If only property I have is bitcoin - page 6.

summonerrk

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

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I think that every person who owns cryptocurrencies thinks about this question. After all, for sure, a lot of crypto enthusiasts die every month, and balances from wallets and bridges remain on accounts, while they will never be withdrawn, because the memory of passwords and seed phrases also dies with people. However, I think that the exchange will assign similar accounts explaining this by some clause of the agreement that, for example, "if the account has not been active for 30 years, then the exchange appropriates all its funds."

Plaguedeath

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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.

lovesmayfamilis

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OP, you've gone very far. If you don't have a wife, why burden yourself with such questions? There is no need to worry about what will happen to your money if you die, and you have no one to give everything to. This topic appears frequently on the forum, but is it that difficult to resolve? Everything depends on you. If you trust your significant other, tell her. I don't think it's hard to do. If you are raised with a sense of responsibility towards your loved ones, you will find thousands of ways to convey your secret to them. If you don't have people you can trust, then don't even think about it. People die empty-handed, taking nothing with them. Also, people die unexpectedly, so if your bitcoins are destined to disappear without a trace, then don't regret it either. If we say that, as many people have written here, it is dangerous to trust loved ones, then you can feel sorry for them that people are living next to them who are capable of betrayal at any moment.

KingsDen

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I so much understand the risk that is behind trusting someone with your seed phrase even when you are alive. This could certainly mean that you might be asleep and someone else will sell all your bitcoin even without acknowledging that they did because you will have no evidence to prove that and you might be thinking it was a hack. I have a simple, but somehow complicated solution for you.

You have to trust a member of your family who does not know much or know about cryptocurrency and bitcoin with your seed phrase and ask them to keep it very save. Then you have to let your friend or another member of your family, who knows about bitcoin and cryptocurrency know that you have something that you left in the hands of the other person. By this it will not be easy for both of them to unite to steal your money. But when you are no more the one without the knowledge will actually look for someone to help them get the money, that will involve the one with knowledge of cryptocurrency.

Blitzboy

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At times, we're so caught up in the present, the trades and price swings, that we forget we're mortals. These are good questions and your introspection makes sense. Like wills for real belongings, how should we treat digital assets in the digital age?

- Sharing your seed word with a trusted family member is a good idea, but make sure they know how important it is.
- 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.

Also, perhaps look into platforms or services that offer solutions to this particular issue. Digital wills can be set up so that they are automatically carried out when certain things happen.

KiaKia

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We all think differently but mind you, because you are investing in Bitcoin doesn't mean you should be thinking about this, you are very young I believe, since you said you are not married yet, if you keep thinking about if you are dead your mind can manifest it, so be careful.

I grew up to become what I am today, all thanks to my heavenly father and my parents, I needed help so much that everyone around me knew it, but they didn't help, I intentionally opened up for some people and they still failed to help me.

See, I don't want to end up dead and let someone take over my things and start enjoying it, especially my money, all I keep hoping for is a longer life, but if death is going to come, no one will benefit my hard work, this is why I prefer leaving my money on the blockchain, Bitcoin to be precise, you will need my keys to rob me of my Bitcoin and good luck with that.

The only person that's worth my private key is my spouse, my partner, because they deserve it, they are there when I was down and they have helped my through this journey by far, assuming I don't have someone like them, I would rather slowly giving out my wealth and when death comes I vanished with what I have left.

Charles-Tim

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

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

If thieves come to someone's house to steal, one of their targets is the safe. If the thieves know about bitcoin, cryptocurrencies and the seed phrase, they might be able to steal the coins. Your suggestions is good, but he should keep it in better location than a safe. There are some hidden locations that he can keep it that will not be noticeable to offline attackers.

Asuspawer09

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

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God I recover fully from the illness before i return to forum...no sympathy

It is a pretty common thing for sure the only way here is just to teach them how to use Bitcoin if they are interested in it you could just teach them about Bitcoin and cryptocurrency investment so that they know in the end if something happens you have some sort of investment if in case you died. I mean there's no way they could use that money or get that money unless you give them your seep phrase or password or something like that it didn't really work that way since it's a decentralized thing on you have access to your wallet.

One of the things that I do is have a notebook where you can find my seep phrase they know that I have some sort of investment in cryptocurrency but they dont really know about how they are going to access it or something like that. I explained to them that everything about my cryptocurrency like seed phrase and password was all in my book and in case something happened they could access my wallet using that password, I mean it is still better if you could teach your family about cryptocurrency that way it is going to be easier..

Solokan

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I think it depends on you whether you want to pass on your BTC to your family or not, but I think if you are interested, you can tell your relatives but of course you have to tell someone you can trust, but I'm glad to hear you You have recovered from your illness, and I think you still have great potential to be able to have children in the future, and of course you should not give up on living your life.

gunhell16

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

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God I recover fully from the illness before i return to forum...no sympathy

You know, dude, I understand what you mean. For me personally, my wife doesn't know anything about seed phrases and passwords, not even about the crypto assets that I have, am holding, and will sell until the right time for the bull run. Now, I intend to tell her because I can't trust anyone with what I'm doing but her and my close friend.

Now in your scenario, if you have a lot of holdings of Bitcoins, the best thing you should do is make a will of testament. In that matter, who will you trust to give what should be said about the crypto assets that you have, from the seed phrase, private key, and password, and procedures on how to translate them into real money and even into the accounts where they will be converted, which are trusted exchanges in this industry?

BlackHatCoiner

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Tell that to your brother / sister, and show them the basics; how to use a wallet, how to make a transaction, how to recover a wallet with seed phrase, etc. Obviously, don't do it if you don't have good relationships or don't trust them technically.

