QUESTION: If I get hit by a bus how will my loved ones get access to my Bitcoin on Bitkey?

00:01 Hey everyone. I get asked from time to 00:03 time if I get hit by a bus, how will my 00:05 loved ones get access to my Bitcoin on 00:08 BitKey? So, uh, to walk you through how 00:11 to do that, first of all, I posted a 00:13 link with this video, which is the new 00:15 feature that BitKey is adding, which is 00:17 inheritance planning, where they do it 00:19 all for you in a very elegant and very 00:21 beautiful sort of way, consistent with 00:23 the awesomeness of BitKey. But because 00:26 that is that feature is not quite yet 00:28 out uh not quite out yet I should say um 00:31 I'm going to walk through how you would 00:33 get access now prior to the awesome new 00:36 feature and functionality that they are 00:38 adding specifically around that. Okay. 00:40 So to in order to do a recovery to gain 00:43 access to Bitcoin on Bitkey you need 00:45 access to one of the keys that secures 00:49 your Bitcoin. And to do that you have a 00:52 variety of ways. One let's walk through 00:55 them. Number one, there is a key on your 00:57 phone. So, if your loved one has access 01:00 to your phone and the passcode on their 01:03 on your phone, uh meaning the like the 01:06 four-digit code or six-digit code that 01:08 secures your phone, then they can uh get 01:10 access that way and they can start a 01:12 recovery process. There is a 7-day 01:14 waiting period just to make sure it's 01:15 not a hacker. And during that seven 01:17 days, um, you will be getting or your 01:19 email address will be getting emails 01:21 making sure it is you and your phone 01:23 will be getting alerts making sure it's 01:25 you to make sure a hacker is not the one 01:27 who got a hold of your phone. So, if 01:29 your loved ones know the passcode to 01:31 your phone and uh they all they have to 01:34 do is wait 7 days and they can transfer 01:36 the Bitcoin over to an account that they 01:38 control. Okay, so that's option number 01:40 one. Okay, there is also a key on the 01:44 Bit Key device itself. So if you get hit 01:47 by a bus and the bus also runs over your 01:50 phone and so your phone does not exist 01:52 anymore, it's not long for this world. 01:54 Then the bit key device can be used for 01:57 your loved ones. In order to use the bit 01:59 key device, uh the actual device itself 02:02 though uh someone's fingerprint will be 02:04 need to be connected to that device 02:06 other than yours otherwise you will be 02:08 holding basically a nice coaster. Um 02:11 that doesn't work to unlock Bitcoin. So 02:13 if uh to enable that process, make sure 02:16 uh the bit key device will hold up to 02:18 three fingerprints. So just make sure 02:21 that you have uh your loved ones, 02:23 whether your spouse or your kids or best 02:26 friend or whoever it is you want to make 02:27 sure has access to your Bitcoin, um if 02:30 you get hit by a bus and it runs over 02:32 your phone, too, make sure that their 02:34 fingerprint can unlock the Bit Key 02:36 device. If that happens, there is also a 02:38 7-day waiting period just to make sure a 02:41 hacker did not compromise the account. 02:43 And during that 7-day waiting period, 02:45 your phone, which no longer exists, but 02:47 will be getting push notifications to 02:49 make sure it's a legitimate recovery 02:51 attempt. Uh obviously if your phone blew 02:53 up it will not be getting um push 02:55 notifications but if you got a new phone 02:57 or if somebody got a new phone you will 02:59 be getting push notifications and your 03:00 email will be getting regular twice a 03:03 day or something like that multiple 03:04 emails uh making sure it is a legitimate 03:07 recovery attempt. Okay so that is uh 03:10 those two options. Now, what if this 03:13 should never happen, but what if um your 03:16 Bit Key device is lost and you get run 03:19 over and the bus runs over your phone 03:21 also? That means the only thing that 03:24 exists that would allow your Bitcoin to 03:26 be recovered is your encrypted copy of 03:30 your private key that is in your iCloud 03:32 account or in your Google Drive account 03:34 if you use an Android phone. Well, how 03:36 do you get access to that? Well, that is 03:38 what you need your trusted contacts for. 03:40 So, uh, your loved ones would need to 03:42 gain access to your iCloud account or 03:45 your Google account. And when they do 03:47 that, they