Topic: Did you share your key to your family? (Read 733 times)
For safety purposes it is not advisable to share seed phrase to anyone. If the seed phrase is exposed it is very easy to take all coins from portfolio, if it is successful taking it is gone forever nothing can be done about it. If anyone decides to keep private keys private it is not, the person have their reasons.
Your question is a very critical and crucial one indeed, it is a question that no one should neglect because death is inevitable and can happen at anytime.
What I did is that I saved my keys with my trustworthy sibling who isn't interested I'm crypto and knows nothing about it. I told her not to disclose it to anyone under any circumstances.
Then I told my friend who in into crypto about what I have done, so that if I am no more, my friend can help my sibling to claim all my coins.
That is the best possible idea that occurred to me and I did it.
What I did is that I saved my keys with my trustworthy sibling who isn't interested I'm crypto and knows nothing about it. I told her not to disclose it to anyone under any circumstances.
Then I told my friend who in into crypto about what I have done, so that if I am no more, my friend can help my sibling to claim all my coins.
That is the best possible idea that occurred to me and I did it.
If you trust people, it seems like an appropriate strategy. Whereas one has the key and the other has the knowledge to use it.
Now, it is convenient that your brother also trusts this person, so that he can act in the appropriate way if necessary.
Your question is a very critical and crucial one indeed, it is a question that no one should neglect because death is inevitable and can happen at anytime.
What I did is that I saved my keys with my trustworthy sibling who isn't interested I'm crypto and knows nothing about it. I told her not to disclose it to anyone under any circumstances.
Then I told my friend who in into crypto about what I have done, so that if I am no more, my friend can help my sibling to claim all my coins.
That is the best possible idea that occurred to me and I did it.
What I did is that I saved my keys with my trustworthy sibling who isn't interested I'm crypto and knows nothing about it. I told her not to disclose it to anyone under any circumstances.
Then I told my friend who in into crypto about what I have done, so that if I am no more, my friend can help my sibling to claim all my coins.
That is the best possible idea that occurred to me and I did it.
Sometimes it's enough to leave enlightening information, in a place where we know that our family/friends will look when they are packing up after a very serious accident.
If your family is not into crypto and Bitcoin and doesn't understand what a recovery phrase is, they need to be made aware of the importance and dangers of a recovery phrase. You wouldn't want your child or wife make a photo of the seed and place it on Facebook asking their friends does anyone know what this is!?Sure! You are absolutely right. It's always good to let me know in advance how things basically work.
Now, along with that saved information, you can add additional information with instructions on what to do with that data.
In addition, you must have a wallet with Bitcoin, in which you will not need to use the key to access, just use the password you defined to access. Unless the equipment holding the wallet was destroyed in the accident, or if it is a paper wallet.
Sharing your key is not a bad idea, so long the person you are sharing it with understands the concept of Cryptocurrency and that person should be a person you can trust at all time.
Sometimes it's enough to leave enlightening information, in a place where we know that our family/friends will look when they are packing up after a very serious accident.
If your family is not into crypto and Bitcoin and doesn't understand what a recovery phrase is, they need to be made aware of the importance and dangers of a recovery phrase. You wouldn't want your child or wife make a photo of the seed and place it on Facebook asking their friends does anyone know what this is!?But I have written in my dairy and Clouds for backup and also if any time my family needs my money or crypto and if I’m not able this time so for those time, I have write some instructions to know my family I have crypto and how to they access my account and they receive my crypto.
What do you think is it good?
It depends. If all the information is written in your diary, are you sure they will find it? Do they know that they should be looking for the keys somewhere in the diary? If not, they might never read it because it's a rather personal thing. What do you think is it good?
It is not a question if we share keys with our family, any member of the family but the question if they know how to access this? Sharing keys isn't enough, we need to educate them and teach them how to access, and do withdrawals if needed.
As to my insights on the benefits of educating them, we are boosted their trust in crypto. Exposure is something that could help them to familiarize Crypto and to know the importance of its existence. It somehow gives them an idea of how it works and the risks of losing the keys to the other hands.
As to my insights on the benefits of educating them, we are boosted their trust in crypto. Exposure is something that could help them to familiarize Crypto and to know the importance of its existence. It somehow gives them an idea of how it works and the risks of losing the keys to the other hands.
Personally I don’t share yet my keys with my family because now I think it’s not needed. But I have written in my dairy and Clouds for backup and also if any time my family needs my money or crypto and if I’m not able this time so for those time, I have write some instructions to know my family I have crypto and how to they access my account and they receive my crypto.
What do you think is it good?
What do you think is it good?
My family knows where to find my recovery phrases and other pieces of information to recover all my coins, but they don't have a copy of anything in their hands. There is no reason for them to have copies of the seeds for cold storage. They know what they have to do and where to look for the essentials for recovery if one day I don't come back home. That's it. 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.
Thank Y'all for sharing your different ways and opinion. Truly we have different family background and different culture that's why we couldn't agree some of other's opinion. But As a young man and unmarried person, I think this reply is the best way that I can follow as I have no sons or daughters yet lol.
I will only share copies of my keys to my children someday and it's up to them how they will handle their money.
Sometimes it's enough to leave enlightening information, in a place where we know that our family/friends will look when they are packing up after a very serious accident.
Now it all comes down to the trust we have and who we have. I believe that everyone has someone, familiar or not, that they can really trust.
My family knows where to find my recovery phrases and other pieces of information to recover all my coins, but they don't have a copy of anything in their hands. There is no reason for them to have copies of the seeds for cold storage. They know what they have to do and where to look for the essentials for recovery if one day I don't come back home. That's it. 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.
Thank Y'all for sharing your different ways and opinion. Truly we have different family background and different culture that's why we couldn't agree some of other's opinion. But As a young man and unmarried person, I think this reply is the best way that I can follow as I have no sons or daughters yet lol.
I will only share copies of my keys to my children someday and it's up to them how they will handle their money.
To be honest, trust is one issue that is very strong, and greed is still one of the aspect of human that still very much exist. Giving or sharing to someone your private keys, is a big aspect of trust and finding someone that would still overcome greed and uphold the trust is a blessing, but I believe we all should have that person or even persons.
We have seen lots of Crypto coin lost just because the owners didn't have a way of passing down there Crypto asset to anyone, and that's becoming a thing we should not have in Crypto.
Scarcity raises the value of a coin in any case, so losing a coin to the air will only benefit the hodlers, so if the greedy ones do not want to share their assets and prefer to die, it is fine if anyone chooses to gamble with it. We have seen lots of Crypto coin lost just because the owners didn't have a way of passing down there Crypto asset to anyone, and that's becoming a thing we should not have in Crypto.
To be honest, trust is one issue that is very strong, and greed is still one of the aspect of human that still very much exist. Giving or sharing to someone your private keys, is a big aspect of trust and finding someone that would still overcome greed and uphold the trust is a blessing, but I believe we all should have that person or even persons.
We have seen lots of Crypto coin lost just because the owners didn't have a way of passing down there Crypto asset to anyone, and that's becoming a thing we should not have in Crypto.
We have seen lots of Crypto coin lost just because the owners didn't have a way of passing down there Crypto asset to anyone, and that's becoming a thing we should not have in Crypto.
Now you make me think this situation as well.
I am still not married, but currently in a relationship and I am wondering if I should share the keys to my future family whenever I get old.
It wouldn't hurt to at least educate them about a thing or two about cryptos, but just won't mention that I am indeed holding one.
I am still not married, but currently in a relationship and I am wondering if I should share the keys to my future family whenever I get old.
It wouldn't hurt to at least educate them about a thing or two about cryptos, but just won't mention that I am indeed holding one.
Do not make this mistake; do not trust a girl who is yet to be your wife with your valuable assets; it is risky. Women should not be trusted with monetary assets until she is your wife; only then can you be sure she will not disappoint you or run away with your money. Unmarried folks should always educate someone trustworthy in their family and divide the seed phrase among them; it's safer that way.
Well, sincerely, I haven't shared anything relating to my crypto investments to any of my family members, I am married with two kids but they are still very little, my first daughter is a little above 5 years old and her sister is just 4 months old.
If you care about your children's future, you would name your wife as next of kin, educate her, and give her a copy of your seed phrase everyone believes he will live until his health fails.
~
Now you make me think this situation as well.I am still not married, but currently in a relationship and I am wondering if I should share the keys to my future family whenever I get old.
It wouldn't hurt to at least educate them about a thing or two about cryptos, but just won't mention that I am indeed holding one.
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Well, sincerely, I haven't shared anything relating to my crypto investments to any of my family members, I am married with two kids but they are still very little, my first daughter is a little above 5 years old and her sister is just 4 months old.
I've always thought about this and each time it comes to my mind, it's leaves me in a kind of fear state, I never want to share my cryptocurrency investments details with my wife cus I don't want her snooping on my investments, I have no brothers, my only sister is married and has her own family, my both parents are late, so I've always thought to wait until my first daughter get to the age that she can easily understand when I teach her, so all I can do is pray for life, am still young, though it's true that death knows no young nor old, it takes who ever it wants to take when ever it comes, but I have faith that I will live till a good old age by the grace of God, so I will just keep hustling.
I've always thought about this and each time it comes to my mind, it's leaves me in a kind of fear state, I never want to share my cryptocurrency investments details with my wife cus I don't want her snooping on my investments, I have no brothers, my only sister is married and has her own family, my both parents are late, so I've always thought to wait until my first daughter get to the age that she can easily understand when I teach her, so all I can do is pray for life, am still young, though it's true that death knows no young nor old, it takes who ever it wants to take when ever it comes, but I have faith that I will live till a good old age by the grace of God, so I will just keep hustling.
Sure, all this time I worked in crypto my wife knew. Even though there is no plan, all the keys have been kept and I wrote. Although he doesn't know yet but I talked to him, everything related to crypto assets is in that book. Of course, even though he hadn't seen it directly he already knew. This is one of my ways to keep up when one day I stop breathing suddenly. At least it will be useful for my descendants and my loved ones. Because I believe in my wife.
One piece of advice every crypto user should consider so far is to consider inheriting your wallet or private key to someone you really trust. This is very important even though we don't have many assets in it.Just like you, I'm also willing to do it and compromise with my wife about wallet storage and access to exchange even though she can't operate them yet. I've written it well and kept it safe, and I really trust it so far.
You should have someone who can be the most trusted person. Why don't you tell him as soon as possible if you will share it with him then?
~snip~
Sure, all this time I worked in crypto my wife knew. Even though there is no plan, all the keys have been kept and I wrote. Although he doesn't know yet but I talked to him, everything related to crypto assets is in that book. Of course, even though he hadn't seen it directly he already knew. This is one of my ways to keep up when one day I stop breathing suddenly. At least it will be useful for my descendants and my loved ones. Because I believe in my wife. ~snip~
yes of course I will share it as my inheritance, of course my assets in crypto will be withdrawn by my family. maybe my simple tips are like writing phrasa into a book and giving an explanation there and I keep it in the cupboard.
There is not a lot of money in my wallet yet to share the key lol. However, I think it is important to give details about your crypto investment to a trustworthy member of your family. So if you are not around, your family can use the money when they need it.
I don't have any trusted Family member I have shared my keys to ,but what I have done is that I have a Note book where I stated everything regarding my keys and investment and have it put in a fireproof save , then let my trusted family member know everything about it in case of any unexpected incident that could happen to life.
You should have someone who can be the most trusted person. Why don't you tell him as soon as possible if you will share it with him then? We don't know when an unexpected thing to happen, it can happen today or tomorrow. So that's why it is necessary to let our most trusted person know our wallet data very soon. In my case, I've shared my private keys or passwords or keyphrases with the person I trusted most in my life. Whenever an unexpected thing happens, I've taken a preventive way to anticipate it. Then, everything in my wallets can be used by the right person and it won't be stuck forever there.
It depends, many families are not in good shape and some lack trust within the family similarly, if your family can be trusted then give them access to your crypto wallet cos no one lives forever, at one point in time we are all going to die.
actually no family will be good enough that will make you as investor to share your private key among your families, trust nobody in the aspect of using a private key because immediately your private key is been known, automatically you are no longer been the owner of the wallet, i know have made this suggestion before, document your private key and let your children or family members know that a particular cage contains the information of known and unknown incase of a death occurrence.
Family members can be toxic, it is too risky to share key with Family members when one is still alive. It a good idea for keys to be documented in case if death happens but it is not proper to share key with anybody when Is alive, the key is personal property that is not meant to be shared with anyone.
Do you have any tips to make a good plan to your crypto assets for loved ones just in case when you die?
Someone who is married and has a wife has nothing to hide, whether it's work, finances, problems, fun and so on, Bitcoin is also an important asset for every family, if he is married.In this case, nothing is hidden from the wife including the password and the workings of the crypto exchange that we have, where a wife can access when she wants, if something should happen to us, wife has an active role to take care of all our existing assets, land, children, house, savings and also Bitcoin.
I remember to myself, after experiencing a tragedy in the real world (accident), from there I realized, there is nothing to hide from my wife, mutual trust in the household will lead us to success, that's the key.
I don't share my private key with my family. because I believe my family can find it in my personal records.
I always keep it on paper by writing or printing it manually and writing it down.
but i realized when i saved my privatekey into the book it was very insecure. like if my book is lost or burned or exposed to water. but I still do it because it's my habit
I always keep it on paper by writing or printing it manually and writing it down.
but i realized when i saved my privatekey into the book it was very insecure. like if my book is lost or burned or exposed to water. but I still do it because it's my habit
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?
It's a good idea to share your private key with at least one of your family members, if not all of them. This is because death is an unpredictable event that can happen at any time. If you die without telling any of your family members or siblings about your private key, no one will know about your assets, and they will be left unused. As a result, attempt to share your private key with at least one member of your family as much as feasible.
I let them know and educate them on how important are these keys. Keeping them aware is not an issue to the safety of our funds, of course, we just tell those who seem can really be trusted.
Why it was important,
1. education
2. awareness
3. there is someone who could access it in case there is an accident happen to us
4. trust
Why it was important,
1. education
2. awareness
3. there is someone who could access it in case there is an accident happen to us
4. trust
When you decide to hold on to an asset for the long term, you need to determine which family members or confidants can share personal information about the funds stored in the wallet. Although it is difficult to share personal information, these steps must be followed for the successor to continue to manage the wallet for the benefit of the family. We can't predict everything even age, because only God knows everything, at least financially we leave the good for the family.
For I won't let my family members will know about my recovery seed phrase it's better to hide it in my self . and if the right time will come I will Wright my recovery phrase in a single set of paper and then I'll give it to my children and said open it in the right time. All always keep seed cause I know if this will loss all my hard work will lose too.
I don't have any trusted Family member I have shared my keys to ,but what I have done is that I have a Note book where I stated everything regarding my keys and investment and have it put in a fireproof save , then let my trusted family member know everything about it in case of any unexpected incident that could happen to life. Though there's a risk to doing this, having someone else know about your keys aside you can jeopardize your entire investment at anytime.
Share my keys with my family?
Why would I do that! I'm sure this is birth out of inheritance and the fact that, it feels like a big lose to let your earnings fall yo other persons or lost forever even as, its often with the case of bitcoin.
Unfortunatelyas the world may have it, even family can't be completely trusted at all times, people do change and it's often situations that make them. There is nowhere that it's stated that, family can't turn enemy. It's the way it is and these things happen.
Therefore, there is hardly a reason that is more comforting at this point in my life to give off my keys to my family. Yes, death comes unannounced and at other times, its inevitable. When the later isn't obvious, I'm sure to handle my keys.
Why would I do that! I'm sure this is birth out of inheritance and the fact that, it feels like a big lose to let your earnings fall yo other persons or lost forever even as, its often with the case of bitcoin.
Unfortunatelyas the world may have it, even family can't be completely trusted at all times, people do change and it's often situations that make them. There is nowhere that it's stated that, family can't turn enemy. It's the way it is and these things happen.
Therefore, there is hardly a reason that is more comforting at this point in my life to give off my keys to my family. Yes, death comes unannounced and at other times, its inevitable. When the later isn't obvious, I'm sure to handle my keys.
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?
My family does not know my key. In the near future I will buy a hardware wallet and write down the 24 words on several recovery sheets.
Then I will also ask my parents to each keep one safe (of course they will tell me where they keep it). Since my parents will probably die before me, the Recovery Sheet will then just be passed on to my siblings, for example.
I will lock them so that they can only be opened once. So if a sheet gets damaged, I know that someone has opened it.
For me this is the safest option
My family knows where to find my recovery phrases and other pieces of information to recover all my coins, but they don't have a copy of anything in their hands. There is no reason for them to have copies of the seeds for cold storage. They know what they have to do and where to look for the essentials for recovery if one day I don't come back home. That's it. 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.
Its a good thing that family members should also be aware of what you are currently doing so that they will also start to learn and engage in it, and definitely can access all what you have been trying to save for them while you are still alive. Otherwise, all your hard earned coins will only be converted into fiat because they don't have the interest to continue what you have been doing. Although its not bad but they could have made it grown and benefit it more in the future. 
We strive in this world to support ourselves and our families.
So my private key is safe offline, but I give one of my brothers access to the location where I keep it because you never know what will happen tomorrow.
Death can strike at any time and is always unexpected; if it does, and I am the only one with access to my crypto assets, I will live without accomplishing anything because none of my family members have access to it.
That is why I give my brother access.
So my private key is safe offline, but I give one of my brothers access to the location where I keep it because you never know what will happen tomorrow.
Death can strike at any time and is always unexpected; if it does, and I am the only one with access to my crypto assets, I will live without accomplishing anything because none of my family members have access to it.
That is why I give my brother access.
It depends, many families are not in good shape and some lack trust within the family similarly, if your family can be trusted then give them access to your crypto wallet cos no one lives forever, at one point in time we are all going to die.
This is a very important thing to do as no one is guaranteed eternal life, to the best of my knowledge. Sharing your key with your family is very okay. They can easily access your coins(savings) after one is no more, but this still has to do with trust. As no one can be fully trusted 100% today again. If it is a friend that can be trusted much then one can share the keys with them(my opinion).
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.
Yes we know it's not advisable to render ones private keys to just anyone even if it's a family member, but on the other hand, to me it's quite unscrupulous that one should die and leave his crypto asset without even a clue to at least someone very close.It would be better you bring them to the light of cryptocurrency knowledge, cause no one can predict tommorow! Think about it.
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?
You do make a good point. I personally haven't, but I will definitely do something about it. I treat this just as I would regular finances and those should be accessible by my family in case something happens to me. But with everything, so is it with family, be careful who you share it with, not everyone knows/can handle money.
Knowing that people can die at any time, we often do not inadvertently share wallet passwords randomly or with anyone else. Which is not profitable at all for the family. So we should all explain the passwords to someone in our family, which I have already done.
i think the best option is to ensure everyone in the family especially the grown up once understand cryptocurrency transaction so that when you are no more on earth and if they find your seed phrase they will know what's obtainable to do concerning the private key per say. From my own view a seed phrase is not supposed to been reviewed to anyone in the family but documents it or filed it when you are no more they will see it through your documents.My positive thing is to agree with @GeorgeJohn and seed or phrase keep up in document filed. that then remember and keep the safe place, I hope the best option seed or phrase you can share with your mother or wife, if you are male so the mother or wife is trusted person in the life. i am positive about sharing because if you share so this currency is useable for the future if you do not share so everything is unusable.
Knowing that people can die at any time, we often do not inadvertently share wallet passwords randomly or with anyone else. Which is not profitable at all for the family. So we should all explain the passwords to someone in our family, which I have already done.
i think the best option is to ensure everyone in the family especially the grown up once understand cryptocurrency transaction so that when you are no more on earth and if they find your seed phrase they will know what's obtainable to do concerning the private key per say. From my own view a seed phrase is not supposed to been reviewed to anyone in the family but documents it or filed it when you are no more they will see it through your documents. 
I didn't give my wallet keys directly to anyone in my family. But I wrote the key to my wallet on a note and kept it in a secret place. And I have told my family members, especially my wife, to look at that note after my death. And I didn’t mention what’s out there! But I told him there was a treasure there he he
Actually yes, my core family knows about my job and where I save the data about cryptocurrency although they may not exactly understand about this.
I have no wonder or worries about this because I love them and I trust them so much. We are living together and sharing together, so it is not matter if they also know about this.
But as other members here said also that trust only people that you can exactly trust, not other people who may cheat you from the back.
Maybe he has some problems with this.
But if this is about the condition that as he said about his family (know nothing about crypto), I agree with you that he may also at least tell the family about it in common. So, if something happens, at least he can leave something good for his family.
But once more, this will depend on what kind of family he is in.
I have no wonder or worries about this because I love them and I trust them so much. We are living together and sharing together, so it is not matter if they also know about this.
But as other members here said also that trust only people that you can exactly trust, not other people who may cheat you from the back.
I would disagree on this part because there seems to be some trust issues on your part as comparison of family members can't be done with strangers you met on bus stop.You can give lessons to your any family member like how to use wallets and what are seed phrases so in case they need it they can easily use it.
Normally yes, but once more, this will also depend on what kind of family he has, maybe he has some certain issues that make him not trust his family.Maybe he has some problems with this.
But if this is about the condition that as he said about his family (know nothing about crypto), I agree with you that he may also at least tell the family about it in common. So, if something happens, at least he can leave something good for his family.
But once more, this will depend on what kind of family he is in.
I wouldn't share my key to to anyone in my family, almost the whole of my family members are into crypto so they know what it means. To me I don't even think it safe to share it to anyone, it meant fo you alone. I know your funds will be of no use when you dead but is safer lose your funds when u dead than losing it When you alive.
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?
I once shared my seed phrases for my wallets, but I switch to another wallet, since then I still wasn't able to give the new phrases on my closest member of the family. But in the case of death, I guess, we could use different kind of storages in which our seed phrases, passwords, etc. are there. They could also be somehow encrypted which your family knows how to decrypt it (just for the sake of extra security).
I live with family members who are not interested in crypto at all, and consider it something very risky.
Because of that, it is very difficult for me to share something with them and it will take more time for that.
Still, they know where I keep my ledger and where the basic information is written.
If something happens to me, they also know a few of my friends who are in the crypto industry, and who will be able to help them access my crypto assets.
I can't do better than that right now
Because of that, it is very difficult for me to share something with them and it will take more time for that.
Still, they know where I keep my ledger and where the basic information is written.
If something happens to me, they also know a few of my friends who are in the crypto industry, and who will be able to help them access my crypto assets.
I can't do better than that right now
If you want someone to have access to your bitcoin after your death, you can use locktime feature.
With locktime, you can make a transaction which will be valid after a certain time and can't be broadcast to the network before that.
Read the guide created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
The truth is that no one knows what tomorrow holds or when they're likely to die. Except in the case of terminal illness getting the better of them which also allows them time to put certain things in order before their passing, a lot of people have died impromptu. In a case like that, of impromptu death, how would the person know what to do and what address to send to, especially if those to bequeath it to don't know jack about Bitcoin?With locktime, you can make a transaction which will be valid after a certain time and can't be broadcast to the network before that.
Read the guide created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
It's best to confide in a spouse for married folks. If one is married and believes working or hodling Bitcoin (or any alts), is for the betterment of a family, I think it's in order to let the spouse know how to recover passphrases or private keys in the case of an inventuality of death or incapacitation.
Replying to this thread might not be in the spirit of OpSec, and sharing your keys might not be in the spirit of BTC.
The decision to share your keys with anybody is a catastrophic risk, but deciding not to have a contingency plan for a worst case scenario is also a catastrophic risk.
It would come down to your temperament and particular situation.
Our beautiful technology can only solve most of our problems, not all of them.
The decision to share your keys with anybody is a catastrophic risk, but deciding not to have a contingency plan for a worst case scenario is also a catastrophic risk.
It would come down to your temperament and particular situation.
Our beautiful technology can only solve most of our problems, not all of them.
Yes, I am actually planning to put it in a clear book together with my other documents.
My uncle passed away 2 years ago and when his wife went through his things, they just found out that he kept a savings account for them.
We're not sure what else he kept but it's really important to put them together in one place.
My uncle passed away 2 years ago and when his wife went through his things, they just found out that he kept a savings account for them.
We're not sure what else he kept but it's really important to put them together in one place.
You don't have to make your private key known to each of your family member, even your wife or husband that's part of your body through marriage union don't have to it, because if anyone knows your keys, it's very obvious that your coins is not scured, but let them know the save where private key is been kept but let it be under your jurisdiction because of death, so that if death occur they can be able to have easy access to it.
Yes, I already did it but they have no idea what I've just said. What I've told them is that "these words are your money whenever I pass away".
And that's it.
The next thing for them to do is to learn how to they're going to import the private keys that I've written word per word and I've also said to them that they shouldn't share it to anyone but only to our own family, we live in the same house.
And that's it.
The next thing for them to do is to learn how to they're going to import the private keys that I've written word per word and I've also said to them that they shouldn't share it to anyone but only to our own family, we live in the same house.
That's kind of the point I was trying to make. I often hear the same as you. My wife doesn't know where my seed is because she might rob me and I don't trust her. Why is she your wife? You live in the same home, she can rob that too. She cooks for you and the kids, she can poison you. Many married couples have joint bank accounts. Adding Bitcoin to the equation shouldn't change anything.
Absolutely true remark, if you cannot trust the person with whom you live and sleep in the same bed, then why live with such a person? If something happens to me, then the wife must know where the seed is stored so that she has the opportunity to receive these funds. If a family has separate budgets, then it is no longer a family in my understanding, it is a kind of union of two distant people. 
Knowing that people can die at any time, we often do not inadvertently share wallet passwords randomly or with anyone else. Which is not profitable at all for the family. So we should all explain the passwords to someone in our family, which I have already done.
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.
Does that mean you dont mind not making a provision for turnover to your family even if the worst happened everyone should struggle for a survival or you don't trust them even in benefiting from you.
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.
Then it is never too late to start a role in making them understand, if you really see the need for bitcoin globalization and acceptability through your impact then i think it start from the comfort of your home
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?
Crypto assets can be inherited, you can make a will and only they can open it at the right time but never share your private keys to any of your family when it's not yet time, not because you don't trust them but they might spill it to other people, you can create a will where they need to learn more about Cryptocurrency before they can inherit but as long as you are alive you should be the only one to know your private key. While certain level of caution is always good, people here are often too paranoid and not even willing to let their wives know about Bitcoin/seed phrases etc. If I couldn't trust my wife with something like that, I would seriously think about my own judgement and who I married.
That's kind of the point I was trying to make. I often hear the same as you. My wife doesn't know where my seed is because she might rob me and I don't trust her. Why is she your wife? You live in the same home, she can rob that too. She cooks for you and the kids, she can poison you. Many married couples have joint bank accounts. Adding Bitcoin to the equation shouldn't change anything. 
So it is idea to share your passphrase with a trusted family members, but not the amount in it (Be wise) because some of them can kill you just because of your own money.
I feel you are confusing passphrase with seed phrase. Seed phrase: A series of words (usually 12 or 24 words)
Passphrase: A word which is added to your seed phrase for more security
Also, anyone who has access to your seed phrase can easily import it to a wallet and know the amount of bitcoin you have. They don't need you to tell them the balance.
I have told my family members already about the funds I am holding and they also are familiar about it's usage so it's not a problem for me but the seed phrase have been stored safely with backup at some places out of which one is known to them but the key always remain with me to that storage.In the time they can use those funds in a way they find suitable.
But the thing is you keep them safe in much better way so the backup of the seed is never in wrong hands like if you don't have anyone to trust then keep the secret buried in your heart.
Your lost coins will make others more expensive so keep this in mind.
Life is totally unpredictable so it's better not to burn your coins and tell any of your family members about it so if you are not able to use it they can for their betterment.
But the thing is you keep them safe in much better way so the backup of the seed is never in wrong hands like if you don't have anyone to trust then keep the secret buried in your heart.
Your lost coins will make others more expensive so keep this in mind.
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.
I would disagree on this part because there seems to be some trust issues on your part as comparison of family members can't be done with strangers you met on bus stop.You can give lessons to your any family member like how to use wallets and what are seed phrases so in case they need it they can easily use it.Life is totally unpredictable so it's better not to burn your coins and tell any of your family members about it so if you are not able to use it they can for their betterment.
With that being said, I shared my keys with two trusted family members that live separately, which is also something to think about as you don't wanna keep all your keys in the same place as bad stuff like fire can always happen.
That's an interesting point.
Even being people who are less likely to not be with us at the same time. Because a car accident can happen, for example, and the probability of being with our wife / husband is greater than being with a certain trusted friend.
I think we should always think of all scenarios, and try to look for the best options available. Furthermore, if something happens to the person we initially trusted with the data, we can always switch the coins to another wallet.
This has made many well to do families who were living very ok in the city pack to the village after the death of a sole benefactor.
So it is actually a good question that needs urgent answer that should be a headline on our major crypto news papers or website.
It is one big mistake many people have made and some are still yet to make in the future, all because of ignorance, and that's why I thank God for forums like "bitcointalk dot org" where we are giving the opportunity to discuss issues like this which is affecting we the crypto lovers both online and the physical..
So it is idea to share your passphrase with a trusted family members, but not the amount in it (Be wise) because some of them can kill you just because of your own money.
So in whatever thing we are doing, we just have to put common sense. Thanks
So it is actually a good question that needs urgent answer that should be a headline on our major crypto news papers or website.
It is one big mistake many people have made and some are still yet to make in the future, all because of ignorance, and that's why I thank God for forums like "bitcointalk dot org" where we are giving the opportunity to discuss issues like this which is affecting we the crypto lovers both online and the physical..
So it is idea to share your passphrase with a trusted family members, but not the amount in it (Be wise) because some of them can kill you just because of your own money.
So in whatever thing we are doing, we just have to put common sense. Thanks
It's your family, if you don't trust them, who do you trust, and why would a person have one if that's the case? Your family can hurt you with or without Bitcoin.
I think that it's important to differentiate trusted persons and family members as those two things are not necessarily the same. While you can chose your wife, you can't chose the family you are born into and unfortunately some people are born into shitty ones where you can't trust anyone with your money.If you think that way, you are in danger of being stabbed, poisoned, robbed and strangled all the time.
