Topic: If only property I have is bitcoin - page 5. (Read 751 times)

I don't know your age but it's never too early to write a Will if you are blessed with fortunes, and Bitcoin is part of it. First, it's not wise to have only Bitcoin as your asset, you have to diversify and be wise, anything can happen. What if your wallets are hacked or an unforeseen circumstance happens?

To the main questions, a lot must have lost their assets through this but the answer is so simple. You should have a Will that includes the information in it and let your family members know where to get the concluding part.

In using the locktime method, you have to know how it works because any mistake can make you lock your funds for more years than you planned. It is important to practice and master the process before going on with the main process.  


This is a matter of trust and the world is lacking trustworthy people. But if you have anyone who is reliable, you can show the person the location of the seed phrase. Just one person knows I own Bitcoin and he knows where to get the seed phrase. But I intend to reveal it to another person in the next few years because of an emergency.  


It will be better to give your Bitcoin to charity than to lose it forever. If you don't have anyone you trust, you can consider using a lawyer or a smart contract.

For me, I live and work for my family, not just for myself, so I always trust them and don't hide anything from them. I share important things with my mother and wife and I believe they will preserve it better than me. I think family is more important than money and bitcoins, if I lose them, I will never get them back. But money or bitcoins, they are just assets that we can easily earn back at any time as long as we work hard, it cannot be compared with the sacred love between husband and wife, mother and child.

How many bitcoins do you have that you can't trust your loved ones with?

create some sort of smart contract that needs a regular "touch" from you or.....and then you can do whatever

We have to make serious decisions while we are still alive such has having investments that you can rely on any time any were. And has far has am concerned if you want to go into any kind of business been it physical or bitcoin it will involve investment profit and investment loss. And if its about been scared that when you no more who will take care of your investment, or even have access to your bitcoin, its simple, you can have a lawyer and have everything legally documented and released to your family when you no more. You can inform them about your bitcoin but showing them your seed phrase might just be as exposing your asset to danger.

I concur that having bitcoin as the only investment at this time is not really advisable because it is a long-term investment. It will be better if other investments are also taken into account. Even if the price of bitcoin is not going up, you won't care because there are still other businesses to concentrate on. Every business is risky but i will advise to also try out businesses to.

I advised him to tell his family about his bitcoin investment because it is okay to do so given that they are related and because you can never know what will happen in the future. However, once they are told, they will be able to take the appropriate action.

Yes, because anything can happen to you and it will be easy for anybody in your family to have access to your BTC investment when you're gone to meet your Maker, but let it be the person you trust among your children because if you show your seeds phrase to a bad child in your family, I think you know what will happen to your investment because many have lose huge amount of money that brought the family back to zero level just because they gave their seeds phrase to wrong person in their family.
if you die without showing your wife or any of your child when to get the seeds phrase, your BTC is gone forever. Some people prefer to die without expose their seeds phrase to anybody in their family because they don't trust anyone in the family, and you cannot call such person a wicked person. With this advice given to you in the community, you have the final say on how you want your BTC to be when you're no longer alive.

Initially I will tell you that since your assets are Bitcoin or Cryptocurrency related, teach your family the basic knowledge about these things. I don't think there is any need to share the seed phrase, but you can store these seed phrases in your personal locker, because your personal locker may go to your family members in your absence. I think this can be a way to take over your assets to your family. Even then You can also you the Time Lock transaction for your family.

Are you a billionaire? Contrast cases with many legacies in the world looking at their lives and the legacy they leave behind, as well as whether they have to worry about protecting or sharing it. It's like a journey that only comes when you reach milestones in this life, otherwise those questions will be dismissed. Although I personally am not a rich person in terms of money, I will still try to complete it first before thinking about other distant things and especially avoid negative thoughts. It's similar to when you plant trees to harvest fruit, and before you start planting, you think those fruits will go to waste.

But if you are still afraid, I have a suggestion go to a reputable law firm and make a will as well as notify your family about it and of course the content in it will no need to reveal, rest assured that even if you exist or no longer exist, what you have prepared will be the back story and don't need to worry too much if you are dead.

Choosing to have Bitcoin as your sole property is already a mistake. You should know how to minimize the risk by diversifying your investments. The common perception is that owning an investment that's 100% Bitcoin means you are a high-risk taker. Mind you, even though Bitcoin has been successful, it's still considered a high-risk investment, so there's no assurance that the price will increase in the long run.

However, since that's the only topic you brought up, I would recommend giving the seed or access to someone in your family. But make sure to monitor it constantly as long as you are still alive because you never know; people can be tempted to steal, especially when a large amount is involved, even if it's your family.

