Category: Other

Crypto coins for the partner

Crypto coins for the partner

Bitcoins, Ethereum etc

Somehow you became the proud owner of Bitcoins, Litecoins, Ethereum or some other crypto coins or cryptocurrencies and you have no idea what to do with them or how to access them OR you bought some crypto coins and you want to make sure that your partner knows what to do, just in case.

Really, another article on Bitcoin?

Like others before me, I have recently invested in some cryptocurrencies. Nothing major but enough to pause and think about what happens to my crypto coins if for some reason I cannot access them myself and somebody else needs to do that. That is why I’ve decided to write these articles about crypto coins, nothing technical but more a manual on how to have access to them if for some reason somebody leaves you with some words on a piece of paper. I wil try to stay away from techno speak, this is solely written to get access if you don’t know what crypto coins are but for some reason you need to get to them.

The articles

I will write several articles and you will be able to find a list of all of them by clicking here. Each article will cover one aspect and you can read only the ones you want or read them sequentially. I am by no means an expert and I will not provide any advice on buying or selling coins, so don’t ask 🙂 but if you have questions, please do not hesitate to ask them below one of the articles.

If you want to document for your partner, read on. If you are the partner, you can continue to read the next article, crypto coin the basics.

Documenting for your partner

If you are like me and you want to make sure that your investement in cryptocurrencies does not get lost somehow, it is time to document how your partner (or someone else who needs to be able to get to your crypto coins) can get their hands on the crypto coins.

List your wallets and exchanges

Make a list of all your wallets and exchanges where you have cryptocurrency. In this list make sure you are clear on the name of the exchanges and wallets and, if you are creating a document on a computer, you could add download links or websites to the list. This list is not highly confidential, so it’s ok to create and keep this on a computer. It is also important to list which crypto coins you have per exchange and especially per wallet. Sometimes just knowing the credentials or the backup phrase might not be enough to find all coins. For example, your Bitcoin gold might not be directly visible in your main screen but only visible after you click on a tool (like it is on the Ledger Nano S). Having a list per exchange/wallet will ensure that everything can be found.

Access to wallets and exchanges

Next up, document how to get access to every wallet and exchange you have listed. IMPORTANT!!!! The password and the backup phrase you do NOT type on your computer but rather write out in your printed document. Below a (fake obviously) example of such a document:

password1Just to state the obvious, this information will allow the ‘finder’ of this piece of paper to access your exchanges and wallets which means your crypto coins. Remember, there is no such thing as cancelling an order in the land of cryptocurrencies. This piece of paper is worth money (and how much depends on you). On the other hand, if for some reason you lose access to your wallet and you do not have your backup phrase, your money is lost. What I have done is create two copies of this information except that the second copy is split into two; one part (half the password and half the backup phrase) is with trusted person one and the other half with trusted person two, both in a sealed signed envelope so if my house burns down there is another paper backup of my backup phrase. Neither one can access them (even though I trust them) but combined they can access your crypto coins. So you piece of paper might look something like this:

password2

Summary

  • Have a list of all your exchanges and wallets which includes which crypto coins are in each
  • Have a list of how to access each exchange and wallet (maybe create 2 versions of this?)
  • Share the url to these articles (if you like them):
    bit.ly/bitcoinhelp