If only property I have is bitcoin - page 4.

Doan9269

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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?

Just as from the threads that have already been suggested, where this matter had already been discussed, i expect you to go through them and choose the one that best suit for your decision on how to pass your bitcoin inheritance, but before then, you need to be true to yourself first if you want your family have access to such in the future or not, this depends on the kind of present relationship you both have together now that will determine which step or decision you will make or plan ahead for future sake.

Fuso.hp

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It is a very common question for every investor, how will his investment reach his family if he dies while investing. If the investor is the only person in his family who is involved with Bitcoin, he should clearly discuss his investment with a trusted family member. The investor's family member who is most trusted and whom the investor cares about should get some understanding of Bitcoin and if he does get some understanding of Bitcoin, he should share with him the wallet's private key or some other security system. This allows your family members to access your invested money after your death.

gunhell16

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Quote from: lovesmayfamilis on October 14, 2023, 04:29:47 AM

Threads like this pop up from time to time on the forum, and you, OP, could search to get more replies from users who have responded previously. But as I wrote earlier, if you have close people, since you are worried about them, you should tell them and show them how to get to your bitcoins in case of unforeseen events that may happen to you. In my opinion, this is logical. If you don't trust anyone, then why should you even bother? If no family or person is important to you, keep it a secret. People are mortal; we cannot take all our property with us. However, I sincerely feel sorry for those who do not have someone to whom they can entrust the most precious things.

Your right, and I agree with what you said, dude. If you have someone you trust completely, you should be teaching him this little by little we are doing with cryptocurrency, or Bitcoin. Especially if you hold crypto assets or Bitcoin in a wallet account that you have. That's very important, because we don't really control our lives.

As long as there is time, let's take advantage of it, because we can't say today that we will live until tomorrow because we don't control our lives. Instead, we just struggle with the one who created us.

pawanjain

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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.

This topic has been discussed several times before. You can use the search box and get more relevant topics in the search results.
There are few options like using time lock transactions, creating a will, sharing partial seed phrase to trust person, creating a secret quiz for your family to figure out etc...
But the major thing is that the person you want your bitcoins to receive should know how to use bitcoin at first place.
So you must teach him about it already before even thinking to pass it on to him.

Blitzboy

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Quote from: KiaKia on October 14, 2023, 06:15:30 AM

I've asked myself what will happen to my crypto portfolio is I lose my life but damn it's sad to think about how wasteful it could get, even if you leave it in the hands of someone they might decide to just spend it all and waste it once you passed, so I don't let this worry me, if it's my time to go then my crypto stays where it is.

It's going to be helpful still if you don't have anyone to give your private keys because you have to take the allocation off the table and it isn't coming back anyways, makes the whole Bitcoin even more scarce so do not worry much if you don't have anyone to pass your private keys unto, you are still doing every bitcoin holder a big favor.

There are so many ups and downs in this world, not everybody will have a good family, and not everyone will be good to you, it's is just a hard fact about life, so lead a good life while you are still breathing today and do try to find someone who you can trust, they don't have to be your age mate.

It can be worrying to consider that our valuable crypto assets could be lost after our passing. Have you ever considered putting in place a "dead man's switch"? Its a type of device, digital or otherwise, that starts working when you dont do something within a specific amount of time. If you dont check-in, lets say once every six months, it might send your private keys or some sort of instructions to a certain person or group.

In this manner, you might make sure that your cryptocurrency didnt simply disappear. I absolutely agree with what you said about trust. Age isnt a factor in finding that "someone"; rather, its about connection, comprehension, and most crucially, reliability. Everyone deserves to find that person, and I sincerely hope you do

lizarder

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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.

Of course there are times when we suffer losses and there are also times when getting profit when involved in investment. This shows the extent to which we can learn so that the next loss is not repeated due to the investment that we live is not based on correct knowledge. To what extent do you trust your family? And if they are one of the people you believe, it might not be a problem if you intend to tell it, because honestly we are looking for money in the end will also be given to them after we are gone.

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

> should I show my family my seed phrase ?

If you trust them, it doesn't matter to me to tell him and maybe only one person you trust. You can say that the phrase is stored in one of the safe places. If something happens to you (death) can be taken and divided equally for your child, this is a kind of will do our parents first but more on one person we believe.

adzino

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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.

The only way to share your bitcoin is through trusting one of your family members with the private keys. There are also other ways to let others inherit your coins once you pass away. You could store your coins in different bank lockers/vaults. Write down the private keys in different parts and store in different lockers. The lockers aren't expensive. Like $50 a year or so. Spending $150 a year is totally worth it in my opinion. Once you die, your nominees will be able to access the bank lockers and inherit your coins.

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

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

If you die and no one knows your seed phrase, then no one will be able to take over your bitcoin. Unless someone some how manages to find/access your wallet, the coins are considered lost forever.

