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Author Topic: Your Wallet Keys and Passwords should be known to you and you alone. Yes! But...  (Read 2318 times)
solkinsolali
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August 23, 2018, 11:53:03 AM
Last edit: August 23, 2018, 12:08:29 PM by solkinsolali
Merited by vapourminer (1)
 #1

Yes! You need to protect your wallets against any possible theft or hacking. You must protect your private keys and wallet passwords. This is a must for everyone, else your coins will be stolen.

The frequent warnings of ensuring you protect your private keys from anyone seems to have eaten too deep into almost everyone of us in cryptocurrency. Some of us have forgotten certain realities of life and cryptocurrency wallets which I want to warn you about. My warning is mainly targeted at anyone who has a family, or at least, a child. You must leave a means or trace that your family will be able to access your wallets when you are gone. I mean when you are below 6ft. Each one of us will die some day. No one wants to hear this, but it is the absolute truth. If you suddenly die today with your secret keys and passwords unknown to your family, your coins are lost forever. Your crypto wallet is not a regular bank, so no way your family can claim your many crypto wealth online.
Don't be selfish. Your family or wife or children must not suffer when you have so much Bitcoin or other coins trapped in an inaccessible online wallets.

Remember your family and loved ones.

You have a very strong and uneasy decision to make today.

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August 23, 2018, 11:55:18 AM
 #2

Trust is the key factor here. A bank account cannot be access by the family members unless you die but that's not the case for crypto, If you give your password, unless you trust whoever you gave the password to 200%, you should expect that your funds will be gone at any moment.

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August 23, 2018, 01:09:19 PM
 #3

Yes! You need to protect your wallets against any possible theft or hacking. You must protect your private keys and wallet passwords. This is a must for everyone, else your coins will be stolen.

The frequent warnings of ensuring you protect your private keys from anyone seems to have eaten too deep into almost everyone of us in cryptocurrency. Some of us have forgotten certain realities of life and cryptocurrency wallets which I want to warn you about. My warning is mainly targeted at anyone who has a family, or at least, a child. You must leave a means or trace that your family will be able to access your wallets when you are gone. I mean when you are below 6ft. Each one of us will die some day. No one wants to hear this, but it is the absolute truth. If you suddenly die today with your secret keys and passwords unknown to your family, your coins are lost forever. Your crypto wallet is not a regular bank, so no way your family can claim your many crypto wealth online.
Don't be selfish. Your family or wife or children must not suffer when you have so much Bitcoin or other coins trapped in an inaccessible online wallets.

Remember your family and loved ones.

You have a very strong and uneasy decision to make today.


Quite a good point though. But can someone actually include his cryptocurrency wallet in his will? Maybe that may help too. Otherwise, all the coins you have will just be wasted forever when you are dead.

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August 23, 2018, 01:12:30 PM
 #4

Having a hardware wallet in this situation would make it quite simple seeing as there's just a pin code required to access it, and one doesn't necessarily need to let anyone know of the fact that one has a hardware wallet, but, maybe leave a text in the will or a letter somewhere informing of the pin code?

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August 23, 2018, 01:14:27 PM
 #5

Yes! You need to protect your wallets against any possible theft or hacking. You must protect your private keys and wallet passwords. This is a must for everyone, else your coins will be stolen.

The frequent warnings of ensuring you protect your private keys from anyone seems to have eaten too deep into almost everyone of us in cryptocurrency. Some of us have forgotten certain realities of life and cryptocurrency wallets which I want to warn you about. My warning is mainly targeted at anyone who has a family, or at least, a child. You must leave a means or trace that your family will be able to access your wallets when you are gone. I mean when you are below 6ft. Each one of us will die some day. No one wants to hear this, but it is the absolute truth. If you suddenly die today with your secret keys and passwords unknown to your family, your coins are lost forever. Your crypto wallet is not a regular bank, so no way your family can claim your many crypto wealth online.
Don't be selfish. Your family or wife or children must not suffer when you have so much Bitcoin or other coins trapped in an inaccessible online wallets.

Remember your family and loved ones.

You have a very strong and uneasy decision to make today.



Yes, I have already put all of my private keys and credentials to one notebook that my family could see if something wrong happens to me. I would like them to take all of my hard work if I'm gone.

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August 23, 2018, 01:21:31 PM
 #6

A good point to raise to the cryptocurrency community. I personally would leave a trace to my crypto asset to my most trusted family member. In case of worst case scenarios like paralyzation, coma and even death. It is important to make assurance that someone can access my crypto assets to be utilized. Don't ever entrust it to someone who's very accostumed to cryptocurremcy though. Temptations might hit the jar.
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August 23, 2018, 01:24:09 PM
 #7

This is one of the greatest things about crypto , if you own the keys you have 100% control over the bitcoins in that wallet. 

The best thing to do is to set up a multi sig wallet between 2 or 3 family members so one person alone can't steal the coins.

I know a lot of men that wouldn't even trust their own wife.........
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August 23, 2018, 01:39:19 PM
 #8

This is very true. I do feel we should try to teach our family about cryptocurrency instead. This way, everyone gets to have a basic knowledge about this works and as result you build trust and you can give them your keys or teach them how to find it incase you are not available anymore.

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August 23, 2018, 01:47:15 PM
Merited by LFC_Bitcoin (1)
 #9

I know a lot of men that wouldn't even trust their own wife.........

Trusting your wife is the worst possible thing you can do. No one should be so stupid to do that.

