Topic: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 3. (Read 1615 times)

Memorizing, as a back up, sounds scary, even if it might not be the ONLY place that the wallet is kept - even though I could appreciate that memorizing (and writing down) could come in handy when crossing over a boarder because it may well be a short time before it is going to be fed back into some kind of a wallet device.

long term memorizing as a back up could also be problematic in terms of someone hypnotizing you, to the extent that any of us believe that hypnotism is real.


Sure.. there are some kinds of electronic saving that is more reliable than others, and for shorter time frames, none of them would necessarily be bad, but I think in these kinds of inheritance cases we are talking about some kind of a longer term storage.. and/or at least having potentials for longer term, even though the circumstances regarding how long some keys might be stored prior to the heirs trying to access them is likely going to have quite a bit of variance, even if future deceased bitcoin holder might well be checking and verifying access to the electronic devices 1-3 times per year.. depending on level of analness.


That's a bit harsh.

But, hey you are entitled to your own opinion, even if you might be bitter about a "few" things.

 

I suppose in spite of my trying to be funny, you are making some valid points regarding some of the disproportionate inequalities that come from incumbent rich folks... yet I have my doubts that the solution should go as far as you are suggesting in terms of causing inabilities for the passing down of wealth, and there likely are some families who are ONLY able to get ahead in some kind of a degree based on the efforts of several generations building and building and building (at least the responsible heirs, which the may well be some of those kinds of folks in this world, even if you are suggesting that they are a minority and the inheritance system is mostly a tool of the rich and powerful who don't deserve it).

By the way, remember that 80x trade that you made?

Are you merely bitter because you already spent all of your "profits" from that?

Inquiring minds want to know.


Pray tell!!!!!   

That's a pretty good way actually because apart from having written notes, we also have a back up in a flashdisk as a backup that you can have when some conditions such as the loss of notes or the dullness of the notes we make we still have that as a backup of our seed.
Regardless of whether this works for everyone or not, the most important thing in this case is that we should do a backup of the seed whether it is in written form or in the form stored in a flashdrive like you did because at the end of the day this is also important.
We want security in maintaining the assets that we have both in writing and storing in a flashdisk has weaknesses such as fading or illegibility of the writing that we make or a flashdisk that may become damaged but if we have a backup and do not make one then this is a good thing because if one is lost then we still have a backup that can be used as a precaution so that our seeds are not lost and our wallet can still be accessed.

I think that the idea of Bitcoin is that over time, more and more BTC gets lost, forever unable to be claimed. In a sort of way this is a deflation mechanism which boost the value of the other Bitcoin in circulation due to the fact that the Bitcoin supply decreases more and more over time. So everyone else's coins go up in value and this is a good thing. I personally hate the idea of heritage. It has caused a lot of problems in the fiat world and we can see this with all the disgusting billionaire hoarders. Why the hell should anyone get money that they never earned? Do we need more Rockefellers? More ultra-rich, corrupting the world, financing both sides of each war? Screw that. A person should get what they earn in their lifetime, no more and no less.

That's still a good option and indeed for now I always record more than one seed because as you said there are some things that might be the worst that could happen if I only copy one.
Although there may still be some people who do just one and memorise the seed but that's another option.
A device like a flashdisk is also possible but in the end I wouldn't choose this option to do because in some conditions I have experienced where I saved it on one of the flashdisks but when the flashdisk is not used for a long time then it is indeed possible that corruption occurs rather than me having to plug and use with conditions that we don't know if there is malware or not it is better for me not to use this option.

I read that mate and don't get me wrong because I've also done that option before but when there are some conditions that I said in my writing before this I prefer to avoid that because at the end of the day it's just going to be your backup about the seed that you wrote in the notes right?
I'd rather go for the traditional option of backing up my notes than storing them on a flashdrive but what you're saying isn't wrong either because you're doing a good thing by looking for multiple options with your backups.
At the end of the day it's just about going back to your own choices.

How will it be possible for the lawyer you hand over your hardware wallet without the password still little of your bitcoin assets, when it is stated in the WILL the amount of the bitcoin that will be in the hardware wallet given to him? If peradventure he succeeds in doing that(not that is possible), he has destroyed his career and he will persecuted for that.

You are just been funny thinking of passing your private key to a lawyer. Who does that sh*t? You better come off that sh*t in your head that lawyers can still your bitcoin without the password. That can't happen.

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Let it be known to you that a hardware wallet is not something that one can hack into without having the correct password.

