for anyone to want to learn.
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