I won't ever grant anyone access to my coins, not even partly. When I'm no longer part of this world, my coins will be 'burned' for ever. I don't do it because I want to gift other fellow Bitcoiners extra value now there are less coins in circulation, but it's a principle thing. I'm not being selfish. Why is it selfish to just have your coins go down with you? I'm in no way obliged to help anyone who didn't do shit to deserve even one single satoshi of mine.

Who's there to help you? Family members are mostly just as much of a snake ready to bite when you're not looking. No thanks.

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August 23, 2018, 01:59:00 PM
 #10

Family members can go fuck themselves to be honest. When I was younger a member of my own close family stole £25000 off me.
I told my Dad (it wasn’t him) I was going to report said guilty family member to the Police so he gave it to me from his own savings in the end to stop me.

Moral of the story - Be VERY careful giving any cunt your private key(s) as you never know what kind of financial trouble they may get into in the future & steal your coins.

My girlfriend (of 10 years) knows how to sell my bitcoin’s & the password to my wallets, I trust her & her alone really.

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August 23, 2018, 02:01:05 PM
 #11

Well of course that would be something to consider since you would have to have someone to leave your assets to in case something happens to you. Though not all family members should know your private keys and i don't think everyone would understand how that would work but at least your most trusted kin should have access to it.

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August 23, 2018, 02:05:31 PM
 #12

I won't make it easy as much as I'd love to and perhaps, I'm better off making a puzzle piece for the said coin holding rather than give it easily to people I know will, at some point, wrong me, especially if there's money involved. Trusting is not easy at these times, especially if it involves money since everyone can turn their backs on you due to monetary incentives. I know it sounds harsh but the fundamentals of a 'family' is easily broken once there's huge money involved, so no, I won't give it directly but rather make them work or think for it. It's for them in the end, but while I'm still around, no one should be touching my coins.

 
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August 23, 2018, 06:26:17 PM
 #13

This is quite true. Death will surely come upon us all someday. In order not to have our coins stucked forever, we should leave a trace behind to a trusted next of kin.
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August 23, 2018, 10:29:28 PM
Merited by solkinsolali (1)
 #14

I know a lot of men that wouldn't even trust their own wife.........

Trusting your wife is the worst possible thing you can do. No one should be so stupid to do that.

I won't ever grant anyone access to my coins, not even partly. When I'm no longer part of this world, my coins will be 'burned' for ever. I don't do it because I want to gift other fellow Bitcoiners extra value now there are less coins in circulation, but it's a principle thing. I'm not being selfish. Why is it selfish to just have your coins go down with you? I'm in no way obliged to help anyone who didn't do shit to deserve even one single satoshi of mine.

Who's there to help you? Family members are mostly just as much of a snake ready to bite when you're not looking. No thanks.
I don't agree with you. The fact that you don't trust your wife, the mother of your children does not imply you should allow the wealth you worked for be wasted away to no one. What happens to your children then? You are just very selfish. There is no impact your supposed 'burned' coins according to you will have on the price of that coin in the crypto market. Your total worth is negligible compared to the entire crypto market. Leave a trace for them to find your coins. Also remember that someone will bury you when you are dead.

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August 23, 2018, 10:40:52 PM
 #15

This is one of my concern, i think bitcoin sooner or later, somehow need to create a protocol for family inherit, but i still can imagine what is the best way to make this thing possible on bitcoin chain

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August 23, 2018, 11:10:04 PM
 #16

It's quite a sensitive subject. On one side I'm like I'll keep everything with me, which is indeed quite selfish but that's the world we live in today. The other side is less selfish and at least wants me try to help my own family where I can.

I really need to think it through properly because at this point in my life there is so much that can change still (I'm near 30), that everything that happens in the next few years might and will likely change my opinion.

My initial opinion is that I'm definitely open to set up a seperate cold wallet that my own family (with my approval) will be able to access. The rest of my holdings will remain with me and it actually feels good enough like this.

I'm not Santa Claus. I don't want anyone to feel like they have my wealth as target to nurse their own greed. I want to stimulate and help where I can, not make myself become a target for my own family.

 
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August 23, 2018, 11:12:33 PM
 #17

Seriously Mate, you just hit the nail on the head, you are hundred percent right on this, i can believe you less...we really need to find a way to leave a clue for our loved ones that can help them get access to our wallets in case we are gone, its the fact.
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August 23, 2018, 11:18:14 PM
 #18

yes, our family must know the privacy key of the bitcoin wallet. especially our wife and children. it will be a legacy for them.

I think this is something very important, because the value of bitcoin is better than gold, so we have to save and keep the assets of bitcoin well.
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August 23, 2018, 11:22:04 PM
 #19

The solution is simple - make a dead man's switch. You can code a simple program that will release your wallet to your family after a certain period of time, and then you'll have to only reset it once in a while with your secret key to prevent it from going off. When you'll die, there will be no one to reset it and it will go off eventually. Also there are other schemes, for example you can split your key with Shamir's Secret Sharing, give some shards to trusted guardian(s), the rest to some family members, and then your coins only can be accessed if all parties cooperate. Similar scheme can be achieved with multisig.

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August 24, 2018, 06:43:34 AM
 #20

This is just thr bitter truth that anyone don't wonna hear. But the truth of the matter is that even if we gonna protect our private keys or password it shouldn't be from our kids and trusted ones. They should atleast know little things about what we're doing incase of emergencies. Sometimes, our phone or computer password should also be know by them. Nobody know when something is going to happen that we might not be able to talk or write. So let's yield to this advice.
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