Do you have a plan to transfer your bitcoins in case something happens to you? I know there are several solutions now that allow you to transfer access to your coins. For example, nLockTime or a will with instructions on how to spend your coins.
What methods do you use?
Did you check out @kr 's post yesterday?: #184255
Lots of responses that relate to your question.
Whoa, I must have missed it. Thanks
The initial post was framed a little differently, but a lot of the responses addressed your issue. It's an important topic. I haven't given it much thought myself, but I will now!
This link, though, isn't exactly the information I'm interested in. It just has general information about inheritance, but not specific ways to safely pass coins on to future generations. That's what I'm interested in.
Our responses crossed in the ether. I mentioned the Liana wallet. I'm just starting to explore the whole timelock idea myself.
Now that's interesting. I came across this wallet once, but had forgotten about it. I'll have to look into it, thanks
Have you checked out our solution? https://nunchuk.io/blog/introducing-the-honey-badger-wallet
We combine multisig with a dedicated, timelocked inheritance key. So your day-to-day wallet functions like a normal multisig. But for inheritance, your beneficiary can claim your BTC safely even if they are not super technical (on the condition that the timelock must have expired).
Yes, I checked. This option is on my list) I'm just collecting different options for myself to explore them in more detail and then decide what is best for my particular situation
As one should! Feel free to shoot me an email directly if you have any questions: hugo@nunchuk.io.
It's a very interesting topic. In my opinion, there are two path to follow.
I think you can't follow the two paths at the same time.
PATH 1, your prioritie is to secure you access whilst you are a live. No trusting any one else.
PATH 2, the priority is to create a system where your love ones could access YOUR funds during your live and after. This means that you have to TRUST them.
Using a time lock sounds good but you will be not able to access your funds until that time... So, if you need some sats before, you won't be able to get them.
I think I read recently about a method where the timelock can be turned off and on by the creator during his or her lifetime, but can only be accessed by the beneficiaries on terms set by the timelock.
Yes, there is such an option
Actually, there is a way to achieve both objectives: by using multisig (to protect your bitcoin day-to-day) combined with timelocks (to plan your inheritance).
Recently, we launched a service utilizing the above kind of setup to provide non-KYC and safe inheritance planning for Bitcoiners.
If you are interested, you can read more about it here: https://nunchuk.io/blog/introducing-the-honey-badger-wallet
Could you please clarify if the inheritance key is locked with a time lock (for example, locked until 2080), how the ones receiving the btc would access the funds before the time lock (before 2080)?
They will need one key from the owner of the funds and the platform key? 🤔
Sure.
To withdraw the funds before the timelock has expired, the beneficiary would need to have access to at least 2 of the owner's keys (since it's a 2-of-4 multisig wallet). In addition, he will also need a copy of the wallet configuration file. The platform key will not co-sign any transaction not initiated by the owner before the timelock has expired.
However, 2080 is a very long timelock. We don't recommend setting a timelock so far out in the future.
What we do recommend to our users is to use a "rolling short timelock" approach: Set a timelock not too far in the future, such as 2 years from today. Then you can review the inheritance plan every year and push the date back if necessary. To help remind you, we start sending email notifications as the timelock is about to expire, starting at the 6-month mark.
This approach allows you to lengthen the time your inheritance can be claimed as needed, while guarding against long-term uncertainties. If something unfortunate happens to Nunchuk, you as the owner can use your own keys to move your funds to a new wallet. If something unfortunate happens to you, your beneficiaries can claim the inheritance quickly without having to wait many years (this probably fits what you are thinking better).
Let me know if the above makes sense.
In our solution, the timelock only applies to the inheritance key.
OP_VAULT solves this
My day job is professional executor, and I'm working on offering my services to bitcoiners. Sort of collaborative custody upon death.
I realize that many hardcore will hate the idea of any trusted third party involved, even if just an m of n keyholder after they're dead. But many may want something like this as at least a backup option in their layered inheritance plan.
Fwiw, I've seen hundreds of probate estate, and heirs / executors muck up even legacy assets all the time. Self-custodied bitcoin will be tough
I'm not sure it's a viable idea, but all ideas have a right to life
My inheritance plan currently is... "Hey, wife or mother, if I die suddenly, this is how you get access to my BTC."
If they die with me... then you are all welcome, your stashes are worth a bit more.
With multisig, timelock, and third parties, I am sure there are some clever solutions out there for a proper inheritance plan.
Good plan))
Yes, I use timelock option, usually with Sparrow wallet is easy. But not for all my stash. My stash is split in many different parts, different wallets, different addresses, different places, different methods.
I do not specifically have an "inheritance" plan for my family members or whatever. My opinion is that if they are not able to RECEIVE my BTC during my life, that means they DO NOT DESERVE IT.
Getting BTC from somebody MUST BE proof of work. So if my kids or grandkids want my BTC, MUST prove they deserve it and I will reward them meanwhile I am alive.
After that... my BTC will come with me. This is life. This is Bitcoin.
Very harsh)
and that's why my kids will be strong and good bitcoiners, not pussies shitcoiners
but that doesnt solve the problem of being ran over by a bus
so be it
Darth, I wonder what you are like in everyday life. Reading some of the comments about you, sometimes it seems like you have a lot of aggression and categoricalness.
https://i.postimg.cc/Vk9CfTDk/darth-toxicity.jpg
For more you know about Bitcoin, more toxic you will became.
okay))
I guess with my socially an geographically sparse private keys, I don't even have to do a real plan for that since 2 persons united together could get my bitcoins if they wanted to.
How much do you trust these people?
Well, it's family members in another country, and the other is one of my best friend so I would say I trust them totally (and since they don't know each other they cannot collude).
Then it's not a bad option)
Nope. I'm young and don't have anyone I care about all that much. My bitcoin will die with me if I die soon.
After reading this, I want to time lock like .1 BTC for prospective grandchildren/next generation as well. I'll take care of my kid(s) in a will and BTC etc., but how baller would it be to find a way to buy .1 BTC now for a future generation that doesn't exist. Find a method to get it to them hah. The "Bitcoin Legacy".
Also, I know my pops has some. Worried he won't properly deal with how to set things up if he wants to pass things on. Hard conversation to have.
Muun wallet
Are you serious?
Yeah, that's one of the most logical ways
Also nice is to put your backup in steel and put that in a tamper proof bag.
Casa could be a solution, where the multi sigs play an important role.
I guess every person has their own situation and there is not a solution fit all.
I agree about the multi-signature, and I think that there should be more viable options for such a plan. We need to develop this topic.
Not really.. just listen
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