How to protect your crypto before death? - page 2.

pixie85

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Quote from: ?? on ??

Before that happens, you need to tell your family whatever you have in the world of Crypto, including the e-mail address and password that you use on each Exchange. Preparing yourself with that way I think is the last resort to save your Crypto assets.

It's not a great idea especially if you have a large family and a lot of money.

People get unexpected problems in their lives like debt or addictions and knowing you have a lot of money and your passwords they could try to steal from you. Your brother who you trust now could become an alcoholic in a few years and think only about another bottle. I don't trust people so I wouldn't share my passwords with my family only with 1 trusted person like a husband.

ableh

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Quote from: Abiky on October 18, 2019, 03:34:29 PM

If at some point in time I come across death, how would I actually preserve my crypto for other family members to enjoy? I mean, this should be a concern to every crypto enthusiast since all the money they've earned over time could easily be lost without the ability to be recovered by someone else. The decentralized nature of crypto, leaves us responsible of protecting our own funds no matter what.

Which is why, I'm eager to know which are the best practices to preserve my cryptocurrency in case I die in the future? Any recommendations or suggestions will be highly appreciated. Thanks in advance.

You can use services from https://mywish.io/, this platform allows users to transfer crypto assets automatically in certain periods / circumstances to the family or friend's in the event of his sudden illness or death. Or the second option, create a private key in the form of tatoo as said by CjMapope Grin

Drai

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There was a project I used to hear about called Safe Haven, the project is basically about a service where you can save all your crypto for your family using smart contracts incase of death, I didn't follow up on the project to know if it worked out in the end.

crazy-pilot

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I don’t know what about the best ways. However, I just told everything to my best friend and asked to keep my keys, but not to use them and in case of my death help my relatives with the withdrawal of money from crypto.

cryptoangel

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Quote from: durilup on October 21, 2019, 10:42:06 AM

You can store your private keys/wallet files on a external hard disk or even on a SSD. I think this is the best choice and the safest method.

I still confused the others Ideas, Because they have good knowledge in crypto platform. So they know how to protect the cryptocurrencies, May be If they died it will never useful for anyone and they share the details for any trusted person it will useful for anytime. Nowadays cryptocurrecy is the safe and secure because if they died bank asks number of procedure and format. But decentralised investment is both safe and easier to withdraw at anytime.

btcdie

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the first thing I did was make a will / decision involving a trusted third party, along with witnesses if my assets were large in number. after that I gave full access rights to the third party and entered into an agreement. well, when I leave the world, third parties have the right to take a few percent according to the promise that has been set.

ongkok87

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To be honest in my family who still understand about cryptocurrency is not so much, they all still do not really follow developments in technology. but my brother who already understands about the digital world from the last 1 year I try to provide insight into cryptocurrency and the reason one of them is the same as in this thread. if something worst happens, at least he can understand about my assets

aysg76

legendary

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I think it's better to tell everything about all your investments in the crypto, accounts, passwords, your wallets informations, etc. to your family or whom you trust the most previously since the death is something that is inevitable so it's better to be prepared for it beforehand...

durilup

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You can store your private keys/wallet files on a external hard disk or even on a SSD. I think this is the best choice and the safest method.

zeze18

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Quote from: Abiky on October 18, 2019, 03:34:29 PM

If at some point in time I come across death, how would I actually preserve my crypto for other family members to enjoy? I mean, this should be a concern to every crypto enthusiast since all the money they've earned over time could easily be lost without the ability to be recovered by someone else. The decentralized nature of crypto, leaves us responsible of protecting our own funds no matter what.

Which is why, I'm eager to know which are the best practices to preserve my cryptocurrency in case I die in the future? Any recommendations or suggestions will be highly appreciated. Thanks in advance.

Make sure you tell the secret pass or your hardware wallet storage to your family that you trust.
Your parents or your son (if you already have) or anyone that you trust in your family.
Also write down a secret pass in a piece of paper then save it into your working desk is also good because it's easy to found

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Quote from: kawetsriyanto on October 18, 2019, 06:34:56 PM

I have seen some platforms to handle the inheritance of crypto assets. You can use them to secure your crypto assets. Or you can try to follow some tips based on many articles/books, just googling and choose the best one. The point is how you can note your asset's data and let someone you trust to know it.

Example of articles/books related to the inheritance of crypto assets :
1. https://smartoptions.io/crypto-inheritance/
2. https://bitcoinexchangeguide.com/crypto-asset-inheritance-plans-how-to-protect-your-bitcoin-before-you-die/
3. https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116

Thanks for sharing these sites. I never knew some blockchain startups offer such help. I would read more about Safehaven as they seem legit to me. Hopefully, i can use their services in the near future because this is an important thing which needs to be looked at. i can imagine the number of bitcoins that has been lost forever Sad

I think y'all can check it out too

Clark05

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For me the best way to secure what you have here in cryptocurrency incase you die in the future just tell to your family your private key like the most who you really trust in your family to continue what you do and tell him or her that once you die you can use what you have or maybe write all the information about your account and keep it safe to the vault and once you die for sure they will know it .

