Inheriting Bitcoin - page 2. | Bitcointalksearch.org

YuginKadoya

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Quote from: adzino on October 18, 2019, 03:13:04 PM

Why go through all these hassles? The third key will be held by Casa and the other key will be kept with a lawyer and you need three out of six keys to have access. What if the lawyer could not be contacted or something went wrong with Casa's inheriting service. All these would just go in vain. Just like the other user suggested. Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

I also had issues trusting these services as well as you can see and I quote

Quote from: gentlemand on October 18, 2019, 03:27:15 PM

Quote from: adzino on October 18, 2019, 03:13:04 PM

Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

Where I'm at there isn't a safety deposit box for over 200 miles. The few there are are rapidly being closed down as banks are saying there's no profit in them, that's if they're not closing down the entire physical branch which they're doing in the thousands too.

Even if a few do stay open stuff like this can happen - https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

See! Thanks for sharing this! because of that, I will give you love! that is why I stumble across finding a service like this, I just want your opinion about this because I don't really trust banks in handling the matter but my problem is already sold so it's OK.

figmentofmyass

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Quote from: stomachgrowls on October 19, 2019, 07:46:58 AM

On my own side i wouldnt trust up any service no matter how legitimate they are.I agree on whats being mentioned or posted earlier.
I would rather store up those phrases on a safe box and do include to my last will which all instructions and informations on how to claim those coins are there.

there's no foolproof method. using a safety deposit box means trusting the bank to protect you from theft or physical disaster. it also requires relying on a will which implies multiple third parties---your lawyer, your heirs' estate lawyers, the probate courts where a judge needs to sign a court order to open the deposit box.

i prefer a method that doesn't involve all these third parties. i hope using locktime for inheritance becomes more intuitive in the future because it's a way to keep things 100% between you and your heir.

stomachgrowls

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Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

Been reading up some thread about leaving up your inheritance using up some multi-sig or services.

On my own side i wouldnt trust up any service no matter how legitimate they are.I agree on whats being mentioned or posted earlier.
I would rather store up those phrases on a safe box and do include to my last will which all instructions and informations on how to claim those coins are there.

jarhed

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Quote from: DabsPoorVersion on October 19, 2019, 01:10:06 AM

Quote from: Mandoy on October 18, 2019, 11:36:55 PM

The concept is nice but it seems very risky at the same time costly. Instead of having a subscription at an bitcoin inheriting company we should teach our loved ones about cryptocurrency. If we teach our loved ones about cryptocurrency then we can just leave them a piece of paper or a ledger nano together with the private key before we leave or when we are bedridden. Also it is nice to give them the knowledge how to use bitcoin and how to earn it than just by giving it to them.

I agree, we never know if they will actually do your will after death. It will be better if we just tell our beloved on how to use and about our investment before we left this world. No fees to be included but we can also pass our knowledge about it.

It is very difficult to transfer private keys even to relatives. There is no guarantee that these private keys will not be used before. It seems to me that here it is necessary to think more carefully.

DabsPoorVersion

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Quote from: Mandoy on October 18, 2019, 11:36:55 PM

The concept is nice but it seems very risky at the same time costly. Instead of having a subscription at an bitcoin inheriting company we should teach our loved ones about cryptocurrency. If we teach our loved ones about cryptocurrency then we can just leave them a piece of paper or a ledger nano together with the private key before we leave or when we are bedridden. Also it is nice to give them the knowledge how to use bitcoin and how to earn it than just by giving it to them.

I agree, we never know if they will actually do your will after death. It will be better if we just tell our beloved on how to use and about our investment before we left this world. No fees to be included but we can also pass our knowledge about it.

Mandoy

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The concept is nice but it seems very risky at the same time costly. Instead of having a subscription at an bitcoin inheriting company we should teach our loved ones about cryptocurrency. If we teach our loved ones about cryptocurrency then we can just leave them a piece of paper or a ledger nano together with the private key before we leave or when we are bedridden. Also it is nice to give them the knowledge how to use bitcoin and how to earn it than just by giving it to them.

pooya87

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this seems like a lot of effort, cost and complications. not to mention risk since you are trusting that the company offering this service is going to stick around for years and not just go under because of lack of customers or something like that!

another problem is when you have to change address or wallet. changing address problem could be solved by using an HD setup (share the seed instead of a single key) but not the wallet change. for instance when you want to upgrade to a SegWit wallet and create a new one. or when you want to claim an airdrop like bcash and have to stop using the old wallet so that you can import it in that altcoin's wallet and claim it. have to create a new wallet afterwards.

judeafante

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Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

As long as it is compliant and pass the laws that governs inheritance we should support this kind of service, with millions of people going to use Cryptocurrency in the future, there's going to be like this kind of service coming up, we all want convenience if we want to pass our inheritance to our heirs but it will be different when it comes to Cryptocurrency, so we need a service to address our concern, I'm pretty sure it will have similar services in countries where Cryptocurrency is very popular.

blckhawk

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This is great news since it solves one of the problems of cryptocurrency and proves that bitcoin can also offer what banks nowadays could offer. However, we should make sure that the company is trustworthy, give them time to prove themselves, and prevent being scammed since they'll be responsible to our wallets and private keys. If deemed to be successful, this could pump the market, and maybe attract more investors since worries about losing bitcoin would lessen.

gandame

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Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

I think its not safe to give your information to other because your wallet information is so important. Why you that if you can tell your family about your bitcoin and your password or anything that can open your wallet. Give to them directly its must safer than what you think.

