How are you going to secure your bitcoins for your next of kins?

[BitcoinGirl.Club]

Please read - Zepher Memorial Thread

Since I read this about Zepher (rest in peace brother) I was having this thought in mind. What if I no longer exist tomorrow? What will happen with my bitcoins? I am a die heart bitcoins hodler. You can call me very optimistic but I really believe that Bitcoin is the future currency system. So my one and only goal is to accumulate as much as I can before the world wakes up. But what if some accident happen with me? Life if very uncertain. So here what I did, despite I have a hardware wallet :

# I created a 2/2 multiSig wallet

# Two sets,
-- First seed, first signers key and 2nd signers key (Set 1)
-- 2nd seed, 2nd signers key and first singers key (Set 2)
I printed 2 copies for each set

# Set 1: Both copies to one of my in laws hand. I told him to keep one copy in his house and another copy in somewhere else, anywhere in a secure place but not in his house

# Set 2: Both copies to one of my sibling with same instruction.

# Told my wife if anything happen with me then seek for these two person.

What is your back up plan?

[xvids]

My family already know my wallets password and my brother knows how to trade since he is also a bounty hunter,
Then I think my crypto's would be just stock in the abyss.
At least they could use the money that I earned.

[leonair]

If I have a good amount of Bitcoin in my possession and I'm all aware that I have a health issue then no question ask I will instruct my immediate family to learn how to open or at least use my Bitcoin wallet so they can take over my wealth when the day comes, or I'll not wait for my last day and simply convert all of my bitcoin to Fiat. The balance of Zepher's Bitcoin address is zero, I guess he did it.

Honestly, I don't have any back plan to whoever can retrieve my bitcoin when I die unexpectedly because I know to myself that I'm strong and healthy enough, there's a huge amount of bitcoins out there that's no longer accessible because of dead owners but I believe that the day will come that there will be a specific department that will do legal issues regarding this matter just like in our real life, it's just a matter of time.

[Dabs]

I use both google inactive account manager and deadmansswitch.net ... send a GPG encrypted email to the wife and kids with the private keys and how to redeem / convert to fiat, plus the password to the wallet stored on a USB drive, or the password to an encrypted archive stored on that same USB drive.

They'll figure it out.

[LFC_Bitcoin]

I’ve got back up USB keys with my private keys on in very secure locations (not my house).

I don’t have any kids yet so my gf (of 11 years - we are not married) knows where they are if anything happens to me.

She knows the encryption phrases (very long )

[dothebeats]

I paint, and I paint a lot. Everybody in the family knows that I got the hand for painting and knows that I'm also in the bitcoin game, so perhaps I might mix those two in the future. Placing a full private key on one of my most favorite work, together with a riddle that they also love to solve. I'm a practical man and I'm not willing to shell out couple of hundreds of dollars on hardware wallets. Sure they keep your funds secure and all but it's still nice to stick to the old methods of paper wallets where it all began. At least, they'll still learn something from me even when I'm long gone.

[BitcoinGirl.Club]

Here is the thing, My wife does not know any s**t about bitcoin wallet, spending, recovering etc etc LOL. She is educated, smart and employed girl but for some reason crypto is not her cup of tea LOL

Anyway, my brother knows a lot about crypto. So I hope they will figure it out at time.

I have only a girl who is 3 moths old. I wish she finds interest in cryptocurrency 😊

[rdbase]

I use both google inactive account manager and deadmansswitch.net ... send a GPG encrypted email to the wife and kids with the private keys and how to redeem / convert to fiat, plus the password to the wallet stored on a USB drive, or the password to an encrypted archive stored on that same USB drive.

They'll figure it out.

Didnt know this sort of website exists for a contingency plan for those needing one.
Now the question is why didnt the owner of Quadrigacx have the same thing enabled for his wife and now ceo of the company to have knowing he had health issues and going to a country notorious for making people even sicker with the air quality and food allergies?

