If only property I have is bitcoin - page 2.

SmartCharpa

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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.

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.

Smartvirus

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

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?

Well, the forum is no stranger to this sort of thread no more.
I’ve had to see several threads talking about what would happen to their Bitcoin after they die?
What’s the best means to ensure your accumulated Bitcoin don’t get lost like the rest of them wallets whose seed phrase are no where to be found and as such, it’s lost to the world.
What’s the best means to pass on Bitcoin as an inheritance?

These are common threads you can easily find around to suit into your thread’s context but, you’ve created yours uniquely and I’ll say this to you,
Your seed phrase is your first line of security and as such, you ought to safeguard it above all.
Not your key, not your coins. Letting anyone have your keys simply means, them coins are both exclusively and jointly owned.
Lastly,

It’s up to you to decide how you would ensure your Bitcoin don’t get waste away.

taufik123

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Quote from: _BlackStar on October 15, 2023, 02:11:29 PM

-snip-
But thinking about and preparing for an inheritance is important even if you don't trust them completely. There is always someone who has the right to receive the inheritance from you regardless of whether you have heirs or not.

There are many ways to start preparing a legacy of valuable crypto assets, one of which is by using a fully controllable Hardware wallet.
Do not store on a centralized exchange because it will be risky.
Not your keys, not your coins.

Itsri is the first person I fully trust to manage the inheritance, but if someone still does not have a wife, parents can be the main ones,
the important thing is that they can be trusted to carry out the mandate that we entrust.

Whether you have heirs or not, you still need a record of whom the inheritance will be addressed because it must be clear where the inheritance must be given.

_BlackStar

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Quote from: CageMabok on October 15, 2023, 04:38:43 AM

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

-snip-

As long as it is your own family and you also really believe in your own family, I don't think it would be wrong for you if you wanted to show it to your own family. But you also have to teach them how to look after it well and also how to use it where, because if they don't know how to use it and don't know how to look after it like you have done so far. I think it would be very useless for you to tell this to your own family, because you would be very afraid that they would leak it to other relatives too, so that the security of your initial phrase would not be well maintained.

I'm sure a person's behavior will change because of money - so do everything very carefully. After all, not everyone can trust their partner 100% about money or high-value assets like bitcoin, especially if they are in a relationship without legal status.

Legally married couples tend to have mutual trust in everything, including financial assets. They share beliefs and manage them together for the survival of the family and the future of their child – but we should not think that everyone will be the same because of cultural differences. But thinking about and preparing for an inheritance is important even if you don't trust them completely. There is always someone who has the right to receive the inheritance from you regardless of whether you have heirs or not.

Bananington

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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.

When you die, you will have little to worry about, especially about your bitcoins. If you are worried and do not want your bitcoins to be lost completely. you can include your seed phrase in your will and ask your lawyer to give to your next of kin on the occasion of your death. You do not need to show a family member the seed phrase, you can just select one family member to thoroughly educate about bitcoins so that they know that there is something called a seed phrase, and they will not be surprised if they are willed your seed phrase on the occasion of your death because you have already educated them on the seed phrase is.

Rabata

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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.

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.

Z-tight

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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.

PetieT

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You can specify that in your will. And then the lawyer will pass it on to your children..... Or your wife. I don't know. But honestly I've been a bit disillusioned with cryptocurrency lately and I'm much more interested in working with cryptocurrency on an exchange than just collecting on a wallet. A friend once told me: sell your crypto , then buy more when the price drops, do that a couple times and go to the exchange. Now I earn quite well. And not in the perspective of the fact that bitcoin might grow someday, but here and now. But I don't think that this kind of income will suit everyone, to be honest. So many people have lost money on it

SamReomo

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It's not a good thing to tell anyone about your Bitcoin investment and If you tell your seed phrase to someone in your family then that person can transfer all Bitcoin from your wallet without your permission.

As we all know that everyone has differing levels of greed and maturity and that's why it's always better to keep your seed phrase secret. If you have to tell someone about your Bitcoin investment then you may have to choose someone who's really a responsible member of your family.

