1010 sats \ 9 replies \ @megaptera 31 May freebie \ on: Hardware wallets in case of sudden death: are you prepared? bitcoin
I think you should think seedphrases not hardware wallet.
You could give half of your recovery words to one trusted party and the other half to another and then tell a third trusted party who has the keys. Of course there is the case that all three can rug you. You can add one party more by using a passphrase.
As an additional safety you can also setup a dead mens switch: #326762
Yeah... to be fair, what prompted this is my looking into the Bitkey wallet. Because you don't have the seedphrases, you cannot set up a new wallet outside of the Bitkey environment. Forgetting about the lack of screen on the wallet (weak point of their design), I kinda like the fact that they make it easier to recover things (in case you are still alive, that is) as to me the weakest point in the traditional hardware setting is the fact that human nature will make it so that at some point I will lose the recovery words or my trusted parties will.
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Bitkey does not have seedphrases?
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Not that I know of.
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yeah I see.
Bitkey is a 2-of-3 multi-signature wallet. That means there are three private keys protecting your money. One's on your phone, one in your hardware device, and one held for you on the Bitkey server.
You always need two out of three keys to sign a transaction, giving you extra protection. And because Bitkey only holds one key for you, and you hold two, Bitkey can’t move your money without you.
What happens if Bitkey disappears? Of course you can sign with your phone and hardware wallet but if you loose those as well your screwed.
Should be possible to do a proper backup without relaying on Bitkey, a phone or the bitkey hardware wallet. Maybe you can, I don't know.
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btw: Be aware that they know your xpub and thus all your transactions:
Transaction Data (i.e. details of the transfer of bitcoin)
Purpose: Bitkey maintains one of your three keys in order to provide recovery tools if you lose access to your wallet, and to co-sign mobile transactions if you choose to use this feature. Because we maintain this key, we’re able to identify transaction data on the blockchain related to your Bitkey. This information may be used for troubleshooting and to improve our Services. How: This information is collected from you when you transfer bitcoin to or from your Bitkey.
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Yeah, I am well aware of the limitations.
It's just that interacting with the non-technical people that I need to rely on in case I am not there, I realize that user-friendliness takes precedence over hardcore Bitcoin principles...
So I would potentially be open to compromise on this lack of privacy if required...
The weakest link in any setting remains the imperfection of humans.
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Thanks for your comments, very useful, in any event. Have some sats.
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🙏
If you have a trusted bitcoiner you could point your non-technical people who have access to your funds to connect to the trusted bitcoiner who can help them setup everything securely if you pass away.
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