How bitcoin inheritance can be achieved.

iMark

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Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

1. maybe you have to explain this to a third party or your child directly that your inheritance will come and you wil receive it in the next 10 years. this is a good idea.

2. I'm afraid the exchange site being a scam, I will avoid this method
many exchanges doesnt last for a long time

3. I am afraid my child will not understand what I have saved, if I just leave my computer just like that.

4. Too risky if someone breaks into it.

This is an interesting article, honestly I didn't think of this because I was very young. Cheesy

and the mainstream way is using fiat money, gold, real estate for inheritance. and most people still use third parties such as notaries to share the inheritance of their parents

aioc

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Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

All of these are kinda unique the normal is you create writing or a video so your inheritor can acquire it as easily as possible, but I'll take option number 3 provided that my inheritor will first learn what cryptocurrency are all about and educate himself first, before he inherited my computer and work on retrieving all my coins.

law555

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One benefit of this would be to skip the probate process, even though you can already do this through a trust. Another benefit (probably illegal), is that you get your money instantly and don't have to pay taxes on your inheritance.

This topic is a very interesting one and has many interesting legal implications.

Mahanton

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Quote from: coin-investor on April 26, 2019, 10:50:58 AM

Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

If your inheritor is just a newbie, he could lose everything, you've given him, give him comprehensive instructions on how to recover your coins and own it, don't make it hard for your inheritor, don't let your coins get lost because your inheritor doesn't know what to do.

It would really be always ideal to teach them even on the most basic ones like importing private keys on a certain wallet and access those locked funds.It does really need some knowledge because if they mess up
then those coins will be put up to waste or useless.

coin-investor

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Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

If your inheritor is just a newbie, he could lose everything, you've given him, give him comprehensive instructions on how to recover your coins and own it, don't make it hard for your inheritor, don't let your coins get lost because your inheritor doesn't know what to do.

dunfida

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Quote from: maxreish on April 22, 2019, 11:53:31 PM

Been thinking a while how could I inherit my bitcoin to my daughter and you gave me such an ideas on how to make that happen. Though I was not sure that leaving it in an exchange may complicate things and will not make it secure.

What if, I incorporate some microchip implant in my body like this man. Consisting some private keys and passwords. I think this will gonna be more convenient and more secured.

Convenient and more secured? Dont be too confident because if someone would able to know that you are hiding something valuable on your body then someone with $5
wrench would be just enough to extract that inplant out of your body in no time but well this would be on rare case thats why its not totally secured.
You can tell out your family about that stuff incase you die that you have implanted something.

chaoscoinz

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Quote from: elda34b on February 05, 2019, 11:53:28 PM

Make a multi-sig (2-3), one key for you, one key for your wife/husband, and one key for your child. If you died, your spouse and your child can move or use the funds. Not the best idea but it should work if you have a family and you can trust them.

This is pretty resourceful information. Someone needs to make a Bitcoin cookbook, or survival guide outlining and detailing all potential and necessary steps that one could take in order to invest, live off of everyday, grow, and even how to secure generaltional wealth with just BTC.
I have a strong feeling that in the future, some societies will be almost cashless. A world where just about everything is recorded on a ledger, whether private, or public. Exciting times to be in, it feels like we're at the cusp of the future of finance. Blockchain tech is starting to spread like wildfire.

judeafante

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Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

All the three are a good option, the only bad one is keeping it on an exchange because there is no guaranty keeping your coin in exchange, don't make it hard for your inheritor to get your coin they deserve it, we are all working for those who we are going to leave when we go away.

coin-investor

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Leading Crypto Sports Betting & Casino Platform

Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

You must make it as easy as possible for your inheritor to get their inheritance and the easiest way that you offer is option number one, option number two is very risky because we can never guaranty the security of the exchange where you left it, there is also a risk involved in option number 3 and four.

smyslov

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Quote from: jackg on February 05, 2019, 03:17:23 PM