You may give some clues about your investment to all family members whom you want to have a share from your investment but don't share your Private key or seed phrase just because you think that life can end anytime. We always live with hope and I believe it's hope which is making us to have such investments.

You should only tell the most trusted person in your family about your Bitcoin investment and if you're married and you have children then you can give a clue about your investment to your wife and tell her to never share the information with anyone. But, still you should not share your seed phrase but give her a clue that how you have saved your Bitcoin. The clue can be a written paper kept in your private locker and she may have it if you die suddenly.

MFahad

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Quote from: lombok on October 13, 2023, 11:59:18 PM

You should start introducing Bitcoin to your family, teach one or two of your family members how to access Bitcoin correctly, starting from accessing the wallet, how to send and receive Bitcoin, sending to an exchange and withdrawing funds into cash. Start talking to your family members that you have bitcoin savings. Don't forget to back up the phrase in writing (you can print it via printer or iron plate) and write a will and save it for them later. If you don't have time to do that, make a will and tell everything via video.

Educating a family members about your investment is necessary because if one don't share your success with his family then it means that he is not sincere with his family. I think a person is not earning for himself but always try to earn for his family so when you are earning for family but don't share that how you earn then it does not suited good.

Educate at least one person in your family about bitcoin because sometimes a person can ill or may become busy in something else so if you educate your family members so it will be beneficial for you as well as for your family too. Teach them about risk and benefit and make them expert because we should not keep our success secret as if our success become hidden from our families then they will never adopt that way but if we share it with them then surely they will also accept that path which make them successful in future.

robelneo

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

> should I show my family my seed phrase ?

I will not I'm still living so I can still decide if I want to sell it or accumulate more by giving them my seed phrase i lose control of it and I'm now sharing it with my family I do not have the sole decision on my Bitcoin.

Quote

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

You should prepare for this scenario in case, you can ask a lawyer for help, and in a sealed case you hand them your seed phrase but of course, you must first educate your children about how Cryptocurrency works It is a preparation in case

Quote

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.

If I'm still alive I will hold on to it but I make sure that I hand it down to my family in case I have to go, Bitcoin is an asset it's an asset that keeps appreciating so you should have a plan in every scenario.

Y3shot

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Quote from: Yatsan on October 14, 2023, 06:41:01 PM

Quote from: Y3shot on October 14, 2023, 05:04:33 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?

If you take bitcoin as a property, you know what is the best for you. If you think letting any member of your family, wife or children will be good for you because of no one knows what will happen in the future then it is fine , their is nothing bad about it. It is your property and if you think it is very necessary for someone which you trust very well then you can go ahead with your decision.

Their investment and savings whereby couples who trust each others do know about it, for people who think having only their seed phrase to themselves is not proper because of fear of death or any incident that may occur are free to let anyone they trust to know about it.

We would all reach that point in our lives someday. Choose someone who you trust the most and explain how things work in this industry. Well, we are not required to do so but if you choose to keep it for yourself, be sure you won’t have any pinch of regrets on your end if ever anything would happen. Of course we would prefer using it for our own good but life itself has limitations. Same thing with other assets or properties if you won’t voluntarily allow them to be part of it. But in this technology, once you die without letting anyone to have an access with your cryptosavings would just make it useless in the blockchain. It would all depend on your preference as an individual and as an investor. On my end, I allowed my brother to know my private keys ‘coz I’d rather pass it on than to just let it be useless for the time around, if ever I die.

From what I have experience in life I have seen people who owned properties but never let anyone about it, after they lost their life family members couldn’t get access to it, this was just the end of it all. It is impossible for people not to have any trusted person in their life that can know what they are into just in case anything happens tomorrow.

I don't really blame people why when it comes to bitcoin security they are very extreme in keeping things to themselves, this is just because bitcoin can be easily lose if been exposed to to strangers,

Yamifoud

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Quote from: Strongkored on October 15, 2023, 04:49:08 AM

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.

Telling your family is a good thing, because of course your investment is for the family so it would be very stupid if the investment you made was passed on to the family but when you are no longer there your family can't enjoy it because you never told them about the Bitcoin investment you made . However, many people invest in Bitcoin, not like property that will be held for decades, so it could be that before you leave this world, you have sold it and only inherited it in fiat, not Bitcoin, because in fact no one knows for sure what will happen to Bitcoin in the tens years ahead because technology is always developing and changing.

