Bitcoin Forum

Base on di topic, I don't know if dis topic has been discussed here but I create because I no see am. But if you know say e dey, call my attention (tap me) then I go do di necessary.

Many people don create thread say make we no dey tell people about our Bitcoin wallet seed phrase because we no know who go do is bad things. But also know dat we don't own our lives. Example, there was an active user in this Local Board, and he died before most of us came here, now assuming he didn't give or revealed his seed phrase to someone he knew and Bitcoin been dey inside and di demise happened. What do you think would happen to his Bitcoin in the wallet. Remember they are gone forever with him. So I am here to oppose di theory of not telling anyone about your seed phrase. Tell Someone you trusted, it might be a sister, father, mother or brother so that if anything happens, they can login and used coins to either pay your hospital bills when you are unconscious. How can you die when you have funds in your wallet?

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

Tell Someone u believed say e no go do anything about your coins, in most importantly your son or daughter and teach them Bitcoin investment gradually if they are still young. That go be di legacy wey u fit drop.

Tell am.

If you get person wey you trust, you fit tell am where to find your seed phrase in case something happens to you, but remember say no be everybody get person wey dem go fit trust, so you no fit advise such people to tell someone about their seed phrase, if they do so, they will lose their bitcoins before anything ever happens to them, now how does that sound.

That being said, there are a few ways your family go fit inherit your bitcoin when you are no more, that is they would not have access to it as long as you are around, only after. Use the forum search button to find types of bitcoin inheritance plans and choose the one you think is best for you, that is if you want such a plan to begin with.

Why not just create a multisig account instead? This is the best approach for inheritance purpose. If someone died, the coin can sent to another address with the signature of the ones that are alive.

Many wallet have adopted slip39 that can construct the seed phrase from other available shares which can also be helpful. But I prefer multisig to it.

Na true say person no fit tell when den fit die but to tell person self risk dey am, base on some person fit betray you that one na life .

As for some person u fit tell your wife, or your pikin, or self e get some login way you fit write somewhere way be say when them dey check your documents Dem fit still see am.

People dey different sha, you sabi people way dey around you so you go just do watin go work for you.

Na true talk you dey yarn so OP but the challenge dey always be say how you wan use know who no go do u bad because once e be money mata, d least person wey u expect fit rebel u sef so pipo dey try dey careful no mata how close dem dey with pipo before dem tell dem tinz like dis but truth be say fins somebody teel, tuface for one of him song say "you don't have to trust anybody but you have to trust someone" even you sef pipo wey no trust u dey no mata how u trust urself so try make tinz easy just in case, even if we no dey pray for bad tim Sha.

Another way wey you fit do am be say you fit write am somewhere then tell some body wey u trust say Incase anything happen make dem check dia dem fit access everything Tru d info wey dey dia, I think diswan sure pass because as u still dey u fit dey guide dat info wey b say no be everybody fit reach am but if u go dem fit get access but if u tell dem normally dem fit get reason to use am even when u still dey, dat one na go become wahala.

So what if the same people you seems to call your family members then suddenly betrays you, or probably kills you, simply because they want to inherit your Bitcoin? What happens then? Because, inasmuch as this thread is trying to create an awareness unto people to reduce the number of lost Bitcoin that has ever been recorded, for me I would have said that though, it's good to tell close relative that we have an investment in Bitcoin, it's not idea to tell them the exact amount in it. As knowing what it contains may trigger certain people doing the unthinkable.

Hmm I no go advise you to share your seed phrase with person. Those way dey share bank account with their partner no go like this talk, them do won still share seed phrase because them say nothing dey private once you marry. That one na for couples way get ogbonge trust for each other. For me, the best approcsch na to create multisig account where both sides go get access to.