I've been thinking about inheritance and I've thought of a few options for this but I'm wondering if there's anything better:

1. (my favourite) make a transaction for a block approximately 10 years in the future from my current bitcoin address and sign it leaving the rawtx hash, a qr code and an address and private key in plain text that will be funded at that block height.
2. Send it to an exchange (OK not a great plan but not the worst either) custody of the funds on a ln exchange will be awarded to those who inherit the email account and other information...
3. Leave my computer as it is and see if people can work out what I've done (though it includes some fairly complex multisig that will turn it into a bit of a treasure hunt).
4. Buy physical bitcoin every so often and use that to store the coins instead but the mini private keys might not be too secure.

Anyone else got any ideas?

Everything else is ok except point number two, it's always been advised to never leave any coin to any exchange, however good the exchange is,
why to make it hard for your inheritor, just create a video and vault and where you can store all your private keys, and hire a lawyer that will give this to your inheritor when they reach age or have done something that you want them to do.

magneto

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You never want to have anyone else but yourself have custody over the coins, especially over such a long period of time. The counter party risks would be simply too high. So I'd rule out the exchange/custodial option altogether.

In terms of physical bitcoins, it could be possible, but you'd need to be extremely careful with which physical bitcoin provider you go with since it's not perfectly trustless even with tamper evident seals.

I'd agree with squatter though, using nlocktime seems to be the best option and probably the most trustless as well, given that you are always in control of your funds through your private keys and you can terminate the transaction whenever you want. Though, the downside would be that you'd have to keep the coins intact in order for it to actually work, and you don't have a lot of flexibility with whatever you put into that transaction with the time lock without voiding the transaction, like investing in assets and stuff like that. Perhaps you don't even need to, but it does depend on your objectives.

maxreish

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Been thinking a while how could I inherit my bitcoin to my daughter and you gave me such an ideas on how to make that happen. Though I was not sure that leaving it in an exchange may complicate things and will not make it secure.

What if, I incorporate some microchip implant in my body like this man. Consisting some private keys and passwords. I think this will gonna be more convenient and more secured.

reda

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Quote from: gantez on March 07, 2019, 12:14:06 PM

I don't support the exchange inheritance pattern. Sending coins is dangerous even in the present and the future is unpredictable. In ten years to come, some highly patronised exchanges today might not be that good to invest in while some already existing exchanges today are shit exchange.

As my knowledge few exchanges having inheritance system to get the high returns from it. If I am right I have heard some Russian exchanges went to high loss and they were following such system that time.
I hope there is no one invested towards and make their money on dumpyard.

gantez

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I don't support the exchange inheritance pattern. Sending coins is dangerous even in the present and the future is unpredictable. In ten years to come, some highly patronised exchanges today might not be that good to invest in while some already existing exchanges today are shit exchange.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: orions.belt19 on February 19, 2019, 08:44:23 PM

Quote from: palle11 on February 18, 2019, 11:12:16 AM

Quote from: Jet Cash on February 05, 2019, 03:26:01 PM

Why do you need an exchange? Just create a wallet, and leave the transactions in an address on the blockchain. You can then dump the wallet, as long as you keep the keys and other info to recreate it.

It is as simple as that. That is one of the easiest means and simple too. I would however add that securing passphrase and securities explicitly on a note book and also saving in email.

You have to be cautious of saving security codes in a notebook or your email because there's the possibility of getting it compromised. Email accounts are susceptible to hacks, so I suggest to hide your codes. Hackers are pretty ingenious these days and passwords can be easily retrieved. You could probably hide it in a plain message so it won't be obvious, or better yet get a password lock app which you will carry over to those who will acquire your inheritance.

Email is a flawed system unless only you own the email and then theres an issue of its greater mortality.

Also while 2fa may seem like a good idea (I guess that's what you're fererring to) I know people to have got stumped on that page before...

orions.belt19

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Quote from: palle11 on February 18, 2019, 11:12:16 AM

Quote from: Jet Cash on February 05, 2019, 03:26:01 PM

Why do you need an exchange? Just create a wallet, and leave the transactions in an address on the blockchain. You can then dump the wallet, as long as you keep the keys and other info to recreate it.

