How to protect your crypto before death? - page 6.

alexsandria

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

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.

There's nothing better than to let someone know your stuff. It might be risky 'cause they may possibly spend your crypto without you knowing it. But the thing is if you're not in your capacity to be able to spend it anymore, at least there is somebody close to you who will be able to manage so that your efforts just to obtain such amount won't just go to waste. Nothing's wrong on letting someone know your thing. Besides, you have your own decision to choose who's worthy of receiving it.

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One way how to protect your crypto save before death is sell your altcoin and bitcoin assets, you don't know how the future with bitcoin or altcoin and how your wallet safe from hacker, sell your assets now and put your money in the bank. Just my opinion but I think at the future crypto very good with many country have try to adopt bitcoin and crypto for legal digital payment and there are many store have adopt bitcoin.

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Quote from: nasipadang on October 18, 2019, 10:21:45 PM

All you have to do is write a letter and submit your wallet to your lawyer. Or you can also buy a hardware wallet and store it in a (valuable) box and then tell your child, will give this box when you die, if your child knows that you have crypto, this case will be easy. What I recommend the most is to say it now to your family before you die.

Or you can simply tell your family regarding crypto, you can help them understand how valuable it is.
Telling it before anything happens to you, would be better so you can simply give them what you have when the time has come.

Colt81

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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.

In my own personal opinion, the ways how i will protect my cryptocurrencies before death is by only telling one of my closest family members which is my siblings that i will tell where i hide all of my hardware wallets and private keys, so they could access it if i die. Hiding all of your private keys and hardware wallet in a small vault will be also helpful to protect your cryptocurrencies.

nasipadang

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All you have to do is write a letter and submit your wallet to your lawyer. Or you can also buy a hardware wallet and store it in a (valuable) box and then tell your child, will give this box when you die, if your child knows that you have crypto, this case will be easy. What I recommend the most is to say it now to your family before you die.

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Quote from: fuer44 on October 18, 2019, 08:14:54 PM

this is a topic that sounds a little funny. why are you worrying about that? even as long as we live, our crypto will always run out if prices rise. and if the market is falling, we don't even care to buy anything in crypto.

This is a very long and realistic thought about life, and I hope you understand that death can come at any time.
I personally give full trust to my family, even though they don't completely understand crypto, but they can learn it to understand how to manage my asset inheritance.

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Quote from: fuer44 on October 18, 2019, 08:14:54 PM

this is a topic that sounds a little funny. why are you worrying about that? even as long as we live, our crypto will always run out if prices rise. and if the market is falling, we don't even care to buy anything in crypto.

Why we need to protect our crypto if we die? maybe he will revive in time and use again her crypto funds.. I think thats sounds funny too :") but in my opinion why do i protect it if my relatives can? they're knowledge is the safest way to protect your crypto funds. with them you dont need to worry because it is in the good hand and you know they use it carefully and they can grow it even further. be in peace they can handle it.

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Quote from: jossiel on October 18, 2019, 04:59:17 PM

But if a stranger who's playing around accidentally scan that, you'll be sorry.

@Abiky, I think that you should be prepared in a way through talking to them. Like giving them some idea on what you are preparing and just tell them the truth that in case something unexpected happen to you, they will be secured. Just leave them a set of instructions including your private keys.

Thanks for the tip. However, most of my family members aren't that tech savvy enough to understand cryptocurrencies in their entirety. I could leave some step-by-step instructions, though. But I wonder, if they'll be able to follow them precisely. I often use passwords with 50 characters in length in order to strengthen security. Encrypting my cryptocurrencies with such a long string of characters might be difficult to access in case of any undesired situation. Of course, I can write it down on a piece of paper. But even that could be exposed to someone not authorized.

I was thinking that maybe a multi-sig wallet would serve well its purpose for preserving my cryptocurrencies in case of death. It's easy enough to generate keys for specific family members so that 2 out of 3 keys could successfully unlock my crypto balances. If somehow the process of releasing crypto to loved ones upon my death would be fully automated (via a smart contract or something), then it would be a blast. In the meantime, I'd think it's best for me to prepare a video with in-depth instructions on how to unlock my crypto balances in the case of death.

jazmuzika217

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Honestly there is no other way and easiest way to make sure that our crypto will inherit by our family or in our next generation. We need some back up which our family can based or know our private keys whem we are already dead like writting it on the piece of clean of paper together with your other password and your atm bank account to make them familiarized about your crypto and crypto wallet

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this is a topic that sounds a little funny. why are you worrying about that? even as long as we live, our crypto will always run out if prices rise. and if the market is falling, we don't even care to buy anything in crypto.