The truth is that, those you trust will be the ones to disappoint you, that's why most people find it difficult to tell another person about their seed phrase, because even without you having any hospital emergency or even death, they might go behind you to do the unthinkable if they are tempted. Although I agree with you that it is good to tell someone you love, in some cases your wife or your husband about your seed phrase but you should do that bearing in mind that anything can happen,

Based on human being wey we be, the idea of trusting someone with your crypto assets no be wetin dey easily come by. Many of us originally get trust issues. It will hard for us to begin give out our seed phrase, when we remember sae a brother or sister, even a friend can guy their personal person because of money, when that peso no go expect am, even before their eyes.

This life so, people live and survive by it with experiences they have gathered from friends and relatives. I pray make peso no encounter the unexpected by sudden when they haven't let out their seed phrase to someone they can trust, cos as for, it's really hard to do that, knowing how harden and brutal some human beings can be when they are in control of your wealth.

That aside, I know sae it's a necessity to have it done "trust someone with your seed phrase" but let it be done with the level of careful of whom to trust. Peso(your) parents go d ideal

I want you both to be sincere. And I think you have bitcoin in your wallet. And what you say here will be a good examples for other comments. Nobody like to die but dead is inevitable and can occur at anytime but nobody pray for it. But if it happens now, what will happen to your saved bitcoin?  Will they die with you or someone can use it to invest for your family? Before I create this thread, I have think from all the angles and taking some examples of some users and I didn't just create this thread for writing or creating a thread shake. This thread has an in-depth reasoning. If you read Coyster, Charles-Tim, NurseHub, SatoPrincess comments, you would understand that they find alternative way to the Op because this is a critical issue. And whenever dis matter is raised, many users would only say, I don't want to lose.my coins therefore I can't give out my seed phrase. Nobody will ask us to give them our seed phrase but it will be very bad of us that we have funds in the wallet and we died without telling anyone who we trust and our children suffer to survive in the world. And if our children hear that we have enough money that they can use to invest in business and live a comfortable live but they can't access it because they don't know the seed phrase, they will never be happy with us. If the multisigs is good then we should use it with the trusted person.

I gave one good example in the Op and if we are in-depth reasoning we will understand the important of sharing the seed phrase either to with a wife or children. We only thinking of losing the coins if we tell someone, but you both have not answered the question, if we die today what will happen to the bitcoin we have in the wallets? Yes na you get the coins and they are your assets and if you don't someone to know about them, no prob and nobody will drag with you because you are di onwer of the funds.

Let me yan u story. Do you know dat there are lot of billions in the banks that have no owners again because owners are dead and no next of kins to go and claim them so the Bank Managers and Bankers who know those Cash in the Bank transfer them to their accounts and used them.  I went you to tell us, be sincere if you die today, who will claim your coins to help your family, since you don't trust anyone to know your seed phrase. And I believed the coins will also follow you. Those who died yesterday didn't plan for it. God forbid it will not happen to anyone here but we have to understand nature and not saying it will never happens. It is good to tell someone whom you trust. Or as other comments as been said, multisigs is also good if other person can have access to it in time of emergency.

Tell am.

Lack of trust na really bad thing shaa and mostly when we get to experience how things take happen for other people lives way out of trust them go reveal important info about them to the next party, eim go hard to dey opme to anybody close to us, but as no be we get our life and anything thing sudden fit happen, na'im make it com dey necessary say there must be person we gat somehow trust to know about our secret phrase make we no go hustle for nothing if death show gave unannounced. Multisig na good recommendation but no be everybody go like use am too.

Infact dis na di main reason why person wey hold a unique asset like Bitcoin suppose tell atleast one person about im seed phrase. Everybody get big plans about di future but nobody know exactly wetin go happen tomorrow so we must plan for unforseen eventualities. Nothing like next of kin or where deceased person family members go go make inquiries about dem deceased loved ones Bitcoin to claim am. Bitcoin de decentralized and e no get any centralized office, e no get means of identifications say na you get your Bitcoin for Blockchain except through your seed phrase.

If anything like death happen to a Bitcoin hodler and nobody know im seed phrase all im coins don become donation wey nobody go fit to claim. E no de necessary say who you tell about your seed phrase go know di amount of Bitcoin wey you get. But if di person don search through all im Loved ones and im no see person wey im fit to trust, dat one na different matter.