would be able to put their 03:49 the Bit Key, uh, app on a new device and 03:53 log into your account because, you know, 03:55 you can show up to Apple or Google or 03:56 what, whoever with a death certificate 03:59 proving that someone got run over by a 04:00 bus and they will give you access to 04:03 that person's account after there's a a 04:05 whole process you have to go through 04:06 with that. So assuming you go through 04:08 that process, you get access to the 04:09 iCloud account, you can start a recovery 04:11 process, but it requires a trusted 04:14 contact. And the reason it tr it 04:15 requires a trusted contact uh is in case 04:18 a hacker got a hold of your account by 04:21 compromising your iCloud account or your 04:23 Google account. They don't want that 04:25 hacker to be able to do anything with 04:27 your Bitcoin with just the key that's 04:29 stored in the cloud, which is why it's 04:31 encrypted. And you need a decryption key 04:34 that is held by your trusted contacts. 04:36 So, your loved one would need to gain 04:39 access to your iCloud account or your uh 04:41 Google Drive account or your Google 04:43 account, I should say, and they will 04:45 download the BitKey app. They will start 04:46 to recover. Sorry about that. Uh it will 04:48 say, "Hey, you've got to um uh contact 04:51 one of the trusted contacts." So your 04:53 loved one would need to reach out to one 04:55 of the trusted contacts, verify that you 04:57 actually did pass away, that you are the 04:60 person who is supposed to inherit this 05:02 bitcoin, and the trusted contact at that 05:04 point would give you uh a code that will 05:07 unlock that uh private key that is 05:10 stored in the iCloud account. Um, so 05:12 just to recap here, option number one is 05:15 if you have access to your uh your loved 05:18 ones have access to your phone, they can 05:20 unlock it with a with a pin code and 05:22 start a sevenday. People never stop 05:24 calling me. Um, but if you, you know, I 05:27 welcome people calling me. It's just I 05:29 can't take calls while I'm doing videos. 05:31 So anyway, um, so that is the way that 05:33 works. If you have the, if your loved 05:35 ones have your phone, they can unlock it 05:36 and start a Sorry. Um, your loved ones 05:40 can uh start a 7-day recovery if they 05:41 have your phone. If they don't have your 05:42 phone, they can start a 7-day recovery 05:44 if they have access to the Bit Key 05:47 device. If they do not have access to 05:49 the bit key device because their 05:50 fingerprint uh will not unlock it, 05:52 meaning they have not been added uh you 05:55 know as extra fingerprints then the best 05:57 option obviously you know is to use the 06:00 iCloud the uh the uh uh the key that is 06:03 in iCloud or Google which requires the 06:06 help of a trusted contact just to make 06:08 sure a hacker did not compromise the 06:10 account. So that is the process. So, if 06:12 you have a BitKey device and you want to 06:14 make sure your loved ones can have 06:15 access to it, the easiest ways to do 06:17 that are number one, make sure your 06:20 loved ones know your passcode to access 06:22 your phone. Uh, because that's the 06:24 easiest route. Uh, number two, make sure 06:26 you add your loved ones as that second 06:29 and third fingerprint on your BitKey 06:31 device so that they can unlock that 06:33 device in the case of need and make sure 06:35 they know uh where it is. Obviously, uh 06:38 if they can't find the Bit Key device or 06:40 if it's in a safe deposit box at a bank 06:42 and they don't even know it exists, they 06:44 will not know to go get it. So, make 06:46 sure they uh you know their fingerprint 06:48 is in the Bit Key device. And also, 06:51 again, you don't have to worry about 06:52 them like stealing your Bitcoin because 06:54 even if their fingerprints on the Bit 06:55 Key device, it all they can do is start 06:57 a recovery process. So, as long as you 06:59 still have your phone and you still have 07:02 your iCloud account or your Google 07:03 account and access to your email, you 07:05 don't have to worry about one of your uh 07:07 friends running off with your Bitcoin 07:09 because even if they can unlock your 07:11 BitKey device with their fingerprint, 07:12 all they could do is start a recovery 07:14 process. And you could just cancel that 07:17 recovery process from your phone or from 07:19 your email uh because it's not 07:20 legitimately