Best-mary

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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 are more familiar with your family members, so you know whom you trust the most. When it comes to sharing sensitive information like your seed phrase, it's essential to exercise caution. However, some exchanges provide an extra layer of security by requiring both a login password and a funding password. Sharing only the funding password with a trusted individual may be a safer option. As long as you have control over your phone, the risk of unauthorized access is minimal. Nevertheless, always be vigilant and selective when sharing such critical information.

bitzizzix

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Even though death is certain and knows no age, it all depends on our current position. I mean, if we are still young and not married we still have the opportunity to tell or introduce Bitcoin to our family by educating them. Additionally, choose a family member you trust to provide the seed phrase who has the ability to operate it.
And if we are not married, maybe it would be more appropriate if we gave it to our parents, because it can be used for their old age and also to help other family members.
And if we are married then our wife is the heir and must also be educated first, especially how to operate it, and if we already have adult children then these children are the heirs and all of them are still educated first.

bayu7adi

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When it comes to inheritance, it's true that the rightful recipients are typically our children or family members. However, there are other considerations to ponder, especially if there's a lack of trust due to a particularly unkind family. In such cases, it may be wise to bequeath it to someone who genuinely loves us – someone with strong principles and a pure heart.

Entrusting the keys to your legacy to someone else can indeed be a weighty decision. If you harbor too many doubts about a single individual, you might consider dividing your assets into two or three portions to ensure you find a more reliable person. This, at the very least, is a better alternative than having all your possessions go to waste after your passing, with no one to put them to good use.

One approach I've considered is creating a legal document that encompasses all the information pertaining to my possessions and ensuring it remains securely sealed until it reaches its intended recipient.

Marvell1

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Quote from: KiaKia on October 14, 2023, 06:15:30 AM

It's going to be helpful still if you don't have anyone to give your private keys because you have to take the allocation off the table and it isn't coming back anyways, makes the whole Bitcoin even more scarce so do not worry much if you don't have anyone to pass your private keys unto, you are still doing every bitcoin holder a big favor.

It is a useless waste and does not bring any great benefit to anyone. The total bitcoin supply is 21 million bitcoins, how many bitcoins can you own to create more scarcity in bitcoin supply? Instead, if you have no relatives, there is no one you can trust to inherit your bitcoins. Why don't you find a way to donate those bitcoins to charity if something unexpected happens to you?

Life is very harsh and not as beautiful as we imagine, but it is not so bad that there is no one to trust, no trustworthy relatives.

KiaKia

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I've asked myself what will happen to my crypto portfolio is I lose my life but damn it's sad to think about how wasteful it could get, even if you leave it in the hands of someone they might decide to just spend it all and waste it once you passed, so I don't let this worry me, if it's my time to go then my crypto stays where it is.

It's going to be helpful still if you don't have anyone to give your private keys because you have to take the allocation off the table and it isn't coming back anyways, makes the whole Bitcoin even more scarce so do not worry much if you don't have anyone to pass your private keys unto, you are still doing every bitcoin holder a big favor.

There are so many ups and downs in this world, not everybody will have a good family, and not everyone will be good to you, it's is just a hard fact about life, so lead a good life while you are still breathing today and do try to find someone who you can trust, they don't have to be your age mate.

DabsPoorVersion

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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.

terrific

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Only a few from your family, someone whom you fully trust 100%. Aside from that, you can just do the same last will for most people that does it to their assets and children.
But for more ideas, you can search more about this topic on the search box.
You can see that at the top right portion and type some keywords and you'll see the topics that are related to it.

synchronym

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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.

op your post makes me think that if we are no longer on earth who will handle this bitcoin then we all should teach bitcoin to someone in my own family about bitcoin . If you have many relatives of your own, you can give them some idea about Bitcoin. If ever you are no longer in the world then he can work on your bitcoins as he thinks. And since bitcoins are very confidential, if you don't have someone you trust, you don't show them your bitcoins. Then if you trust someone then you can share with him and if you don't then there is no need to share. In general, let him know a little bit about bitcoins so that he can protect your bitcoins better in your absence.

lovesmayfamilis

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Threads like this pop up from time to time on the forum, and you, OP, could search to get more replies from users who have responded previously. But as I wrote earlier, if you have close people, since you are worried about them, you should tell them and show them how to get to your bitcoins in case of unforeseen events that may happen to you. In my opinion, this is logical. If you don't trust anyone, then why should you even bother? If no family or person is important to you, keep it a secret. People are mortal; we cannot take all our property with us. However, I sincerely feel sorry for those who do not have someone to whom they can entrust the most precious things.

Egii Nna

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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.

Yes, it’s very good. Even if you give them your seed phrase for some purpose and how life is going, nobody knows his day. They need to understand how to get access to bitcoin, and they should also know how to store it safely so that even if you’re no more, they will be able to get access to it.

However, giving them the seed phrase is not the issue now, but how trustworthy will this person be for you that you will get the mind to allow him to get access to your wealth? Because human beings are dynamic, they can change at any given time, and not only friends but even family members we think can’t do anything harmful to us sometimes change, so while handing over the seed phrase, they should also know how to get access to it, and you, the owner, should be checking from time to time.

Magic-Money

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Bitcoin assets is not good to share the phase code or password to anyone, which is applicable to our local banking system not to share ATM code password to anyone, accept the person you trusted and no difference. But the must important thing in Bitcoin is to educate your family about Bitcoin and how it used in difference areas and also in final stage of convert to local currency of country your using. Along the side, you may open up a particular person in the family you trust about your Bitcoin phase code, but no trust anyone with 100% person, because heart of a man is wicked.

Ayers

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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.

DabsPoorVersion

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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.

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.

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