Topic: Inheriting Bitcoin - page 3. (Read 1034 times)

All I know is, I am not going to trust my private keys to a startup. And I believe, that is also the sentiments of most of us here who invested much on their bitcoins.

That's the only possible way I can also think of unless I can trust someone in my family. I can't even trust my wife nor his brothers since I've seen him steal from anyone. There could be a smart contract we can negotiate for this but its still very possible for corruption when developers we know are scammers.

I've read the article and we all know that all funds can only access through private key, we should have something like, there are some holders who made their inheritance to relatives that are away from their location and some who do not know anything in Cryptocurrency, but this kind of service should be regulated to avoid exploitation of the owner's private coin, anyway it's on the contract that's going to be multi-sign and under supervision by lawyers but better by a court.

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...

People had that idea before and not based on multisig transactions but on dividing the private key or seed phrase into 2 or more parts and giving each important member of your family one part. This way they will not steal from you but if you die they will meet up and combine it all to recover and divide your coins.

With all these options there's a possibility that one person will lose their part or die and they will all get nothing.

That is the first time hearing Michael Moody's story and it is really heart brokering and at the same time there is a moral to this and his father after his death was quite now let's say maybe had a little interest with bitcoin now, I am sure there are tons of other things and people are now thinking ways to make their love once know their private key and getting the hang of passing someday because that is relatively what will eventually happen to us,

But is Casa's part maybe the multi-sig feature can help their inheritance services but I think trust in their service is needed and I think I am having a hard time in doing, but any comments that will light things up will do.

I think I also heard similar services making sure that Bitcoin left by the deceased can be transferred peacefully and conveniently to the rightful heirs. Well, we will die anyway so why not get prepared for it as we do not really when we can be taken away. This story is illustrative of the problem when there is no proper strategy on the eventual passing of the cryptocurrencies left behind:

"Michael Moody, a 26-year old who died in a tragic plane crash in Chico, California in 2013. Before his death, Michael was a Bitcoin miner, in the words of Michael’s father, “my son was actually one of the earliest people to mine it. He used his computer at home to mine bitcoins when you actually could do it that way, and he had a few, we think.” Two years after the crash, the father started exploring ways to retrieve Michael’s cryptocurrency assets. He has succeeded in piecing together information about his son’s stash of Bitcoin, but he been unable to access his crypto wallets because of the decentralized nature of cryptocurrencies."

I am sure that Casa is providing a very good service worth looking at. I also saw similar service providers like TrustVerse with its Proof-of-Death which can a little bit spooky, Safe Haven and DigiPulse. Whatever can be the choice, we are assured that our digital assets and the hard work we put into them will not just evaporate like nothing when it is the time to say goodbye.

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/