Over the last few weeks I've been on a bit of a journey to learn some more about cryptocurrency concepts; Not trading, but more around security, currency-management and actually using it in the real world.
As a clueless crypto guy it's been fun because everything is new and wondrous. Sure, it might be mundane and obvious to someone already well-versed in the mysterious ways-of-the-crypto but for us clueless guys and gals...Well, it's all brand new and rather exciting and daunting too I guess.
What I've done
Recently I set up a Trezor offline-wallet and have been using it to familiarise myself with it. It syncs seamlessly with my Exodus wallet and is working well.✅
I also set up an account with Wirex and ordered my Wirex VISA card which will let me load traditional currency and cryptocurrencies to it for use in the real world in the same way I would use a normal VISA card. ✅
The next step
I've been talking with my brother about another aspect of cryptocurrency that I need to attend to and that's future-proofing it.
What I mean here is future-proofing my currencies against my death or total incapacitation. People die and people have accidents; It's a part of life.
You see, Faith won't know what to do with my crypto stuff...She lives a virtually analogue life and all of this crypto-bullshit is something she has no clue about. It's also a very complicated thing so showing her once and expecting her to replicate it in the future might be a big ask.
I came up with the idea of empowering my brother, the irrepressible @tarazkp, to act on my behalf in this area and so I'm handing all of my keys and seed-phrases over to him. From there, should I transcend to another plane of existence at any stage, he will be able to manage my holdings on Faith's behalf, dispose of them and transfer the funds to Faith when the time is right.
Future-proofing is what I call that.
My low-tech cryptocurrency solution tags.
Being an analogue kind of guy I am reluctant to use digital means to convey the details to my brother. I also wanted to make sure the information was kept more securely, indelibly, than on paper so I came up with a different plan.
See those tags above? They are little alloy plates, I suppose used for pet tags or some such. They are lightweight and can be threaded onto a keyring for safe keeping.
My plan is to use my Dremel to engrave my 24-word Trezor seed-phrase over several of them, say four words per tag, nuber them in order, and send them to him in Finland by mail. Not all at once mind you, but half in one package and half in the next some time later. That way if someone was to intercept them, and know or guess what they were, my phrase would be secure. One can't be too careful right?
Once T-dog (no one actually calls him that) gets them all he can collate them together and boom, I lose all the crypto on my Trezor! No, not really...He keeps them safe until they may be needed in the future. Basically, when I cark it. (Cark is Aussie slang for die).
I understand that one is not supposed to hand out their seed phrase to anyone however I can't think of another way to guarantee my funds can be accessed and dealt with if I have been spirited away to heaven, or dragged screaming into hell where I belong. Do I trust my brother? Naturally I do...Does that mean he will do the right thing? There's no assurances of that of course however I am confident he will. And if he wants my funds that badly then he's welcome to take them...I'll haunt his ass!
My low-tech cryptocurrency solution tags with my Dremel 3000. If you don't have a Dremel you need one, trust me, life is better with a Dremel.
I understand that emailing them would be way easier...He could print it and store it in the safe somewhere...But what if it was intercepted? What if! I could send it by WhatsApp or Threema, our preferred messaging app, but what if...You know?
I'm also going to send my hive keys in the same way so he could assume my identity, hack my account and write some awesome posts that I would be highly rewarded! That would be cool! Well, actually he wouldn't do that...But he would be able to initiate a power-down if I was incapacitated or dead, and would be able to deal with the funds appropriately. It would be cool for him to write a post on my account after I was dead though...Maybe a farewell from the G-dog post or something like that.
That's my plan folks. It's not very high-tech I know...Kind of basic in design really, but effective I think. I'm going to do two sets so I have a hard copy for myself here in one of my safes but the future-proofing scenario is more about me being incapacitated or dead and having the ability to get Faith the funds which may make a difference to her financially at the time.
What have you done?
I wonder how many people have lost cryptocurrency through not being prepared in this way? Some certainly; A lot quite probably. I don't want to be one of those people, not for me, but for my wife who deserves whatever I hold to come to her once I'm gone.
Is my idea a good one? I have no clue...I'm clueless remember...But I think it has merit and I'd certainly feel more comfortable knowing that my brother could look after things when I am gone. I'd be keen to know if any of you have done similar and if you have, how have you done yours? Please leave some comments as I'm interested.
If you haven't put any thought into what happens to your crypto when you're gone, which is probably a lot of you, then maybe it could be time to have a little think about it.
See that comments section 👇 down there...That's where you'll want to respond to me...Go on, engagement is fun, I promise.
Design and create your ideal life, don't live it by default - Tomorrow isn't promised.
Be well
Discord: galenkp#9209
You could also get eleventy-million tattoos in Kanji in various places on your body and no one would ever know... right? :P
That's true...But if I was caught in a freak tree-mulcher accident they would get turned into mince meat like the rest of me.
