Topic: If only property I have is bitcoin - page 4. (Read 904 times)

I get your point and I must say that it is totally valid. The first thought that came to mind while reading the OP is that the he could have a discussion with a lawyer about this where he has a document of his seed phrase given to a trusted lawyer so that if the unexpected happens, the lawyer can give it to a family member. I don't know but infeek this is not the best option because the lawyer may decide to use the seed phrase to access the Bitcoin himself.

I think what's best is to have the seed phrase stay with the family. Granted that not everyone can be trusted but there is always a family member who is level headed and can be trusted. That is the person to talk to about the seed phrase.

Telling your family that you have a Bitcoin might be dangerous, especially if you are not really close to each other.

If a person is obsessed with money, they may get jealous of others who have it, and when someone is jealous, they not only do not want to have that thing, but they also want them to fail.

We must reconsider if that one person of the family deserves to know the passphrase or key. It is entirely up to you because you are the only one who recognizes what they are doing with their lives.

Only you can answer that question. None of us can help you here. Maybe our responses will give you even more headaches on what to do. How come you didn't know the best and right approach in that situation where I know, you are not new to crypto anymore?

You know your family, relatives, and trusted friends better than we are. It's not even a problem to consider.

Or maybe ask the question for yourselves first, do you really want your Bitcoin to be taken over by someone in the first place?

Better choice is to find a lawyer and inform him about the wish of inheriting the holding. The lawyer could make all the necessary documentation and provide with the legal support. For traditional system it is an easier task, as we need to just provide details about the nominee. With cryptocurrency this is little complicated, as there is not much of such service providers. Apart from this, it is possible through securing seed phrase on private lockers with the nominee added to the locker. This will make the locker settled to the nominee soon after the person's death.

@OP it is a matter of whether you want to give your wealth to your favorite relative or not.  After all when a person is gone, he will never know what happens in the future.  If you plan to give your wealth to your relative but not while you are still alive, you can keep the seed phrase and easy-to-understand guide in banks safe.  Process the legal documents about who will inherit your seed-phrase and I think that will solve the problem.  With this kind of strategy, no one will know your seedphrase while you are still alive.

When picking a method to leave our coins behind to our loved ones we need to choose the simplest one, after all something that looks like complete common sense to us may seem foreign to them, so maybe something as simple putting your coins in a hardware wallet with a password could be enough, with the password being on custody of your lawyer, it is not the most technological of the solutions available but it can be more than enough in the case of an emergency, however if one of your family members is interested in bitcoin then other more complex and secure alternatives could be implemented.

Not everyone dies from illness. So, get that off your mind. People die without notice, in accidents and emergencies. They leave their homes and don't get to return to them. Illness affords you the luxury of time to make amends. Don't worry, before your demise you will surely find the ominous signs. However, I don't subscribe to you revealing your passphrase to anyone. When you die, they will find it; provided they know you're into Bitcoin. Your room will be ransacked, trust me.

Anyway, happy to have you back to the land of the living.

trust at least one of your family members to know about your crypto dealings. that is true, let them know that you are into this market and you own something. for the seed phrase, maybe you can write them down and keep it safe somewhere you know your family will get a hold of.
well, the good thing these days is that they can search what to do, given the passphrase or keys and where you hide your hardware wallet, if you have any

These are questions many of us try to run away from thinking we shall live forever or maybe get a signal when time is up, but in the best interest of our families and whoever we care about you need someone you trust and can tell about your crypto life and any investments made..because if you keep this to yourself, be rest assured that you leave this world with those coins and it will be selfish of us not to think about people we lieave behind.

Quite scarey if you think of it this way, but when it comes to such did you know you can make use of smart contracts that will store your will on the blockchain, and if after without any interactions from you the will is sent to your loved ones to know what you left for them etc...

For such cases, local stock exchanges must deliver the investment to the deceased person's relative. After the application is made and the necessary procedures are completed, it is an important issue to deliver the investments of the deceased to the remaining family members. That's why I want Bitcoin to be accepted by many countries. Because in such cases, in order to claim legal rights, it must be included in the law.

I've heard that some local stock exchanges have this situation, but I can't say the same for all of them. Anything can happen at any time in life, so we have to ensure the safety of our investments first.

this particular question is kind of personal because the decision is left for you to make. Having some bitcoin that no one actually knows is the basically the whole point of secrecy of bitcoin but when it's come to family and death that's a very big decision to make because nobody actually knows when they are going and if you want your siblings or wife to inherit your crypto asset then exposing them to the technology not specifically your seed phrase would be a good start. Atleast when the idea is there something then can be worked on like maybe a multi signature wallet that holds you as the major source of the keys.

Need transparent when investing assets in bitcoin, its difference when your saving money in the bank although not talk to your family the have ability for get that money although you have been pas away. But when your assets store or purchase in Bitcoin not any one know how to restore it and difficult to find if not transparent and talk them where your bitcoin assets investment holding and how to get it without give them seed phrase.
Its dilemma about trusted or not with your family, during give the seed phrase they have controlling access with your bitcoin investment and possibility for losing assets if they know your seed phrase and untrusted family. Not only have transparent with cryptocurrency assets we have but also need to know which one most trusted family can give them access with seed phrase, when some thing bad happen to us they can use our bitcoin assets.