Firstly
I think you want to expand your investment to another things.
After that you want know about if i die or etc. Where my btc going who got it
- basically teach your children or friends to where you store your seed phase like (Recommend Google drive or notes) Don't give it them just say if i disappear get this & use it.
Just think about future.

Inheritance has always been a complex issue even before bitcoin, as it is often the case that people get into long legal battles to see who will end up getting the remaining assets of the one that has passed away, and in those cases a great deal of the time the ones that keep everything are the lawyers, so the inheritance of our bitcoin is without a doubt an issue, as if you trust the wrong person they could send those coins to an address only they control, but if you hide this information and never share it with anyone then those coins could be lost forever if you were to suddenly die.

I don't know if it's a good idea, but have you heard about cryptocurrency inheritance services? It offer comprehensive steps including legal papers to assign a beneficiary to access you crypto at the time of your passing. Some companies even offers to educate your beneficiary how to access and how to use that crypto inheritance they get just incase they don't know how to use it in general.
I don't personally have tried it, but if your concern is the security of your assets against the company, well I guess they also offer security of your asset while you are using their service. You can try  searching for it.
If you don't want any other companies to get involved in this process, then simply use a multisig wallet and educate your beneficiaries how to access it.

You don’t have to ask anybody this question here. You are the one who stays with your family members, and you should be the one to know who you trust will inherit your bitcoin. Whereas you know more than the forum members, mate, you should be the one who suggests or thinks about it alone. This type of topic has been discussed many times, and I think you should search for them. You will get it right, and you’ll know what to do.

However, you know everything that has an advantage must have a disadvantage, so this issue of showing your family member your seed phrase could be very good to practice, but at the same time, there's a negative path to this, so this inheritance is underrated. They will get it one day, so I think trusting someone to share your seed phrase will be good because nobody knows his or her death, so sharing the seed phrase is good so that when you are no more, they will get access to your wealth.

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.

First thing is having only bitcoin as investment is a very bad idea. Diversification is very important and you should have reinvestments in multiple sources. Also, bitcoin investment is very risky so you have to be extra careful with amount you spend.

Second , regarding how anyone else in family will know about your bitcoin investment is that you have to inform them about the investment. At least, tell one trusted person about the investment so that if some accident or bad thing happens to you all of sudden, the money can be taken care of.

Depends on you. If you want someone you love to inherit your bitcoin, let them know. If you don't want anyone to inherit your coin, keep the secret for yourself.

I have two choices about this and this choice's also depends on the individual as he would want it.

1. The first choice which has already been giving by the first commenter which is about the use of locktime mechanism so your posterity can have access whenever you are gone unexpectedly.

2. This second choice has to do with trust, which is a rare commodity. If you trust a family member so damn we'll be it your daughter or son and you wouldn't want them to wait for years due to a locktime after you're gone before having access  to your asset you can reveal your seed phrase to that very child.

 Reasons behind this choice is that my children don't have to be suffering facing financial hardship for the next 5 years or more after am long gone before they start enjoying my wealth depending on how many million blocks I set-up for my locktime encryption.

You can create a multi-signature wallet, give them one of the keys, leave the other in a safe place that they can find by reading the will, and the third in a bank safe that they can access after confirming your death.
Learn how to make it using [Tutorial] Passport-Sparrow-multisig wallet.
If the number of your family members is large, you can create more signatures, but at some point you must trust two or three of them or in a safe place that they cannot access until after your death. This way you will guarantee that they will get it, but you will not guarantee that they will use it well, so you raise them financially independent will help with that.

Yes, this is a question that every person who works in Bitcoin asks when he is worried about death and the fate of Bitcoin and his family after him, but the answers differ according to each person’s situation.

There are many ways mentioned by the members above. For me, I prefer to keep the seed for myself and I do not prefer to give it to my family because they may not be able to preserve it well because they do not have sufficient experience.

Therefore, I sometimes think of writing the seed in a file and encrypting it with a strong password. I can give my wife the password and ask her to open the file after I die to recover the bitcoins in the wallet using the seed.

You should ask yourself that first because the person who knows your family members better is you. Once you find the answer, you can know what to do. We can advise you to show your initial phrase to your family and make a will for one or several family members you trust.

But you can also keep it a secret from your family members while still looking for the right way to reveal it to your family members. Everything you will do depends on your trust in your family members. If you can't trust one or more of your family members, maybe donating their Bitcoin is how you can do it.

Or you can sell the Bitcoin when the price increases very high. After that, you can distribute the money from selling Bitcoin to your family members so they don't need to know about your Bitcoin. There are many suggestions for what you can do, but it depends on the circumstances of your family members.