Re: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
Coincidentally, I am also using this method. While I know this isn't the safest solution for many people, it's the safest for me and I haven't had any problems in years. I also record information such as seed phrase, password, private key...in the notebook. But that is really dangerous because the paper is quite fragile and easily destroyed, I then bought 3 USBs for backup to ensure the safety of my information. Of course, teaching my loved ones how to use them is indispensable. But I want to add a little more about how to store our phrase. We should take the time to check USB periodically because we all know electronic devices have a lifespan and can fail at any time. Periodic inspection and timely replacement are very important.
By the way, I also just tested them and they are ok
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That's one option that can be done but like you said not everyone can accept that as a safe way including me because I still feel that storing in a USB sometimes we have to prepare for the worst where it could be corrupted which makes the data lost so even though it can be done but there must be a backup of the seed that we created.By the way, I also just tested them and they are ok
.I personally still like the old-fashioned way where I still write in my notebook and store it in a place that only I can access it (At least for now) but I have told my closest family about my bitcoin storage just for access I still hold back on it and it's enough just for myself for now.
You make some good points red4slash, but I still feel like I need to repeat some of my concerns about the notebook being a potential single point of failure, which may be lessened by maintaining more than one notebook with the same contents, and yeah, I know that is likely a pain in the ass, but you could also have three with one off site that you do not update as much, but you would still have some active and latest updates in the two main ones.
Your point about the electronic device being problematic does en up getting somewhat addressed by having the backup keys.. to make it less vulnerable if it were handed down by itself without the seeds or whatever technology that wallet is using for its backups.
sometimes is also good saving a screenshot of your Bitcoin phrase and sending a copy to your wife as a back up plan.
Holy shit this recommendation is dumb, irresponsible and contrary to best (or even basically better) security practices..
In other words:
1) Don't be taking screen shots of your private keys..
and worse yet
2) don't send such private keys (or back up seeds or anything else related to the private keys) electronically to someone who you want to have such information.
There are better ways/pracitces.
That conduct might not end up 100% causing you to quickly lose your coins, but it is really not a good practice and quite a few historical bitcoiners have been separated from their coins based on various forms of trying to digitize their private key information and using various unsecure methods of transmitting such private keys, similar to your dumb recommendation.
Have I called you dumb enough? hahahahaha maybe? maybe not.
You need to try to come up with something better, and surely it is not a very good idea to be recommending bad practices and there are at least two bad practices that you highlighted as your recommendation.
By the way, if you or anyone else has engaged in this kind of behavior historically (either one of them.. you don't necessarily need both in order for you to have had made your private keys overly vulnerable) , and if you still have the coins in such wallet(s), you most likely need to move those coins relatively quickly (if not even before finishing reading this post) to new wallets and don't make the same two mistakes again in terms of your securing the private keys of your new wallet that you make.
Take the steps that I suggest and/or you will thank me later, if you do not figure out some other potentially silly way to lose your coins by the employment of similar kinds of really bad practices/recommendations...
You might even want to delete that part of your post and hope that no one actually ends up following some variation of what you are recommending.