Hmmm... This is really great.
I've never thought of "future-proofing" as you call it... Lol.
I have all my keys in a secure place that my family can easily access, but they wouldn't even know what to do with it if they found it. Got to start taking steps to make everything secure and future-proof.
👍
The good thing is the keys and seed-phrases are available to your next of kin but yep, they need to know what to do with it. I'm lucky my brother is into it and so knows what to do.
A little forethought will go a long way after your demise and can help those you leave behind take advantage of your crypto, just I want my wife to do.
Thanks for commenting and engaging with me..much appreciated.
Long ago I realized I was on the same position you are. My wife knows nothing about crypto and if anything happens to me all the assets could be lost. I decided to write a manual with detailed instructions on what I have and how to access it. All passwords are omitted as the manual is in a shared google doc. I make reference to the private keys but do not have any of them written in the online manual.
Passwords are written in paper in a notebook. I don't even mention the name of the service/wallet corresponding to every password or private key, I just call every service an invented name (bird, sky, ocean...), that way, if someone finds or steals that notebook they don't have it easy to figure out what those private keys or passwords refer to. I may do a copy of all the info in the notebook and put them in a safe at my parents to have an extra level of security in the event my notebook gets lost or damaged.
Nice one...The good thing is you've thought about it and, better still, you've implemented a plan which I think is more than some others have done. I like your idea of key words not actual names.
Do you think your wife will be comfortable enough to access the assets if the situation requires it?
She may still not feel comfortable, but I know she will be able to get in touch with good friends who may help her do so in front of her.
That's the way...Whatever works.
This is probably overkill, but hey, I'd take any chance to use a dremel, so why not? If I were you, I'd consider doing a scouting mission on the post-office prior and while sending the secret package. Because you know, there could always be some cheeky mailman sneaking into people's mail, and you certainly don't want them knowing your wallet seed phrase. Have your Creedmoor rounds ready.
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If making sure my crypto holdings can easily be accessed by a trusted person after I am dead so my wife can have the funds then I'm happy to involve myself in a little overkill. It's preferable to the funds being lost forever.
Everyone is different though, and will take different measures, or none.
That's quite true, and as they say, it's better to be safe, than sorry. It's quite a neat way though, to be honest. I'm glad to be learning more ways of how to secure my monies from cheeky folk, like Grouchy, for example. Please tell me you've kept your wallet away from Grouchy, or else there's going to be a truckload or two of expensive, individually wrapped, gold foiled, limited edition Oreos coming your way!
That's the sort of thing Grouchy would do too I reckon, Yep, I don't let him anywhere near my crypto...He's not very trustworthy.
Wait... Is he ever trustworthy? All I'm hoping is that he'll keep his vows of chastity until he defrocks Roxy. That's the only form of trustworthiness I can hope for 🤞
I think that ship has sailed...
Well... Bugger. You dirty bastard, Grouchy >:-(
I once told one of the big dogs around this place "If you can make it inheritable you will corner the market."
I'm in my 70th lap around the sun, so I probably think of this stuff more than most people here.
I have an envelope stashed for my brother. It has a paper copy of the needed passwords and keys for anything crypto. It also contains the key that I use to code all my other passwords.
One other thing. I often use push notification on appropriate accounts. He has a fingerprint lodged in my phone so he can use it, too.
I realize that you and I have different situations. My brother can be here within 24 hours of the time I assume room temperature. (personal slang for cark).
Sounds to me like you have a fine idea for securing your future AND Taraz can let small steps accessorize the dog's wardrobe with the tags. One at a time, of course, for security reasons....
You've got a good plan and glad to hear it.
My plan will get more sophisticated as the need arises I guess but realistically it will do what it needs to as it is. It's also a good way to double up my seed-back up in the advent of losing my Trezor (and my seed phrase). T-dog (no one calls him that) will have his copy for me. I reckon it's a reasonable plan. Maybe not as cutting-edge as some...But it'll work.
Some great ideas in this post Sir GeeDiggidyDawg.
I will re-read it when not in a hurry. Like I have said, Other side of the Rock. Way different lifestyles in many ways, yet freakish similarities. I just wish I had a bro like @tarazkp. @pooky-jax eye rolls & squishy faces me when I start showing her the crypto stuff. Baby steps.
Yep, I think a lot of wives do that where crypto is concerned. Best to have some sort of plan but any plan will generally revolve around having a trusted third party I suppose, especially so if the partner isn't up to the task of getting the crypto sorted.
You'll get there though. Take a look at @santigs comment, he has a pretty good set up.
So let me get this straight you are handing the keys to your crypto millions to an irresponsible brother🙄🤔😱
Yeah, thats pretty much it. You reckon I should say goodbye to my assets?