I share this view for comment wey I make yesterday for a thread wey de against trusting another person with our seed phrase. https://bitcointalk.org/index.php?topic=5509973.msg64569069#msg64569069

I understand your point, nobody knows tomorrow and like you said, we don't own our life, anything can happen and at any given point in time, one could give up the ghost, so it would be very important to share your Seed Phrase with a trusted family member or next of kin. The example you gave is a very good one cause it can help in not only death situations but during times of emergency too, I saw a movie sometime ago where a man was supposed to undergo a surgery but was to deposit a huge amount of money before the doctor carry out treatment, he had the money but since he was in his unconscious state the doctor couldn't carry out treatment cause he needed money and moreover his wife didn't have access to his phone nor password of his account, I don't know why he didn't trust his wife that much but in such situation, knowing his password or that of his account number could help make it easier for the doctor to save him. However I also understand why most people are scared of revealing their Seed phrases to anyone, it's normal for some to have trust issues especially when they come from families where there's not much love for trust to be built among themselves and moreover with the present economic situation of our country someone who has lots of money in their wallet would be scared of giving out their seed phrase thinking the person they're revealing it to might betray them and claim it was the hardship that caused it, so it has both advantage and disadvantages however, people should understand that trustworthy people still exists.

I don reason this matter many times, the truth is to show your loved ones you trusted so much and tell them to use it to care about the family when you are no more, nobody sabi tomorrow, cos e go pain reach your family and even yourself for grave, because na you go bury yourself with what you left behind to be easily accessible by the precious loved ones available. If it happens to be that a dad kept his pk to his children before his dismiss then that's a huge blessing to the children, at least they can maintain and start new life off there.

This matter wey you bring here na true matter. No be even opposing motion something, despite people dey always Talk about "not your key not your coin" no means say our seed phrase totally dey hidden to everyone including your wife, children, loved ones or even your lawyer. Despite we dey talk about this security matter, we don chuk mouth for different talk say make we tell our most trusted person maybe wife or better still hand over the seed phrase to your barrister in form of a document where no body fit asses am. The condition be say you go tell your family the Amount of bitcoin you get inside your wallet, but them no get asses to am. Only when you dey sick or when you don die Naim dem get asses so that even the lawyer self no fit toch am since you don tell your family members about the amount you get inside.

Our people dey fear to talk about death. Na him make life insurance policy no dey go market for Niaja. I remember when I finish school na so I get job for insurance company, baba nobody wan talk about life insurance because we think say na death sentence. Na this our perception towards preparing for the unknown na him dey make most people die without will or other preparation.

Baba you give us better information and I thank you well well for reminding us. Nobody dey pray to die but life dey unpredictable, so we need to prepare. The best option na to tell person wey you trust about your Bitcoin. For people wey don marry and get pikin the thing dey very simple for them. As long as you get good wife, she go use your money take care of your children if you no dey. So na to just show your wife everything because my Bitcoin no go bi donation to our ecosystem. 

trust is one of the things that's not common in our today's society and while you're thinking of doing your family good by telling them about your seed phrase and the amount of Bitcoin you have, some of them might not have a good conscience towards you and keep calm,  if care is not taking, they might be the ones to steal your coin or sort of for those that will steal your funds while you're yet alive.

How many of our parents are bold enough to walk us through the investment they've made so far so if anything happens to them the investment will remain in the right hands? A lot of them will rather have a layer take charge of the whole process because they don't even trust thier children.

It's not like doing that is a bad thing, as a matter of fact, it's going to be very disappointing to know that should you die suddenly, you family can't at least enjoy the dividend of your labour. If you have people you trust so much and you're certain wouldn't have any evil intentions towards you, you can tell them about it but it should be that you're certain that from the moment you've told him about it, you've technically agreed that your chance of losing the coin or your life is 50/50 depending on how much of a coin you have.

