If only property I have is bitcoin | Bitcointalksearch.org

fuguebtc

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Quote from: Ale88 on October 19, 2023, 07:11:04 PM

Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

It's a tricky question because it all depends on your relationship with your family, and only you know that. In general you should know whether someone has money problem, how they manage their finances, if they have debts, etc etc. Also, very important, they must be pretty good with technology and you need to make sure they understand that the seed phrase can't never be shown/told anyone.

I don't think someone needs to be tech-savvy to hold bitcoin or our seed phrase. Just teach them the basics and talk about the importance of seed phrases, and I'm sure they'll keep them the same way you keep them. It is important that when giving the seed phrase to a loved one, we emphasize its importance and how to keep it safe, we do not need to worry too much about the rest. Like my mother, she has kept her assets such as jewelry and other assets for many years without anyone knowing, so I also feel completely secure in entrusting my seed phrase to her.

Ale88

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

It's a tricky question because it all depends on your relationship with your family, and only you know that. In general you should know whether someone has money problem, how they manage their finances, if they have debts, etc etc. Also, very important, they must be pretty good with technology and you need to make sure they understand that the seed phrase can't never be shown/told anyone.

n00ber

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Quote from: jeraldskie11 on October 19, 2023, 05:43:21 PM

Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Only show the seed phrase to people you may trust, in my opinion. Not everyone in your family has good intentions for you, especially when it comes to money. Money has the capacity to change people's minds, so we must be conscious of it. Let's imagine you have 5 Bitcoin, which is fairly large, and if your family finds out, they will all be shocked and some of them will begin to form negative thoughts in their minds. You must be cautious and only tell people who you have confidence and who love you that you have Bitcoin.

Of course, not everyone is a good person, but we should not be too suspicious of everyone, including our wives or parents. What I find funny is that many people here are valuing bitcoin more than their wives and families. They would rather die with bitcoin than share private keys with their wives and children, they always doubt everything but want others to trust them, which is ridiculous.

One thing I'm more curious about is that, other than early investors, they're holding a lot of bitcoin and it's understandable that they're more cautious with people. But others always doubt their loved ones, how many bitcoins do they have? 1BTC or 100BTC or just 0.1BTC? Cheesy

But they always think bitcoin is more valuable than their relatives, who are always by their side when they are in trouble.

jeraldskie11

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Only show the seed phrase to people you may trust, in my opinion. Not everyone in your family has good intentions for you, especially when it comes to money. Money has the capacity to change people's minds, so we must be conscious of it. Let's imagine you have 5 Bitcoin, which is fairly large, and if your family finds out, they will all be shocked and some of them will begin to form negative thoughts in their minds. You must be cautious and only tell people who you have confidence and who love you that you have Bitcoin.

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Quote from: flyingcarpet on October 18, 2023, 06:01:17 PM

Quote from: Aanuoluwatofunmi on October 18, 2023, 05:41:27 PM

Quote from: Agbe on October 16, 2023, 11:14:38 AM

Really this is a mystery question people used to ask in the cryptocurrency world. Everyone is saying that we should secure our private keys, seed phrase and other password, but as human we will not live forever so when we are no more or very weak to the extent that we can't do anything and they need money to take you to the hospital or pay bill. Well there are different ways you can secure your wallet. But for knowing your wallet seed phrase, you have to show one person who is knowledgeable about bitcoin, and make sure you trust the person and give the person a copy of the seed phrase. So that even though you have passed away the person can control and manage the funds.

Those that will likely be around you are the members of your family to take good care of you, if they know about your keys at that critical condition i don't think that is bad enough, whenever you get well you can always make decision on changing the wallet you use and that is if you have not already been outsmart by anyone of them, also it's something he may send a little amount to an exchange and allow them have access to it or even when the money is already on exchanges for such little expenses, they can only have access to the exchange account and not your non custodial wallet.

It is difficult for a person to live alone. He needs to trust someone. People we can trust may be our relatives or friends. This is not just about crypto, I mean being alone and having no one to trust is a very sad and difficult situation.