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I do not think that far and this will be my preparation when the time comes, and I will plan from now on to give a password or private key to one of my family so that the bitcoin or altcoin that I have will remain well protected and can only be opened or used by my family later.
thank you for reminding me because I have not thought that far because outside of my mind, it sounds simple but is very meaningful.

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With people not sharing their private keys to fortune, it would not only make you and your family lose the money but also decrease the overall supply of the respective coin. Which could ultimately lead to the death of the coin itself. The best way to safeguard your funds is to personally share your passwords and private keys to the ones you believe in.

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Actually that's a big concern everyone who are doing crypto arent probably showing off their precious private key or something to recover their asset. When uncertain accident happened like the person died. It is probably gone forever without knowing that he maybe has a huge bitcoin holdings or altcoins. This will considered an addition to burned supply of the coin or token. So I'm looking for a good way on how to deal with it.

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Quote from: tsaroz on October 18, 2019, 07:15:25 PM

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.

The best way is to share what you know to the people closet to you. But sometimes it gets difficult when the people close to you are not tech friendly.
As for example of myself, my parents are old and not tech friendly, my brother is a stupid and doesn't wants to listen to anything I say. My girlfriend is a curious one but there's no point on sharing with her before our marriage. There are a few friends who are into crypto and my parents knows I hold some money as crypto. I hope in case of my death they'd be able to assist my parents to retrieve the money.

That really depends though, on how much you'd share with them. If you just have electrum on a laptop you carry around, it's fairly easy to access and your friends will easily be able to retrieve funds, but this is quite different when it comes to other devices like a hardware wallet.

Quote from: leowonderful on October 18, 2019, 07:09:00 PM

I've entrusted several people I know with one key of several that can be combined to authorize a transaction from a multisignature bitcoin wallet, and I've also given the location of some of my cold wallets and/or their private keys to my family members as well. I'm not one to leave all my eggs in one basket, so even if one of these wallets fails somehow, there's still at least some of my crypto out there somewhere. Most people in my family aren't too tech-savvy either, but I've also left some basic instructions on how to actually use private keys at the location where they're stored, so that should (hopefully) be enough.

There does seem like to be the most practical and easy way to solve something. Using multi sig with your friends/parents so they all need to have something to be able to access your funds - great post.

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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.

The best way is to share what you know to the people closet to you. But sometimes it gets difficult when the people close to you are not tech friendly.
As for example of myself, my parents are old and not tech friendly, my brother is a stupid and doesn't wants to listen to anything I say. My girlfriend is a curious one but there's no point on sharing with her before our marriage. There are a few friends who are into crypto and my parents knows I hold some money as crypto. I hope in case of my death they'd be able to assist my parents to retrieve the money.

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I've entrusted several people I know with one key of several that can be combined to authorize a transaction from a multisignature bitcoin wallet, and I've also given the location of some of my cold wallets and/or their private keys to my family members as well. I'm not one to leave all my eggs in one basket, so even if one of these wallets fails somehow, there's still at least some of my crypto out there somewhere. Most people in my family aren't too tech-savvy either, but I've also left some basic instructions on how to actually use private keys at the location where they're stored, so that should (hopefully) be enough.

Aabcde

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First, I save the privatekey that I use safely. Because this is what will show our assets to others. Second, I always teach my wife how to use or whatever is in the crypto world. That way, my wife is not technologically illiterate and she can access my assets any time. Yes, of course I've given her my privatekey. Yes of course, by teaching her in advance how to open a wallet with privatekey, how to sell it, and how to change it to FIAT. I think it's very easy and simple.

Kyraishi

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It'll be really difficult, and the problem would be how you can give over private keys to your wallets, but then make sure they don't get stolen or hacked and only opened when you die.

You could go the lawyer route, give them a USB with the private key that only people who know you well will be able to open it, and then when you'd die, the lawyer would hand over everything to you.

There are also some asset management plaftorms that can handle these things for you. Look at the post by kawet, he links a couple.

kawetsriyanto

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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

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I also have the same thoughts as you, that's why I have been preparing from now on teaching my family about cryptocurremcy, at least how to open a wallet and exchanger, after that tell the password,
for PK stored in a safe place and provide instructions if one day suddenly dead can open it.

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