Topic: In what way you’ll inherit Bitcoin to your loved ones? (Read 236 times)
I will teach them about bitcoin, cryptocurrencies and defi from early years of their life and also tell the benefits of Crypto over fiat as well. But i will keep most of my Bitcoins a secret from them and I will tell my wife and my lawyer on how to retrieve those bitcoins, if in case of my sudden demise they can redeem those bitcoins. Also will be saving a copy of the private key in my bank locker it being the safest place in the world that I know of.
Your best best is to take everything offline, get a good hardwallet to store your bitcoins (and other altcoins) and securedly keep the wardwallet in a family vault or other secured vault. Someday, bitcoin will be worth a fortune
Last night, I was “advance thinking” in saving all of my passwords, private keys, seed phrases, etc., in case something happens bad to me later on. Lol I’m not saying that I’m dying or so. It’s just that I want to make sure that I would not leave my family empty handed later on if circumstances would arrive to me either by health deterioration, accident, etc. I want them to enjoy later on what I have left for them (just in case something bad happens to me because life is so unpredictable).
If you want to inherit your Bitcoin and other cryptocurrencies to your loved ones, which one of these would be your best option to save your confidential information?
1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
I was also thinking of leaving a fingerprint for my phones to be unlocked for those Bitcoin wallet apps and exchanges that I have enabled 2FA and Google Authenticator. It’s also not safe for me to save all of them in my dummy e-mail as draft, so I was going to transfer all of them on a much-secured option. Mobile phone is also not an ideal option for me as well, because there’s one time that it forced me to factory reset and I almost lost my seed phrases that I took screenshot using that phone (good thing I enabled Google backup back then).
I would love to hear out your responses to this one guys. Thanks!
I use Telegram for private data. Maybe it's not very safe, idk, but it seems that it's considered quite safe. My spouse has access to information required to open my BTC wallet, so in case of my sudden death he'd be able to access it in Telegram. Some people feel like they don't want to give access to their wallets to their close people until they actually die, but I don't understand why a person would leave someone something as inheritance if this person clearly does not trust the close ones while being alive.If you want to inherit your Bitcoin and other cryptocurrencies to your loved ones, which one of these would be your best option to save your confidential information?
1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
I was also thinking of leaving a fingerprint for my phones to be unlocked for those Bitcoin wallet apps and exchanges that I have enabled 2FA and Google Authenticator. It’s also not safe for me to save all of them in my dummy e-mail as draft, so I was going to transfer all of them on a much-secured option. Mobile phone is also not an ideal option for me as well, because there’s one time that it forced me to factory reset and I almost lost my seed phrases that I took screenshot using that phone (good thing I enabled Google backup back then).
I would love to hear out your responses to this one guys. Thanks!
Anyway, there are some smart ways of postponing the day the money becomes accessible (LoyceV's thread is dedicated to one such solution)
Actually I'm not thinking these things yet, but I'm into taking notes all of my assets in crypto. Since my family are not techy savvy this is the best and easiest to them to understand about crypto. About saving in google sheet it is risky in my view so taking notes is safe instead.
The most common way to inherit Bitcoin to your loved ones through a Notebook, but not least use the old way to inherit Bitcoin
by writing in the letters. I store everything important about my life on an external hard disk, including the Bitcoin that I have.
So if the person I love open the hard drive can get the legacy of the Bitcoin that I have collected so far.
Actually if written key phrase such as bip39 its okay but how about the private keys? That arent using those letter format? It would be hard to write barehand cause chances that you writr a wrong letter or number is high.by writing in the letters. I store everything important about my life on an external hard disk, including the Bitcoin that I have.
So if the person I love open the hard drive can get the legacy of the Bitcoin that I have collected so far.
I think since we are in digital modern days now, I can used digital copy or save files that are not connected into internet like pen drive.
I did not think about it actually but this must be prioritize sooner or later, cause we dont know what will happen we dont know and in just any cases that we are not ready for this incident.
This topic has been discusses 1000 times already.Are you really so impatient about dying?
I won't inherit Bitcoin to my loved ones,because:
1.I don't have that much "loved ones".
2.They aren't as tech savvy as me and they don't know anything about Bitcoin and altcoins.
You should exclude option 3 "Google Drive,docs and sheets".Who the hell would leave his private keys in Google Drive?What if your Google account gets hacked?
I won't inherit Bitcoin to my loved ones,because:
1.I don't have that much "loved ones".
2.They aren't as tech savvy as me and they don't know anything about Bitcoin and altcoins.
