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What if you get Dementia (or even die) and forget the password? It's possible to have set up a second password with a trusted third party, but then you have to
by rjmunro 3y ago
What if you get Dementia (or even die) and forget the password?
It's possible to have set up a second password with a trusted third party, but then you have to trust that entity the same way you trust the bank - not just against them stealing your money, but against other parties hacking their systems and recovering your keys.
- nsvd 3y agoAt this point in my life, it's much more likely that a bank will lock down my funds than that I will get dementia and lose access to my keys.
- barnabee 3y agoIt’s also possible to split your seed phrase into n pieces, requiring m of them to recover it, and give those pieces to third parties. You don’t need to trust any individual or entity, but together they can get your keys if you lose them or die. Various other approaches exist, too.