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


#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?


#23

Have you heard of multi-sig addresses?
Your brother keeps his private key.
You have your private key in another country.
Your brother shares his PUBLIC key to you via email.
You generate multi-sig address based on your brothers public key, your public key & a backup public key.

You can either have minimum 2 private keys to access the funds(this means you and your brother have to sign each raw transaction using both of your private keys before spending).

Where is the other private key? This is the private key which both of you know the location in where the key is kept- it could be a safety deposit box or your dad’s house…
If something happens to you or your brother, funds can still be accessible using the backup private key stored in another location…

Or

You generate multi-sig address based on your brothers public key and your public key.
You can have 1 private key to access funds(you or your brother can access funds anytime using your own private keys independently without relying on each other’s private keys) .

This is how you can securely share an address without compromising your private keys.
You NEVER expose your private keys in an online computer.
If this sounds too complicated, please refer to my first post otherwise you will lose your coins…


#24

Thanks for the explanation I didn’t know about multisig addresses. In your first post you asked why I need to transfer private keys. I don’t need to. I wanted to invest in NEO and I wanted to give him the key too. I guess we both just need to make a private key then transfer funds between us or split it up.


#25

like I alluded to in my previous response…


#26

A good source of inheritance planning is Pamela Morgan, she has a short article here:


#27

Thanks for linking the article!