Think of your will With Bit coin
2 mins read

Think of your will With Bit coin

We do not want to be fatalistic, but it is important to consider all possibilities. Too much security without a plan B can be dangerous. In case of a fatal event, the bit coins that you have been storing throughout a lifetime may be totally inaccessible, even  to your relatives, because the place where you keep these private keys (and the passwords to decipher the keys if you have encryption) is so private that nobody, apart from you, knows it.

This is a controversial point because those same people in which you leave your confidence as a plan B could be the one who steals from you.

In this case, it may be a good idea to use the multiform wallet where you can create a configuration of copies of guardedness keys in safes or places that after your death will be inherited.

One of the great revolutions in this line is the Smart Contracts, which will be able to send your bitcoins to whomever you decide once they die.

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Use multi-sign directions

They are undoubtedly one of our favorite options in Bit2Me. Due to the balance between their low complexity of managing them and the security they provide, they are also useful in multiple use cases, for example, to securely store your bit coins.

In  1 bitcoin , there is a second type of address, the so-called multiform addresses. While a simple address has a private key associated with it, multiple private keys can be associated in the multi-sign directions, that is, several keys are needed to sign a transaction and this is done (validated by the nodes and included in the block chain) ).

For you to understand, imagine the typical scene of the end of the world where there is a button that requires three keys to be pressed. Without the necessary keys, the button does not work. If one of the owners goes crazy or the key is stolen, the button will still not work, because he needs all three.

Best of all (and thanks to the magic of cryptography) is that you can create a multiform address with three private keys, but that only requires the signature of two to authorize a Bit coin transaction. This is what is known as an address 2 out of 3 (3 keys, 2 are necessary). But not only that type of multiform address exists, but they are also totally configurable, for example: 1 of 2, 2 of 2, 3 of 5, 5 of 9, …