If only property I have is bitcoin - page 5.

rachael9385

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Quote from: Zaguru12 on September 16, 2023, 08:35:09 AM

Quote from: Bd officer on September 16, 2023, 06:45:54 AM

If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

I still am of the opinion that he should at least have that one person he trust in the family that he would give the seed phrase or keys too. The issue of waiting till you are unwell before declaring some of this things is risky, sometimes death doesn’t comes with any sickness so with the scare he got the first time, now is the perfect time to him to correct those mistakes and make someone aware of his phrase, he can simply set a time lock to that wallet so that even if he reveals his seeds now they won’t be able to spend it and if he lives to pass the time lock date or later have a family of his own and a new kin then he can move this to another Wallet and give the new keys to the kin

Well, it is not an easy task to make a decision, because by making your will you might get confused at some points.
Like if I am in your shoes, I will have a family lawyer that will stand for the family and I will set the will and my Bitcoin walllet with a time lock, but if I am still alive and the time lock dues I might still extend it, 2× of the previous one, so if you are no longer alive your lawyer can read the will to your children and families to everyone hearing.
I have seen a situation like this before, but in this case, a man got married to 2 wives and he shared all his property with all his children while he was still alive and everyone went their own ways, but after then, the friends of the man were asking him why he shared his properties to his children while he is still alive and that was the topic of discussions that day.

dothebeats

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Converting all properties to Bitcoin only is nothing but foolishness because when one converts all properties to Bitcoin and keeps those properties in a wallet, there is a lot of risk. Any time that wallet gets hacked then all its properties will be lost forever. So Bitcoin should be saved by investing in different categories and not just as all properties. Property can be accumulated by investing in land, gold, silver and even real estate.

I agree with you. There is a lot of risk that comes with converting every property and asset you have to Bitcoin. Bitcoin is volatile so there is no assurance that all you will get is good profit. You still have to ensure that you have other investments and sources of income to ensure that you have financial stability. Being dependent on Bitcoin can lead to negative outcomes that you will regret one day, hence it is not advisable to do so. It is still better to have other investments rather than sticking with Bitcoin and putting everything there.

Lulu007

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I understand your concerns about your Bitcoin investment and the need to plan for the future.

Document your seed phrase and instructions for accessing your Bitcoin securely. This could include using a hardware wallet, writing down the seed phrase, and keeping it in a secure, fireproof, and waterproof container.

Consult with a lawyer or financial advisor to incorporate your Bitcoin investment into your estate planning. They can help you create a plan that ensures your family can access it while maintaining security.

Choose someone in your family whom you trust implicitly and who has a good understanding of cryptocurrency. Share the necessary information with them and make sure they are aware of the responsibilities involved.

Keep your plan up-to-date. If you change your seed phrase or wallet, make sure your trusted individual is aware of the changes.

You could also explore the use of a multisignature wallet, which requires multiple private keys to access funds. This way, you can distribute access responsibility among multiple trusted individuals.

usekevin

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The cryptocurrency investment will change your life one day,but you need to take risk some money.If you want to hold the money in your bank,better hold in the cryptocurrency.The return from the cryptocurrency will be unexpected one,the profiting need of some huge time of holding after you brought at the bear market.If you are not ready to inverse huge money in the crypto currency,you can inverse a little money from your savings on every month salary.You can share your seed base to your brothers or sister who understand what it’s because we don’t know what happened to us in this undefined life.

kryptqnick

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Unlike other major property like a car or a flat, Bitcoin isn't registered to someone's name (unless a person lives in a country where it's possible to legally declare Bitcoin holdings, and decides to do that), so I understand that it raises concerns in case something happens. You're asking whether you should show your seed phrase to your family, and I think the answer depends on whether you find your family (or someone specific in it) trustworthy, reliable. If you are close enough with someone and confident that this person won't use this knowledge against you, won't use your money unless you actually die, then yeah, I think telling this person is a good idea. If not, you need to think of whether you'd even want your family to have your funds in an event of you no longer being able to use them, and if the answer is yes, think of other options to ensure that the coins don't get lost.

philipma1957

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Quote from: mk4 on September 15, 2023, 08:58:16 PM

It will totally depend on how trustworthy the best family candidate is. If that family candidate isn't some gambling/drinking/drug addict and you generally trust him/her to not take your coins while you're still alive, then probably go ahead.