You should exclude option 3 "Google Drive,docs and sheets".Who the hell would leave his private keys in Google Drive?What if your Google account gets hacked?
The most common way to inherit Bitcoin to your loved ones through a Notebook, but not least use the old way to inherit Bitcoin
by writing in the letters. I store everything important about my life on an external hard disk, including the Bitcoin that I have.
So if the person I love open the hard drive can get the legacy of the Bitcoin that I have collected so far.
by writing in the letters. I store everything important about my life on an external hard disk, including the Bitcoin that I have.
So if the person I love open the hard drive can get the legacy of the Bitcoin that I have collected so far.
3 - Google Drive, Docs or Sheets
By using this one, all the information of my wallet was saved in my google drive, since there is someone from my family who knows my account. I already discussed this because I also think the same thing before. Luckily, I have someone who I can really put my trust that's why I am confident to trust my google drive to her.
How sure you that your family will know that your wallet information is in the specific places if you'll get die(I am not saying that you will die, it's just an example), there is no assurance that your family will know it once get die 100%. So I will not do this thing, I will tell them my wallet information while we are living so whatever happens on me, there would be no problem because they already know about it, if you really love your family and if you really believe them you will no doubt give your information, they are your family, you work for them.
There has been multiple discussion about this in the past. You might want to check it out. Pretty sure 80% of the tips were already mentioned:
- https://bitcointalksearch.org/topic/bitcoin-inheritance-planning-5097720
- https://bitcointalksearch.org/topic/inheriting-bitcoin-5194028
- https://bitcointalksearch.org/topic/leaving-bitcoin-as-inheritance-5245183
- https://bitcointalksearch.org/topic/how-bitcoin-inheritance-can-be-achieved-5106560
- https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850
I haven't seen any topic about this before, since @joniboini mentioned these things, OP, you may lock your topic.- https://bitcointalksearch.org/topic/bitcoin-inheritance-planning-5097720
- https://bitcointalksearch.org/topic/inheriting-bitcoin-5194028
- https://bitcointalksearch.org/topic/leaving-bitcoin-as-inheritance-5245183
- https://bitcointalksearch.org/topic/how-bitcoin-inheritance-can-be-achieved-5106560
- https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850
Probably something similar to a time-limited storage or something? Placed somewhere pretty secure where details about it would be sent to my family every 3-4 months after my Death I suppose. To activate it, I'd probably ask my family to open a certain program and tell them that I already died or something. Specifics are pretty difficult to explain since I really haven't learned that much when it comes to such things, but death still seems pretty far from me so I still have plenty of time.
That, or I could just retire the heck out of a stressful life, give them my wallet and let them do anything about it BEFORE I die, and let them manage my balance so I don't have a problem anymore. It's like I'm making them inherit my stuff even before I die, is that allowed?
That, or I could just retire the heck out of a stressful life, give them my wallet and let them do anything about it BEFORE I die, and let them manage my balance so I don't have a problem anymore. It's like I'm making them inherit my stuff even before I die, is that allowed?
3 - Google Drive, Docs or Sheets
By using this one, all the information of my wallet was saved in my google drive, since there is someone from my family who knows my account. I already discussed this because I also think the same thing before. Luckily, I have someone who I can really put my trust that's why I am confident to trust my google drive to her.
I keep the records of all the keys and passwords since from the start but I'd never tell anyone about it. Maybe it is a time that I need to inform them about it and how to access it through phone or laptop/PC and let them aware what of I actually doing for many years. Letting them a chance to access it personally will help them fully understand and they also know what they have to do once we are gone. It gonna be thinking about a bad end but nobody knows 
.
Only we have to be sure that our families who left behind can benefit from it.
. Only we have to be sure that our families who left behind can benefit from it.
It's a good idea, we really don't know when we will die. I guess I'll save it on a flash drive and keep those on a safety vault.
If someone in my family used that flash drive, there will be a note that will show the step-by-step process of accessing my wallet. Definitely it will gonna be a spoonfeeding note so they can easily access those BTC that I've earned. If they want to continue the legacy in cryptocurrency, I'll definitely create a different note about it.
All of my passwords in certain devices like PC and smartphone are included there but not social media accounts.
If someone in my family used that flash drive, there will be a note that will show the step-by-step process of accessing my wallet. Definitely it will gonna be a spoonfeeding note so they can easily access those BTC that I've earned. If they want to continue the legacy in cryptocurrency, I'll definitely create a different note about it.
All of my passwords in certain devices like PC and smartphone are included there but not social media accounts.
Depends on whether they are technically adept at computers. If they are you can just dump your passwords into a text file on a USB and encrypt the text file with a GPG key and write the password to the key on a paper next to the USB drive, and lock them away somewhere.
