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Author Topic: Your Wallet Keys and Passwords should be known to you and you alone. Yes! But...  (Read 2318 times)
Lucius
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August 25, 2018, 10:06:10 AM
 #41


The easiest way is to write a will and deposit it at a lawyer's office. If you want to be very safe put your passphrase into the will and place an encrypted wallet file somewhere in the house. The location should also be in the wil. This way if somebody finds the file in your house they will still need the passphrase (most likely they won't know what it is if you change the name and put it in a folder with a lot of other similar files). The lawyer will also not be able to take your money as he would have to steal the files from your house first. If you die the family will get the whole thing.

It seems to me this is the safest option if you want to make sure that no one from the family members will not come to the temptation to take coins from real owner before he dies. But this option is not free and lawyer need to be 100% trusted, these day you can not be sure actually in no one. Lawyer always can sell this info to some criminals who will come to your house and get wallet file, then they will split the money. This perhaps resembles a film script, but it can happen in real life.

The key thing is trust, some people can be trusted and some not - but I think if we have someone which means something to us in life, we should enable him to inherit our private keys. The idea that all of what I've worked for years one day just disappears in the endless expanses of digital space is not something I like it.

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August 25, 2018, 10:18:51 AM
 #42

This is a matter of concern. Unlike the wallet or hardware of a bank, no one can manage your wallet electronically. Unless you reveal information about it, only you have the key to open it. We should be prepared when things are unlucky, all information and money will lose with us, our efforts become hopeless and do not help the family. We should be prepared to prevent this bad thing. One of the ways is the wallet hardware and paper wallet, delivered to the people we trust most.

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August 25, 2018, 06:20:44 PM
 #43

Whether anyone likes it or not, he will die. We have no choice other than to entrust our keys to someone before we die. Else, the coins will be wasted.
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August 25, 2018, 06:22:34 PM
 #44

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.

yeap really true. because this is our treasure
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August 26, 2018, 01:39:10 AM
 #45

Its so easy, before you die or when you know that you have health issues or your life is being threatened, then simply make a note that your family can only open when you're gone. That note should contain not just the keys/passwords but also on how they are able to get the funds.

The point is, though, that not all of us will have that "advance warning" of when we are going to die. Some die suddenly without warning in the prime of their lives and seemingly in perfect health. So there is no guarantee that any of us are going to wake up tomorrow. You cannot wait until you are on your deathbed to make preparations.

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.

As we each have our own reality, I feel very sorry that you are in this position.  I know that for many people, this IS reality. I am so very thankful that I have a wife that I can trust with 100% certainty. We live our lives (not without disagreements) in a full partnership as to our financial circumstances. She is not at all into crypto and knows very little about it or even how much I have - which isn't much... but she knows that I have it and she knows how to get it if something happens to me.  As it becomes more and more mainstream, I am sure she will learn more about it as well.

But she at least knows that it is there and knows how to get to it. I suppose because I do not have millions (or even thousands) of dollars in it - I have no concerns that she will 'steal' anything from me. But I consider it to be her money just as much as it is mine. I just have the current 'control' over it. I would be upset if she wiped it out clean without consulting with me first - but I also know that she wouldn't do that.

I guess some might consider me naive (or "stupid" as the above quote states), but it is a wonderful thing when you can truly trust your spouse and know that you are absolutely in this life together!

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August 26, 2018, 02:34:24 AM
 #46

This topic have a really good point.  We all wanted to make our wallets safe but we also have this trusted people that we can authorized to have an access in our wallets. Maybe we cannot say it now but at least we must have leave s "last will - like letter"  that our family can read when the day comes. We are all saving for the future so I think this will be the best decision that we can do that what we have work on really hard can help out our family. And as early as we can we must introduce crypto or blockchain atleast one of our trusted family members.