On the other hand, you can just store your recovery seed and some easy-to-understand instructions in a fire-proof safe.

yeah this makes more sense. In USA you can store info in a bank in a safety deposit box.

Does not have to be the seed it could be the location of the seed.

Let your trusted relative know you have a safety deposit box.

You would have a two step method to protect the seed this way.

karabiber

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Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

It's all about how much you trust your family. If i were in your situation, i would definitely say the seed words. There would be no problem for me in this regard. If you are in a relationship where you can't even trust your family don't share but question the reasons for the mistrust as soon as possible. This is more important than whether or not to share the seed words. If you have shared the seeds and you don't feel comfortable, then get a different wallet and transfer your assets to the new wallet immediately. Trust your family and do not avoid sharing with them.

bhadz

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Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Go to a law office and get a lawyer and ask him about the procedure of transferring your wealth by leaving a will. Let all the paper works being done by the lawyer and its associates and you have to choose from your family or relatives on who's going to receive that will when you leave this world. If that's a big amount of BTC that you're holding and you tell it to them, for sure that all of them are going to be good to you when they know you hold it and you're about to get your last breathe. Believe me, people become good when they are expecting something in return and will take care of you.

Xcode7

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Quote from: Bd officer on September 16, 2023, 06:45:54 AM

Congratulations, you have invested in Bitcoin at a young age. Is bitcoin legal in the country you live in? If Bitcoin is legal in your country, you can tell a trusted family member about Bitcoin and wallet privacy. Bitcoin is disliked in many households. Does your family like bitcoin? If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

Whatever it is and in any way, it is definitely very important to keep the key where our assets are stored, in my opinion, even if the extended family doesn't know, there is one of them or other trusted people who knows our private bitcoin key, so that if something bad happens to the assets we have save it and can pass it on.
Investing in Bitcoin at a young age is an advantage that not many people have, many of us always regret why we didn't get to know about it sooner after something like this happened.

aylabadia05

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Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Sharing some private keys with someone you can trust is not a bad idea in passing on your Bitcoin assets. People who can be fully trusted must be taught how to secure and use wallets properly and correctly. Multisig wallet is an option for this desire.
It is not recommended to do this with people who are not on your personal trust list. Maybe your wife or husband or even your child is suitable for you to hand over the Bitcoin phrase.
Once again, giving the seed phrase or private key to a trusted person is important in my opinion.

Zaguru12

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Quote from: Bd officer on September 16, 2023, 06:45:54 AM

If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

I still am of the opinion that he should at least have that one person he trust in the family that he would give the seed phrase or keys too. The issue of waiting till you are unwell before declaring some of this things is risky, sometimes death doesn’t comes with any sickness so with the scare he got the first time, now is the perfect time to him to correct those mistakes and make someone aware of his phrase, he can simply set a time lock to that wallet so that even if he reveals his seeds now they won’t be able to spend it and if he lives to pass the time lock date or later have a family of his own and a new kin then he can move this to another Wallet and give the new keys to the kin

pawanjain

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It really depends on how much you trust your closed ones. You don't have to give the whole seed phrase to your closed ones.
You can decide to split the seed among your closed ones for instance give the first half to one and the second half to other or something like that.
The chances of everyone combining to take your wealth will be relatively low when compared to giving the whole seed to a particular person.
Also, you can achieve the same result by creating a multi-sig wallet with your closed ones.
What I have done is that I have told my elder brother whom I trust a lot that I have invested in bitcoin and I have stored the seed to access it in a location.
Just so that he is aware of it when the time comes.

Bd officer

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Congratulations, you have invested in Bitcoin at a young age. Is bitcoin legal in the country you live in? If Bitcoin is legal in your country, you can tell a trusted family member about Bitcoin and wallet privacy. Bitcoin is disliked in many households. Does your family like bitcoin? If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

Kakmakr

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The best thing to do is to create some kind of riddle and something that only your family will be able to solve. This riddle will reveal to whomever are left behind, where you left your pass phrase.