If you have no wife and no child, why do you worry about your family not knowing your seed phrase? What family members are you talking about? Your parents? How old are they? Will they be able to put the money to good use before they die?

I feel like you're worrying about things that are outside your control.
A good example of such thinking is when a person worries what if a nuke falls on their house, or what if an asteroid hits their town. You'll be dead, and chances are, your closest family won;t survive either, so live your life to the fullest and stop worrying.

The question and problem are really simple, but the answer is really hard. You have to trust someone anyway, because the bitcoin you are holding will be dead if you pass away. So we should have someone in our family we can't trust and inform him about your seed. Just hide your holdings; don't share how much you have right now. Simply state that you have made a small investment in Bitcoin and have your wallet seed written on a piece of paper or in a notebook. Also, they should know how to recover; just teach them the basics. I don't see any other way except this.

Putting myself into your shoes, I will probably talk and tell about it to the member of the family from  whom I am closest with. It could also be to a friend that I trust.

To provide you with another option, as far as I know, this type of inheritance can be legally arranged. You can consult lawyers who specialize in crypto, but that would involve expenses and some effort.
Take care!

You certainly gave alot of thoughts on this issue from the tone I can decode in your essay OP.
The truth behind the old long saying that, 'no man is an island...,' is very true. It has in it the answers you seek.
On a second thought, you must have had people who looked after you while you were ill. You should have one person you trust enough and who has done well to earn that trust.
Your life should be organized to a point where there are people you allow into parts of your life, mostly in times where it is life/death situation.
Just get organized and make it a habit. Remember blood is thicker than water. Reconcile or strengthen relationship with families and friends or make new ones. Am sure you knew nothing would happen to you, and that is why you told no one about the wallet address or your BTC investment.

Regardless of the context, the answer or what to do is the same, your situation is everyone's daily life, I don't know why those who have bitcoin begin to create a "spiritual" context to; "what will happen to my bitcoins if I die".
 What I can think of is that they have never had access to life experience or they live in remote areas where information is minimal.

Your topic has been discussed extensively on this board; in any case, people's assets can be protected, as has been done for years, relying on the legal instruments that exist. If you're worried about what will happen to your satoshi or maybe you're a bitcoin holder, there's no difference in valuable items like a piece of art, something that someone can simply robbed to you after you die or while you're alive (but that's another topic,  security), there are legal ways to give bitcoins to whoever you want.
You must have a will, something as simple as that, that is the equivalent of the phrases that protect your bitcoins.

So, look for the protection of your assets in a will, really it is on terms of importance not very different in their objectives from the What you need to know about security for your bitcoin.

Make a will, spend some of those bitcoins on the formality of protecting your assets in a robust will and executing the delivery of your assets as you wish.

Many people don't consider Bitcoin as property they see it as a digital asset. People have different views or definition on Bitcoin. Correct me if I'm mistaken, but Bitcoin is an amazing asset. Its digital nature cannot be changed, it's easy to buy and sell, offers privacy, and has shown impressive returns in its short history. It shouldn't be the only asset or like you called it property to have. Like any asset, it comes with its own set of risks.


I agree picking different members of the family to share access to incase of inheritance is better because it is the right thing to leave something for your descendants. But you should be skeptical about the persons you choose finally. You should consider character and knowledge of the persons you're passing the wisdom down with the treasure. So many people have stories of how some historic fortune in their family was lost to unwise investments, gambling or alcohol. I'm not trying to give advice but am just sharing a point, quote me wrong if am mistaken.

Bitcoin is an asset that is not physical or you can just hand it over to someone or someone can access it after you are not around. So taking risk management for that kind of situation is essential. It is always better to let someone know your involvement in Bitcoin. Creating a safe that only you can access until you are gone could be a good choice. Imagine this, there's a safe where you can keep a hardware device such as a hard drive/SSD or a pen drive that contains your seed and you can access that with a key. You can keep it safe to yourself and keep the key. And when you are dead, people in your family or loved ones can access that. But only if you are dead. You need to make that clear to them. After that, you can be sure that someone will be able to find that.

Now the thing comes to your decision. If you want, you can share it with your close people. If not, then stop worrying about it. Just live the life as it is. Death is uncertain and no one knows when it will arrive. So focus on living the life you have first. Then think about what could be or should be done.

It depends on your wish, if you think they are deserving for it and has the worth and pedigree of reputation you think you can confide trust in them, there's nothing bad, it's your money and they are not forcing you to do so, you can choose to or not depending on how you're comfortable with them around you, you can also consider the level of the sickness you have in respect with the stage it has gotten with your chances of survival in it altogether before coming with a conclusion.


No body, eventually it will remain in your wallet, that's why if you think it worth having some discussions, plan or takeover plan before you die, then don't hesitate to do it now.