Bonenx14

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Leading Crypto Sports Betting & Casino Platform

Quote from: Dabs on October 21, 2019, 09:57:20 AM

If your external hard drives or USB backups of your wallets are not encrypted or in encrypted files, or even just password protected files, anyone who gets physical access to them can steal your coins.

If you use Windows, you can use something like WinRAR to both compress your files and encrypt them with a password. You can also include parity error correction or redundancy.

file security in windows is good enough by providing a password when you want to access the files in it, the method is quite good and easy enough to do. and I think the security that you do can also be done on the flashdisk because by creating a password no one will be able to access it

Dabs

legendary

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The Concierge of Crypto

If your external hard drives or USB backups of your wallets are not encrypted or in encrypted files, or even just password protected files, anyone who gets physical access to them can steal your coins.

If you use Windows, you can use something like WinRAR to both compress your files and encrypt them with a password. You can also include parity error correction or redundancy.

Beloyumi

newbie

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project crypto mean you like to save tem, am i correct? so i guess better way to do that you have to search your won and it's the best way for all saving , their is a project called hawk network you can join for more details https://twitter.com/Hawk_HKC/status/1185539270456553472

angrybirdy

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Quote from: Bezobraznike on October 21, 2019, 05:15:50 AM

I have an external hard disk! There is a folder with all the passwords, private keys, and everything connected with my wallets
and accounts. If anything happens anyone can open my external hard disk and find all necessary info about my crypto-currencies
and how to get to them. My wife knows about that, and my kids will when they grow enough to understand more about it.

It's a good action to have an external disk, where every information of your wallet including passwords and private keys are in there.
Knowing that there is someone to manage your crypto investment just in case anything happens to you.
I also have done the same thing, where the only person who can have my crypto is my family, they have a copy of my wallet info, so they can easily use it if they want to.

Bezobraznike

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★Bitvest.io★ Play Plinko or Invest!

I have an external hard disk! There is a folder with all the passwords, private keys, and everything connected with my wallets
and accounts. If anything happens anyone can open my external hard disk and find all necessary info about my crypto-currencies
and how to get to them. My wife knows about that, and my kids will when they grow enough to understand more about it.

jmigdlc99

sr. member

Activity: 784

Merit: 282

Quote from: Abiky on October 18, 2019, 03:34:29 PM

If at some point in time I come across death, how would I actually preserve my crypto for other family members to enjoy? I mean, this should be a concern to every crypto enthusiast since all the money they've earned over time could easily be lost without the ability to be recovered by someone else. The decentralized nature of crypto, leaves us responsible of protecting our own funds no matter what.

Which is why, I'm eager to know which are the best practices to preserve my cryptocurrency in case I die in the future? Any recommendations or suggestions will be highly appreciated. Thanks in advance.

I always tell me wife where most of my passwords and bitcoin keys are hidden. I just simply wrote these down on a physical piece of paper with no indication or marks of what usernames or email addresses were used and i just hide it in our house.

My wife knows me well enough to know my email accounts and usernames so i'm confident she'll easily be able to guess and match the passwords eventually, but i feel it's a special layer of security for us both.

ivaf

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You can write a will at a notary with detailed instructions on how to access an asset (and remember to attach private keys).
You can also write a special smart contract (digital will) using a special service, for example, https://mywish.io

Dabs

legendary

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The Concierge of Crypto

Quote from: Kotone on October 19, 2019, 07:57:36 PM

Quote from: Dabs on October 19, 2019, 06:50:47 PM

Now, if you know your family can't learn or be taught how to use crypto or bitcoins, then you might have to ask a trusted third party to help you here, someone like an escrow who will take care of exchanging your coins to fiat for them and sending them the funds. You'd trust this third party or else your family would never get anything. In return you have a contract that will also pay this third party a small portion, since otherwise the coins would have been lost anyway.

That's a splendid recommendation. Looks like I needed to learn that about Google. Me too have the same case, wondering if ever this occurred to me. My family is also not a techie type of people, and seems not interested, but who knows might happened right?

Do you have any suggestion or trusted third party for doing this kind of matter? I think it will be hard to set up like this, since cryptocurrency isn't scope in the Law yet. Maybe on some country they started to draft something about this scenario. Hoping for youre response, thanks.

I've offered my services for this exact use case to a few people ... they haven't gotten back to me. Would you like to be my first client? LOL.

I do escrow for plenty other types of transactions, usually people trading goods or services, as well as some multi-signature ones for altcoin ICOs in the past. We can work out the details, but at all times while you are alive no one else has access to your coins so you don't need to worry about me (or anyone else) moving them. Send me a PM and I'll tell you how I think it should work.

This works best if your coins are not moving or in some sort of cold storage. If you have them on an exchange or are actively trading them, or in some altcoins that are staking or running masternodes or anything else like that, that's going to be a little more difficult to manage, but not impossible.

Topic: How to protect your crypto before death? - page 2. (Read 819 times)