If you want someone you love will get the fortune in bitcoin when you pass by, please make your preparation with information about private keys, mnemonic seeds for them. And links as well as basic guides to use bitcoin wallets, make transactions and basic trainings for that person.
The person is the one who won't steal your bitcoin when you are living. Your training is to help that person won't be scammed by the others after your dealth.
Topic: Die testate with your Bitcoin. Death is inevitable - page 2. (Read 429 times)
I agree, death is inevitable and all of us will face the day. But it doesn’t mean your hard works when you were living will come to waste. You surely cannot bring your stuff when you die, but you can leave it to your next generation's genes and that’s already rewarding enough.
A firm with a very good reputation that can provide insurance using Bitcoin would be a very good idea. Not just that, if they can also provide services like being the security for your Bitcoins, that’s a bonus.
A firm with a very good reputation that can provide insurance using Bitcoin would be a very good idea. Not just that, if they can also provide services like being the security for your Bitcoins, that’s a bonus.
It's disappointing because sometimes people we trust can be greedy even when we least expect it. Money can trigger a lot of things in people.
I feel sorry for those people who can talk about their loved ones in such a way that suddenly relatives and friends can become greedy and so on. I know that I myself will never do this, so why would I think badly about people who are dear to me? Mistrust is probably our problem. Honestly, I don't want to inherit from someone who once doubted me. . I read previous threads about what will happen to our coins in case of death. My opinion is that if there is that close person next to you, he should know where and how he can get your funds. Well, if there are no such people if there is no one to whom you can trust, why bother about it at all?
Yeah, death is inevitable... Sad, but true. I remember there was some similar topics in past already. I thought about it several times. Well, If I would die tomorrow, it's most likely that my Bitcoins would be lost forever. I'm still young and I'm not planning to die soon. But what if...? You know, everything can happen, car accident, plane crash, hearth attack and etc. So, I think it's worth to consider what will happen if such case. I don't want that my Bitcoins would be lost forever. It's significant amount of money which would help to my family member seriously.
Probably I'm not going to make things complicated. I keep most of my crypto in hardware wallet. So, I need to make instruction how to take coins from it and where they can find PIN code of it. But what if this information will appear in bad hands?
Probably I'm not going to make things complicated. I keep most of my crypto in hardware wallet. So, I need to make instruction how to take coins from it and where they can find PIN code of it. But what if this information will appear in bad hands?
You are not the only who's unprepared. I guess many of us are really unprepared. If I, too, would die tomorrow, most of my crypto funds might be lost forever. It is ironic to think that in our effort to protect our funds for the sake of our future, needs, family, and so on, we end up depriving them of it. We've got layers and layers of security to the point that, at times, even ourselves are deprived access to our various accounts.
I guess I'd just write down all my passwords, PINs, seeds, and the like on a piece of paper, make a few copies, and keep them somewhere hoping that if I leave them at the most unexpected time, they'd find it and make use of it.
Yeah, death is inevitable... Sad, but true. I remember there was some similar topics in past already. I thought about it several times. Well, If I would die tomorrow, it's most likely that my Bitcoins would be lost forever. I'm still young and I'm not planning to die soon. But what if...? You know, everything can happen, car accident, plane crash, hearth attack and etc. So, I think it's worth to consider what will happen if such case. I don't want that my Bitcoins would be lost forever. It's significant amount of money which would help to my family member seriously.
Probably I'm not going to make things complicated. I keep most of my crypto in hardware wallet. So, I need to make instruction how to take coins from it and where they can find PIN code of it. But what if this information will appear in bad hands?
Probably I'm not going to make things complicated. I keep most of my crypto in hardware wallet. So, I need to make instruction how to take coins from it and where they can find PIN code of it. But what if this information will appear in bad hands?
However, there are trustless ways to pass bitcoin in to your heirs, such as a timelocked transaction. I set it for a year in the future and give it to my heir. If I'm still alive in 11 months, I invalidate it by moving one of the inputs and then replace it with a new timelocked transaction.
I feel this option is better than informing and giving the supposed heir the encrypted seed phrase when the bequeather is still alive. It's a safer option.
It's disappointing because sometimes people we trust can be greedy even when we least expect it. Money can trigger a lot of things in people.
It's not just as easy as that, there are various risk concerns involved in Bitcoin, it's different from other forms of physical assets were you can just draw up a will and after your demise, with the help of a lawyer, your beneficiaries can claim what you left them, in the case of Bitcoin, for that to be possible, you must give up your seed phrase, which is pretty difficult to do, as just with a misuse or a careless act with that 12 or 24 seed phrase, your funds could be imported by another and lost for good.
If you are keen to have a lawyer or your will involved, then there are safe ways to do this. You can encrypt your seed phrase, give the encrypted seed phrase to your heir, and give the long and random decryption key to your lawyer to be revealed in your will when you die (or vice versa). You could set up a 2-of-2 multisig with one key in your will and the other key stored by a family member.However, there are trustless ways to pass bitcoin in to your heirs, such as a timelocked transaction. I set it for a year in the future and give it to my heir. If I'm still alive in 11 months, I invalidate it by moving one of the inputs and then replace it with a new timelocked transaction.
