I’ve just started learning about Bitcoin and I’ve been investing small amounts regularly. I recently bought a Trezor 3 and understand the importance of not sharing my seed phrase with anyone. However, I want my wife to be able to access the BTC if something happens to me since I’m older and less healthy. The problem is, she’s not good with technology!
Is there a way for us to practice using Bitcoin together without racking up fees on small transfers? Or any other suggestions on how to handle this situation?
Yes, you can use a Testnet account to practice with. A Testnet is a simulated environment that behaves like the real Bitcoin network but uses worthless coins for testing. That way, you can practice without risking real money or paying fees. I recommend Green Wallet for testing.
Here are some free testnet faucets where you can get test coins:
Another approach: Instead of trying to teach her now, which she might not remember, you could keep the seed phrase and step-by-step instructions (with passwords and phone exchange info) in a sealed envelope with your will. You could also include a USB stick with a video tutorial explaining how to recover the wallet, how to send BTC to an exchange, and basic security warnings like never entering the seed online or sharing it.
I did something similar for my wife. She knows where the written instructions are if she ever needs them, and I’ve told her which tech-savvy relatives can help her. I also used Shamir’s Secret Sharing Scheme for additional security.
Honestly, it might be easier to just sell your Bitcoin for fiat and leave that for your family. Expecting them to fully grasp Bitcoin might be asking too much.
Lenox said:
Honestly, it might be easier to just sell your Bitcoin for fiat and leave that for your family. Expecting them to fully grasp Bitcoin might be asking too much.
People didn’t need to teach their kids what the internet is. Folks can learn Bitcoin too.