Money is earned over time, but we cannot buy the people we can trust around us with money. It is a great chance to have people we can trust. Therefore, if you have investments, there is no harm in telling them to someone you trust. Just as we need to be careful in everything, you should also be careful to choose this person well.

Indeed, people naturally want connection and trust. This need isnt just about crypto or material gains; it comes from deep inside our minds. When we're alone and dont trust anyone, it makes us feel very alone. When things are as unstable and unclear as the cryptocurrency markets, trust is very important. Over time, trust has evolved , but at its core, its still the same.

Your point about how money cant buy trust is a very good one. Even though money is very strong, it cant buy real relationships or the respect of honest people. This fact is made stronger by the crypto world. Telling people you trust about your finances is very important. The biggest problem, though, is telling the difference between real trust and fake trust. In the volatile world of cryptocurrency, one bad friend can cause bad things to happen. And even though you stress how important it is to share, the critical study of "who" is still the most important thing.

Bitcoin_people

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

You have made a beautiful thought that all investors should really consider. Since man is mortal one day he has to die so he must leave his accumulated money and wealth for his family and future generations. That's why the plan you made is good because you currently have Bitcoin investments and only you know about them. These investments of yours may be kept as future assets and may benefit your children. If you tell your family about bitcoins, keep them so they can't use them when you're not around. That's why you should educate and educate your family about bitcoin seed phrase, and you should tell them about this bitcoin. It is true that if you die, your children can enjoy your money and they will benefit from it. And if you don't tell about this then they will never know about Bitcoin and they won't be able to enjoy the wealth left in your wallet, that's why I think your plan is good.

flyingcarpet

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Quote from: Aanuoluwatofunmi on October 18, 2023, 05:41:27 PM

Quote from: Agbe on October 16, 2023, 11:14:38 AM

Really this is a mystery question people used to ask in the cryptocurrency world. Everyone is saying that we should secure our private keys, seed phrase and other password, but as human we will not live forever so when we are no more or very weak to the extent that we can't do anything and they need money to take you to the hospital or pay bill. Well there are different ways you can secure your wallet. But for knowing your wallet seed phrase, you have to show one person who is knowledgeable about bitcoin, and make sure you trust the person and give the person a copy of the seed phrase. So that even though you have passed away the person can control and manage the funds.

Those that will likely be around you are the members of your family to take good care of you, if they know about your keys at that critical condition i don't think that is bad enough, whenever you get well you can always make decision on changing the wallet you use and that is if you have not already been outsmart by anyone of them, also it's something he may send a little amount to an exchange and allow them have access to it or even when the money is already on exchanges for such little expenses, they can only have access to the exchange account and not your non custodial wallet.

It is difficult for a person to live alone. He needs to trust someone. People we can trust may be our relatives or friends. This is not just about crypto, I mean being alone and having no one to trust is a very sad and difficult situation.

Money is earned over time, but we cannot buy the people we can trust around us with money. It is a great chance to have people we can trust. Therefore, if you have investments, there is no harm in telling them to someone you trust. Just as we need to be careful in everything, you should also be careful to choose this person well.

Aanuoluwatofunmi

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Quote from: Agbe on October 16, 2023, 11:14:38 AM

Really this is a mystery question people used to ask in the cryptocurrency world. Everyone is saying that we should secure our private keys, seed phrase and other password, but as human we will not live forever so when we are no more or very weak to the extent that we can't do anything and they need money to take you to the hospital or pay bill. Well there are different ways you can secure your wallet. But for knowing your wallet seed phrase, you have to show one person who is knowledgeable about bitcoin, and make sure you trust the person and give the person a copy of the seed phrase. So that even though you have passed away the person can control and manage the funds.

Those that will likely be around you are the members of your family to take good care of you, if they know about your keys at that critical condition i don't think that is bad enough, whenever you get well you can always make decision on changing the wallet you use and that is if you have not already been outsmart by anyone of them, also it's something he may send a little amount to an exchange and allow them have access to it or even when the money is already on exchanges for such little expenses, they can only have access to the exchange account and not your non custodial wallet.

seanskie18

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You will never know what will happen because life is brief. You ought to have a plan in place for passing on the seed phrase to someone you trust in case something unforeseen happens. It's a great concept to share the riches, so to speak, with individuals you care about while you're still alive. There should be no problems as long as they are trustworthy and understand cryptography. People like you is rare this, keep doing what is good to become a model to others.

