Topic: Leaving Bitcoin as inheritance - page 4. (Read 1785 times)
i like your idea of inheriting a bitcoin to our family or parents but your own personal idea is i think to complex or hard enough for our loved ones to figure it out . bruteforcing means they need to use some software to crack your password or privatekeys ? this can only be done by a techy person but most mature people will likely have no clue to do it . its better to give your keys or password and instruct them in advance on how to open your wallet so that they can withdrew the funds in a less hassel way .
I guess some projects have already offered this service by a smart contract.
It would be a wise idea to leave crypto assets such as BTC to our loves once that serves as last will to them and have its purpose as well like to spend it on their own benefits and life essentials. I already teaching my wife about crypto and how it works, compiled my private keys, 2fa codes and password for exchanges that i have assets unto it. I would recommend to do the same thing, trust your wife as she the most trusted in your family because she will all be benefited all including your sons and daughter in the future.
I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.
If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.
Guys, we all must take into account the fact that no one can predict what will happen to us in a minute or the next day. circumstances may occur that we will no longer be able to use our cryptocurrency or sell it in order to leave an inheritance to our children in monetary terms after ourselves. Of course, when making a will, you can indicate any valuable and not valuable things for relatives who are granted an inheritance. therefore, it seems to me that cryptocurrencies can also be indicated in the inheritance. Only I can’t imagine How to transfer secret information to access accounts and wallets. relatives who received the inheritance in order to use Bitcoin or another cryptocurrency will need some knowledge in any case. If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.
You still have trust issues with your family thinking that one of your family member will gonna stole that thing.
I still have trust issues with everyone, except with the math.
You are just making it more complicated it you will give partial passwords. I mean, if you really trust your family then there is no need to make your private keys or passwords incomplete like a puzzle. Been thinking also of giving my btc as an inheritance but not the way you think of, OP.
You still have trust issues with your family thinking that one of your family member will gonna stole that thing. You can have your own vault, place that private key in a safe place. As simple as that.
You still have trust issues with your family thinking that one of your family member will gonna stole that thing. You can have your own vault, place that private key in a safe place. As simple as that.
Whether is bitcoin or not any inheritance you intend to leave behind should be written and authorised - a will will do! If you could entrust the will writing person with instructions to the safe, perhaps storing the key in a hardcore wallet might be better- that only your family can access then you won't run into issues.
In the meantime you can condition members in your family and let them know that if something was to happen to you, you have a plan in place which will take care of them financially. These people would each have a piece of the puzzle and only by working together they can access the key and get the inheritance thereafter?
It's an idea...
In the meantime you can condition members in your family and let them know that if something was to happen to you, you have a plan in place which will take care of them financially. These people would each have a piece of the puzzle and only by working together they can access the key and get the inheritance thereafter?
It's an idea...
I'm thinking of this too. How can I give my Bitcoin to my family when this happen to me.
The only way that I see is that giving all of the private key to a very trusted member of your family and in my case, maybe my wife and my son in the future will be the ones who will I give the private keys. For me, it is easier if you will just give all of the words to them instead of giving just half or they will not do anything on it or worse they will leave it and will not use. I will teach them the basics on how to store Bitcoin properly since I know some of the ways
. That is enough for me already.
Entrusting your keys to your wife is the same thing as giving her your monthly paychecks, your wife is the closest person to trust your assets. With how you will provide details of your wallet/s give her the authorization to acquire everything. Not sure how but for me since my wife already have little knowledge about crypto and I already provide information in ow to access my crypto assets if I die she can easily use everything for our kids. The only way that I see is that giving all of the private key to a very trusted member of your family and in my case, maybe my wife and my son in the future will be the ones who will I give the private keys. For me, it is easier if you will just give all of the words to them instead of giving just half or they will not do anything on it or worse they will leave it and will not use. I will teach them the basics on how to store Bitcoin properly since I know some of the ways
. That is enough for me already.
I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.
If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.
If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.
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I'm thinking of this too. How can I give my Bitcoin to my family when this happen to me.
The only way that I see is that giving all of the private key to a very trusted member of your family and in my case, maybe my wife and my son in the future will be the ones who will I give the private keys. For me, it is easier if you will just give all of the words to them instead of giving just half or they will not do anything on it or worse they will leave it and will not use. I will teach them the basics on how to store Bitcoin properly since I know some of the ways. That is enough for me already.
The only way that I see is that giving all of the private key to a very trusted member of your family and in my case, maybe my wife and my son in the future will be the ones who will I give the private keys. For me, it is easier if you will just give all of the words to them instead of giving just half or they will not do anything on it or worse they will leave it and will not use. I will teach them the basics on how to store Bitcoin properly since I know some of the ways
. That is enough for me already. 
As an option, not bad. But the question of trust immediately arises, one cannot unfortunately exclude the possibility that someone will want to receive this money early. As an option, this is to share the password between the next of kin and give each part. So that if anything, they could collect it from pieces, but then a problem arises, if even 1 part is lost, then the password can no longer be collected.
"2 - Print the encripted keys in paper or some more durable medium and store securely in your home."
If you are going to do the above except you are going to tell a trusted member of the family where it is located and most especially how to use it to retrieve the asset, i would say write all information on paper and deposit it in a bank or give your personal lawyer so that in your absence they can present to your next of kin, it will be more like having a will presented to your family.
If you are going to do the above except you are going to tell a trusted member of the family where it is located and most especially how to use it to retrieve the asset, i would say write all information on paper and deposit it in a bank or give your personal lawyer so that in your absence they can present to your next of kin, it will be more like having a will presented to your family.
I think you can trust at least one person in your family, whether it be your parents or spouse and they should know the private keys of your wallets and more importantly how to use those keys.
