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an online or mobile wallet as “pocket change”. The rest should be split between a few different storage mechanisms, such as a desktop wallet and offline (cold storage). Multi-sig and Governance Whenever a company or individual stores large amounts of bitcoin, they should con‐ sider using a multi-signature bitcoin address. Multi-signature addresses secure funds by requiring more than one signature to make a payment. The signing keys should be stored in a number of different locations and under the control of different people. In a corporate environment, for example, the keys should be generated independently and held by several company executives, to ensure no single person can compromise the funds. Multi-signature addresses can also offer redundancy, where a single person holds several keys that are stored in different locations. Survivability One important security consideration that is often overlooked is availability, especially in the context of incapacity or death of the key holder. Bitcoin users are told to use complex passwords and keep their keys secure and private, not sharing them with any‐ one. Unfortunately, that practice makes it almost impossible for the user’s family to recover any funds if the user is not available to unlock them. In most cases in fact, the families of bitcoin users may be completely unaware of the existence of bitcoin funds. If you have a lot of bitcoin, you should consider sharing access details with a trusted relative or lawyer. A more complex survivability scheme can be setup with multi- signature access and estate planning through a lawyer specialized as a “digital asset executor”. Conclusion Bitcoin is a completely new, unprecedented and complex technology. Over time we will develop better security tools and practices that are easier to use by non-experts. For now, bitcoin users can use many of the tips above to enjoy a secure and trouble-free bitcoin experience. 240 | Chapter 10: Bitcoin SecurityPDF Image | Mastering Bitcoin
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