This method still require trust, so if you trust the people wey you wan share your keys with, e better make you just give the person your seed phrase, instead of this. I talk so because if you create a 2-of-3 multisig wallet for example, you come hold one key, carry the remaining two keys give two of your family members, the two of them go fit still team up to take your money, because wetin dem need na two keys to broadcast a transaction and they both have one key each, which makes it two.

Guy we don't have to show them or tell them what is inside the wallet but only show them the seed phrase. You can even tell the person that it the key to the wallet and probably you don't have to give the person the seed phrase but only show and tell him the device you save the key. So that if anything happens, they would have access to the funds and use it to do the needful. I am still waiting for the those who said it is not good to show your trusted person (s) the seed phrase.

I didn't come up and create this thread because I like to create thread but it has been bothering me for some times and I saw a thread yesterday in the local board that triggered me to create dis one. It is not always about looking for merits but the information we pass to others means a lot for me. We don't have to tell someone that we should not tell or show love and trusted person our seed phrase. It is wrong. Life itself is risk therefore everything associated to it is also risk. At first most of us didn't believe this forum and that was why we were reluctant in the beginning but when they see that it is legit, they put effort to participate in campaigns.

Tell am.

Revealing your wallet seed phrase isn't a good idea, there are things that are supposed to be kept private and this is one of them. There are people that share their seed phrase probably with someone they trust but this isn't safe because you might get hacked. Always be vigilant about securing it, if you are new to crypto you wouldn't really know how important it is untill you make on or two mistakes. One common mistake a lot of newbies make is not saving their seed phrase, I ve done something like that before and I lost a lot of money

Yes, it's true that the bank has lots of unclaimed funds, due to the fact that the real owners died and no relative or family members was aware of it while the individual was alive, and likewise  so do we get lots of lost Bitcoin in wallets that can never be accessible today after the death of the real owners. But the point I was trying to drive to is that sometimes people changes with time, of which not that it's bad letting a third party (i.e trusted family member) know about your Bitcoin investment and seed phrase to the wallet that the Bitcoin is been stored.  But letting them know how much it's really worth was I was trying to discourage, as that may trigger some person's to do the unthinkable just like I earlier said.

All depends on the level of trust and rapor you have with the person. If na your wife and there is full trust e dey am then you go fit tell here the amount you get in the wallet but if na your sister, brother mother or father then you can only show them the seed phrase but no amount is disclose. Even dat should also depends on the trust and the rapor with the person. There are sometimes those people we trust no even know anything about crypto so if you tell them sef dem no fit do anything in di wallet. But it is good to show them and tell them what to do if it happens. The matter what if we get one trusted person, make we dey tell them our seed phrase as life insurance security funds.

Tell them oh because nobody notice tomorrow. Some people only think on the unthinkable and untrusted side of the person. It is good to protect the funds but tell your wife if you trust her.

Yes. You actually just spoke lots of sense 👍.. You truly deserves the one water I just sama for your drum.

You do not necessary need to have three keys in this scenario. You can have four keys instead which you can keep two keys safe in two different banks, or with your lawyer or trusted person in your family. Going for lawyer has disadvantages for privacy reasons. But someone you trust like an elderly person can be good he or she knows how multisig is but it also has disadvantages just like having it with a lawyer. But having it in the bank is better. Just two banks.

Time lock is also a good option but it requires someone with experience. Someone that knows when to double spend it by increasing the fee or cancel it and make another time lock transaction.

There's some point to what you just said, but what about those that do not have someone that they can trust?
For me ,What I will do is provide all directions which will lead to the discovery of my funds, I have written down most things linked to my funds down and have tell my close confidant about how to gain access to those necessaries, I have those information in a lucked possession.

If you wan use multisig, no wahala. If you wan tell your next of kin too, no whala as well. E get thread wey I drop my opinion for gambling board, the man get sudden heart attack come die s him win big money from gambling. The Koko be say my one wey we choose make e be say we understand am - that is the advantages and disadvantage too. Anything fit happen which we no pray for but make our hearts always dey prepared say if anything sup our people go dey alright.

