Topic: If only property I have is bitcoin - page 3. (Read 751 times)

That really has to be done, we have been entrusted with storing assets in Bitcoin of course there must be someone we trust/family who must know so that these assets can be taken or continued when one day we die, that's something we don't know so everything we may have to prepare.

We will never know what will happen in the future, but I believe that what happens later is the result of what we do now, so whatever has happened should never be regretted, in fact it should be a lesson to be able to do our best so that the mystery in the future could be good for us to get.

I was thinking that this is still possible without giving the seed phrase, will is a written document indicating the name and the assets to receive. It is possible that in the document they just need to include what and where he can find the seed phrase and what's to expect to receive on it.

Congratulations, you just proved to the world 🌍 and yourself how selfless you are, and it's good to prepare for the worst as d*ath can come at any time and leave some inheritance for the people that remain.

Without any complications, introduce one or two family members to crypto and if you are married you need to teach your better half how to use Bitcoin, the best security measures and not to fall for these doubling/investment scams and let the person be in on it fully, they will thank you later.

It's the most basic approach and it should work, if you have trust issues then try setting up a dummy wallet with a few Satoshi on it and see if the user sweeps it, if not then they are ready to get on board with the main wallet...better yet set up a multi-sig wallet with other members of the family and try to get duplicate access to other trusted members to avoid lockouts.

It’s normal to worry about who inherits your money and properties when you have money because we can’t live forever but when bitcoin is your only asset it is a different case because unlike properties bitcoin requires you to entrust its keys and seed phrase to someone whom you trust and believe would not take advantage of your trust because when it is about money it is difficult to trust people, money is so tempting and can make even someone you trust do betray you.

Who manages your bitcoins investments is left for you to decide, they are your family and only you know them so well so it is your decision to entrust someone with your seed phrase because if you fail to do so no one will be able to access your assets and your bitcoins will be lost forever.

Only you can decide about that, all we can do here is advise you on how you go about it.

I don’t advise you do that just yet, i think you should select just a few number you trust the most because with more number of people the possibility of you being targeted will be higher. You can’t trust all your family members except if maybe you are married and not much in the family.

You should definitely show it to someone you trust so much or maybe leave a note well explained about it somewhere they can easily find in case.

There are many mysterious things that happen in every person's life apart from planning them it is better to teach them to someone in your family when it comes to using bitcoin. Family stays close in time of danger in that case they can easily use Bitcoin in your absence it's easier to keep secrets by telling someone you trust. Also you can write down all the information in the notebook then if you die the family members can easily find the information. Usually many try to improve the original bitcoin by giving it more speed privacy or some other advantage but it is better to teach someone who is trustworthy that people don't always survive.

I'm also confused, but for now I don't think too much about it, because the bitcoin I have is almost close to 0$ lol. If I have a lot of Bitcoin, I will print my phrase, I will give a tutorial on how to open it and sell it on the printed paper, I will put the paper in my important archives such as birth certificates, house letters, diplomas and so on, later when I die , surely my family will find it. Later it's up to them what they will do with the paper I left behind, if they are smart enough they will get it all, if they still don't understand it means profits for the community, that my bitcoins will be burned forever.

I checked another article by LoyceV, it's quite good and I can see very safe. But it's kinda very technical, even a technical person will check and try it, but they will have a hard time using it.
For sure there are a lot of other ways or like the traditional way which just hides some information on how to get access on Bitcoin for inheritance.

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.

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.

If you are going to create a will with your seed phrase in it, you'll be involving and trusting a lawyer, and therefore a third party, and that's something i would neither recommend nor do. Bitcoiners are looking for a trustless way to allow their families inherit their coins, instead of involving a lawyer, i would rather just teach my family about BTC and tell them how to get to the coins if i am not here anymore.

While no one wishes for the unexpected to happen to them, it is occasionally a good idea to be ready for it before it does. Since we have no idea when we may pass away, it will be best if a member of our family we can trust has access to our private keys in case death comes knocking on our door. 

Therefore, I will encourage every Bitcoin holder to have a family member they can rely on to have their private keys on time before the unexpected occurs because nobody knows what may happen tomorrow.

If Op is married he can tell his wife about the investment he made in Bitcoin. If Op is still single, he can tell his parents that he has Bitcoin in his investments. So, if Op chooses not to tell his family, of course if anything happens to him, of course no one will know that he has Bitcoin. I think he should consider it a wise decision to trust someone to know that he has an investment in Bitcoin.

Or if he keeps the seed phrase by writing it on paper or carving it, of course he can make a secret cupboard that only the family knows about. So if anything happens, the family can find out about all the investments he made by opening the cupboard where he keeps several important documents on everything related to important things in his life.

In other words, you have to trust anyone in your family. Otherwise, your bitcoin will be burned since anyone can't access it. In this situation, you may teach someone from your family about Bitcoin and how to use it. Write your seed phrase in a notebook that can be discovered after you pass away. But till you're alive, just secure it under your control. I just write about what I have been doing. I wrote everything in a notebook and secured it under me. I'm trying to teach my brother about Bitcoin and crypto. So if something happens, my funds could be recovered.

I believe you know the consequences of sharing your seed phrase with another person. This is something we warn newbies about because once your seed phrase is exposed to a third party, the bitcoins in that wallet ceases to be yours. I read a story online where a young man drugged his father so he can gain access to his old man’s wallet and move the bitcoins without him knowing. These are some of the risks associated with letting people around know about your bitcoin savings. If you’re worried that your bitcoins may be lost forever in the event of a passing, I suggest you use the timelock method. This is the most secure and effective means to transfer your holdings to your next of kin.

I think you should already know the attitude and character of your family so that you can know what you should do in this regard.
On the other hand for this matter there have been several previous threads that almost discuss the same problem and indeed the answer will remain the same when it comes to the issue of age then we will not know how long we live but on the other hand we can estimate what we should do before we are gone.
If you are sure of your family and it is the only way for you to feel comfortable why not just in this case it would be better to hold back first while you are still in the world for what to give your seeds to others even if it is your family.

It's not a big deal, mate. On different threads that have been shared by Kemarit, the same issues have been discussed, and some Bitcoin users have shared their opinions too. You can read those threads when you have time, particularly the last one.

In the centralized financial system, for example, banks, before you create an account, you will have to include the information of your next KIN. Bitcoin is decentralized, but that doesn't mean that you should not always have a next of kin on the pipeline, someone whom you would want to take over your Bitcoin asset when anything goes wrong.

If you have someone in mind to pass your asset to, then you can always leave a trace for the person. With that trace, they can access your asset anytime anything happens to you.

Create a will.
Leave the Bitcoin to whoever you want.

As for the see phrase, leave clues to the family member to figure out what it is.
Or just straight up tell them the seedphrase in the will.

We all live and die for once, so we need to settle things first prior to leaving them when we’re gone. That’s when we should have a plan on passing our asset or property to the one who’s trustworthy enough so he can manage the inheritance well same as what we did. Like for instance, passing our seed phrase to our trusted family member is the best decision. If there are people that should benefit our hard-earned investment, most likely it’s our family. But we should make them aware the basics first in bitcoin investment so that if unexpected happens, at least they will also have the confidence to run that investment.

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.

Yes, this question always comes up, but somehow those who create threads like this don't read the experiences of previous members with many answers.
They should have done some research first.

It's not wrong, but this seems to repeat and keep repeating itself and definitely with almost the same answer.

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