Did you share your key to your family? - page 4.

Hypnosis00

sr. member

Activity: 2436

Merit: 343

Quote from: Chipard on March 24, 2022, 07:38:36 AM

We can't escape death and we don't know when we die... Crypto wallets aren't like traditional investments. They can be more vulnerable to security issues, and you generally can't name a beneficiary. Since we need to store our crypto to offline wallet or hardware wallet and we must store safely and secure our keys offline, did you already share your key to your family? Do you have any tips to make a good plan to your crypto assets for loved ones just in case when you die?

Getting involved with your family is very important and I think it was their right to know everything we do like knowing access to our crypto wallets. This will not affect and breach the security of our wallet unless they will touch it unknowingly without our permission. Giving them time to know about crypto and to know how to take care of this helps them to understand why.

We don't need to hide from them and they need to know how this crypto works, and they can do the job if ever there is bad to happen with us. Well, working together is a great success.

Rengga Jati

hero member

Activity: 2072

Merit: 656

royalstarscasino.com

Quote from: Chipard on March 24, 2022, 07:38:36 AM

... did you already share your key to your family? Do you have any tips to make a good plan to your crypto assets for loved ones just in case when you die?

Yes, I did, I share it with my beloved couple who has accompanied me for several years because also understand this crypto world, working together for the sake of our children's lives and also future. We can share with each other about what we are doing so far, managing it together.
As long as we understand who they are and we trust them so much, why not? But I will suggest to you that you must decide who is exactly the right person. I will not share it with the person who is outside of my intimate family, moreover with friends. Just be wise and careful, you yourslef who know which one deserves for it.

nurilham

sr. member

Activity: 1498

Merit: 443

Yes, I did, considering that crypto wallets can only be accessed by the owner of the private key that is ourselves, but we also have to think about the bad possibilities that will happen to us in the future, especially when it comes to family assets. so for me, it is important to give the private key to the heir of the property or a trusted person to anticipate if suddenly something bad happens and I have thought about it carefully. After all, if we keep it a secret from the heirs of the assets or trusted people, in the sense that only we ourselves know the private key, then if something happens to us, the assets that we have will only be in vain and cannot be accessed by others.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

I don't think about death and I don't try to make my coins safe in case I'm dead. You might wonder why and the reason is I'm young and healthy. I feel like I'll have enough time to deal with these things once I'm diagnosed with a fatal illness. What if I die in an accident? I guess then my coins will be gone - shit happens. I'm not going to write my last will just because there's that 0.1% chance that some drunk driver will kill me. If we all were worried about this the insurance agents would be even richer than they already are.

FlamingFingers

sr. member

Activity: 1344

Merit: 288

Death is definetely inevitable, i have heard a story of a man who had close to 30 bitcoin in his wallet and the family does not know how to sell it out, as for me my little brother knows where i do keep my paper wallet, i think its a better idea if someone knows such a personal info, you just have to know who you will share it with

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: Pmalek on March 24, 2022, 07:45:19 AM

My family isn't interested in Bitcoin, only I am. I am sure they will gladly convert in into fiat one day when I am gone.

Same thing with me. None of my family is interested in bitcoin and they don't even know how to cash it. I have to teach them little by little about what a private key is, how to open a wallet, how to send bitcoin to exchange and how to sell them to fiat where everything I do with tutorials without telling how much I have.

They'll find the private key somewhere but of course they don't have a copy of it. Now that they know everything then I think I have inherited enough knowledge. But unfortunately I didn't manage to get them to get directly involved in the forum to know more about bitcoin because of the real job.

Xinarae*

sr. member

Activity: 1414

Merit: 326

A lot of answers get already hope the number of members share suggestions, my opinions are you can share and print your private key with your family member that first reason accidental case so help you on your family member, if you not available access on the time and or by chance need money emergency but you can not be access available so help you emergency situation your family member.

Rockstarguy

hero member

Activity: 1050

Merit: 592

God is great

You may decide to let your family members to know your seed phrase this will only depend on how much you trust them, you may also not let them know your seed phrase now you are alive. We all come from different family family which things can't be done in the same way, you just have to do things you think it will be the best for you. What matters most for anybody is to try by all means for family to get access to seed phrase if death comes.

Little Mouse

legendary

Activity: 2156

Merit: 2100

Marketing Campaign Manager |Telegram ID- @LT_Mouse

Quote from: Cookdata on March 24, 2022, 11:46:57 AM

At the bolded, is your passphrase enough to have access to your bitcoin? I think not except if your family already have access to the recovery seed.

I have misused the word lol. It should be seed key. I mean my 12 words key which I have written into my metal box. I just used the wrong word actually. They only need to know how to recover the fund from the key. I have a simple guideline written too though I always try to involve my wife with all these things.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: Chipard on March 24, 2022, 07:38:36 AM

did you already share your key to your family?

If you share your seed phrase or key(s) with your family, that means everyone you share it with can compromise the wallet without you knowing, this is not advisable at all.

Quote from: Chipard on March 24, 2022, 07:38:36 AM

Do you have any tips to make a good plan to your crypto assets for loved ones just in case when you die?

The most important thing is to let your family to be conversant with what bitcoin and bitcoin wallet is. Then you can setup a multisig wallet in a way you alone will have enough keys to access the coins and making each of your hire to have one key each in a way one key from you combined with there own would be able to recover the coins. Or you can go for Shamir secret sharing encryption. To let your children know where to get the single key or secret share after your death should not be a problem.

Munien

newbie

Activity: 7

Merit: 0

I trust and love my family so everything I own my family knows Wink

joker_josue

legendary

Activity: 1722

Merit: 4711

**In BTC since 2013**

Quote from: Despairo on March 24, 2022, 10:28:50 PM

You also can create time lock transactions, perhaps an average human only live 100 years, so you can create a transactions to your son's address on specific times.

But time and the unforeseen can happen to everyone. What guarantee do you have that 20 years from now, your child will be alive?
It's hard to say this, but unfortunately it's true. We don't know the future, and that's why creating mechanisms to think it's going to be a certain way, can change from one day to the next.

Despairo

hero member

Activity: 1064

Merit: 843

I'm not directly share my key to my family, but I only give partial key and teach them how to retrieve my funds without giving my real key. You shouldn't only have one way to retrieve your funds, instead give few way for alternative:
1. Encrypt each words of seed pharse and split each words in multiples locations.
2. Using shamir secret sharing and split for 2-3 persons.

You also can create time lock transactions, perhaps an average human only live 100 years, so you can create a transactions to your son's address on specific times.

Chikito

legendary

Activity: 2366

Merit: 2054

Quote from: LinoOn on March 24, 2022, 10:58:44 AM

3 part of private keys, and gave them to different people.
They don't know each other

looks not good, if one of them is careless, left in part can be trash. Listen, if you ever hear about Shamir's Secret Sharing [1] where the seed split up into X (3 part) pieces, that even better than splitting the private key.

[1]. https://github.com/satoshilabs/slips/blob/master/slip-0039.md

Quote from: Erumo on March 24, 2022, 12:25:01 PM

I would never share my keys with my family. First of all, these keys are mine, and I would like to keep them personal for as long as possible. Second, no one in my family understand what crypto is, how to use it and so on. Sharing keys to them will be dangerous. Same as leaving private key on a bus stop.

If crypto do you mean bitcoin, you make the bitcoin community happy, you indirectly burn bitcoin and decrease the supply, thanks. [2].

[2]. https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: Chipard on March 24, 2022, 07:38:36 AM

We can't escape death and we don't know when we die... Crypto wallets aren't like traditional investments. They can be more vulnerable to security issues, and you generally can't name a beneficiary. Since we need to store our crypto to offline wallet or hardware wallet and we must store safely and secure our keys offline, did you already share your key to your family? Do you have any tips to make a good plan to your crypto assets for loved ones just in case when you die?

Not to all but for my elder sibling since even if that is your brothers and sisters still you cannot assure that your balances is safe while you are alive better give it to the most responsible person on your inner circle so that you can trust that your funds will be distributed well when you die. Just write a note about how they distribute the funds equally so that there will be no question or quarrel happen when distributing it to your heirs.

decodx

hero member

Activity: 1456

Merit: 940

🇺🇦 Glory to Ukraine!

If you keep large sums of cryptocurrency in an offline digital wallet, keeping keys safely secure is essential. I recommend using a hardware wallet, such as the Ledger or Trezor, to prevent access to your funds if your computer is ever compromised or hacked. Keeping them safe and secure will reduce the risk of losing your coins to a cyber thief. But, if you want to protect your funds from loss in case of your sudden illness or worse, it is best to write down the access password for your hardware device and save it in the safety deposit box so that your family members have access to it in such a case.

Did you talk to your family about cryptocurrency? Did they agree to take care of your money and assets in case of your death?

If you don’t talk to your family about cryptocurrency, it is unlikely they will understand what it is. If you don’t talk about it and instead decide to keep it secret, it is quite likely that nobody will know that you have it, much less make sure that it is protected from loss.

joker_josue

legendary

Activity: 1722

Merit: 4711

**In BTC since 2013**

Quote from: The Cryptovator on March 24, 2022, 11:55:20 AM

If we can't trust anyone from my family then we can't survive to be honest. It's not all about cryptocurrency, even in real life you have to trust your family members even not all, at least your nearest. However, none of my family members are familiar with cryptocurrency.

No more! We have to have someone to trust.

Of course, unforeseen events can happen, so everyone has to decide what level of risk they are willing to take based on the trust of a friend/family member.

Erumo

member

Activity: 564

Merit: 50

I would never share my keys with my family. First of all, these keys are mine, and I would like to keep them personal for as long as possible. Second, no one in my family understand what crypto is, how to use it and so on. Sharing keys to them will be dangerous. Same as leaving private key on a bus stop.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: Chipard on March 24, 2022, 07:38:36 AM

~

Maybe soon I will start teaching them the basics of crypto but I won't let them know immediately that I have some amount of crypto in my wallet, since they will probably expect that I am holding plenty and could think too much that I am rich and just keeping it secret for them. I'll wait until I make that BTC count bulky enough. Cheesy

Hopefully it will be just a straightforward explanation for them.

Marvelman

full member

Activity: 1008

Merit: 139

★Bitvest.io★ Play Plinko or Invest!

Another approach to share your keys is to create multisignature wallet, where every signature needs two or more of your private keys to be signed (e.g. I can create a multisig wallet with only two keys, or 2-of-3 keys, but all keys are controlled by someone else). Thus, in the event of an unforeseen event, all funds in the wallet are still safe and accessible.

Topic: Did you share your key to your family? - page 4. (Read 733 times)