Post
Topic
Board Development & Technical Discussion
Merits 12 from 5 users
Topic OP
Gifting Bitcoin to a friend
by
Pmalek
on 16/10/2021, 06:43:23 UTC
⭐ Merited by o_e_l_e_o (4) ,LoyceV (4) ,pooya87 (2) ,BlackHatCoiner (1) ,ETFbitcoin (1)
I have a friend who is purchasing his own home next month together with his wife. As a gift to them, I would like to give them some Bitcoin. They don’t know much about crypto. He has heard of it but never owned any.

There are various ways to do that, so I don’t need any advice on that front. But it made me think: How cool would it be if there was a way to safely generate a Bitcoin wallet/address for someone else. But without seeing the recovery phrase or private key. The recovery phrase would only be accessible by the person the wallet is created for.

I am complicating a straightforward process of generating wallets, but here is why:

  • My friend knows very little about Bitcoin.
  • I don’t trust that he can create a decent wallet himself because he uses his PC and phone for all kinds of crap. There could be malware there that could lead to the loss of coins.
  • I want to do the work for him, but I don’t want to have access to the seed, only an address to deposit the coins to.

One possible way would be if some kind of service would allow me to sign a message and encrypt the seed phrase/private key with his public key. Then, once the encrypted message is sent to him, he could decrypt it with his private key. But we are now again in territories that he knows nothing about. And If I am the one creating his public/private key pair, it defeats the whole process.

Another way could be having the seed sent to him in an encrypted form via email or online service, but sending or saving the seed in a digital way is really not something I want to do.

Casascius coins and similar collectibles are not an option.
I considered leaving a backup for myself, but I don’t want a way to access the coins. Once I hand it to them, it’s their responsibility to keep them safe. 


Any ideas?