To share bank details self no dey dat easy again ooo because some family don dey divided because the other gender use overnight wipe everything wey dey the account move leave the man wey she been dey marry so I no sure say people dey actually share that bank details again. For the next of kin own, if you check well now you go discover say even the next of kin document no go fit give person total access to take money wey dey another person account when the person no dey again you go waka tire carry different documents before you fit get access to take the money.

Aside creating a multisig account, I don't think it's bad to hand over the access to my Bitcoin wallet to my oldest son when I know that he can do exactly what needs to be done because of the trust I have in him.

Op, your talk make sense very well. We dey for industry wey we no suppose trust anyone, especially strangers. But for real life we need to trust somebody. Anybody wey dey for this life say dem no fit trust anyone, dem no suppose exist. I get person I trust and the person sabi my seed phrase and the person never thief am.

My brother, even the next of kin for banks na wash. You go waka tire. E better to get special ATM for that and tell person wey you trust the pin. If e expire, you renew the thing.

Normally watin you talk nah true sha.
But my question be say, how we go take know say this person way we won tell this kind thing (our seed phrase) no go change from good to bad person in future?
Well, as thing may go, I rather tell my spouse (if I am married) or I tell my parents because telling a friend will not be a good idea because we are not living in the same apartment (even if we does).
Normally bank Waka no dey end in one day, everyday fill of form until you even tire to go the bank. Just imagine say person way you dey closer to dey in this kind of mess, even the transportation fees sef go make am dey so frustrated.

Only family members, such as wives or mothers, blood brothers, are best suited to deliver your seed phrase. Some brothers are not trusted, and if you tell them your secrets, they may park your funds without knowing who did it. I am afraid to give someone my seed sphere because even those you trust may later cheat on you. Instead, I will write it in another place in my room so they can see it if I am not present.

But now that you are alive, if you give someone by mistake, you will regret it one day, and you will never know what the person will do to you, and he will never cheat on you, because if you lose, he will immediately realize that you are the one, so he will spend months or even years with you. He can just come and take your funds without your notice, and you can't catch him because you can't get any evidence when he scams you, because it's not like a bank where they can try and follow the account number and get the person that try to steal your funds, but in crypto, if you lose, you can't do anything about it. because is not like bank that they can try and follow the account number and get the person that try to steal your funds, but in crypto if you have lose that is all you can't do anything about it, so is better to hold your stuff but if you try to risk you can share with your favour family's or friends that you truest.

Mutisig is a good idea but it still boils down to trust, you have to trust somebody to share your keyphrase and password with them. You have to trust somebody to authorize them to have access to your account for transactions. The question is who do you trust? If you don't trust someone very much you wouldn't allow them close to your account where you have money and your asset.

For me, just as people write wills or any piece of document that is accessible to family or loved ones when they are no longer available that can be an option too. Just write down your seed phrase, keyphrase and whatever you consider important in it and leave it with your lawyer.

I do not want to repeat what I have written before. You can read what I posted about it here: https://bitcointalk.org/index.php?topic=5510336.msg64574360#msg64574360

A proper multisig wallet setup is one of the best option. Another option would be time lock.

Give the seed phrase to the lawyer in a way he can have full control over the coins? That is a terrible idea.

Omo money get spirit wey dey follow am o so make u no too trust people with money sha if not your mind go dey. If you check, wetin dey separate friends and brothers pass na money so you gat dey careful how you relate with people when money dey involved. Instead of me to use trust to give person my seed phrase, I go find out person we be say him fit inherit my wealth like them do am for will, na that person I fit give that kind of information. Like my children now or even my wife, I fit tell them the seed phrase of the wallet wey dey save for them and my own personal wallet, I feed keep the seed phrase somewhere wey them fit see am in case of anything.

When you say four keys, do you mean a 2-of-4 multignature wallet or a 3-of-4 multisignature wallet. That being said, how do you keep your keys in the bank, i never hear of anyone wey keep their keys for bank nor with a lawyer.

