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Bitcoin Ownership: How To, Why, and Where

Discussion in 'Educating Doctors' started by DrEttinger, Oct 9, 2021.

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  1. DrEttinger

    DrEttinger Choice, the only thing we control

    This is in response to a request by a friend here at the forum.

    How To, Why, and Where: Bitcoin Ownership

    Bitcoin Introduction (If needed): Why you shouldn't sell your Bitcoin for the next 100 years | Interview with Michael Saylor

    1. Open an account at Swan - https://www.swanbitcoin.com/DrMarcusEttinger (free gift - Yan Pritzker’s Inventing Bitcoin
    2. Buy Bitcoin
    3. Set-up Daily Cost Averaging (DCA) via your Swan account (weekly or monthly withdrawals from your bank account) for a set amount to buy Bitcoin every week or month
    4. Buy (2) Trezor Model T's - Not your keys, not your Bitcoin
    5. Open an account with Unchained Capital (UC) Concierge Onboarding - "Our White-glove Vault Concierge Service takes the stress out of sovereign bitcoin custody. Every package comes with a 1-hour video session from a vault concierge specialist, with step-by-step vault set-up instructions and best-practice operational security tips."
    $1,250 – what’s included?
    1. Onboarding call with a vault specialist
    2. Recover-from-seed-phrase training
    3. Exclusive continuing education webinars
    4. Ongoing support
    5. $1,000 of bitcoin
    6. Once you have a million or more Satochis accumulated in your Swan account transfer them to your vault at UC.
    7. HODL - Never sell your Bitcoin
    8. Watch - Mark Moss's, "Michael Saylor's Strategy to Retire Off of Bitcoin | Tax-Free Wealth" How to Borrow and live off your Bitcoin without ever selling your Bitcoin. This can be done through your Unchained Capital account.
     
  2. caroline

    caroline Moderator

    Why do you recommend 2 hardware wallets?

    The first time I transferred money to my nano s - I watched the youtube videos a lot and then I just transferred $100.00 first.
    It was an agonising wait for the money to land in the wallet!

    We are still extremely careful and go over the address at least 3 times - and we always do it in the morning when we are bright eyed and bushy tailed!

    My bigger problem is the seed phrase - what to do with that pesky list of words that stand between us and no coins.
    We have made 3 lists and put them in different places - but I don't think that is good enough.

    We should buy one of those metal plates that you hammer in your words. Thoughts?

    And - what if we were both killed [God forbid and touch wood] in a car crash etc? what happens to our words then?

    One plan I think we like .....we will give a list of all the words, but one, to our son. He will be the executor of our estate.

    But what if we both get dementia and can't remember the one word????????

    What if you are moving out of the country and carry the metal seed phrase case with you? What will happen at customs? I wouldn't put it in checked luggage - stuff is stolen all the time. If I put it in my carry on stuff - I will have to go thru the X-ray stuff and I will be asked to remove it and put it on the belt separately. I had an iPad stolen this way [at customs]
    Actually, I was told that a lot of stuff is stolen in the customs area...opportunity.

    I suppose that a multi sig would be a good idea??? but I don't know much about that yet.

    Jack has said that he would choose the other party for the multi sig very carefully.

    What if they die first? and you have dementia?????

    UGH
     
  3. JanSz

    JanSz Gold

    There is also a matter of answering questions about crypto while filling up Federal and State taxes.

    .......
     
  4. JanSz

    JanSz Gold

    Note that with the setup proposed by @DrEttinger it is ok to lose all hardware,
    a person who has the words is able to acces the coins.
    So traveling from A to U can be done without hauling any hardware.
    Buy new hardware in the new place.
    ............
     
    Last edited: Oct 11, 2021
    John Schumacher likes this.
  5. JanSz

    JanSz Gold

    Good idea to have two accounts.
    One smaller for the robber threatening your life.
    .
     
  6. EWO

    EWO Gold

    Casa is another multisig option; higher level plans include inheritance planning.
     
    John Schumacher and ND Hauf like this.
  7. JanSz

    JanSz Gold

    How do we check to ferret out fraudulent options?

    .............
     
    EWO likes this.
  8. JanSz

    JanSz Gold

    You already seem to have a pretty good understanding of how things work. Mensa helps.
    Since @DrEttinger is the first one who provided, what looks to be as rather detailed ways, would you mind looking it over and highlight what could use highlighting.
    Thank you.
    .
    Measure twice, cut once.
     
    caroline, John Schumacher and EWO like this.
  9. Dr. Marcus Ettinger

    Dr. Marcus Ettinger Platinum Member

    With UC you have 3 sets of keys. Two you possess and the one that UC has. You need 2 of 3 to withdraw BTC. If you lose one of your hard wallets or seed phrase, UC can be the second set of keys to get out some BTC. They also set you up with Caravan. If you lose your hardware wallets, you can still access your BTC by accessing it through Caravan. Just don't ever lose your seed phrases. I have nothing but good things to say about UC. Their customer service is top-notch.
     
    John Schumacher and caroline like this.
  10. JanSz

    JanSz Gold

    @DrEttinger
    seed phrases
    ----
    Other than seed phrases what personal information of the owner of the account do they ask for?
    name, SS#, phones, address????
    --------------------------------
    (weekly or monthly withdrawals from your bank account)
    ---
    There is a talk that transactions greater than $600 will be reported to IRS.
    What to think about that?
    Weekly transactions of 599 *52=31148 will not get you very far over the year.

    .................
     
  11. Dr. Marcus Ettinger

    Dr. Marcus Ettinger Platinum Member

    Jan,

    You have to KYC through Swan, and they do have all your banking information.

    I, with 98% confidence, feel that $600 rule will be a nonissue. Arkansas, Missouri, Nebraska, and Wyoming said they will not comply. I'm sure more will follow. 2 congressmen/women have come up with IRS/banking privacy bills to counter it if it goes into effect.
     
    Last edited: Oct 12, 2021
    John Schumacher likes this.

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