Topic: In event of your death - page 9. (Read 6000 times)
I see some of you point out lawyers but how can I trust a lawyer when the subject is bitcoin? I can't trust a damn lawyer for my bitcoin.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Maybe Bitcoin is getting famous something discover in bitcoin is like that after your death trusted friends like Facebook to access your bitcoins after you.It will make bitcoin even more powerful.Because bitcoin is getting more famous day by day or if it is not discover then we should allowed our private key to our trust one's.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Get some trusted friends if your siblings didn't care at all and save all your private keys on external disk such like FD or HD and then give them trust to tell your nieces and nephews if they already reach good age to understand bitcoin along with the external disk.
Above method only success at very low rate chance because to much shit people in this world.
Of course you can tell them(your nieces and nephews) directly when they're grow enough and you're still alive.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
What you can do? Just teach them about bitcoins, let them have the access to your private keys and web wallet accounts. And tell them the reality that in case you will be gone too long, they can use the money stored there for their studies and other important things.
I'm emphasizing legacy over profit. One of the point is that it is a collectors item. If I had a wealthy uncle that left me bitcoins, it would be awesome receiving a physical coin. Like getting a rare valuable 1960 rookie card. You can't decide if you should keep it or cash it out. It's an effective way to be remembered.
And this is the emphasis many fail to understand about Bitcoin, sometimes. Legacy... leaving something meaningful behind for future generations. That is a concept I strongly believe in, and one I would like to think even Bitcoin creators possibly had. Perhaps all they wanted was to be remembered. And yeah, I'd like to be remembered nicely by a few people after my death:)
In that case I guess you better make a last will testament which is so powerful but I guess it is consulted with the lawyer. But it is more secure if you do it that way. But if you really do not want it is better if you just put in memo or diary you details of your accounts your password, private keys since you do not trust anyone who is more powerful than your relatives.
But better not think about that much we need to look for good future and we need to see how bitcoin will grow in the future we do not to die so soon.
But better not think about that much we need to look for good future and we need to see how bitcoin will grow in the future we do not to die so soon.
I had already mentioned this in another thread:
https://bitcointalksearch.org/topic/m.19797383
But it is scary. Imagine some Bitcoin millionaire with thousands of coins suddenly passing away. No one else knows about the private keys and all the coins will be lost for ever. It is tragic, as that money could have been used to educate thousands of children, or to provide food for hungry people.
https://bitcointalksearch.org/topic/m.19797383
But it is scary. Imagine some Bitcoin millionaire with thousands of coins suddenly passing away. No one else knows about the private keys and all the coins will be lost for ever. It is tragic, as that money could have been used to educate thousands of children, or to provide food for hungry people.
Lost coins decrease supply so that could help increase the price, on the other hand. Depends if they're considered temporarily lost or forever lost.
Its a hard decision but you will need to trust someone, otherwise you should exchange your bitcoins to fiat, i do believe the easy way is to print your account details as well recovery keys, and maybe let those into paper as well a dvd, this way i do believe your money will be safe.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Why would you care soo much that its like you are going to die tommorow? Its not really bad to think off on passing out your bitcoin into your loved ones since you are single its much better to spend those bitcoins and granting all the things you do want while you are still living since you are thinking about death then better to live your life to its fullest using those bitcoin.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Why would you care soo much that its like you are going to die tommorow? Its not really bad to think off on passing out your bitcoin into your loved ones since you are single its much better to spend those bitcoins and granting all the things you do want while you are still living since you are thinking about death then better to live your life to its fullest using those bitcoin.
Unfortunately when it comes to money even the best friend can betray you and usurp your money. Maybe there's a point you begin to mine coins and to teach this to my nephews. It is not difficult and will bring them a steady income.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Are you old person or have incurable disease? If not have that I think you can waiting your nieces and nephews enough age know Bitcoin and use your private keys. But if you scared can died any time, I think you can find a person you trustest and ask them to help keep your grandchild until they grow up, maybe be best friend 
In the event of my death this will be a loss, because I haven't educated my parents and my family members with the operating of the wallet. Also they won't be getting high, because the entire funds that I have in the wallet is the one that I got is from the campaign participation.