If they aren't then just write them all on a piece of paper and lock it away. Either way though, you can move all your bitcoins to a hardware wallet before death since they have intuitive user interfaces.
If they aren't then just write them all on a piece of paper and lock it away. Either way though, you can move all your bitcoins to a hardware wallet before death since they have intuitive user interfaces.
My family knows me as the dude who always writes important things on receipts and other throwaway pieces of paper. It might not mean much to them but I see this as an ingenious way of writing down something important without anyone suspecting of what was written on the paper. This has been a way of mine for decades, and I still retain that habit even up to this day. Should I ever feel that I'm nearing my end, I would hand them down an old Reader's Digest book containing the 12-word mnemonic on my wallet. It has been highlighted in a clever way for people to not suspect what it meant. The only thing giving away the importance of the book is its place on my shelf. I'm pretty sure they'll figure out how to use bitcoin and to access my wallet once I gave them the 12-word mnemonic. I have lots of places where I hid my keys but that specifically is where most of the stash is.
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1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
...
The issue of inheritance is something quite personal, not only in what has to do with its technical also legal, sometimes we take this as if it would never happen, but it is irremediable.1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
...
Find a lawyer, register your will and include the technical part of your assets, not just BTC, believe it or not, cash is always easy to hand out, but imagine someone who has a lot of liabilities and assets, it's really complex.
From your options selecting others, I can't specify, the obvious reasons.
There are several threads dealing with this topic.
@OP, all the options you and other provided are good but not totally the best option.
The first way for you to inherit bitcoin to your loved ones is making them understand Bitcoin and how it wallet are operated/kept saved because even if they later get the wallet information after you and dont know what to do the person that understand Bitcoin can still scam them.
Second, create a paper wallet will find guide in here.
Third, buy an iron metal storage for private keys and quadrat is best.
The first way for you to inherit bitcoin to your loved ones is making them understand Bitcoin and how it wallet are operated/kept saved because even if they later get the wallet information after you and dont know what to do the person that understand Bitcoin can still scam them.
Second, create a paper wallet will find guide in here.
Third, buy an iron metal storage for private keys and quadrat is best.
I have not really think of that. I don't know since I think I'm still too young to think about death, although we never really know when will our time ends. And it's kinda scary to think about the idea of dying. But if ever, maybe a letter or a note in a flash drive? Then I will probably let my siblings know about it since they are the ones who have an idea about these things and my parents probably won't understand it.
I just hope that I will have a long life so I can prepare for this since as of now, I don't have that huge amount of bitcoin that I'm holding. And of course, my siblings are still at a young age so maybe when they get older enough, I can finally teach them how to access it.
I just hope that I will have a long life so I can prepare for this since as of now, I don't have that huge amount of bitcoin that I'm holding. And of course, my siblings are still at a young age so maybe when they get older enough, I can finally teach them how to access it.
You want to save recovery data so you need to save it encrypted and then divide the encryption into several parts, including for trusted people or put it in trusted places.
There are many cryptographic algorithms and algorithms that divide cipher into parts.
You can then modify it so that 7 out of 10 of them can access data and money.
or you can make it 10 part and 10 members
There are many cryptographic algorithms and algorithms that divide cipher into parts.
You can then modify it so that 7 out of 10 of them can access data and money.
or you can make it 10 part and 10 members
Quote
If you want to inherit your Bitcoin and other cryptocurrencies to your loved ones, which one of these would be your best option to save your confidential information?
1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
1 - Notebook or journal
2 - TXT or doc file to be saved in USB or external hard drive (especially keystore files)
3 - Google Drive, Docs or Sheets
4 - Others (please specify)
Its a good thought of inheriting all our earnings in bitcoin form to loved one's. In a way you have mentioned all the possible ways to inherit our stuff to people we love. If you think little deeper, then it would be better to option out for all of them because you never know what might just happen to your drives, cloud storage or notebooks. At least there will alternate options to open up inherited jackpot if something goes way wrong.
However, if i start getting hunches that I am gonna die then I will do keep all these secretes in my bank locker and as soon as my will is read loud they will come to know what's in the locker and what to do about it. So that way it could be far more secure than keeping at corner of our houses.
Anyone is thinking other stuff like, it might happen that someone will come with the idea of storing all these in cryptographic form over cloud and you can have legal access to it. Then this data can be released by these so called cryptographic storage company to the inheritance after successful confirmation by means of uploading legal docs, fingerprints etc. Could be nice project if thought with lucid details.
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