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August 26, 2018, 02:56:56 AM
 #47

How can you trust someone if you yourself cannot trust? We should first learn how to trust ourselves by knowing the possibilities of sudden death that is inevitable. Knowing is different from trusting, trust a person not just by blood. As the saying goes, "Blood is thicker than water". Trust can be broken but its up to you who to trust. Your family, relatives, husband/wife, close friend or your ordinary neighbor. You cannot bring your cryptocurrency wallet or bitcoins to wherever you are going after death. If you cannot trust it to someone, just put in heart and in mind that someone in need whether small or big can use it. Just think of the benefits they can get if that person you lend it to can use it.
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August 26, 2018, 03:07:35 AM
 #48

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.



I have been thinking about this scenario and yes we don't what the future holds. I already told my family about it and I briefed them what to do if anything bad will happen to me. This is a real serious issue that needs a serious attention. Everyone must be ready about this to ensure our love ones will not be left with nothing when we are gone.
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August 26, 2018, 08:22:34 AM
 #49

Yes, it is a great thought and of course it will become the most helpful thing, password should be like beyond and sequence, we just need to put it and save it.
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August 26, 2018, 09:03:38 AM
 #50

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.

Perfect here mate,no one will benefits our hard earned cryptocurrency if we don't give a trust to someone we think is good enough to take care of our assets when time of emergency happens.we can't predict future as we can't have continuity of life so better let others know our funds password incase needed in future
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August 26, 2018, 09:20:27 AM
 #51

The question is, what happens in the case of chronic sickness or death? What happens when you give your legal adviser the keys to be given to your spouse in case of death? What if everyone who has access to cryptocurrencies vanishes as it happens in the movies, how do those left carry on? I gave out all my private keys and exchanges details to my little sister whom is just 6years old but very brainy to capture everything she is being told...
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August 26, 2018, 09:55:37 AM
 #52

Well I prefer to keep my Bitcoin stash private. If I feel like I am about to kick the bucket I will surely pass my private keys to the closest trusted relative I have. It's not like I am Scrooge McDuck sitting on a treasure trove so if I die unexpectedly it's not going to be such a huge monetary loss for my family. But I am definitely not going to trust an attorney with my Bitcoin wallet. If it's gone forever so be it.
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August 26, 2018, 10:12:34 AM
 #53

my electronic data are stored in the people closest to me in the phone, and just in case, in paper form, is in a secluded place!

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August 26, 2018, 10:23:12 AM
 #54

Well, it is always advisable to keep ones wallet confidential because as soon as it is unsafely revealed into hackers, your token is not safe. In the same vein, as you have said, if one die, ones token becomes a loss.
What I always advice is one should not always store too much token in your wallet, make large exchange when necessary and set up visible business that will produce direct income which your family can always enjoy even if one dies.

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August 26, 2018, 10:25:59 AM
 #55

Thanks, I will remember your tips, although I will not provide private keys to outsiders, but I am happy to give them to my loved ones to keep!

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August 26, 2018, 10:26:31 AM
 #56

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'm sure there are people around us who we can trust. We need to let them know where we store the private keys so they can get to the wallets if something happens to us
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August 26, 2018, 10:31:07 AM
 #57

it must be bro. even if we can write or we have our password printer. just in case something happens that we don't want bro .

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August 26, 2018, 10:35:49 AM
 #58

I think that's not a problem. Why not just bequeath to your family a flash drive with bitcoin and other cryptocurrencies? Why tell them the password when you're alive? It is not only a matter of trust but also of security. If bad people find out that your family has access to the money they can make them tell everything. By telling your family the password you also shift some of the responsibility for your money to them.

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August 26, 2018, 10:43:26 AM
 #59

The crypto is all about self-responsibility and hence one should not only take care of his crypto assets but also make sure that there is someone responsible and trustworthy in his family to handle his crypto assets in the absence of the user. I won't trust any online or offline service as anyone having the keys will be in a position to transact using our funds. Explaining someone (trustworthy family member) about cryptocurrencies and giving them the idea of extracting funds in the absence or inability of the user is the best way to take care of the family members.
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August 26, 2018, 10:51:37 AM
 #60

Yes. Only you need to know the data from your wallets, and only you need to know where these data are stored! Grin
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