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Same custody set up for two scenarios?
77 sats \ 3 comments \ @Bitcoiner1 23 Apr bitcoin_beginners
Self custody is a big issue for Bitcoiners...there is not a one size fits all solution, all the set ups involves pros and cons.
The two scenarios that I've in mind and I think they require different approach are:
Scenario 1: Having a system where the access to your funds are safe and no one but you could move the funds. This scenario covers for example a fire destroying your house, flooding,etc. You have a backup in another locations. (Seed in location A and passphrase in location B).
Scenario 2: Having a system that covers the situation of something happening to you. So, your heirs could access the funds. This, as far as I know, involves trusting someone with your keys or instructions about how to access them...or paying a company for a service as Casa, etc.
But, is there a good way for having total custody of your funds without trusting a third party while you are a live and giving access to whatever is left of your funds to your relatives when your time comes?
Please, share some ideas.
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10 sats \ 0 replies \ @ChrisS 23 Apr
Casa, unchained and nunchuck all provide this service without you having to trust them with the money. You do have total custody of your bitcoin and they have no way to move it. You are trusting them with setting a multsig wallet up but not with the keys. You are able to trustlessly spend your money without them.
You can do this yourself with a wallet like sparrow but should read/study everything you can about multisig wallet setups before you do. There is a lot of good material out there. One thing you want to make sure you do is store all the public keys for each hardware wallet(sparrow makes this very easy). The main value these companies provide is walking newbies through the process of setting up a mulitsig wallet and helping eliminate possible things that could go wrong. You can easily learn most of it yourself but it takes some time.
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0 sats \ 1 reply \ @DarthCoin 23 Apr
multiple backups with multiple methods in multiple wallets.
and always use the 3 levels stash: hold, cache, spend. think like a bank if you want to be a bank.
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0 sats \ 0 replies \ @Bitcoiner1 OP 23 Apr
How does this 3 level system helps my relatives to access my funds if something happens to me?
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