PetieT

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Quote from: Z-tight on October 15, 2023, 12:04:51 PM

Quote from: PetieT on October 15, 2023, 11:43:18 AM

You can put it in your will. And then the lawyer will give it to him

This is a not a recommended inheritance plan for BTC in my honest opinion, i can't see why someone will trust a lawyer more than their family and since it is still the same family that's going to inherit your coins, why trust a third party and not be 100% sure it will get to them, when you can just tell your family the location of your seed phrase and how to spend it. Take note that even if you do not include the seed phrase in the will, you will include its location and how you want it shared, so why not tell your loved ones one or both of that information.

On the one hand, yes. But since the person made the post, it means he's not sure he can trust his relatives with his phrase. And a lawyer can at least be sued if anything happens

Eternad

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Put your seed phrase on somewhere place like safe or vault then hire an attorney as your representative when you are gone and give the will to him including how to claim your Bitcoin and where it is hidden. A lawyer is the best person to do this kind of job if you want to ensure that your investment will be properly distributed to your family when you’re gone. It might cost a significant fee but it’s still worth it rather having a trust issue to your family when you are still alive or completely make your Bitcoin investment useless if no one knew your seed phrase.

savetheFORUM

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Quote from: Distinctin on October 14, 2023, 10:23:43 AM

There’s no point of showing to your family your seed phrase if you will not teach them about bitcoin and how to keep them safe and secured. You need to orient them about bitcoin and make them understand about it, as well as teaching them how to store your bitcoin in a safe storage so that it will be free from hacking or stealing. Once you have shared everything to your family all about bitcoin, then you will never worry on your bitcoin investment if ever you’re not around anymore since you can trust your family to continue what you have started. But if they chose to sell it anyway, I guess when that time comes you can never control their decision already.

I think it's understandable. I mean he probably knows that he will need to teach those people first before he gets on that part. If not then only luck is what we need because those people can still get curious and search about those 12 words. Or they will ask someone about it.

Hopefully, those people won't trick them and steal the coins. Once we leave this word, it means the coin is not in our possession anymore but those people can follow what you instruct with them. Time will always come that they will sell it for profit because this is our main purpose or the main purpose of BTC. What important here is the coins didn't go to waste or lost in circulation.

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

We should always teach our siblings our brothers and other people who we think are very close to us what is bitcoin and how it works especially we should teach them trading. When they grow up they will be professional in crypto and they will have more knowledge about crypto which will help them a lot in the future. BTW, I didn't tell my phrase key till now to anyone nor I'm going to tell anyone even if I die, because I had invested less amount not the full amount. My other half amount is also stored in my bank account and I have told my bank account to one of my nearest friends.

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Quote from: Agbe on October 16, 2023, 11:14:38 AM

Really this is a mystery question people used to ask in the cryptocurrency world. Everyone is saying that we should secure our private keys, seed phrase and other password, but as human we will not live forever so when we are no more or very weak to the extent that we can't do anything and they need money to take you to the hospital or pay bill. Well there are different ways you can secure your wallet. But for knowing your wallet seed phrase, you have to show one person who is knowledgeable about bitcoin, and make sure you trust the person and give the person a copy of the seed phrase. So that even though you have passed away the person can control and manage the funds.

This is right way to give access to the cryptocurrency holding to a person close to us. However we should find a way that the fund can be used only after our death. Just think of a situation in which we've shared the seed phrase and the person close to us had took control and transferred the fund. The world is full of betrayal and we can't believe anyone. So, it is always good to follow the systematic procedure that is been mentioned in the beginning of the thread about the release of the seed phrase with locktime. Through this our belongings will be settled with the person we've added as nominee after our death. This is also carried out by a third party service which makes it bit uncomfortable for some people who hate the centralized system.