Quote from: stompix on September 15, 2023, 10:55:02 PM

Do you really care that much about what happens to your Bitcoin investment once you're no longer in this world?

This guy probably got some serious sickness and shit his pants, so I don't blame him for doing that. Wouldn't you feel awful if a relative of yours passed away and all his wealth was donated to the Bitcoin network? Tongue

Zlantann

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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.

I live in a place where preparing for death is seen as an abnormal behavior. Life insurance policies are not popular due this cultural beliefs. But Death is inevitable that is why we need to plan for it. Trust is gradually fading in this world due to greed and the quest to get rich. But the fact remains that if you are planning on how to transfer your wealth to anyone or organizations, someone has to know where your seed phrase is. The next option will be to keep your coin in a centralized custodian service that has succession plans handled by an executor or trustee. But these platforms are not trustworthy since they are handled by imperfect humans.

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So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God I recover fully from the illness before i return to forum...no sympathy

You can transfer your wealth to your siblings or even humanitarian associations such as NGOs. You can also consider getting married and having children if you see them as the perfect heir Cheesy

michellee

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In your case, maybe you should write a will regarding Bitcoin ownership along with all the explanations about how to use Bitcoin. This is so your family knows you left something valuable for them so they can use it well.

But if you don't have a wife or children, maybe you can give the letter to your parents or siblings. But if you are really alone, you can hand over the will to a charity so they can use it. That would be much more valuable and better to do because at least with the Bitcoin you give them, they can continue what you have done and use the Bitcoin for good.

But if you still have siblings and want to give it to them, you can say in the will that you appoint your sibling whom you trust more to manage it for the benefit of the family. But I hope you don't give up on seeking healing even until your last step.

Hatchy

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Somehow, I think it will be the right thing to share these personal information with your family, that's if you trust them enough to do that. Inlife we don't know what might happen next or when it will happen so we have to be prepared. Becoming greedy would only lead to loss of your investment and funny enough, nobody would inherit them since they are Bitcoins or crypto of which without your keys cannot be accessed. Unlike the banks, if such were to happen and nobody comes around asking for them in matter of time the bank claims ownership of your assets. So I think you should give one of our most trusted a tips about your crypto holdings so that when worst becomes worst they might be able to use it and sustain them selfves in a short term run.

bayu7adi

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dont be greedy

In recent weeks, I've been contemplating the same thing regarding several of my assets held in both my personal wallet and an exchange wallet. The only thing I've shared with my family is my debit card PIN, and at this point, its balance is no larger than the BTC I have in my personal wallet.

I've considered leaving a box containing access keys to all my assets and bequeathing it to my younger sibling and mother. I understand they may not grasp the concept of private keys or Bitcoin, but I've provided a contact who happens to be a friend of mine, who has aided me in navigating the world of Bitcoin.

My friend has a higher income than I do, and they are the one person who has consistently been there for me when I needed assistance. There is no one else I trust more with matters of inheritance than them. So, rather than entrusting my private keys to my friend, I've asked them to assist my family when my time in this world comes to an end. This includes liquidating the balances in both my personal wallet and exchange wallet.

Am I doing the right thing here? If there's anything lacking, perhaps your more logical advice could be a consideration for me.

Lorence.xD

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It would really depends on you actually cause if you don't really want to give to anyone your funds since you've put a lot of effort to gain it, why not enjoy it by yourself a little? I mean treat yourself once cause you're already overthinking about your money so use some or find a partner to spend your time with. And if you're planning to pass your wealth to someone in your family, I would rather choose it carefully, cause there's a lot of people once they received huge amount of money they would just simply impulsively waste it like doing drugs, alcohol, buyign unnecessary things and worse gambling. Much better to teach them first so when the time they inherit your wealth, they already have ideas how to manage and handle what you left with them.

Wexnident

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

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Just leave it alone if you want. I don't think there's any reason to tell a family member about your keys and passwords about your crypto because you're afraid of it being left alone. I mean, you're dead, and as you've said, no wife or child. If you care that much about your relatives though then feel free to do so. The only real secure way here is to write it in a will or something similar, or put it in a safe then build some kind of instruction list that can be released when you're proclaimed dead.

I honestly wouldn't think of this at all if me and my relatives aren't that close and I don't have a wife/child. I mean I'm dead, why would I give a damn about my assets if I don't really have anyone I care about.

Shishir99

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I don't know what to suggest because I don't know how trustworthy your family members are. Since you have no wife or kids, I don't know who your family members are. In my case, I have my wife and kids, but they don't know about Bitcoin. Even if I give them the seed phrase, they are unlikely to use it. My seed phrase is already imported into my Electrum wallet, which can be accessed with a password. I have already shared the password with my wife in case something happens to me. My wife is my life partner and the most trusted one I am living with. I don't think she will touch anything while I am alive.

bluebit25

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I think about this, when you think about who will manage your assets for you, then the person you trust must also think like you (keep looking for a wealth manager for similar issues ), an infinite loop that doesn't know where to stop. So looking back a bit, even the great achievements of ancient civilizations to the present are only understood in a historical language (my personal limited understanding of it),

So frankly here, if you have any fear, instead of being stuck with what your created and regretting it, feel free to do the best you can in the present, more specifically, help others by helping othersyour ability.

cryptoaddictchie

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Im thinking the same too but I trust my family members than other so I am willing to share the seed phrase and for now I am teaching them slowly about crypto and basics such as how to unlock wallet so that if ever there is an accident or anything happened to me they could access it easily and able to get the valuable tokens and coins from my asset portfolio.

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