You can will your Bitcoin to your children knowing they have the knowledge of someone has the potential of teaching them in the family.
It would be risky to give your seed phrases to a lawyer for keeps in case of death, unless you trust them very well, because anything can happen once you no longer have control over your phrases.
If your children also live in a country where it is legal tender it is wise, but more discretion would be employed in a country where it isn't.
Topic: Willing my bitcoin to my children - page 2. (Read 335 times)
You can leave a letter for your children and you give the letter to your confidant so that later he can give the letter to your children. That means your children can use your Bitcoin as well as you want.
And you also have to tell them how to use Bitcoin so they can use it properly. This is about how you prepare your children to receive Bitcoin as your inheritance so they can continue what you've been doing.
You still have plenty of time to have lots of Bitcoins and you better focus on accumulating those Bitcoins so you also prepare those Bitcoins for your children.
And you also have to tell them how to use Bitcoin so they can use it properly. This is about how you prepare your children to receive Bitcoin as your inheritance so they can continue what you've been doing.
You still have plenty of time to have lots of Bitcoins and you better focus on accumulating those Bitcoins so you also prepare those Bitcoins for your children.
Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able, I notice that with all the I have being investing in bitcoin if mistakenly I return to my maker without by children knowing my bitcoin wallet security password, that means that my bitcoin will remain in my wallet till eternity, this gives me a nightmare, my kids are three and I want to have different wallet of bitcoin and WILL my bitcoin to them with the password of each of the wallet. Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them,
Such topic has been raised sometime in the past, however it's necessary we do this as death is inevitable. Also ensure you keep it safely where only your kids or your wife whom you trust can get access to, otherwise someone else getting access to this seed phrase will put your funds in danger.because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin,
This shouldn't be enough reason to force your children into learning Bitcoin stuffs if they aren't interested now, tell them what they need to know and allow them take decisions by their selves, do your part in terms of willing your BTC to your kids and I do believe with time when they must have grown up and gets matured in mind they would have realized the need for that.
If you die due to any accident after depositing the money in the bank then the rightful ownership of that money will be your children and the bank authorities will hand over your savings to your children but there is no such guarantee in case of Bitcoin. If for some reason you have such an accident after investing in Bitcoin, no one will explain your investment to your child, but you can adopt a method in case you can save your wallet password or private key in a place and share this with your children. You can negotiate if your children are small then share your wallet password with your wife or any family member so that all your bitcoin investments can be explained to your children in case of such unexpected events in your life.
Bitcoin can still be passed down from generation to generation as long as you understand how. Anyone never knows what will happen tomorrow and in the future and no one can predict how long they will live. Early anticipation is needed so that the assets you have stored can be disbursed when you die. Make video tutorials with Seed Phase attachments and Private Keys for each wallet, then direct them step by step to cash out Bitcoin into fiat.
Even if your children are not interested in Bitcoin technology, at least they can enjoy the legacy you left after watching the video with the tutorial attached in the video.
Even if your children are not interested in Bitcoin technology, at least they can enjoy the legacy you left after watching the video with the tutorial attached in the video.
Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able,
What are you worried about when you have the option to inherit your bitcoin in a good way?I mean you always have time to get everything ready including inherit your bitcoin to the kids. If you doubt that a 3-year-old child is not ready to receive an inheritance, then inherit it on to anyone you trust, including your wife.
You are never advised to invest in bitcoin if you are currently in intensive care for your illness. What is clear is that you are no longer ready to prepare for anything, including thinking about inheritance, but if it turns out that you are currently healthy, then prepare for it as well as possible.
Bitcoin is a digital assets that can be invest for our children's and is a very good idea, while taken the Smart move of investment as a long term holding, as for the children has no interest at early age, that should not be a problem, because your paying the price now for your children future, assume my dad paid such price at early stage, I mean early 2010, when Bitcoin price was less than $1, base on the coinmarketcap record history and as child I'm and my dad bought at least 2000 BTC and hand over the Wallet now I'm adult, which a great legacy given to the son, Therefore don't let death or other things not to buy Bitcoin for children, because of lost of password or private key, just put it in documentary book with the child name in a bold form because of tomorrow.
It will be much better if you introduce them to Bitcoin in a way that leaves a healthy impact on their mind and not the one like going from rags to riches in months.
Bitcoin is way more than pump and dump and nowhere near to be considered as an alternative to existing cryptocurrencies like Ethereum or Dogecoin.
Bitcoin is way more than pump and dump and nowhere near to be considered as an alternative to existing cryptocurrencies like Ethereum or Dogecoin.
