Simply giving people a private key is not enough, there's a big chance they will lose those coins if they install a malicious wallet, or their computer has malware, or they will fall for exchange phishing. You need to provide very clear instructions how to safely convert those coins to fiat.
If you don't fully trust your family, you can also check some deadman's switch schemes that are discussed on this forum. For example, here: https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850
Topic: Are You Doing This? - page 8. (Read 1117 times)
I once thought about that, because my life is not healthy. I once thought what if suddenly I die in front of the computer then no one knew I had crypto assets to support them and their lives. and i think this is will be a reminder for me to tell them more about crypto include private key how they can access it.
It is a good move to delegate someone you trust most e.g. family members, to have access to your digital assets as a contingency plan once something bad happens to us! Just put your sensitive files and keys to a reliable password manager and hand over the password to your trustee and set the conditions forth on accessing it.
Crypto assets should be treated like other valuable assets, someone people give their family members the details of every assets they own and how to access them e.g bank accounts and some write them down in wills to be given to their family members when they die and some die/stay in a coma without anyone being able to access their assets, i think that's how it is for crypto assets too.
I want to ask all of you, do you share or give very private things (private key, passphrase, password and else) of Bitcoin to your family? I ask like this because I think if something bad happens to us (I personally hope it doesn't happen), it would be better if we pass down all the things from bitcoin that we have to our families. For example, when we have an accident that makes us comatose state (I hope it won't happen) at the hospital and we need medical expenses, it would be better if our wife or children can take money from the bitcoin that we have to use as our medical expenses.
I personally bequeath all my bitcoin knowledge to my family. I told them my bitcoin assets, how I made money from bitcoin, and also told them how to access them. All of this I did so that all of my bitcoin assets could be useful for my family. What about you guys, do you guys do the same with me?
I personally bequeath all my bitcoin knowledge to my family. I told them my bitcoin assets, how I made money from bitcoin, and also told them how to access them. All of this I did so that all of my bitcoin assets could be useful for my family. What about you guys, do you guys do the same with me?
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