Topic: If only property I have is bitcoin - page 2. (Read 888 times)

Wealth and assets of the wealthy and influential have been diversified for centuries. Why? due to the fact that they are well aware of the dangers of a single point of failure. What would happen if you invested everything in Bitcoin and there was a market crash or some large corporations decided to manipulate the market? Your situation will be hopeless. You're referring to universal information that the wealthy have been using for many years, not just ancient knowledge from your own nation. Do not contribute to their larger plan by becoming another pawn. Act appropriately by being aware of the game.

There is a saying that it doesn't matter how long you live a life but matters is how well you lived, we no that death is inevitable but the question we should ask ourselves is that what foundation or legacy have you establish to your family? So in times of having only one source of income is not wise, so to me I cannot put only Bitcoin as my only source of wealth perhaps I could only invest half of my money on Bitcoin and channel other ones to different kind of investment because there is a proverb in my country that says that never put all your eggs in one basket because if you do, and the basket falls all the eggs you have gathered for many years will be broken, so this means that we shouldn't rely on one channel of investment so that of something happens you will have were to fall into.

It is very important to think about these things, since a bitcoin investor is only investing his life's wealth in bitcoins. Invests in Bitcoins and accumulates some fraction of it in his capital with the aim of getting good profits from Bitcoins in the future. Moreover, I know that a person does not live all his life, people are mortal, so a person who earns money than his life is happy mainly for his future generations. When you are a Bitcoin investor you should definitely convey these two things to your family. When your Bitcoin family members know your wealth they can enjoy it. If you die, your children will benefit greatly from those assets, so you should tell your family members the Bitcoin seed phrases.

I think a man can trust his father and mother that's why he should tell his father or mother all the information about his investment because no one knows when a man's death will come that's why if his personal a person knows where he invested bitcoins.  If there is then this bitcoin will be very useful for that person that's why I want to tell everyone that you all should have a personal person because if you die then he can enjoy that bitcoin and spend his life.

Any type of investment will only end up useless if it won’t be benefited after the investor is gone. That is the reason why we shouldn’t invest and just keep it into yourself because when death suddenly appears, then no one will ever know that you have huge bitcoin investment that can of great benefits to the people around. I just hope that you can find a trusted family member that you can talk about your bitcoin investment. Educate him and let him know how to access and use it once you’re gone. That way, all your efforts and hard work will not be wasted and will definitely help other people especially in need.

Sometimes, we need to make sure that we make decisions that will help us in the future not minding what how we are seeing it. We need to ask ourselves a question and try to get the answer before we indulge in anything we have or intend to do.

Cryptocurrency is all about takimg risk and if we don't take the right decisions during our risk taking then we might end up during what we are doing without any achievement. Death is one of the things that make it look like cryptocurrency is not inheritable but there is a way we can go about it. We can inherit cryptocurrency but there is also risks attached to it. Cryptocurrency investment can be very beneficial to us if we are patient enough and do the right thing.

Actually, mate, you said the truth about this issue of sharing the private, but the problem is, where are you even going to get a trusted one to hand over your holdings to someone? Because, in my opinion, giving someone your private key is just like handing over your funds to him or her. However, you can see that this is an issue with money, and you know how difficult it is to give out where your money is to someone to be in charge of it, so actually, while giving out your money to someone who you trust, make sure this person is someone that you believe will not disappoint you even when you are not more because something like this even family members betray sometimes.


Yeah, mate.
Seriously making bitcoin only the property you have on earth is totally a bad idea the only thing  is that why won’t you use just someone of the money you will use to buy bitcoin to maybe divide in to 2 so that you can use one part to purchase the bitcoin and the rest to do physical things like maybe a estate, store and something like that that will also generate money. Since you really need the bitcoin as part of the things you want if not I could have said you should divide it more than 2 that is said earlier so that you will not come and be panicking when something go other side of the bitcoin market and you can able to leave it there then continue using your physical investments to meet your needs out there.

There should be one person in your life who you can trust easily and share your all secrets because if you die then your seed phrase will become secret as a result of which all your money will be lost instead of giving benefit to any person of your family.

Other thing is that you should save your seed phrase and other private materials in your wardrobe so if you forget one of them you will be able to easily recover it. I know success should be kept private from others these days but if you are recover now so try to make your family and share your private keys with them.

I don't know how possible it is for you to only have bitcoin as a property, but since that was your insinuation, i hope you don't need much advise to how you can secure these one and only last hope you had in bitcoin in such a way that you will not end up loosing it later and you were unable to accomplish your intention of using it as an inheritance for your heir, the decision is yours and how you handle the situation will tell if you truly want it to serve as an inheritance or not, which i will start by encouraging you to know well about bitcoin and security.