Whether Bitcoin technically counts as property and is thus technically inherited by children depends on the jurisdiction, but it's not of any use if nobody has access to anything allowing to open the wallet.
People say the op should teach the kids about Bitcoin, but we don't know the age of the children (unless 'three' is referring to their age), so it just might not be possible to teach them yet. But the desire is admirable, and I hope the op will find a way that works best for their family in terms of how to arrange the inheritance.
People say the op should teach the kids about Bitcoin, but we don't know the age of the children (unless 'three' is referring to their age), so it just might not be possible to teach them yet. But the desire is admirable, and I hope the op will find a way that works best for their family in terms of how to arrange the inheritance.
Let's avoid discussing death since it's something beyond our control and often unexpected. However, if you wish to pass on your bitcoins to your children i think there are a couple of options. The first is to slowly educate them about bitcoin and how to use it over time. The second option is to entrust someone you trust who is knowledgeable about bitcoin to handle the funds on behalf of you to your children in the right moment, that's only if they have no interest in learning about bitcoin and related matters.
As for another method it's worth exploring the possibility of sending a future message to your children (I wonder if there's a service like that). The idea would be to find a reliable service that allows you to securely transmit your seed phrase and other wallet information to them after your death. This way, you can ensure that you don't reveal any sensitive wallet information while you're still alive. It's important to carefully research and choose a trustworthy service for such purposes.
As for another method it's worth exploring the possibility of sending a future message to your children (I wonder if there's a service like that). The idea would be to find a reliable service that allows you to securely transmit your seed phrase and other wallet information to them after your death. This way, you can ensure that you don't reveal any sensitive wallet information while you're still alive. It's important to carefully research and choose a trustworthy service for such purposes.
Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able, I notice that with all the I have being investing in bitcoin if mistakenly I return to my maker without by children knowing my bitcoin wallet security password, that means that my bitcoin will remain in my wallet till eternity, this gives me a nightmare, my kids are three and I want to have different wallet of bitcoin and WILL my bitcoin to them with the password of each of the wallet. Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them, because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin, but I'm not planning to die now, but we don't what tomorrow will result out in the future.
The question is how old are your children? Did you teach them how to create an account like Electrum, or maybe Hardware wallet, Ledger nano, and Trezor. Though, I believe that Bitcoin can be inherited in reality talk.
Then, you want to do it's like a will of testament and in this industrt it's a Bitcoin will of testament, it's pretty good. That's why only your children should know the password, private key or seed phrase so they know.
Now is the best time to start lecturing your kids about Bitcoin and crypto wallets, it's going to be challenging if they are still very young and I wont like you forcing them to learn it, make sure they are up to 14 years old because some kids have passion for other things and it wont be right to bring Bitcoin to their attention at that very young age which can influence them into letting go on something they have build so much passion for, hope you get my message.
It's not a must to settle them with Bitcoin, make sure they have interest in Bitcoin first, imagine after buying hardware and sending them Bitcoin and they decide to sell and never buy back? So why the stress in the first place? Let them be the pathfinder.
Some kids will prefer Fiat instead no matter how much you want them to get involved with Bitcoin and there is nothing you can do to change their minds, make sure the kids develop an interest in Bitcoin first.
It's not a must to settle them with Bitcoin, make sure they have interest in Bitcoin first, imagine after buying hardware and sending them Bitcoin and they decide to sell and never buy back? So why the stress in the first place? Let them be the pathfinder.
Some kids will prefer Fiat instead no matter how much you want them to get involved with Bitcoin and there is nothing you can do to change their minds, make sure the kids develop an interest in Bitcoin first.
If you not willing to share your private key to your children, you can create a time locked transaction this will make your coins automatically moved to your children address depends on exact date you created before. This will make you able to move all of your coins in the next 30 years without need to access it in the next 30 years.
Another choice is using a custodial wallet where your private key are controlled by the site, although this is a bad idea, but I've read some site offer such kind service.
Another choice is using a custodial wallet where your private key are controlled by the site, although this is a bad idea, but I've read some site offer such kind service.
There's no problem if the Bitcoin is non-inheritable because it's more better than property. You can able to earn more money when the times goes by in investing property but also in Bitcoin, the only difference is that the earning potential of Bitcoin is higher. That's why Bitcoin is the best thing you can give to your children for their future. I suggest to not to give them the private key at their very young age, just keep it on your computer and never let anyone who can touch your computer. But let them know they have a Bitcoin in your computer so that if ever when your time comes they can possibly get their Bitcoin. That's only my suggestion since I have a heard story from my friends that there's Japanese miner of Bitcoin who passed away and their relatives searching for a Bitcoin in his computer and they found it.