I had already mentioned this in another thread:
https://bitcointalksearch.org/topic/m.19797383
But it is scary. Imagine some Bitcoin millionaire with thousands of coins suddenly passing away. No one else knows about the private keys and all the coins will be lost for ever. It is tragic, as that money could have been used to educate thousands of children, or to provide food for hungry people.
https://bitcointalksearch.org/topic/m.19797383
But it is scary. Imagine some Bitcoin millionaire with thousands of coins suddenly passing away. No one else knows about the private keys and all the coins will be lost for ever. It is tragic, as that money could have been used to educate thousands of children, or to provide food for hungry people.
With nlocktime, don't you run into the risk that the fee might be insufficient ? I guess you could use a huge fee to be certain it will go.
If I die today my coins will be lost, but it's not that big an amount. I will consider what to do when/if I hold more crypto than other assets like stocks/real estate.
If I die today my coins will be lost, but it's not that big an amount. I will consider what to do when/if I hold more crypto than other assets like stocks/real estate.
I have full records written in a book with full details of my login accounts of all my working sites with full details. Even the desktop wallet details are also their , so if any day i am having problem or suddenly i die then my family can get help through this book. But even i dont have problem because most of the bitcoin what i am earning are mostly converted to fiat currency. only i am holding the altcoins which i believe that in future their value will be 10x time then now.
Bad idea. Sharing your password with anyone is not a good idea, even though they might seem trustworthy right now. The whole notion behind bitcoin is that you don't need to trust anyone for your bitcoin to be stored, as opposed to a bank account. Of course this offers complications such as when you die, nobody has access to your coins, but this is a necessary sacrifice to make to get the anonymity of bitcoin.
As I said, nlocktime is an extremely good way of letting your loved ones have access to your coin when you do die. Obviously it's not something that everyone wants to confront but it does need to be addressed eventually. All they need is a bitcoin address, and the raw tx, unsubmitted. They can submit it once the block height is over a certain number.
I have full records written in a book with full details of my login accounts of all my working sites with full details. Even the desktop wallet details are also their , so if any day i am having problem or suddenly i die then my family can get help through this book. But even i dont have problem because most of the bitcoin what i am earning are mostly converted to fiat currency. only i am holding the altcoins which i believe that in future their value will be 10x time then now.
One thing i know is that,i do not hold that much amount of coins and i am not planning to stock bitcoin but i will be holding a few from time to time,i am not thinking about death,i am having medical check ups every six months and i am fine and healthy ,never had any diseases and doing yoga and eating healthy.If i hold an insane amount of money then i will plan accordingly.
Write down your wallet's seed hidden in a book. Show the book cover and those twelve words to your siblings, explain them how to re-create a wallet with these words. Show them how to find the book in your shelf. Don't involve lawyers or anybody strange to your family.
Bad idea, obviously the odds of someone finding this seed in your book is extremely small, but it simply cannot be ignored especially if you are planning on giving massive amounts of bitcoin in your will. And in a situation where there are no backups, even if something minor like a house fire occurs, you are at risk of losing the seed to recover the wallet.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
If you are planning ahead, then I would say that an nlocktime transaction would work for you.
This is a decentralized means of essentially letting your relatives have access to your bitcoin. All you need to do is to generate the nlocktime transaction in bitcoin core, tell whoever you trust/want to have your belongings after you die the transaction, conduct all incoming transactions on the address on which the transaction was generated, and you're set to go.
So they can only access your coins when it's at a certain block number, for example, block 900,000. The transaction isn't valid before that time. If you spend the coins, then obviously the transaction will not work.
That's a good idea. nlocktime as a dead man's switch is extremely useful as you cannot manipulate the output address, meaning that nobody but your intended receiver can ever get the coins. Or, you could have a deadman's switch service host your private keys and send it to your relative's email address, although you'll be trusting the service to keep your keys secure.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
If you are planning ahead, then I would say that an nlocktime transaction would work for you.
This is a decentralized means of essentially letting your relatives have access to your bitcoin. All you need to do is to generate the nlocktime transaction in bitcoin core, tell whoever you trust/want to have your belongings after you die the transaction, conduct all incoming transactions on the address on which the transaction was generated, and you're set to go.
So they can only access your coins when it's at a certain block number, for example, block 900,000. The transaction isn't valid before that time. If you spend the coins, then obviously the transaction will not work.
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