They deserve to know that even though we can say that they can't be trusted to manage it, of course, it is meaningless for our investment if no one will inherit it. As we passed by, it was a problem to the one who inherited and it's up to them how to manage it or they converted it to fiat money and start a business. Besides, we can't expect them to follow in our footsteps because whether we like it or not, not all of our family members will understand.

Strongkored

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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.

Telling your family is a good thing, because of course your investment is for the family so it would be very stupid if the investment you made was passed on to the family but when you are no longer there your family can't enjoy it because you never told them about the Bitcoin investment you made . However, many people invest in Bitcoin, not like property that will be held for decades, so it could be that before you leave this world, you have sold it and only inherited it in fiat, not Bitcoin, because in fact no one knows for sure what will happen to Bitcoin in the tens years ahead because technology is always developing and changing.

CageMabok

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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?

As long as it is your own family and you also really believe in your own family, I don't think it would be wrong for you if you wanted to show it to your own family. But you also have to teach them how to look after it well and also how to use it where, because if they don't know how to use it and don't know how to look after it like you have done so far. I think it would be very useless for you to tell this to your own family, because you would be very afraid that they would leak it to other relatives too, so that the security of your initial phrase would not be well maintained.

Quote

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.

As long as you are still healthy enough and able to look after yourself well enough, there would be nothing wrong for you to continue to keep this a secret from your own family. But if you are confident enough to reveal the secret to your own family, that's okay, although you have to make sure that your family can guard it well like you have done so far.

Gaza13

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The first point, how long have you invested your money in Bitcoin, how long have you not told the seed phrase to people you trust, this will be very dangerous if one of your family members doesn't know about it. The investment you have made so far will be in vain, It would be nice if your closest family members knew the seed phrase from the start.

The second point, that is the importance of telling your family the seed phrase at the beginning, we cannot predict when death will come to us. We could die tomorrow because of something out there. We should study like rich people, Usually big or rich people out there will also tell their parents or children and grandchildren, if something happens to me or dies, I will tell them where my investments have been.

Texac

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Quote from: Blitzboy on October 15, 2023, 03:43:26 AM

Quote from: SOKO-DEKE on October 15, 2023, 02:48:39 AM

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.

Seed phrases have to remain secret forever between yourself, but do so for the reason that nobody will ever remain alive forever; we will surely die one day, and nobody will also know when the death is coming. With the purpose of knowing that our seed phrases should not only remain secret to us alone, we need someone sincerely to share them with us in case we are no longer alive. Many people are not more alive now, and even their wallets are unaccessible because they never tell anyone about them. It was just like wasting money while we are still alive by investing in bitcoin because the money will never be used by any of our relatives again or anyone if they can access our wallets to get access to our funds.

So it is very important to share our seed phrase with someone so that it can take over when we are no longer in existence, but if you want to tell someone about your seed phrase, it should be someone you trust very well so that you know can never cheat on you. And if I should advise you again, let the person be your close relative.

Its not every day you meet someone pondering the long game with bitcoin. You're absolutely right; while we all wish for longevity, the unpredictability of life is real. The last thing you'd want is for your hard-earned bitcoin to just... vanish.

Consider this: There are services now, legal ones, that let you create a digital will. Imagine entrusting your seed phrase, along with instructions, under legal protection. That could be a game-changer. And absolutely, if you're going the personal route, a close, trusted relative is the way to go. Family usually knows best. Protect that bitcoin and keep rocking it

I think going the personal route is safer than relying on a 3rd party service. what if your government suddenly banned bitcoin and was ready to confiscate all our crypto assets? furthermore, bitcoin was created with the purpose of helping us no longer depend on third parties, why do we trust the law and entrust the seed phrase to them? We invest in bitcoin for ourselves or for family members, why can't we trust relatives but can trust third parties?

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Quote from: SOKO-DEKE on October 15, 2023, 02:48:39 AM

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.

