This is not a sad story cause the person in the story was able to set up a cold storage just in time for the family to be able to access his bitcoins. It will have been really sad if they were not able access it and those coins were lost forever.
Anyone who holds up to 1BTC or even up to $1000 - $5000 worth of bitcoins should create a way in which those coins will not be lost if they lose access to it through a tragic incidence. We should have at least one person with knowledge of how bitcoin works and if we fear they can steal it from us while we are still alive, then we can use a timelocked transaction or address.
- Jay -
Topic: Secure Your Legacy, Educate Your Loved Ones - page 5. (Read 478 times)
Nice thread OP, we usually take things for granted because we feel we are health and death wouldn’t come anytime soon. But that is not true it can come anytime soon. As such of a bitcoiner has some investment in bitcoin they shouldn’t keep it to themselves and should share the recovery seeds with their children, Kins or trusted allies, just like the Death Will is updated regularly bitcoin seeds should be updated on it also once purchase some.
If you have plans of them not spending the coins till your stipulated period then just use the lock time process and set to your desired date.
If you have plans of them not spending the coins till your stipulated period then just use the lock time process and set to your desired date.
If you are someone who accumulated so many assets then you should be prepared for your family can access it if you are no more no matter if you are young or old because life is unpredictable so never take a chance with that.
Using Locktime for inheritance planning, backups or gifts is one of the best possible ways to lock your assets for your kids for certain years and they will have access to it. But I just want to remind you that never forget your health and life insurance which will act as an emergency fund for your family even if it makes them a fortune for their remaining life.
Honestly, it is one hell of a fear that every man holds with them so never forget about leaving what you made in your life to your family, and hopefully it's not a debt.
Using Locktime for inheritance planning, backups or gifts is one of the best possible ways to lock your assets for your kids for certain years and they will have access to it. But I just want to remind you that never forget your health and life insurance which will act as an emergency fund for your family even if it makes them a fortune for their remaining life.
Honestly, it is one hell of a fear that every man holds with them so never forget about leaving what you made in your life to your family, and hopefully it's not a debt.
This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.
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