I don't see bitcoin not being inheritable as a problem. On the contrary, I see the fact they can be transferred, avoiding taxes, absolutely directly to whomever you want as a great advantage. Your kids may not want to understand Bitcoin as much as you do, but you can teach them how to use a wallet and how to sell Bitcoin when they need to cash it out. It is not difficult and can be assimilated very quickly.
This suggestion depends on the age of the kids. Also educating them about Bitcoin is still not enough for them to recover their father's Bitcoin unless the father gives access to his private key which is dangerous since kids are still kids. In the end, You will still need a reliable guardian to whom you can entrust the private key until they are on a proper that can understand well how Bitcoin works.
Hiring an attorney is one of the possible solutions regarding this if the OP doesn't have any trusted relatives or partners. I personally won't give access to my private key to my children even if they are already grown up while I'm still alive because they might waste it due to their youth greediness. I'd rather convert my Bitcoin into cash and put it on their time deposit rather than sharing a private key when I'm still alive.
If this is a concern for you then you need to diversify so it will be safer than hiring a lawyer it will still be a problem later too, especially if your child is only 3 years old of course it will wait a long time to grow up and understand about bitcoin so you have to wait a long time again while no one knows when the masti will be.
But I say your goal is indeed good where to choose bitcoin as a future asset for your children but I hope it will last a long time so that you can give it yourself without being represented by anyone when you want to give assets to your children when they grow up and understand understanding they.
But I say your goal is indeed good where to choose bitcoin as a future asset for your children but I hope it will last a long time so that you can give it yourself without being represented by anyone when you want to give assets to your children when they grow up and understand understanding they.
Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able, I notice that with all the I have being investing in bitcoin if mistakenly I return to my maker without by children knowing my bitcoin wallet security password, that means that my bitcoin will remain in my wallet till eternity, this gives me a nightmare, my kids are three and I want to have different wallet of bitcoin and WILL my bitcoin to them with the password of each of the wallet.
Don't worry, your bitcoin will not stay in your wallet eternally if you don't want it to. The goal of saving is to have a comfortable life with your family. If you truly want them to be able to spend your wealth after your death, you'll inform them about your bitcoin savings and how to leverage on it when you're no longer alive.
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Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them, because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin, but I'm not planning to die now, but we don't what tomorrow will result out in the future.
You don't have to convince your children to learn about bitcoin; if you tell them about the benefits of having a bitcoin savings account in their lives, they'll eventually learn about it on their own. The world is changing, and digital currency is taking over the financial realm. I'm sure they'll eventually learn about bitcoin in their scope of study or outside of life, as it will become a topic of debate everywhere that everyone will want to learn about and participate in.
That's actually a good, you think of the future in case of death occurs which I hope it doesn't happen OP. If you planning to give them what you left in this world which is the Bitcoin, then you'll have to start teaching them the knowledge you have in Bitcoin as well the do and don'ts since crypto industry is too complicated especially if you have no idea or basic background about it. If this the case you could also divide your funds some into fiat as well so in case they haven't figured out yet the crypto then they would have an alternative choice to have some funds.
Proceed, no one will say it's a bad idea, we all want to leave something behind for our children isn't it? First make sure they have knowledge about what you plan to give up to them, after that you can buy few set of hardware wallets and move the amount of assets you want for each of your children then after you are sure they can handle the wallets themselves they you can start giving them the wallet one after the other..
I will advice you to keep each amount you plan sending to each wallet private, some kids feels less loves than others and they are the type that easily get jealous, this depends on how you trained your children, if it's equal love then you are free, you know your kids better than anyone.
I will advice you to keep each amount you plan sending to each wallet private, some kids feels less loves than others and they are the type that easily get jealous, this depends on how you trained your children, if it's equal love then you are free, you know your kids better than anyone.
Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able.
That's not true Bitcoin has no qualification for anyone to hold it, it is private keys based so those who own the private keys have access to Bitcoin, all you have to do is to will your passphrase and your private keys to your children, with all the explanation attached to it and everything is good.
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Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them, because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin.
By that time Bitcoin could be worth ten or a hundred times its value now, why would your children disregard Bitcoin at that time, they will even thank you for saving Bitcoin for them.Quote
but I'm not planning to die now, but we don't what tomorrow will result out in the future.
We don't know what's going to happen to us or even the future, but it's better to prepare for every eventuality, and willing Bitcoin to your children is such a great idea. Jump to: