The system requires two hardware wallets initialized with identical 24-word recovery phrases and matching PINs. Recent Coldcard security issues sparked renewed discussion about hardware wallet safety and seed phrase protection. XRP Ledger co-creator David Schwartz has introduced a Bitcoin storage plan following recent Coldcard security incidents that raised questions about hardware wallet protection. Schwartz Distributes Authority Among Multiple PartiesSchwartz proposed configuring two additional hardware wallets with identical 24-word recovery phrases. Bitcoin Estate Transfer Through Multi-Party VerificationWithin this framework, family members cannot transfer Bitcoin without the PIN.