Seed phrases have to remain secret forever between yourself, but do so for the reason that nobody will ever remain alive forever; we will surely die one day, and nobody will also know when the death is coming. With the purpose of knowing that our seed phrases should not only remain secret to us alone, we need someone sincerely to share them with us in case we are no longer alive. Many people are not more alive now, and even their wallets are unaccessible because they never tell anyone about them. It was just like wasting money while we are still alive by investing in bitcoin because the money will never be used by any of our relatives again or anyone if they can access our wallets to get access to our funds.

So it is very important to share our seed phrase with someone so that it can take over when we are no longer in existence, but if you want to tell someone about your seed phrase, it should be someone you trust very well so that you know can never cheat on you. And if I should advise you again, let the person be your close relative.

Its not every day you meet someone pondering the long game with bitcoin. You're absolutely right; while we all wish for longevity, the unpredictability of life is real. The last thing you'd want is for your hard-earned bitcoin to just... vanish.

Consider this: There are services now, legal ones, that let you create a digital will. Imagine entrusting your seed phrase, along with instructions, under legal protection. That could be a game-changer. And absolutely, if you're going the personal route, a close, trusted relative is the way to go. Family usually knows best. Protect that bitcoin and keep rocking it

Ayers

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Quote from: DabsPoorVersion on October 14, 2023, 06:03:16 AM

Quote from: Ayers on October 14, 2023, 03:19:12 AM

Quote from: DabsPoorVersion on October 14, 2023, 02:39:04 AM

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.

Letting your family know that you have a Bitcoin is your choice. If ever that you don't want them to know about it right now, there are options you can do for them to make use of your Bitcoin if ever you pass away. You can have someone you really trust to know about this information and be the one to give your Bitcoin to your loved ones. Or maybe you can have one of your family members teach about this technology and be your way to inform your family.

Nobody can tell when we will leave this world, so I guess, it's better to inform your family members about it. Teach them personally while you still can, so they can make use of it even if you are gone. Your hard work will pay off and you won't leave any unfinished business.

But the question is who is more trustworthy than our loved ones? If you don't trust your loved ones then no one will be more trustworthy than them. I don't think there is any friend we trust enough to entrust with something as important as a seed phrase.
I think the best way is to teach your loved ones about bitcoin and share the seed phrase with the people closest to you, maybe your wife but if you don't have a wife yet maybe your parents. They are the people who gave birth to you and without them you would not be where you are today, it can be said that they are our most trustworthy people.

I don't know. It depends on someone's choice. What I mean by that is, if only for some reason, if he doesn't want to inform his loved ones about it, then there should be someone he really trusts. Like his best friend/s, I know it is hard to find that and it is only to trust someone deeply if you grow old together. But then again, it's all about choosing between your family or a friend you really trust.

Well, it's true. Trusting it to your wife should be the primary choice. They say your wife is the one who will help you and someone with whom you can put your trust 100%. She will be the one to make your wishes come true. No doubt about it.

I advise you, if you can't trust any of your relatives, don't trust your friends, even if they are people you grew up with. After all, they are just strangers, without any binding relationships. We can trust them with anything but when it comes to money, especially valuable assets, things will change quickly and will destroy that friendship. The magic power of money will cause people's personalities to change quickly.

Wife is the person who will live with us until death, they are truly the most trustworthy people. But if you still don't have a family, you should choose one parent as I said above. Never trust your friends and doubt your parents.

SOKO-DEKE

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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.

Seed phrases have to remain secret forever between yourself, but do so for the reason that nobody will ever remain alive forever; we will surely die one day, and nobody will also know when the death is coming. With the purpose of knowing that our seed phrases should not only remain secret to us alone, we need someone sincerely to share them with us in case we are no longer alive. Many people are not more alive now, and even their wallets are unaccessible because they never tell anyone about them. It was just like wasting money while we are still alive by investing in bitcoin because the money will never be used by any of our relatives again or anyone if they can access our wallets to get access to our funds.

So it is very important to share our seed phrase with someone so that it can take over when we are no longer in existence, but if you want to tell someone about your seed phrase, it should be someone you trust very well so that you know can never cheat on you. And if I should advise you again, let the person be your close relative.

Topic: If only property I have is bitcoin - page 2. (Read 751 times)