Willing my bitcoin to my children - page 3.

348Judah

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Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

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

If you're a bitcoiner abd still interested in making an inheritance for your children then you're considerable enough in planning for the future because the children you don't plan for will not takecare of you in old age, this begins with you teaching them to know about bitcoin, investing a little amount of money into bitcoin for each one of them individually on a decentralized wallet and leaving behind for them a means through which they can acess your wallet later in life.

Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

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.

If they are not willing to learn bitcoin now you cant force them to, but you can leave a gap between now till they grow older to discover how the world is evolving round about the bitcoin digital technology, they may be the oes to decide by themselves to learn about bitcoin when seing those around them already into bitcoin.

EarnOnVictor

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Willing your Bitcoin to your children is not the problem, how you would will it and keep the wallet and the plan safe are the problem. And for the record, it's not as easy as you merely stated it, the different passwords with different accounts should be the least of your confirm here.

Your main concerns should be:

1. Who has the private key to these wallets.
2. The reliability of the wallet to be used (hacking and wallet company outdated).
3. Age of the children and when and how to entrust it to them. And how sure your children will be discrete about this without telling anyone out of childishness.
4. If a lawyer or bank is involved in the safekeeping of vital access information, won't they comprise?

This depends largely on the money involved, it might be wise for you to think this thoroughly and make your plan as secret as possible.

boyptc

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Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

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.

This is easy, just make a last will testament that includes all of the instructions and etc. But the harder part is to whom you're gonna let them guide if they don't want to learn what Bitcoin is.

Yes, we don't want to die now so why think of this as you're stressing yourself out with this. This could even put you more into a stressful day that shall take some emotions for you that can trigger your mental health.

Honestly, there's such a lot of ways to do this like hiring a reputable lawyer so that it's sure that it will be given to your kids.

CryptSafe

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Willing your bitcoin assets to your children is not a big deal. Your children should possibly be your next of kin as you wish but forcing them might just spoil the whole process of them learning and having knowledge about bitcoin.

I think you should just start by gradually getting them involved in bitcoin at first. Then gradually they would pick interest in it on their own. That saves you some stress of forcing them to learn about bitcoin.

Putting all assets in bitcoin as a will to be passed on to your children is not bad but be mentality prepared for the unforseen because it is not advisable to do so. What if there is a possible threat and hack what would you say to your children. It is wise you diversify so as not to put all inheritance on bitcoin for your children.

avp2306

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Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

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.

To make all of this not complicated on the side of your children, much better if you expose them so early on this industry si that they would know what you are doing into. And they may have an idea that you have a investment on bitcoin, if there's something bad happen they would know where to locate your keys and they could use your hodl balances without any problem. This topic needs to be properly executed very well so that there's no risk for all of the parties to lose totally your money if you suddenly die in unfortunate way.

bitcub

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I am bullish with crypto... but dont put all your eggs in one basket. We do not know what will happened next. Maybe crypto is very secure as of today. Maybe in the future when we are dead someone could created a super computer that can alter and crack all the blockchain security even break the seed phrases. And this scenario is possible. If this happened there will be a free fall to all cryptos. Your inheritance to your family will be wasted!

Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

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.

rat03gopoh

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Quote from: Onyeeze on May 16, 2023, 03:13:59 AM

bitcoin is not a property which your children can inherits like other properties that is mark able,

Bitcoins can be inherited by several technical means ^[1][2], get an attorney as is common inheritance, or combine the two methods if certain conditions aren't possible.

Quote

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.

In some financial situations one day it can make them learn the basics of bitcoin, like it or not. Apart from that, inheriting bitcoins also includes inheriting wealth when considering its current value.

1. https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850
2. https://bitcointalksearch.org/topic/bitcoin-inheritance-protocol-with-delayed-broadcast-improved-dead-mans-switch-5377228

Frankolala

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If you are willing your bitcoin to your kids,you need to teach start teaching them about bitcoin and why it is important for them to know about bitcoin. If they have picked interest,that is when you should start teaching them about wallets and which wallets is the best to keep funds, and that is easy to understand in terms of transferring funds from one wallet to another.

Then you can create three wallets for them and start saving their bitcoin for them. They should also have their own personal wallets apart from the ones you that you created. My suggestion is that after this,you can also teach them how to import keys from one wallet to another so that when it is time for you to hand over their bitcoin to them,you can give each of them the seed phrase to their wallets and tell them to keep it safe,so that when you pass on they can import the seed phrase to their own personal wallet.

Etranger

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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.

Onyeeze

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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.

Topic: Willing my bitcoin to my children - page 3. (Read 335 times)