While certain level of caution is always good, people here are often too paranoid and not even willing to let their wives know about Bitcoin/seed phrases etc. If I couldn't trust my wife with something like that, I would seriously think about my own judgement and who I married. With that being said, I shared my keys with two trusted family members that live separately, which is also something to think about as you don't wanna keep all your keys in the same place as bad stuff like fire can always happen.
1. Encrypt each words of seed pharse and split each words in multiples locations.
That's too dangerous. Especially if we are talking about only one copy per split. Losing one of the parts is equal to losing all of them. Bruteforcing 8-9 words is still considered close to impossible with today's hardware. Some of the most popular Bitcoin advocates like Andreas Antonopoulos have said many times that people should not create their own security models. It's better to use working systems instead of overdoing it. ...perhaps an average human only live 100 years, so you can create a transactions to your son's address on specific times.
Compared to the above-average humans who live 120-130 years? 
I don't think so. 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.
They don't need to have the necessary keys on hand, but they should know how to get them if something happens to you. It's your family, if you don't trust them, who do you trust, and why would a person have one if that's the case? Your family can hurt you with or without Bitcoin. If you think that way, you are in danger of being stabbed, poisoned, robbed and strangled all the time. 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.
... 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.
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.
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.
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
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.
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.
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.
legendary
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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.
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.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.
I trust and love my family so everything I own my family knows 
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.
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.
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.
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.They don't know each other
[1]. https://github.com/satoshilabs/slips/blob/master/slip-0039.md
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
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.
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.
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.
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.
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.
~
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. Hopefully it will be just a straightforward explanation for them.
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.
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. The younger brother didn't study much and don't understand at all but still struggling to teach him. So I always maintain a notebook to record all of my wallet and exchange credentials. In case of leave, they would find it and contact the person who could help them to recover my funds. Of course, I wrote the contact number to whom should contact. Also, I trust someone out of my family that he will recover my funds for my family. That's how I have been managing my credentials.
These days, trust is a big challenge in society and that's what Bitcoin has eliminated. However, I trust my mum with my recovery seed only for now, until I marry and even at that, we have to have kids together for me to entrust my hodl in her care.
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.
Why don’t?
Well, it's all about trust. I trust my family members. I don't have problem with sharing my passphrase with all the family members as I know it will be safe and secure with them.
However, I haven’t shared with anyone other than my wife. My wife knows where have my passphrase stored, how to use that and everything someone should know for using a hardware wallet to selling the asset.
Otherwise, my savings may someday get lost. I'm saving for myself, for my family of course.
Well, it's all about trust. I trust my family members. I don't have problem with sharing my passphrase with all the family members as I know it will be safe and secure with them.
However, I haven’t shared with anyone other than my wife. My wife knows where have my passphrase stored, how to use that and everything someone should know for using a hardware wallet to selling the asset.
Otherwise, my savings may someday get lost. I'm saving for myself, for my family of course.
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.
Sharing the private key is tantamount to risking trust in the honesty of not secretly accessing the wallet and the ability to keep the private key safe (not making another backup elsewhere). So far I have not shared any access to my family including my wife even though she actually knows how it works.
I just stick to the principle, "your keys, your coins"
I just stick to the principle, "your keys, your coins"
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?
This is one of those issues where it gets frequently brought up due to the privacy of BTC addresses and wallets.
Based from my experience alone, I told my brother the password to my wallets and exchanges in the event that an unfortunate scenario happens unexpectedly. Just like any investment, you must always have a contingence plan in the event of accidents, etc.
By providing your private key to at least your most trusted family member/s, it adds an extra layer of security on both you and your family especially if you have BTCs involving large amounts of sum.
I think sharing your private key with your family is a great idea, because if nobody knows about your wallet private key and you die your funds are gone and your family members might really need it, so is better you have someone you really trust to give your private key.
I saw a post few weeks ago about a son that killed his father just to steal his father's bitcoin, so we steal have to be very careful with the family member we are sharing our private key with.
I saw a post few weeks ago about a son that killed his father just to steal his father's bitcoin, so we steal have to be very careful with the family member we are sharing our private key with.
Did you already share your key to your family?
I wouldn't advice this exactly to anyone, regardless of a person being called family, it doesn't eliminate them from the possibilities of what could happen. We have heard cases formerly of family members killing another family member directly or indirectly for fiat that they discovered a person owned. Who is to say that such a situation cannot happen in crypto as well, that is - You making the mistake to just give away your keys to someone you call family knowing fully well that there's a huge sum of crypto therein. You can never can tell what life situations will turn that your family member into should you think you know them so well and can trust them.Telling your family members especially the ones who are tech savvy and maybe into crypto as well that you are into cryptocurrency is enough, you don't need to divulge your keys just yet. They will be aware in the case of a situation like death that there is something called "keys", the next thing for them will be how to get your keys, which you may have included in your will, or written somewhere they know you keep private things like a notepad. Someone with information on crypto, and who knows exactly what they are looking for can find the "keys" written down properly in a stockpile of notepads.
3 part of private keys, and gave them to different people.
They don't know each other
They don't know each other
Giving more people copies of your private keys creates several points of error, where the safety of your assets does not depend on you as anyone of them could be careless with it.
You can inform them (them being anyone you trust enough and you want to inherit your wealth) of where you stored a copy of your seedphrase or where you stashed up your hardware wallet. You should also teach them how to use it safely and properly.