Multisignature wallet need person wey get bitcoin knowledge, even many people wey dey the crypto industry no too sabi set up or spend from a multisignature wallet, so if the people wey you wan leave your funds for no get knowledge of bitcoin, then a multisignature wallet might not be the best option.

This matter make sense die, this thing wey you just talk like this dey very important to many people wey dey hold bitcoin or people wey dey hold valueable things, when they said never allow anybody you know about your seed phrase they did not say that you should keep everything from people that are very close to you or people you have a strong relationship with, people like your father, mother sister, brother, son and daughter, what they mean is that you should never allow anybody that you don't trust to have access to your seed phrase, although its difficult to believe people because we don't know what is in their mind but we have to trust some people.

No matter how it is or no matter how person go be he or she will have someone who he strongly believe and trust that the person can not betray in a family, although it will be very difficult to trust sister's or brother but you should trust your parents, parents are the best people to trust, parents can never open your secret to anyone or even try to hurt you because they know your value and how important you are to them, so you having bitcoin or something valueable you should always make sure there is someone who know more about you and when Something happen he can save you and get access to your property, because if you Don die and nobody know your seed phrase that means say you no do good thing.

It will be 3-of-4 multisig. 1 with you, 1 with the first hire, 1 with the second hire and 1 in the bank. The hires will have to need the seed phrase from you and the one in the bank. Although, I will prefer to to create 2-of-3 and give the 2 seed phrases to the to the hires. They have not set up the multisig wallet and they will need the my private or public key to setup the multisig wallet. I do not think it would get to a point the hires will attack the coin owner to obtain the seed phrase or public key which will make using keeping another key in the bank better.

You can keep anything valuable to you in bank.

https://www.google.com/amp/s/punchng.com/five-valuable-assets-banks-can-keep/%3famp

You can explain it to the hires and make sure they will understand and also tell them how they need the third key from you if they have not setup the wallet. Getting the seed phrase should not be of any problem. And you can decide to make use of bank.

Well for me the suggestion i can give is that we should not put all our asset in one self custodial wallet, we should at least have 3 to 4 wallets then disclose the seed phrases of one or two of the wallets to a trusted member of your family so that in a case of unforseen critical situation that may erupt in the future the person can get access to some of your wallets using the seed phrases you revealed to them but to give anyone the seed phrases to all your wallet is very risky since humans cannot be trusted.


talking about a multisig wallet, it's still very risky to me since one of the parties that signed on the wallet can still send coins to another address without the signature of the other because even someone you trust can still have ulterior motives towards you.

You do not yet under what multisig wallet is.

In a 2-of-3 multisig, there are 3 people involved, while 2 people at least need to sign before making any transaction. That is if you have setup the multisig wallet.

If you have not setup the multisig wallet, you need your seed phrase, and the seed phrase or the public key of the other two people.

If you have two hires, you can teach them how 2-of-3 multisig wallet is and even make transaction as an example for them to understand. After that, set up the wallet for inheritance purpose yourself without the two hires knowing. After you finish setting up the 2-of-3 multisig wallet, only what you need to do is give both of them their own seed phrase. They will need to setup the wallet. If they want to setup the wallet, they still need your seed phrase for it which they can find somewhere you keep it.

Your link is broken from my end, but that aside, i know say you fit keep anything valuable in the bank, but the valuable things that people keep in the bank na mostly physical assets, like gold bars or gold jewelries, etc. In all my years in the forum, i don't think i have seen anyone advise that we should keep our keys in a bank, that being said, it could be considered for people who don't see anything wrong in it, but tbh, i cannot do it bro.

Anyhow e be,its still good to still share either your bank details or your wallet phrase with someone you trust.I know trusting Someone this days is a difficult thing to do,but we all need to have that particular person we confide in so much to be able to tell everything about our life so that if anything happens,those people will be able to get access to the things we have acquired.
But the idea of making your next of kin,I don't fancy it because those people can decide to just useless the things you have toiled for,for years in just a month,and act like nothing happened.But that friend,brother,or one person who you trust will find it hard to do that.