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Deleted Account 11mo ago 💬 21

A friend asked me today for some advice on how to secure 5 million sats in a single UTXO for 18 years. A gift to their niece to spend in the future.

Assumptions:

- No one will be around to guide them through the process of spending / using the BTC

- Durability and ease of use will be weighted most heavily

- The securing method has to last 18 years

- Ideally self custodial but all answers will be looked at!

Best answer will be zapped a 5,000 sat bounty! #sats

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Discussion

₿lank ⚡️丰 11mo ago

I would do that in the simplest way possible

1. create a new wallet 12/24 with a passphrase +1

2. write down on metal

3. give her only the seed on metal plus the passphrase. She will know what to do in 18 years

ObjectiF MooN⚡️₿ 11mo ago 💬 1

If you do that with no instructions and education at all, there is a high chance to lost it or someone around her steal it or throw it away without knowing what it is.

Deleted Account 11mo ago

I had similar concerns around this as well. But for me to educate my friend on how to use a hardware signing device airgapped with a software solution whilst also backing up the seed phase and then trusting him to uncle Jim it for 18 years for someone else when he is still at the custodial hodling (I’m getting him off the exchanges asap!) level it was getting a bit too much. Maybe in a few years when he is ready we can revisit a stronger strategy! Your concerns are super valid and thanks for contributing :) !

roll_the_dice 11mo ago

Include a copy of Mastering Bitcoin

₿lank ⚡️丰 11mo ago

The point is that you should not be concerned with education at all. 18 years from now bitcoin is the standard and it will be very easy for her to know what to do. The only instruction is - keep it extremely safe.

ObjectiF MooN⚡️₿ 11mo ago 💬 1

Not all countries will adopt a bitcoin standard at the same time and if they do, will they educate their people about bitcoin in the right way with self custody... or will they teach them to buy only regulated ETFs with banks and make bitcoin in self custody illegal for individuals.

₿lank ⚡️丰 11mo ago 💬 1

Of course, anything can happen. She will have to figure it out 18 years from now, there's nothing we can do.

₿lank ⚡️丰 11mo ago

One potential issue is quantum computers. If that happens, meanwhile, she needs to call for help from someone (I'm assuming we are talking about a child, or she won't study bitcoin in the meantime).

Blockstream 11mo ago 💬 1

⬇️

Deleted Account 11mo ago

This will be my next solution! Unfortunately my friend went with something different. Thanks for contributing to the convo! nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n

CrossBow 11mo ago

hip hip hooray.

JuzHodl 11mo ago

Yeet it onto an OpenDime😆

Deleted Account 11mo ago

Will USB A be obsolete in 18 years? It’s definitely tough as nails though and they have lasted years for myself! It’s still one of the most badass ways to gift 🌽!!!

JuzHodl 11mo ago

Agreed, I used a usb-c adapter more often than not.

Noerms 11mo ago

https://satscard.com

ObjectiF MooN⚡️₿ 11mo ago

Will the satscard last for 18 years? If it's kept away from moisture, probably.

But there's the problem of fire or flood, there's no way to recover the funds it if the chip can no longer be read.

Deleted Account 11mo ago

These were the concerns shared by my friend and I as well. They are great for travelling with and gifting in the short term but long term multi decade storage might not be its forte.

Sovereign 11mo ago

My goal is 20 years. I am stacking up 1 mil at a time air gapped jade with sparrow UI.

Deleted Account 11mo ago

That’s a nice solution! Jade Plus nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n looks to be the new king of the hardware wallets atm 👑 for beginners and hardened hodlers. Unfortunately my friend went with something else.

SLCW 11mo ago

You should take a look at nostr:nprofile1qqsvxq03xdev3uxehjqcdkr5lfzl5vawmcf7vm6ps73m6ghwg8y4k2spz4mhxue69uhk2er9dchxummnw3ezumrpdejqz9nhwden5te0dehhxarj9eekcmm5dpujuamfdcq3yamnwvaz7tmsw4e8qmr9wpskwtn9wvuasnac's Inheritance Planning service. You can set up a plan for your non-custodial funds to be transferred to people you choose once you've passed on. It guides the recipients through the process of claiming and receiving the funds you've determined for them.

Deleted Account 11mo ago

As a nostr:npub1cvqlzvmjercdn0ypsmv8f7j9lge6ahsnueh5rparh53wuswftv4q49yjt3 user myself this is something I’ll be looking into more deeply. Unfortunately my friend has gone with a different solution. Thank you for sharing your solution though :)

about_them_facts 11mo ago

As others have said, you can just create an offline/cold wallet either using software (like Electrum) or a signing device of some kind. But it's worth noting that 18 years from now, Bitcoin may look quite different. While a wallet from 15 years ago will still work, it is much more expensive to send transactions with it. It's possible that in 18 years, Bitcoin will have at least partially or maybe even fully moved to quantum-proof signing algorithms. If quantum computing becomes a reliable attack vector in that time period, old wallets may be useless.

Seed phrases are great, but will the software used to generate that seed phrase still exist in 18 years and be easy to install on the latest operating system? At least with a simple private key, it can be universally imported to any Bitcoin wallet, whereas a seed phrase requires knowing the derivation path and having software to support it.

So my answer is:

1. Make an offline/cold wallet using any wallet software, electrum is well known and supported

2. Receive all the funds you wish to transfer into a single UTXO

3. Export the private key for that UTXO.

4. Put the seed phrase AND private key onto metal or archival quality paper

Another consideration on that timescale is natural disasters. What if the house they store this thing in burns down or is burglarized? Using a multi-sig wallet can help with this, but will make things more complicated.

Dan 11mo ago

Is the recipient still in diapers? If so,wait

Deleted Account 11mo ago

I would prefer a cold wallet and a metal backup.

Metal backup: https://store.blockstream.com/products/blockstream-metal-offline-backup

Hardware Wallet: https://store.blockstream.com/products/jade-plus

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DasFrettchen 11mo ago 💬 1

Timelock the utxo for 18 years, metal plate seed phrase backup and HW WALLET

DasFrettchen 11mo ago

oh and derive the seed phrase from one of your existing ones using BIP-85