Since my computer has a password, I'll change it to much easier one, like my name, my initials, my birth date some kind of stuff that they are going to guess easily
How are you going to change your password after you are dead? Also, unless you are using full disk encryption, a password to an account for your OS does nothing if someone has physical access to your computer. They can just remove your hard drive and mount it on a second machine.I'll save a notepad containing all the instructions, private keys, password they need to reach out for my bitcoins.
Storing everything needed to steal all your bitcoin saved in a notepad or word processor file is an incredibly risky move. Anyone with physical or networked access to your computer can steal all your money, and there is countless malware which could find that file and send it to a remote attacker. You definitely shouldn't do this.just make sure the attorney you hired is trusted and not a scumbag.
There's that word again - trust. The whole point is to not have to trust anybody. If you are going to trust a complete stranger like an attorney, then why would you not just cut out the middle man and trust your family member directly? Can you trust your own family less than someone you've never met?Physical assets are different. Most physical assets aren't handed over to an attorney to keep safe until after you die, and even if you did do this, if they were to "go missing" then the attorney will be prosecuted for theft. If you hand an attorney a private key for safe keeping, he can steal all your bitcoin, deny any knowledge of it, and say you must have been hacked in some other way. Your family would never be able to prove otherwise, especially since you are no longer alive to explain how you set up your wallet in the first place.
A good idea to make bitcoin as inheritance, I didn't even think about. I agree with the 4 points mentioned in the opening post. So by running
these 4 points, the bitcoin that we will inherit can arrive safely to our family. Because the security of bitcoin storage is different from keeping
money in a bank that is guaranteed safe. Bitcoin needs a little special handling, as explained in the opening post. Because bitcoin storage is
vulnerable to being hacked, therefore we must pay attention to this bitcoin storage.
these 4 points, the bitcoin that we will inherit can arrive safely to our family. Because the security of bitcoin storage is different from keeping
money in a bank that is guaranteed safe. Bitcoin needs a little special handling, as explained in the opening post. Because bitcoin storage is
vulnerable to being hacked, therefore we must pay attention to this bitcoin storage.
Actually even physical assets are entrusted with their personal lawyers and they are the one who will distribute assets base on the will and testament of the real, so there's no problem with this on digital assets to and if you really want to do this just make sure the attorney you hired is trusted and not a scumbag.
A good idea to make bitcoin as inheritance, I didn't even think about. I agree with the 4 points mentioned in the opening post. So by running
these 4 points, the bitcoin that we will inherit can arrive safely to our family. Because the security of bitcoin storage is different from keeping
money in a bank that is guaranteed safe. Bitcoin needs a little special handling, as explained in the opening post. Because bitcoin storage is
vulnerable to being hacked, therefore we must pay attention to this bitcoin storage.
these 4 points, the bitcoin that we will inherit can arrive safely to our family. Because the security of bitcoin storage is different from keeping
money in a bank that is guaranteed safe. Bitcoin needs a little special handling, as explained in the opening post. Because bitcoin storage is
vulnerable to being hacked, therefore we must pay attention to this bitcoin storage.
if you're worried about it being stolen how about letting you most trusted lawyer hold the encrypted key that is designated to each of your beneficiaries with the password attached/sealed to it and stored on a bank locker and will only be retrieved and distributed to your beneficiaries once you died?
This is an option but it's also risky to entrust those things to a lawyer knowing the details of the encrypted keys. And do you think that the bank will keep something like this? they don't even recognize cryptocurrencies. Educating your family while you are alive is the best option, teaching them how to access a wallet, retrieving a wallet through private keys that they can easily understand that it's the main key to unlock the funds that you'll above to leave as an inheritance.
"2 - Print the encripted keys in paper or some more durable medium and store securely in your home."
If you are going to do the above except you are going to tell a trusted member of the family where it is located and most especially how to use it to retrieve the asset, i would say write all information on paper and deposit it in a bank or give your personal lawyer so that in your absence they can present to your next of kin, it will be more like having a will presented to your family.
If you are going to do the above except you are going to tell a trusted member of the family where it is located and most especially how to use it to retrieve the asset, i would say write all information on paper and deposit it in a bank or give your personal lawyer so that in your absence they can present to your next of kin, it will be more like having a will presented to your family.
Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?
Remind, Covid-19 is over here.
I have thought a lot about this already and wondered what will happen to my Bitcoin legacy after my death, and I have come to the conclusion that one of my family members must be taught about digital currencies and the way I withdraw them from the platforms and wallets I own, and I created a small notebook in which I record all the important data and keep it in a safe place .
I am also thinking the same way in inheriting Bitcoin to anyone I love, I would just use a safety deposit box from a bank with a power of the attorney to surely secure your passphrase or the main key I don't want my loved ones to be torture in overthinking about opening my wallet and you will not really use your bitcoin when you are dead so just make a decision quite for that Bitcoin will continue in circulation than to just let it rot inside your wallet,
but if you don't trust the bank in taking the safety of your main key or password then just leave it to someone that you trust that also has even a small knowledge regarding Cryptocurrency.
but if you don't trust the bank in taking the safety of your main key or password then just leave it to someone that you trust that also has even a small knowledge regarding Cryptocurrency.
If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.
But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).
The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.
An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.
My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.
Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?
Remind, Covid-19 is over here.
Op, if you're interested in this topic, you might want to check out this thread by LoyceV about Locktime: https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850. The idea is that a signed transaction becomes valid after some years (after a future block). It's not a good solution if you're thinking of untimely death, but it is quite an original way to arrange inheritance.But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).
The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.
An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.
My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.
Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?
Remind, Covid-19 is over here.
As for your plan with limited characters and hope of brute force working, it seems quite risky to me, and it doesn't prevent the family from accessing the money before you actually die.
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