Genemind

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You will only be putting your funds at risk. It's really hard to entrust your private keys nowadays especially with services like that. I guess entrusting it with your most trusted person would be better. I'd rather share my wallet information with my partner so I will be sure that my earnings would go to my loved ones no matter what happens to me in the future. It's better to have assurance than put my funds at a big risk.

Ailmand

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Quote from: Artemis3 on October 18, 2019, 12:12:23 PM

Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

Put your seed words in a bank safebox and have it in your will. Or any variant thereof. All you need to give are those seed words, use your imagination how you could securely pass them. The will could contain the instructions, or point them here lol.

Mind you, you can make a multi sig wallet yourself too, its not like you need to pay others to do it...

I think this is ideal or put your seed in a sealed box and put it in your will if ever something bad happens and let your attorney do the stuff along with the instruction what to do on the seed or private key in the safe. I am skeptical using another party's services handling my private key.

Kyraishi

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Think multi sig systems would be the only and best ways for wills and interitances to be formed. Other ways like giving someone/hiding your private keys are just too risky.

So, I am assuming it's a 3 man system and they need all 3 keys to open the wallet? The company has one, and the person has one and the heir has another one. When the person dies, the heir gets 2 and is able to cordinate how to open the wallet with the inheritance company.

Interesting concept. Problem is I wonder if crypto-currencies will be alive for another 60-80 years. Tech is moving very fast nowadays.

gentlemand

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Quote from: adzino on October 18, 2019, 03:13:04 PM

Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

Where I'm at there isn't a safety deposit box for over 200 miles. The few there are are rapidly being closed down as banks are saying there's no profit in them, that's if they're not closing down the entire physical branch which they're doing in the thousands too.

Even if a few do stay open stuff like this can happen - https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

adzino

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Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

Why go through all these hassles? The third key will be held by Casa and the other key will be kept with a lawyer and you need three out of six keys to have access. What if the lawyer could not be contacted or something went wrong with Casa's inheriting service. All these would just go in vain. Just like the other user suggested. Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

gentlemand

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Most of the people I'm related to are richer than me so they can whistle for it. If I die suddenly then tough titty. If I die in a long, lingering and horrible manner I'll be spending most of it on being put down in a truly premier league manner.

If I did decide to preemptively sort them out I'm not going to dick around with unfamiliar companies. I'll cobble something together myself. Perhaps a treasure hunt of some sort.

ChrisPop

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I'd rather have someone create a smart contract that sends my family my belongings once it is presented with a certificate of decease authorized on blockchain. Or create a company that has a bitcoin address in its propriety and have a contract that stipulates that once I die the private keys to the address will be sent to my family and how the bitcoins will be distributed between my relatives.

YuginKadoya

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Quote from: figmentofmyass on October 18, 2019, 01:37:32 PM

Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

let's break this down.

the inheritance protocol employs casa's "3-of-5 key shield" setup (it adds one additional key), which is only available at the platinum or diamond levels. platinum costs $150 per month and diamond costs $420 per month! https://keys.casa/keymaster/

it's also an elaborate setup that's supposed to survive legal channels---last will and testament, estate lawyers, probate court:

Quote

As one of the three recovery keys is held by Casa, the company said that the third “safe key” has to be kept in a deposit box under the client’s name. This will allow the executor of the will to access it with a court order and keep it safe from theft.

you trust casa to secure one key (hopefully they'll still exist decades from now) and you trust a bank to secure another. Roll Eyes

for a trustless (and free) approach, i prefer the idea of using locktime for inheritance: https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850

and of course, if you trust your heirs, none of this is really necessary. you can give them access.

Well, I think you're right using services such as these will surely not benefit you but just services that you trust your key with even though there is a key shield set up this will just cost you and regarding the different levels it had it will just cost you instead of keeping that and just add it up to your heir, I just got curious about casa that it might have some good used in the future,

I guess the thing we need to do is to educate our heir or someone about Bitcoin and other cryptocurrencies because with services like these or not if that person doesn't have knowledge about these examples by trading and selling then there is no used inheriting to him or her.

figmentofmyass

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Quote from: YuginKadoya on October 18, 2019, 09:42:46 AM

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

let's break this down.

the inheritance protocol employs casa's "3-of-5 key shield" setup (it adds one additional key), which is only available at the platinum or diamond levels. platinum costs $150 per month and diamond costs $420 per month! https://keys.casa/keymaster/

it's also an elaborate setup that's supposed to survive legal channels---last will and testament, estate lawyers, probate court:

Quote

As one of the three recovery keys is held by Casa, the company said that the third “safe key” has to be kept in a deposit box under the client’s name. This will allow the executor of the will to access it with a court order and keep it safe from theft.

you trust casa to secure one key (hopefully they'll still exist decades from now) and you trust a bank to secure another. Roll Eyes

for a trustless (and free) approach, i prefer the idea of using locktime for inheritance: https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850

and of course, if you trust your heirs, none of this is really necessary. you can give them access.

bhabygrim

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Why do you even need to use their assitance if you could just do it on your own?
I mean you already knew who you would send it to if you would put up a last will and testament,
So why not make teach that person about crypto or even the basics of crypto I am sure they would find a way to use your crypto when you are gone.
I think this kind of business isn't really going to be great since most of us wouldn't really trust this kind of service with our crypto.
And of course most of us wouldn't pay for this kind of things because we could easily do it for free.

Topic: Inheriting Bitcoin - page 2. (Read 1034 times)