You can even write it down and split it into pieces and then give the different pieces to the different family members to put together when you are gone. So, without the other pieces.. not one of them will be able to put it together. Wink

boyptc

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Are you having a serious disease and this is the reason why you are asking for this? Everyone has given the same option of what you must do and that's to talk to your family and teach them the basics about wallets and retrieval.

Do you trust them?

If so, then you have to believe on them that they will learn it and even it's not going to be for a short period of time, you have to be consistently teaching them until they have absorbed that knowledge.

But if you don't trust them then that will serve as gone forever and part of those 'burned' bitcoin's forever when you're gone and you have never told it to anyone.

o48o

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Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

-cut-
if only investment I have is bitcoin
-cut-

It might be controversial to say that don't only bet in bitcoin in a bitcointalk forum. But there's a saying about putting all of your eggs in one basket, and that applies even if that only basket is bitcoin. It's just common sense. Anything can happen. Especially with bitcoin.

Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

You can set up a will and testament, that includes a memory stick, containing all the information on how to access your bitcoin.
Or you can just show them your seed phrase if you are sure they are not going to misplace it, show it to anyone, steal your bitcoin, or start to change their views, if they see the the price of bitcoin crashing or mooning.

If you don't share the fact that you have bitcoin, likely no one will know about it and it will be lost forever after someone formats your harddrive.

Sim_card

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I believe that among your family members, there must be someone close to you whom you trust, and you can tell that person your secrete because you can confide in him. Such person should be the one which should be in the position of disclosing your seed phrase to. If the person doesn't understand bitcoin, you should create out time to teach him/her. It wouldn't be wide that we have an investment, and no one will be able to benefit from it after our departure from planet earth. Since you said that you don't have any child or wife, then you person that you love most should be given your seed phrase so that the money can be shared within family members after death.

AprilioMP

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Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

1) since I'm ill should I show my family my seed phrase

I think it is necessary to show family members the seed phrase so that it can be accessed and used well as your best inheritance.

Quote from: Riginac111 on September 15, 2023, 08:54:18 PM

2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Because bitcoin for me is the best legacy created by Satoshi Nakamoto, I think it is necessary to pass it on to your successors if all this time bitcoin is still stored intact in your wallet.
I remember the message that a good legacy must be continued and not left unused. It is very regrettable if the best asset is neglected like a physical item.

Our parents used to invest in gold, they always kept the purchase certificate carefully as proof of gold ownership and kept it in a place where they could take it when they wanted to sell it out of necessity. If our parents die, then the gold ownership certificate can be used by family members who will be recognized when they sell it to a jewelry shop.

Minecache

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Quote from: Plaguedeath on September 16, 2023, 03:26:29 AM

Quote from: Blitzboy on September 16, 2023, 03:16:59 AM

- Things are harder when you dont have any close family. But if you have a friend or relative you trust completely, you might want to let them know.

What's the point to give your coins to your friends? Bitcoin is a currency, the point of someone want to give their coins to other person is to make their life better because they have more money, this related to the next generation.

I have few trusted friends in my life, but there's no friends can be trusted when it's related to money because they're only being good when you have something, when they already get it, they will be gone.

If we put our trust in our siblings or loved ones, it will be better than strangers, even those we consider our closest friends. Indeed, the most difficult thing to understand in life is the human heart, so we should not easily put our trust in people who are not related to us by blood. I don't mean to mistrust my friends, but there should be limits when it comes to money with them. As for friends, I never even mention money, let alone valuable assets like bitcoin, when a relationship involving too much money will easily fall apart.

livingfree

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The best IMO is you really have to tell that to one from your immediate family. And that's one whom you think can really be trustworthy but you don't show him your seed phrase as soon as you teach or tell him/her about your bitcoin investment.

If you think that you're going to be gone too soon, you'll make like a last will testament or some instructions on how to retrieve those bitcoins through the seed phrase that you're going to give to them.

One or two family members will do, again the immediate ones or the first degree and so on if you can't find someone trustworthy.

Topic: If only property I have is bitcoin - page 5. (Read 904 times)