Nostr Web Client

Does anyone use BIP85 to onboard friends and family in a way that you can hold their keys for them to make onboarding to Bitcoin easier?

Looking for a good user experience around helping friends and family get setup with a bitcoin wallet where I can help them secure their keys until they are ready to go it alone.

Most people lose their keys, and holding a copy of everyone’s individual seed phrase is both a liability and not scalable.

I wish there was a way to onboard someone in your trust circle to a “starter wallet” as their Sherpa, where:

1) we didn’t have to go through the whole seed phrase / no 🔑 no 🧀 thing at the beginning of their stacking journey.

2) it doesn’t make security trade offs because I always have the ability to restore their funds if they screw up and switch phones or lose the keys or something.

3) the UX was smooth (not simply me generating BIP85 seed phrases and giving them to people to enter into their phone)

Anyone working on this trusted social onboarding tool?

MaxMoney21M⚡ 2y ago

I may have been known to do this once in a while. That is, if I or anyone I knew owned any Bitcoin, I would have.

Just make sure you use different BIP-85 accounts for each person 😅

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Discussion

Brad Mills 2y ago

What do you mean

MaxMoney21M⚡ 2y ago

Bad joke. (Like: don't accidentally give the same seed to different people.)

But BIP-85 for Uncle Jim setup is really good, IMO. If I were doing this, I would also set up a little watcher script to watch for transfers, in particular transfers spending the entire wallet. Just in case they misplaced their seed and didn't notice it...

MaxMoney21M⚡ 2y ago

If it's a non-techie person, just give them a Trezor and a seed card already filled out. Show them how to input it and plug it in. Set their wallet up on Blockstream Green, pointed to your node.

People might not like this idea but if Grandma wants to hold Bitcoin, it's alright that she trusts you completely IMO.