Bitcoin Q&A: Can Bitcoin Be User-Friendly Without Compromising Security?

[Question] “Hi Andreas! With usability in mind how do you see us advancing usability of secure storage for the everyday human without compromising security?” Honestly, Con, I think the most likely standard we’re going to end up with, in terms of secure storage, is going to be some kind of social sharing mechanism where you take your seed, mnemonic phrase, or whatever source of entropy and you shard it into multiple shards that have some kind of quorum. You know a 3 of 15 or something like that. Or maybe it’s a it’s some kind of hierarchical system where some shards are more important than others and you share them with friends and family and so we each become each other’s guardians. And your wallet can generate the shards that you store for others. And so as long as a subset of your friends and family still have the ability to recover, so do you.

I think we’re going to see a social 01:08 - mechanism like that that relies on a broad network of friends and family emerge eventually. There are some tricky aspects to solve. Alternatively, in the meantime, the best solution we have today is mnemonic phrases following the standards, recorded on o permanent storage mechanisms, such as steel devices. If you enjoyed this video, please subscribe, like, and share. All my work is shared for free so if you want to support it, join me on patreon.com/aantonop. you .