I agree with you. It is best to still have other properties and not just rely on Bitcoin. If OP is really passionate and believes in Bitcoin so much then OP can use it to invest in other things, I mean invest in Bitcoin and let the money grow and maybe use the profit to get more properties and investments. This way, Bitcoin will still be the main source of income and the main "property" but OP will have other sources to rely on in case the worst comes to worst. As much as I also believe in Bitcoin, especially with how much it has helped me financially, I know that I cannot fully rely on it alone.

This is a problem that people have been talking about for a long time about Bitcoin. The only way is that you have to find someone you really trust to share private keys with. If you have a wife, then she is probably the right person, or you have a very trusted family.
However, you need to make preparations if you plan to make bitcoin your only property. However, the advice I have is that you should have other property to inherit, maybe you can use the bitcoins you currently have to build it little by little.

I apply the same approach to my family. Fortunately, I have a friend who understands Bitcoin, although he doesn't invest in it due to his busy business pursuits. He can be considered wealthier than me and is genuinely concerned about helping those less fortunate. His qualifications, in my opinion, are quite sound, as we have been close friends for a long time.

For the youngest member of my family, I have prepared a seed phrase. To convert that into fiat currency, my family member would need to meet with my friend.

What I don't want is for my friend and me to pass away simultaneously. That would mean my Bitcoin holdings would have no value to my family.

That's why we need to be careful in finding the most trustworthy person to share those secrets with. You cannot arbitrarily choose any person, even if they are our relatives, but there will be this person and that person, not all of them are good people. But you should not be too suspicious and think badly about your loved ones because we are doing everything for them, not just for ourselves. Like me, I work and invest to support my parents and take care of my wife and children, so I have no reason to doubt or doubt them.

I think that everyone decides on his/her own whether to give the info about seed phrases to the relatives at some age... Just the same people do with fiat and with other belongings. The only problem with BTC and other cryptocurrencies is that they can't be legally stable. However, during the time when it belongs to the owner, it is also legally unstable, so nothing changes when seed phrase is acquired by the successor. So if relationship with children is good enough, then there wont be any problem, if the relationship is a bit tough, then a couple of wallets are to be lost forever...

I think it's true as @Fuso.hp said but, try to choose the right time to talk to the person you trust most, be sure to be ready with some important notes from you to enter and be able to access your BTC assets easily later or if it's a bit difficult you can disburse it to the account concerned and if there is no other choice then hand it over symbolically if necessary using several people as witnesses that you have fulfilled your obligations so that your family can use them wisely later.

Sometimes lying could be an alternative option if you're holding huge assets, cause when they have been informed you have wealth in you credential wallets or you're hiding your funds like fiat, they might really ask you for almost everything about payments in the house like bills. I don't want to happen this kind of thing but there's literally cases when people knowing your wealth, they might commit a crime just to get your funds after having your personal information to attain what you've left behind such as properties, money and etc. Maybe hide an complete informative letters so when time comes you could just simply tell them about it.

Free yourself it's not good for an ill person to overthink the body will not heal if the mind is not free from all the worries pick at least two members of your family that you can trust and can understand how Cryptocurrency works.


You will not know who will because you already passed away but the thought of your family benefiting from your investment will free you and will make you feel better and have no regret while breathing your last breath

We never know what's going to happen to us every day since Bitcoin is seedphrase  based you should prepare for any eventualities like leaving a will and instructions on what to do with your Bitcoin.

There is no alternative to being honest to secure funds for the next generation without informing family members. Really, it's not necessary to share seed phrases or private keys right now. It's better to hide funds and credentials from them as well. You should just inform them that you are related to crypto and hold small funds, and tell them about your wallet credentials. Just make sure wallet credentials are only accessible to you; just after you pass away, your family members could find them.

I think the first thing you should not overlook in an illness situation is a will. Which is very important, especially for a bitcoin investor in a decentralized world. Further, according to my theory, who else has the right to an individual's financial assets than his family? So the best way is to leave your seed phrases to your family in a will. So that your family cannot face the difficulties that come later. And if you are alive, then in principle there is no admissibility of the contained will to the government to act on the will.

And as for writing the private key on paper, it is possible when your government is honest and fair, protects your assets from outsiders, and does not fail to provide for your family or refer you again after your health and survival.

You can just leave some notes of the seed phrase hidden in somewhere hidden in your room so that even if you're ill they wouldn't even attempt to dig down on your belongings.

In cases of unfortunate scenarios in which I hope doesn't happen OP, they would just find that seed phrase along with your notes so that at least your Bitcoin isn't going to end up a lost one. It wouldn't hurt to pass it to other family members considering that you don't have a family of your own yet (a wife and kid).

---

Thankfully you already recovered from your illness, by the way OP.