Ask HN: Startup idea - bitcoin inheritance
In the, perhaps unlikely, event that bitcoin becomes mainstream, there are going to be lots of people with significant wealth in cold storage that risks being permanently lost if they die (or stolen if their inheritance documents reveal too much). So we need a way of getting private keys to beneficiaries without risk, perhaps involving some kind of secret sharing scheme and reasonably trusted third parties (lawyers, friends, relatives). I've spent some time thinking about how you'd achieve this, and have concluded that it's beyond me. But if anyone here wants to try it, I'll be both a tester during development and a customer.
3 comments
> So we need a way of getting private keys to beneficiaries without risk, perhaps involving some kind of secret sharing scheme and reasonably trusted third parties (lawyers, friends, relatives). I've spent some time thinking about how you'd achieve this, and have concluded that it's beyond me.
Seriously? I could have the core system developed within a day. Do you want me to do it?
Seriously? I could have the core system developed within a day. Do you want me to do it?
With https://en.bitcoin.it/wiki/BIP_0038 the protected private key can be stored securely, and family members could be given the passphrase during the owner's lifetime.
Am I missing something significant? If my wayward indebted 19 year old (not that I have one of those currently) can get hold of the encrypted key, he can take its money. So I'm putting total trust in the security/honesty of the lawyer or whoever who is storing the protected key. So they might just as well be storing the unprotected private key. I'd rather not put total trust in anyone, but reasonable trust in several (disinterested) people.
- Thanks for sharing.