Sometimes when moving your Crypto Coins between an Exchange and your Crypto Wallets does it ever hit you how complicated it might be to make sure your loved-ones can find your Crypto Assets if you got hit by the proverbial Bus.
It seems like a lot of work right? Documenting all that complicated info and doing so safely. It seems like something that needs to be done…but not yet, soon of course, but not JUST yet.
Well in this article we’ll give you a very quick outline that will enable you to ensure that your Cryptos will be found by your loved-ones if you ever fail to see a speeding Bus the size of a… um, well a Bus.
Great, a one-hour foolproof plan.
Yes that would be great, but that’s not what we’re offering. A foolproof plan doesn’t exist. Instead we are going to give you a method of safely passing control of your Cryptos to your loved ones at a specific time. It’s not a Will per se, what it is is a method of moving control of your Crypto Private Keys using a pair of Hardware Wallets.
What do you need?
Two hardware wallets and at least one person you trust, but you don’t need to trust them too much if you don’t want.
Exactly who you should trust , what you should tell them, how they should respond if that time ever came, well that’s going to be up to you. Every readers situation will be different so we can’t give you a one-size-fits-all plan. Instead we’ll give you the basics and you can adapt those to meet your needs.
How does it work?
Simple. If you’re reading this on our website (www.crypto-hardware-wallets.net) then we’ll go ahead and assume you are interested in buying a Crypto Hardware Wallet.
But we’d advise you not to buy one. As in reality two is better than one.
Oddly enough many Crypto Owners don’t know that you can control the same Private Keys using two seperate Crypto Wallets (if they are both from the same manufacturer). So therefore both Wallets can be used to control the Cryptocurrency you own, assuming you know the PIN codes to access both Wallets.
So in a simple scenario you buy two wallets and set them up to control your Cryptos. You use one Wallet for your day-to-day Crypto needs. The second you give to your person of trust. If you choose to give them the PIN code now or later is up to you.
You don’t have to ‘Give’ the Wallet to them, you could put it in a safe deposit box, leave it with a Lawyer or one of many different options. Along with the Wallet you can leave the Six Digit PIN code (please use 6 not 4 digits for your PIN codes). Or you can give the Wallet to one person and the PIN code to another. The options are many and flexible, do what meets your needs.
If something happens to you, your person of Trust has, or will receive, the Wallet and the Pin Code(s) and have access to your Cryptos.
Ah, but what if…….?
Yes there are gaps in this Plan so big that the Bus you need to watch out for could drive straight through them. This is because you need to fill those gaps with ideas that work for you. Perhaps you trust your loved-ones completely and are happy to give them the Wallet, Pin Code and even the Wallet Restore Keys immediately.
Perhaps you’d prefer that your loved-ones only receive the Wallet and only receive the Pin Codes and Restore keys if they were ever needed. So you store those assets someone safe (preferably separately in safe places) but leave clearly understood instructions for your loved-ones.
Everyone reading this will have a slightly different approach. Saying that if you can not come up with something that works for you let us know, we might be able to nudge you in the right direction.
About those two Wallets?
If you like this idea and need to buy one, two or even three Hardware Wallets to make this work then both Ledger and Trezor offer multi-wallet packs just for this reason.
We’ll put some links below and of course you can look at the offers in our main site at www.crypto-hardware-wallets.com
Should you buy a Wallet or two via our site then :
- You will receive 75 dollars in free gifts, designed to help you make sure that your loved ones can access your Cryptos after that negligent as hell Bus Driver has driven past your block.
- We will also receive a small sales commission from the manufacturer of the Wallet(s) you bought. This DOES NOT increase the price you pay.
If you have any questions at all or want to read some more about how to protect your Family and your Crypto Assets from the unexpected then please look at our main website at www.nestegg.io
All the best and please watch out for speeding Busses.
CEO NestEgg OÜ