What is stopping you from upgrading your #Bitcoin cold storage to multisig?
Discussion
Inheritance
#Bitcoin is the world’s premier value transfer system. You don’t need to invent a seed-sharing inheritance scheme. Just send your heirs Bitcoin to their own wallets.
How do I do that if I'm dead?
You can make a transaction which is only valid in the future by using the nLockTime field. Email the signed transaction to your heir(s). Then, if you die or become incapacitated, all they have to do is wait until the TX is valid, then drop it onto the mempool.
So say you make such a Deadman’s Transaction (DMTX) dated for a year in the future. 10 months from now, you make and broadcast a transaction that moves one of the UTXOs (self-spend). Now the DMTX is invalid because it would double-spend. Last step is to make a new DMTX for another 12 months hence and email it.
Neat idea but quite high maintenance in some scenarios.
Guess that would cover the majority of the stash, but if you're consistently adding to the vault, making new transactions all the time would be a PITA.
Moving UTXOs to invalidate each DMTX is also detrimental to privacy if your vault gets automatically and regularly populated with mixed outputs from coinjoin rounds.
The UX could be improved, no doubt. But the alternative is inventing a secure, bespoke, posthumous seed-transfer scheme.
At least with DMTX, a standardized procedure could be developed and published in advance. This has privacy implications. Everything has tradeoffs.
The point is that Bitcoin is peer-to-peer, programmable money. It is superior to all other forms in this regard. Your heirs will need to be competent in order to inherit. They should have their own key setup for their level of expertise to receive coin directly.
> Moving UTXOs to invalidate each DMTX is also detrimental to privacy if your vault gets automatically and regularly populated with mixed outputs from coinjoin rounds.
Send one vaulted UTXO back into a mixer and it invalidates the whole DMTX. An outside observer just sees a single post-mix UTXO going back for more mixing.
Fair comment. Not nit picking or poo pooing your suggestions BTW.
Just thinking out loud 👍
Any good guide for a 2 hw setup?
I found the 10x Bitcoin Security Guide to be useful resource when getting started. https://btcguide.github.io/