Hmm well if he is irresponsible as you said he might make off with the stash🤣
Yeah, he might...I guess I'll risk it. If he wants it that badly he is welcome to it...But I reckon it's safe.
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Do not miss the last post from @hivebuzz:
Journey into the crypto currency is no easy task. I can say that out loud again. However, it can be fun as well. I ran from crypto currency back then in 2017 while in highschool because I thought it was gonna be hard and risky. 🤷🏼♂️I know,🤣 I was just being scared and feeling insecured. It was around this time, 2017, I encountered steemit. But because of my fear for crypto (majorly the graph)😂, I didn't take steemit up.
Just few a months ago when I started freelancing online and getting paid with crypto, I began to enjoy it. It was then I remembered steemit, which actually brought me down to Hive.
My point? Well, crypto currency as you have presented is a task that can kill you🤣 (I mean, it can be stressful). But it is quite so much fun, and I can clearly see you are having one.
Learning deeper into the security part of it is also a bonus, 🍻 beer to you man...Good job!🥂
It's good you're working your way through crypto. I'm a very novice crypto currency user so am still just getting my head around it.
Yea, it all about time and commitment. Which is not an easy thing by the way.
My future-proofing it preparation is not as secure as yours. I gave my son a paper copy of all my keys and phrases to keep in his lockbox and included the names of a couple Hive friends that I would trust to help him through the process. I also suggested he pay them for their help by sharing some of my crypto with them.
That's a solid plan I think Melinda. You trust your son and he can rely upon a few you also trust...Spreading the risk. Seems like a well-thought-out strategy.
Guess I will never know if it worked! 😉
That's true...I want to spend all of mine before I kick the bucket, but one never knows what may happen and when...Either way, I'll not know about it I suppose. Unless I become a ghost.
I think we would both be great ghosts! ❤️ But spending it all is the best plan!
Oh yeah the most excellent ghosts! Haunting legends. 😂
And they would know it was us because we would be carrying a keyboard everywhere and seldom looking up! ☺️
I have a dead man's switch. I cark it, everything goes to null. Amanda already has enough reason to get me drunk and drown me in the bath.
Lol...That's one way to go...At least you won't have to worry about her knocking you off for your crypto millions.
I have taught Marian the basics of logging in and had her doing it by herself for me on occasion.
She also has a list of names that she can contact here on Hive, that will help her to close the door once I have left Lol.
I see a gap here for a deceased estates app, where beneficiaries can be listed in the event of a Hive member departing from this planet. Something simple like the beneficiary's full names and ID number. A current photo and a copy of the ID card.
In the event of a death, all that has to be submitted is an Identity card, a current photo taken by a security link on a mobile phone and the account keys.
Oh, I so wish that I was a developer. Only thing that I can develop is a headache hahaha.
That sounds like a good idea! Moving forward I think something will have to happen as there must be many people in the situation and it's not like a simple last will and testament will handle the issue right?
Exactly and if we can find a developer, then we can do the app, as it can benefit many people over time. It will also show care for members that end up in those situations.
Well yes, care for their families at least.
The roles and laws are already in existence, as well as the fees charged and it will be a simple exercise to adopt them into the app.
So maybe we must search for a dev G-Dog?
Who knows...Maybe someone will see this comment and come forward to offer their services for free?
Yeah agreed, and even if some dev hi-jacks the idea and makes an app, it will still be good for all of the members here lol.
Let's hope my friend!
My wife knows how to use Hive so that helps. However, I should probably put my keys somewhere more find-able for her to use. And some instructions for someone else should something happen to both of us.
Off-site storage, good idea ;D
I've given J a nutshell version how to get all the hive out, he's smart and will be able to figure it out though (he's much smarter than me and would be able to figure out all the trading stuff in minutes but I can't convince him to do it for me XD).
Sounds like you have it all worked out and I'm sure he'll be able to make it all happen...And that he'll have fun spending your crypto millions.
I don't have anything worked out, I just do a good impression XD
Lol...I suspected a comment of this nature may follow...😂
Oh noes I've become predictable in my old age D:
I'm normally predictable XD
You're positively ancient Ry...But I bet you can still forward flip into a rubber dinghy.
O_O BAHAHHAHAHAHHAHAHAHHAAAAAA I love that so much XD
Youngest was in the room when I opened this and now he wants to try that XD
I haven't actually done a front sault in the better part of forever, and have been too chicken to try it on the trampoline recently when the kids were daring me to x_x
I can leap of faith though so I think I just don't like tucking (I never used to tuck properly back when I used to be able to do them as a kid who didn't care if they got hurt because if I got hurt I could do nothing til I recovered, don't really have that luxury now XD)