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Mar 6, 2018

What happens to your Bitcoin if you die or forget passwords?

Posted by in categories: bitcoin, cryptocurrencies, economics, finance, internet, law

Legacy Method of Inheriting Assets

Many Bitcoin owners choose to use a custodial account, in which the private keys to a wallet are generated and controlled by their exchange—or even a bank or stock broker. In this case, funds are passed to heirs in the usual way. It works like this…

An executor, probate attorney, or someone with a legal claim contacts the organization that controls the assets. They present a death certificate, medical proxy or power-of-attorney. Just as with your bank account or stocks and bonds, you have the option of listing next of kin and the proportion of your assets that should be distributed to each. These custodial services routinely ask you to list individuals younger than you and alternate heirs, along with their street addresses, in the event that someone you list has died before you.

Of course, Bitcoin purists and Libertarians point out that the legacy method contradicts the whole point of owning a cryptocurrency. Fair enough.

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Jul 7, 2015

Passfaces: Strong authentication for the masses

Posted by in categories: big data, business, computing, encryption, finance, information science, internet

Last year, Google began experimenting with hardware-based schemes for user-authentication, while Apple added two factor authentication to iCloud and Apple ID users. They began sending a verification code to users via a mobile number registered in advance.

Security pundits know that two factor authentication is more secure than simple passwords. As a refresher, “Factors” are typically described like this:

  • Something that you know (a password — or even better, a formula)
  • Something that you have (Secure ID token or code sent to cell phone)
  • Something that you are (a biometric: fingerprint, voice, face, etc.)

The Google project may be just another method of factor #2. In fact, because it is small (easily misplaced or stolen), it simplifies but does not improve on security. I suggest a radical and reliable method of authentication. It’s not new and it’s not my idea…

password_key

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