Any right sensed and a futuristic person would have thought of this, talkless of the fact that many people had died and have lost their coins to both custodial and non-custodial arrangements. People don't plan for death, which is why many didn't prepare before it happened, and by virtue of this, they lost painfully what their heir or family should have been enjoying. This is one of the greatest disadvantages of having money/assets online, yet we could guard against this if we are reasonable and proactive enough. This is why it's good to plan ahead and I've already started mine, but a huge downside of it is how trusting your children or spouse are, if they are not trustworthy, then it will be more difficult to do.

Regardless, the best plan that came to my mind is to document everything with your lawyer but how to gain access should be given to your children or spouse for safekeeping. By this, they will not know what the passes are meant for, while the lawyer will not know the passes to your online wallets. Also with this arrangement, it's good that your will lawyer should never be known to your family for any reason and must be a trusted law firm. You might even code what you gave to the lawyer and let it be the kind of code/puzzle that you and your family are familiar with. This is one of the good ways online assets would not be lost.

But for the Mixin Safe idea you talked about, I advise you to do away with it or similar arrangements, you can't trust those people. When they tell you it's blue, it might actually be back. Many of them are hiding under decentralization but how could a true decentralized arrangement be able to pass your asset to your heir? That is laughable.

You didn't read carefully what I said, mate. I write all the information in my notebook and keep it in a safe place, and the USB is just my backup. And as I mentioned, electronic equipment has a lifespan and needs to be checked periodically and if it is too old or damaged we can replace it immediately.


Please re-read what I write, I still store all the seed phrases, private keys, and passwords in my notebook. I also understand the risks of electronic devices, I do not trust them completely.

You would be making a mistake if I'm your lawyer I just steal a little of that BTC wealth of yours . For me lawyers ia a no no ill just pass my private diary of to him or I'll just whisper my private key to him with in my dying  breath  

Keeping a note of all your account information in the ledger is a very important task, even if you think about additional security. If we think that it is safe to store various important account information online, then we are wrong because the device may be stolen or the device may be destroyed due to system problems or the important information is stored in a place where you have password. If you forget, but you can't access your account later even if you want, so it is the job of a conscious user to save your necessary information online as well as note it in the account. 

Bitcoin will not be passed on to the next generation if you only keep your important account information in a ledger, if someone in your family has no idea about Bitcoin then they will think Bitcoin is a priceless currency. So apart from keeping the important wallet information in the ledger, one must have a good discussion about Bitcoin with the family members so that they understand the value of Bitcoin.

By using a multisig wallet.
It can be a way of managing assets simultaneously with multiple keys.
Another way is to provide private keys to those who are entitled to inherit bitcoin assets and some other crypto assets.

The idea of transferring bitcoin assets to heirs is very good in my opinion and even better if it is planned before we die. Later, their heirs can use it as well as we use it well.
Before providing private keys that can access bitcoin assets, teach their heirs ways not to lose them such as how to secure them.

Another dumbie with bad advice and advice that is contrary to what people should be doing, even if they believe it is convenient... Yeah, it's convenient until all of your coins end up disappearing and you cannot figure out why.

Refer to my earlier post in which I respond to the same advice given by Roseline492.

This is a really interesting topic, but if I do base it on my life and not think of others, I tend to give the keys to my family or something creative, like if ever something happens to me, open this box, etc., but again, that is only applicable to me as that is really the purpose that they can still open it when the time is right. But for others, that is really a problem that even for myself, I dont have a concrete answer, but I thought the will would still be your choice as that will contain all of your properties and assets, and let's say a ledger that has Bitcoin will then be given to the beneficiary.

Human death is certain and no one can avoid the guarantee of this death. But no one can say for sure how long Bitcoin will exist in our world. But one thing that is very important is how we will pass on the bitcoins we are currently saving to our next generation. We are also concerned about whether our next generation will be interested in learning about the uses and importance of Bitcoin.
But the backup phase of the wallet I choose to pass on my accumulated bitcoins to my next generation is written down in several places in a notebook. But if I die due to any reason then my close relatives can retrieve it and get access to the wallet. Also I have screenshotted the security system of my wallet and saved it in google drive and sent it to my wife with that gmail.

You have likely created another security hole if you save your data on a computer and you print it out..including the printer may save images, too... so at least two points of failure.

Making photo copies may surely have some issues too.. but sure each of us has to balance between convenience and considering how BIG of a security hole that we might have created through the ways that we are creating our digital documents and the extent to which harddrives on printers matter in terms of information that could end up getting found 10 or 20 years down the road, and then your data (bitcoin private keys) ends up getting compromised.