If someone wants to read though people’s testimonials on what would happen in case of an abrupt fate, there are these two threads full of them:
What happens to my bitcoin if I die today?
Halloween inspired poll –would your Bitcoins get passed on if you suddenly died?
Many of us think that it’s all under control through one means or another, but the key exercise is to perform a simulated drill every now and then, emulating the scenario of turning dust to dust abruptly, and seeing if the intended plan is effectively drawn, understood and bears the confidence sign of it being carried out by the inheritors.
What happens to my bitcoin if I die today?
Halloween inspired poll –would your Bitcoins get passed on if you suddenly died?
Many of us think that it’s all under control through one means or another, but the key exercise is to perform a simulated drill every now and then, emulating the scenario of turning dust to dust abruptly, and seeing if the intended plan is effectively drawn, understood and bears the confidence sign of it being carried out by the inheritors.
I have simply been saying the need to make our will on beneficiary(ies) of our coins.
It's not just as easy as that, there are various risk concerns involved in Bitcoin, it's different from other forms of physical assets were you can just draw up a will and after your demise, with the help of a lawyer, your beneficiaries can claim what you left them, in the case of Bitcoin, for that to be possible, you must give up your seed phrase, which is pretty difficult to do, as just with a misuse or a careless act with that 12 or 24 seed phrase, your funds could be imported by another and lost for good.Thus having said that, it's pretty difficult for people to disclose the 'key' to their wallets/crypto funds, except to one or two very trusted persons; ignorance is another reason why you don't get many people having beneficiaries to their funds, the one whom you can trust with your seed phrase may actually not be knowledgeable on the network, thus you run the risk of even losing your funds before you lose your life if they have access to your stash, that's why it's also pertinent to teach whoever you plan on making your crypto beneficiary one or two things about security on the network, so they don't lose the funds before or after you're even gone.
You are right, we need to have all ways possible to secure our coins in ways our hire can inherit it, some coins have been lost even before someone even pass away, all this needs to be addressed. We should make sure we secure our bitcoin into complete safety, teach or children all about bitcoin so that they will know ways to to recover the coins when someone is gone.
If not bothered for hire to know the value of bitcoin stored, multisig wallet is better, creating M of N wallet.
But some people may not like their hire to know about it, sharmir secret sharing will be better.
Also is a time locked ways of protecting the coin until the moment owner is unable to do usual things that will let the coins to remain in his wallet like per year, if such not done, then the coin will be release into a particular address.
But I prefer multisig or sharmir secret sharing. If the hires know what they are doing, they will be able to recover all the bitcoin back easily.
If not bothered for hire to know the value of bitcoin stored, multisig wallet is better, creating M of N wallet.
But some people may not like their hire to know about it, sharmir secret sharing will be better.
Also is a time locked ways of protecting the coin until the moment owner is unable to do usual things that will let the coins to remain in his wallet like per year, if such not done, then the coin will be release into a particular address.
But I prefer multisig or sharmir secret sharing. If the hires know what they are doing, they will be able to recover all the bitcoin back easily.
I guess not many people want to talk of death but we need to understand that it is inevitable to a living being including you. The word death is two edged sword, that is, it can touches the speaker and listener or reader. So desist from panicking at the instance of hearing death 
Just do what you need to do
The word death on the thread topic may have sent shivers down some people's spine but don't allow your coins add up to the lost coins. You sure know that some wallets today have lots of bitcoin that are regarded as lost because of no activity or transactions on them for longtime, maybe due to lost passwords or death. You want that to happen to your hard earned coins ?
So if we don't want that kind of experience that when you are no more on the earth, the people behind and your loved ones can go on enjoying your labour dying testate is making a will lol.
I have simply been saying the need to make our will on beneficiary(ies) of our coins. Cryptocurrency isn't just a push over because it has come to stay like other commodities. The volumes and marketcap keep rising, showing adoption, acceptability.
Remember bitcoin didn't just become $62k today but grew from very small satoshi , and just that way many altcoins will become very big in our life time and after we are gone. Therefore, secure your coins, inform your next of kin about it. You can write a will and die testate with your coins
Just do what you need to doThe word death on the thread topic may have sent shivers down some people's spine but don't allow your coins add up to the lost coins. You sure know that some wallets today have lots of bitcoin that are regarded as lost because of no activity or transactions on them for longtime, maybe due to lost passwords or death. You want that to happen to your hard earned coins ?
So if we don't want that kind of experience that when you are no more on the earth, the people behind and your loved ones can go on enjoying your labour dying testate is making a will lol.
I have simply been saying the need to make our will on beneficiary(ies) of our coins. Cryptocurrency isn't just a push over because it has come to stay like other commodities. The volumes and marketcap keep rising, showing adoption, acceptability.
Remember bitcoin didn't just become $62k today but grew from very small satoshi , and just that way many altcoins will become very big in our life time and after we are gone. Therefore, secure your coins, inform your next of kin about it. You can write a will and die testate with your coins
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