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