It is as simple as that. That is one of the easiest means and simple too. I would however add that securing passphrase and securities explicitly on a note book and also saving in email.

You have to be cautious of saving security codes in a notebook or your email because there's the possibility of getting it compromised. Email accounts are susceptible to hacks, so I suggest to hide your codes. Hackers are pretty ingenious these days and passwords can be easily retrieved. You could probably hide it in a plain message so it won't be obvious, or better yet get a password lock app which you will carry over to those who will acquire your inheritance.

squatter

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STOP SNITCHIN'

Quote from: jackg on February 19, 2019, 01:24:50 PM

Quote from: palle11 on February 18, 2019, 11:33:17 AM

Quote from: jackg on February 05, 2019, 03:35:21 PM

One of the seeds is in my head only... Only

lol...funny.
Have you heard of dementia Huh

In case you have not, it is a disease that affects the brain , usually associated with old age.
Again, there are some illness that can make you lose your acuity, memory loss etc.

You sure won't be happy that your coins were lost into tin air just because you didn't save your passphrase in a hardware

I will because nothing else has access to it and I'm not very old.

Dementia is not the only concern. What about a blow to the head that causes memory loss? Or sudden death for whatever reason? There should always be some sort of fail-safe in place. Unless you're happy with the idea of someday donating to the rest of us with your lost coins. Tongue

Quote from: jackg on February 19, 2019, 01:24:50 PM

I can mitigate round this and I went with the first option of time locking a transaction.

Good choice.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: palle11 on February 18, 2019, 11:33:17 AM

Quote from: jackg on February 05, 2019, 03:35:21 PM

One of the seeds is in my head only... Only

lol...funny.
Have you heard of dementia Huh

In case you have not, it is a disease that affects the brain , usually associated with old age.
Again, there are some illness that can make you lose your acuity, memory loss etc.

You sure won't be happy that your coins were lost into tin air just because you didn't save your passphrase in a hardware

I will because nothing else has access to it and I'm not very old.

I can mitigate round this and I went with the first option of time locking a transaction.

imstillthebest

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Quote from: palle11 on February 18, 2019, 11:33:17 AM

Quote from: jackg on February 05, 2019, 03:35:21 PM

One of the seeds is in my head only... Only

lol...funny.
Have you heard of dementia Huh

In case you have not, it is a disease that affects the brain , usually associated with old age.
Again, there are some illness that can make you lose your acuity, memory loss etc.

You sure won't be happy that your coins were lost into tin air just because you didn't save your passphrase in a hardware

Thats scary but saving your phrase/seeds on one place is also risky . what if you misplace your hardware/gadget ? , what if the paper that you write on has been damage by fire or water ? So many what if's . thats why we must make different back ups just in case of emergencies .

Quote from: palle11 on February 18, 2019, 11:12:16 AM

Quote from: Jet Cash on February 05, 2019, 03:26:01 PM

Why do you need an exchange? Just create a wallet, and leave the transactions in an address on the blockchain. You can then dump the wallet, as long as you keep the keys and other info to recreate it.

It is as simple as that. That is one of the easiest means and simple too. I would however add that securing passphrase and securities explicitly on a note book and also saving in email.

Thats another good suggestion indeed but i also agree on what jetcash have said .

palle11

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Quote from: jackg on February 05, 2019, 03:35:21 PM

One of the seeds is in my head only... Only

lol...funny.
Have you heard of dementia Huh

In case you have not, it is a disease that affects the brain , usually associated with old age.
Again, there are some illness that can make you lose your acuity, memory loss etc.

You sure won't be happy that your coins were lost into tin air just because you didn't save your passphrase in a hardware

Topic: How bitcoin inheritance can be achieved. (Read 513 times)