Locktime transactions could work, but it would require monitoring as you would need to change the raw transaction from time to time and inform them of the new one.
You can inform them (them being anyone you trust enough and you want to inherit your wealth) of where you stored a copy of your seedphrase or where you stashed up your hardware wallet. You should also teach them how to use it safely and properly.
Locktime transactions could work, but it would require monitoring as you would need to change the raw transaction from time to time and inform them of the new one.
Yes I bequeath to the family I trust and you can pass it on to your closest family (who you trust) with information about the private key and who will be the heirs of the crypto assets before you die.
In the letter of inheritance, you can write down all the instructions in detail and specifically. Also write down the complete combination of letters and numbers for your private and public key. Last but not least, it is important to make sure that only the heirs can access this information.
In the letter of inheritance, you can write down all the instructions in detail and specifically. Also write down the complete combination of letters and numbers for your private and public key. Last but not least, it is important to make sure that only the heirs can access this information.
There are some steps you can take. Note some examples:
- Keep the recovery phrase in a safe, at home or in a bank. It is generally a difficult place for thieves to access. But at the same time, it can make it possible for trusted people to access it, in case we have an accident.
- Split the sentence into several files, trusted people. Since only you know the sequence, it becomes very difficult to find it or take a long time for it to happen. Also, if the people who have part of the recovery phrase don't know or know who has the other parts, it becomes even more difficult to be able to gather that information effectively. Then someone you trust should know the sequence and who has the key parts.
- Keep the recovery phrase in a safe, at home or in a bank. It is generally a difficult place for thieves to access. But at the same time, it can make it possible for trusted people to access it, in case we have an accident.
- Split the sentence into several files, trusted people. Since only you know the sequence, it becomes very difficult to find it or take a long time for it to happen. Also, if the people who have part of the recovery phrase don't know or know who has the other parts, it becomes even more difficult to be able to gather that information effectively. Then someone you trust should know the sequence and who has the key parts.
Yes, I have shared my keys with my family but not the keys to my main wallet, so I will give them later when they open my will when I am dead.
Are the private keys in your will?
Who has access to that will?
If anyone else has access to that will thats a compromise in security. I would like
to know how exactly you went about this?
I have a copy of my Brothers private keys and likewise he has mine. It is a matter of
trust which should normally lie within a family.
The other side is when you pass away the biggest gift you can give to the community
and the Bitcoin network is to leave the coins unclaimed, as Satoshi did.
Yes, I have shared my keys with my family but not the keys to my main wallet, so I will give them later when they open my will when I am dead. You can prepare as I did, and you can also give away the keys to your wallet from now on as you teach your family about crypto and how to use it. It will be more beneficial for your family because they will surely learn a lot from you and can figure it out on their own. Teaching them how to secure their wallets is very important, especially if they are new to crypto, because once they search for more information, they are bound to run into various kinds of problems. And if you've given them a basic lesson in crypto, at least they'll know how to deal with it.
If you want someone to have access to your bitcoin after your death, you can use locktime feature.
With locktime, you can make a transaction which will be valid after a certain time and can't be broadcast to the network before that.
Read the guide created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
With locktime, you can make a transaction which will be valid after a certain time and can't be broadcast to the network before that.
Read the guide created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
legendary
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What's the benefits if after securing a financial freedom for yourself your family doesn't have the privilege to enjoy it after you pass away just because of you been too secure and not trusting those you call your family. Getting your family involved in the space should be a necessity. It could be your kids wife or siblings (if you aren't married yet) but atleast teach someone all you know so incase death was to call, you have someone who takes over.
You can either use a will or give that information directly to any of them you trust. Personally I have introduced some of my family member into the space and given directions on how to access some of my cryptocurrency investment, Incase something unpleasant was to occur to me. If you haven't done that yet, you should try it as it gives another sense of satisfaction knowing your family can access your assets when you're gone.
You can either use a will or give that information directly to any of them you trust. Personally I have introduced some of my family member into the space and given directions on how to access some of my cryptocurrency investment, Incase something unpleasant was to occur to me. If you haven't done that yet, you should try it as it gives another sense of satisfaction knowing your family can access your assets when you're gone.
My family knows where to find my recovery phrases and other pieces of information to recover all my coins, but they don't have a copy of anything in their hands. There is no reason for them to have copies of the seeds for cold storage. They know what they have to do and where to look for the essentials for recovery if one day I don't come back home. That's it. 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.
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Why don’t?
Well, it's all about trust. I trust my family members. I don't have problem with sharing my passphrase with all the family members as I know it will be safe and secure with them.
However, I haven’t shared with anyone other than my wife. My wife knows where have my passphrase stored, how to use that and everything someone should know for using a hardware wallet to selling the asset.
Otherwise, my savings may someday get lost. I'm saving for myself, for my family of course.
Well, it's all about trust. I trust my family members. I don't have problem with sharing my passphrase with all the family members as I know it will be safe and secure with them.
However, I haven’t shared with anyone other than my wife. My wife knows where have my passphrase stored, how to use that and everything someone should know for using a hardware wallet to selling the asset.
Otherwise, my savings may someday get lost. I'm saving for myself, for my family of course.
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?
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