How do I share a private key with a family member in another country?


#1

Hello there! I recently went abroad and me and another family member invested together we currently have a mew wallet but I wanted to invest in some NEO so I have to create a NEON wallet how do I transfer the private key securely to the U.S. from another country do I use email or what?


#2

You can encrypt your private key with 7zip or something then send it over email. Or you can use https://protonmail.com/ and send it in plain text, protonmail is end-to-end encrypted, but both parties must use proton mail.


#3

Why do you need to transfer your private keys?
You create another wallet in another country.
You then transfer funds from your old wallet to the new wallet.


#4

My brother lives in the U.S. and I live in Taiwan. If he created a new wallet in U.S. we wouldn’t both have the private key. We invested in this together it’s like a venture. Maybe I don’t quite understand what you are saying could you clarify or explain in a another way?


#5

Thanks! I’ll have to look into that email service.


#6

Zip file with a long password is the easiest way. If you are really paranoid, cut the key into several pieces and zip each piece with passwords and send the files in individual emails.


#7

Best and most save way is to split it up… Don’t send it in one peace… First 5 digits with WhatsApp, next 5 with mail, next 5 with sms, go on go on… And to be more save: WhatsApp with a other phone than the sms. And the one with mail encrypted… Your welcome :wink:


#8

he was saying why don’t the both of you have your own wallets / private keys and just send funds to each other. Personally I think it’s safer that way because a private key shouldn’t ever be shared no matter how much you trust a person.


#9

Alright sweet thanks for the tips!


#10

Thanks for clarifying. My brother doesn’t know how to create wallets etc. He is just putting money into it with me. He is like the money man and I am the researcher and manager. If I was the only one who kept the private key if something happens to me then how would anyone recover it?


#11

one of the ways is print paper wallet like a testament or something.
2 persons with acess to the private key is a huge safety risk, if someone steals the funds the trust betwen both of you will be lost.
its easy to create a wallet, he must create one with or without your assistance.
share the public address to check the funds of both addresses.
print/write the private key and hide somewhere and tell the other person where the hidding is (that place where you kissed that girl/that hat you gave me/behind that canvas of me with a lion).
do something like it at least for the cold storage hodling coins.
i repeat: what you are trying to do have huge risk of financial loss AND trust loss AND permanent family issues.


#12

Alright sweet! So you are saying put half the funds in one wallet then the other half funds in the other? Should we just buy 2 nano ledgers then or what?


#13

Also another issue I wanted to bring up is I can’t get verified on coinbase and I am using my brothers account what if I want to invest for some other people like another family member or friend will my brother have to pay taxes since the coinbase is linked to his account?


#14

You should teach your family how to use crypto because it isn’t going to go away ever. They going to hear a lot about it on the news, internet, ads, stores etc in the next forever years. Might as well teach them the basics now while they are ahead.


#15

That is so true i’ll have to do that. Thanks!


#16

A reasonable question. Many would think to leave their recovery phrase /private key to their spouse, partner or other trusted person. However splits, divorces and other disputes can and do happen. They could run off with all your holdings in an instant. That’s just my opinion… I wonder if others think differently :face_with_monocle:


#17

So you are saying if I had 3 million dollars worth of bitcoin and I was the only one who had the key when I died my family couldn’t get it because I never shared the key with anyone?


#20

Thanks for the heads up


#21

if you had 3 million dollars someone on the internet could go after your brother to retrieve it, if this didnt work use him as hostage to retrieve from you.
this kind of stuff can start with a simple drunk-talk.
some of the things that can happen:
your brother get drunk and talk to much, someone on the other table grab him and/or grab you.
your brother dont know the importance of cyber security and get stolen, you blame him or him blame you because none of you would know who fked up.
you do something that makes you insta-rich, he start thinking that you was getting more than you should of the money.
market crash and one of you wants to sell, other dont, if sell+up or dont.sell+down = family anger.
his girlfriend need the money for a surgey of a friend of her that steped on the paw of your doggo the day before.

i dont know how your family work, its just my perspective, i do invest and my sister started investing this year, i try to dont even insinuate in what or how to do it to dont take to me any responsability, because if things goes wrong, lets say, brains are hardwired to find someone to blame, i gonna step in only if a see a iminent risk.

personaly im a fan of paperwallets over ledgers, they are cheap, efective, can print hundreds and with copies to hide in multiple places even lots of dummy ones.
in the case of btc, armory have a feature of print a number of paper wallets that need another number of wallets to work together to have access to the funds, in that way you can print 10 and send 1 for each parent/friend, and need like 4 to work together so move the funds, but this can lead to the drunk-disaster i wrote and is too tecky.


#22

Great explanation. I understand this but I am using his coinbase account to do transactions. I am 18 and don’t have any records so coinbase doesn’t verify me so how do I resolve this issue?