Topic: If only property I have is bitcoin - page 6. (Read 751 times)
I'm sure you have a folder or an envelope containing your most important files. They're probably kept in a vault or a fire-proof storage or hidden somewhere that's not easy to access. You can include in there certain notes about your Bitcoin. You can even include your Bitcoin information in your bank's vault if you have one. This might not be highly recommended by other people but to an old man who can easily forget where he put his stuff, this is a safer option.
Well, if you are going to introduce your family to the basics of Bitcoin and give them instructions on what to do in case something happens to you, you are automatically allowing them access to your funds. I'm not against it and I really think it's an important security measure to be adopted, because accidents happen and we are unable to predict the future. Just make sure the family members you are going to communicate on this matter are trustful people who won't cheat on you in anyways.
However, if you aren't 100% sure about their trustworthiness, I would say it's better to let your BTC holdings sink in the depths of the unknown digital universe forever than giving them any relevant information...
However, if you aren't 100% sure about their trustworthiness, I would say it's better to let your BTC holdings sink in the depths of the unknown digital universe forever than giving them any relevant information...
Depend on trust with your family have to show seed phrase or not, but most important you need educate to your family with bitcoin knowledge and guide them way how to withdraw or cash out bitcoin to fiat fund. Better make little instruction with your seed phrase without directly talk them about your bitcoin investment, however need transparent to your family with how much bitcoin assets do you have and make them understand later for withdrawing it.
Have good planning and looking two side with positive and negative impact when sharing your seed phrase to your family, not all family can't trust it and you need to know their character are believing or not and you need some one else for sharing seed phrase.
Have good planning and looking two side with positive and negative impact when sharing your seed phrase to your family, not all family can't trust it and you need to know their character are believing or not and you need some one else for sharing seed phrase.
> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
You don't have to show your seed phrase to your family until your dead, you can hire a lawyer and create a will where you write your seed phrase in a paper or something that can't easily be destroyed and then put a clause in your will that that document that stores your seed phrase can only be accessed by the people that's on your will. Regarding your second question, I don't think you have to think about it right now, live in the moment, thinking when and where you will die will only fill your heart with dread and that's not the way to live imo.> If I die who will take over my bitcoin since nobody knows my seed phrase?
What @albert0bsd said can help you a lot, take the time to read the link he provided.
You don't need to show them right now, but at least have some written instructions for them on how to gain access and retrieve/sell the funds to find if something happens; preferably stored in a decent quality fire-proof safe.
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.
> 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 the one that can answer it, whether you let your family or at least your wife or your partner in your little secret about Bitcoin and the seed phrase. And that is if you really trust her to give everything even if you are still alive.
As far as your second question, maybe you can dig on this old threads here:
- Please review my inheritance strategy
- Bitcoin Inheritance Protocol with delayed broadcast (improved Dead Man's Switch)
- Using Locktime for inheritance planning, backups or gifts
- Death & Bitcoin: How I Prepared My Family’s Digital Inheritance
- HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
You only have bitcoin , not bad but you want to consider about these facts .
bicoin is volatile , your buy price or sell price.
also you want to know about how you give your only one assets to your children's Teach them or show them how it works ,
Time is fly away - always search about new opportunity s in crypto
bicoin is volatile , your buy price or sell price.
also you want to know about how you give your only one assets to your children's Teach them or show them how it works ,
Time is fly away - always search about new opportunity s in crypto
You know, it's a good idea to have a plan for passing on that seed phrase to someone you trust in case anything unexpected happens. Life is short, my friend, and you never know what might come your way. Sharing the wealth, so to speak, with those you care about while you're still here is a nice thought. As long as they're trustworthy and know how to handle crypto stuff, there shouldn't be any issues with that.
No, you shouldn't show your family your seed phrase. Your seed phrase should be yours alone, but let them know that you are into Bitcoin. That's not a hard thing to do I guess. Surely, you must have talked about it a number of times, even if in passing. So they must already have an inkling that you have Bitcoin. I'm even thinking that if you're vocal enough about Bitcoin, somebody in your family must have also been convinced about it and is into Bitcoin himself/herself. When you die, they will certainly go over what you've left, your notes and all, and they will find it.
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.
> 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 the one that can answer it, whether you let your family or at least your wife or your partner in your little secret about Bitcoin and the seed phrase. And that is if you really trust her to give everything even if you are still alive.
As far as your second question, maybe you can dig on this old threads here:
- Please review my inheritance strategy
- Bitcoin Inheritance Protocol with delayed broadcast (improved Dead Man's Switch)
- Using Locktime for inheritance planning, backups or gifts
- Death & Bitcoin: How I Prepared My Family’s Digital Inheritance
- HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
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 is best to invest with Bitcoin privacy in mind. It is impossible to tell when people will die. You can write down your seed phrases in your personal diary. Because if you die surely your family members can check the diary. You can do more, write in a diary and tell your family's trusted person about Bitcoin, that you are investing. It is better not to tell anyone the password/private key of the wallet. Tell your trusted person that you have written down all your investment information in this diary. You can keep the diary in a locker at your home. You can follow this method if you want. Many have given advice, many more will give advice, whatever you think is best for you, you will do it. > 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.
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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.
Actually, this is something that I think have been discussed on this forum and board a couple of times in the times, but what I have to say is, if you are old or not so blessed with good health, i do not see why you shouldn't have someone in your family whom you trust enough to share secrets like this with, for someone that is married, I personally think your wife is the best person to share this secret with.> 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.
But here is what i think is the most important, she will have to be savvy with bitcoin and crypto in general, so if she is not yet into crypto, it is advised that you bring her, teach her all you know about crypto and also encourage her to make a few investments of her own in bitcoin, this way , she gets to understand perfectly how the entire system works. And this way as well, you are at peace with yourself since you already know that you have someone who knows exactly what you know about bitcoin and cryptocurrencies in general, and that if anything should happen to you, she will know how to manage all your crypto investments well just as you would have.
> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
You are the one who knows your family and not member's of this forum, so if you trust them enough, then show them your seed phrase and also teach them about BTC so they know exactly what to do with it when the time comes. Your keys, your coins and your decision. > If I die who will take over my bitcoin since nobody knows my seed phrase?
You shoul read the next topic it is very useful
Using Locktime for inheritance planning, backups or gifts
Basically you need to tech them how to use bitcoin, wallets and other stuff. And keep a signed transaction for them, that is locked by that method. They should be able to broadcast it when the time arrive
Using Locktime for inheritance planning, backups or gifts
Basically you need to tech them how to use bitcoin, wallets and other stuff. And keep a signed transaction for them, that is locked by that method. They should be able to broadcast it when the time arrive
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.
> 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.
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