I always print all my wallet data into papers so my family will be able access my wallet after I die. I think something like this must become something that common for any cryptocurrency users. in the past I only save all my wallet data in my smartphone but after it is broken I am so panic but fortunately I remember that I also save those data in a flash disk.

People die at any time, if we wait for a certain age and if that age does not come in our lifetime how will we openly discuss Bitcoin with our children. Since death is inevitable and death can happen at any time, we should discuss bitcoin openly with children early on rather than waiting for a certain age. We just have to wait until the children are adults and when discussing Bitcoin with them won't have a negative impact on their lives. If Bitcoin is openly discussed with children in advance then surely Bitcoin will reach the next generation, and if we wait for a certain age limit and if that age does not come in our lifetime then our Bitcoin will never reach the next generation and our Bitcoin  Amulya will then remain in the wallet as a currency.

Haha am totally shocked as you are, i wouldn't think of such


OP i have been so interested in this post, thank you for putting something together, especially because it’s such a dark topic but so important! The hindsight of preparing your finances for post death is something that shouldn't be ignored especially for secured funds like Bitcoin. Ever since i have been doing my own research and I found out about Google's Inactive Account Manager. Perhaps this could help.

1. You need to setup what happens to your account and data when it becomes inactive for a period of up to 18 months.
2. Make sure you apply for auto responders as it send email to the specific heirs when its due time (One good thing is it can be updated frequently because you don't know when its your time)
3. The email should tell them how to get your real things like your laptop, phone, wallet, and stuff like that. Then, tell them about a locked file saved on your computer or USB drive. This file has more info about how to get to your crypto. To keep it safe, you can use a free tool called 7-Zip to make your file secret and archived
4. Wish them farewell and hope they will be impressed with the amount you have accumulated so far in your portfolio.

For better understanding of the google inactive account manager read this source article here

You make some good points red4slash, but I still feel like I need to repeat some of my concerns about the notebook being a potential single point of failure, which may be lessened by maintaining more than one notebook with the same contents, and yeah, I know that is likely a pain in the ass, but you could also have three with one off site that you do not update as much, but you would still have some active and latest updates in the two main ones.

Your point about the electronic device being problematic does en up getting somewhat addressed by having the backup keys.. to make it less vulnerable if it were handed down by itself without the seeds or whatever technology that wallet is using for its backups.


Holy shit this recommendation is dumb, irresponsible and contrary to best (or even basically better) security practices..

In other words:  

1) Don't be taking screen shots of your private keys..

and worse yet

2) don't send such private keys (or back up seeds or anything else related to the private keys) electronically to someone who you want to have such information.  

There are better ways/pracitces.

That conduct might not end up 100% causing you to quickly lose your coins, but it is really not a good practice and quite a few historical bitcoiners have been separated from their coins based on various forms of trying to digitize their private key information and using various unsecure methods of transmitting such private keys, similar to your dumb recommendation.  

Have I called you dumb enough?  hahahahaha maybe? maybe not.

You need to try to come up with something better, and surely it is not a very good idea to be recommending bad practices and there are at least two bad practices that you highlighted as your recommendation.

By the way, if you or anyone else has engaged in this kind of behavior historically (either one of them.. you don't necessarily need both in order for you to have had made your private keys overly vulnerable) , and if you still have the coins in such wallet(s), you most likely need to move those coins relatively quickly (if not even before finishing reading this post) to new wallets and don't make the same two mistakes again in terms of your securing the private keys of your new wallet that you make.

Take the steps that I suggest and/or you will thank me later, if you do not figure out some other potentially silly way to lose your coins by the employment of similar kinds of really bad practices/recommendations...

You might even want to delete that part of your post and hope that no one actually ends up following some variation of what you are recommending.

Truth be told USB is not reliable in saving data because it could be corrupted anytime, to me USB is only good for a back up plan, were as you have actually save the data on other source then using the usb as other alternative way if should incase you loss the other one but cannot be fully reliable. In times of writing it down on the notebook is very good because in note book you don't worry about corrupted data, sometimes is also good saving a screenshot of your Bitcoin phrase and sending a copy to your wife as a back up plan.

I think that when you reach a certain age you should openly talk with your sons (and whoever would inherit something from you) about what you have and what it is. In some cases people don't explain, they die, and then there are people who go crazy because they need to put several pieces together with the risk to miss or lose something. Of course I'm talking about people with more money than the average Joe. Same goes with bitcoin: you have them? Make sure your kids know what bitcoin is and how to use it before the get scammed after you pass away.