Agbe

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Really this is a mystery question people used to ask in the cryptocurrency world. Everyone is saying that we should secure our private keys, seed phrase and other password, but as human we will not live forever so when we are no more or very weak to the extent that we can't do anything and they need money to take you to the hospital or pay bill. Well there are different ways you can secure your wallet. But for knowing your wallet seed phrase, you have to show one person who is knowledgeable about bitcoin, and make sure you trust the person and give the person a copy of the seed phrase. So that even though you have passed away the person can control and manage the funds.

bbigtart

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Bitcoin is an asset just like you own land, gold and other property. If you die, your inheritance will be taken by your heirs. Likewise with bitcoin assets, if you have a lot of bitcoin assets and want to keep them long term, it's best to tell your family who you think you can trust.

At least you have to be sure of someone's age, you can't guarantee it, because it is a natural law that everyone who lives will definitely die. If you are aware of it, you should educate people you trust about bitcoin, if they already understand, you can convey the seed phrase to them.

Sorry if you suddenly die, your bitcoin assets can be accessed by people you trust so that your bitcoin assets are not wasted.

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Quote from: Rabata on October 15, 2023, 12:45:40 PM

Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

People do not live forever and death also has no time. Anything can happen at any time. We all should save the seed phrase we have and share the seed phrase or keys with family members. One should select people whom he likes whom he can trust and then inform him of those things. This is something every crypto user should do to avoid losing that money in the future. Since everyone has to die, there is no way to ignore it. You should give all your secret keys to a trusted person as soon as possible. Keep in mind that if no one knows your seed phrase, your asset has no value after your death.

We all don't know when death will happen to us and death will definitely happen to everyone, so I think it is important to tell the phrase to the people we can entrust it to lest what we have collected can still be enjoyed by the people we entrust it to. and we are not wasted in collecting it. If we choose not to tell anyone about this and we experience death then it will be very detrimental to what we have accumulated, no one will be able to enjoy it.

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Quote from: SmartCharpa on October 15, 2023, 04:50:08 PM

Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

I believe you understand your family better than we all do. There's nothing to hide from your family. It wasn't a good idea. You need to teach them how to operate bitcoin because this is not the appropriate way. You need to give them much knowledge about bitcoin. You can't just keep things away from your family like that. Wait, what if your family is poor? You are the one contributing to their survival, and in this process, you were ill and pass way. How did you want them to survive if you kept it away from them? By that time, you wouldn't be around to tell them you have money.

If I am in this position, I will not keep anything away from my family. I believe most of the family they have believes in it. It may be hard to tell the whole family, but a single person will most likely be aware of it. Not that you will allow anyone to have access to your phone or system password when you are healthy; you can only do that when you are not feeling well because people came in where you didn't expect them.

Indeed, I don't see any reason for us to hide these things from our families. Just one simple thing, without family, would we be able to live and grow up until now? They are the people who have taken care of us from childhood until we take care of ourselves, why do we know how to make money and become selfish with them? I don't understand why so many people don't trust their wives, even the people who gave birth to them. Is money really that important? More important than our parents?

Ahli38

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

We don't have to show our Mnemonic Phrases to our family. But teaching our family about bitcoin would be much better. At least make them understand how to create a bitcoin wallet, back it up and re-import it. Teach them how to receive and send bitcoins and tell them that Bitcoins are very valuable even though their prices are always fluctuating.
After they understand these basic things, then we tell them that we are investing in bitcoin. But it would be better if you didn't tell the rest of the family. Enough only with the people we love most, like our wives.
Keep your spare wallet key in a safe place. And tell our wife that all the valuable things we have are in that secret place.

But likewise, if our wife also invests in bitcoin then she must also tell us the same as we tell their.

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Quote from: Riginac111 on October 13, 2023, 05:59:28 PM

Right now I'm thinking to myself of 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...

Talking of Bitcoin in the light of an investment goes to buttress the fact that Bitcoin is more of an asset than of money. That's an undisputable fact.

Quote

...when I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

Why do most people think of death only when they're ill. Death can come upon us at anytime. After all we've been assigned a death warrant at birth. Every man carries the stigma of death once they're born. So, not only in illness can it come but also in good health or haven't you heard of healthy people passing on in their sleep or accidents ending people's lives?

Topic: If only property I have is bitcoin (Read 751 times)