[figmentofmyass]

What is your back up plan?

it's hard to avoid trust in a practical inheritance plan. my wife is a sort of a technophobe. getting her to learn how to use bitcoin just so i can set up a dead man's switch is not only impractical but i don't have faith that she'll remember how to recover the coins.

so my backup plan: my wife has physical access to my cold storage. if/when it ever comes to it, we both trust her younger brother to recover the coins.

i'd like to do a dead man's switch where i don't need to trust anyone but......i hate the idea of something going wrong and my family losing everything when i die. these are people i trust dearly so i'm okay with a trusted setup.

[BitcoinGirl.Club]

deadmansswitch.net

This is something very useful. Like the other use I did not know something like this exist. I think I can use it too.

my wife is a sort of a technophobe.

That's exactly my wife too LOL

of 11 years - we are not married

That's a long time brother. Get settled and have kids 🙂

My 3 months baby girl is the best thing that happened to me after my lovely wife. Trust me, you will feel the same.

[pooya87]

i simply have my seed written down on a piece of paper and that paper is stored safely among my belongings. i also have all of the passwords that i have used for encrypting important stuff (the live Linux on the USB and the Electrum wallet on it)  on paper and they are stored similarly. they don't yet know how to recover it but they are aware that i own bitcoin so it would be easy for them to simply figure it out.

i may add some sort of encryption on my seed and store the encrypted later and store the password separately to increase its security a little bit.

[libert19]

I am on my own, so if I die, my Bitcoins will be vanished from supply, forever. Unless of course, someone can guess the password of private files.

[joniboini]

@libert, so you don't have any family? I think it's wiser if you find someone who'll inherit your crypto, if you have any relatives.

Personally I plan to educate my brother, or my wife about crypto and especially how they can liquidate my asset if I ever leave them behind. I hope before that happens I already give them some fiat in reserve which can be used to further invest or do anything that they needs.

[figmentofmyass]

reading this thread reminds me how many coins must be lost forever. it seems like many people are planning to make some inheritance setup but haven't yet. and others are simply hoping their family will dig through their belongings and figure it out. these both sound like recipes for lost coins!

maybe those estimates (from chainalysis etc) about 4 million + lost coins aren't so wrong after all!

[talkbitcoin]

i honestly have never thought about it!
i'll have to think of something though. probably will do it with a hardware wallet but i still can't bring myself to pay money to buy a bitcoin wallet! it sounds strange to me since i can store my coins safely in cold storage already.

maybe those estimates (from chainalysis etc) about 4 million + lost coins aren't so wrong after all!

they are wrong because they are only estimating based on whether the coins have moved or not. for example i have coins that i have not touched for nearly 4 years. they probably consider them as "lost coins"!

[Kopyleft]

I do not completely understand the technical aspect, and that is the first piece I would love to pass along. The cryptocurrency knowledge. My next of kind would have lots of tools at their disposal to learn more about cryptocurrency, this would better position them for a transition if it becomes necessary.

[Pursuer]

I am always having a hard time trusting others specially in-laws so your method is never going to work for me. I am not married so I don't have a family yet to give them anything. so far I am only responsible for the coins that I own and I don't think this is going to change any time soon! so in case of my death bitcoin is going to become a little bit more scarce

[slaman29]

I'm really sorry to read about all these news, I always feel sad when I read about people who pass, and it's so nice to see that even online community and a Bitcoin community can get together to say some words about Zepher.

I never really thought about my Bitcoin and who will receive it when I pass. I want my parents to get it, since I have no one else, but I fear they may never know how to use it. And even worse if I start to do multisig. They will just get lost.

What's the solution for issues like mine?

[ethereumhunter]

For now, I don't have a backup plan, but I already save my private keys with the USB in a safe place, and I left one envelope which will give information on where the USB is so my family can search that USB and use it for their life.

My family knew if I am in bitcoin world and I already told them how to use bitcoin, how to sell bitcoin, how to convert bitcoin to cash. So in this step, I don't worry about them.

But later, I think I will think about what next I will do if somehow, I got a heart attack, and I cannot be saved. I think I will hire a lawyer and give a copy of the letter I already made to him and ask him to secure and only give to my family if I died.

[YuginKadoya]

I have some issue trusting a person with my private key and stuff but we can say that even the most trusted person close to us can be the one that might have an interest with the amount of money you own, But I never said that all of these things can be a fact about not trusting anyone, But with our kind situation we should have someone even one we need to trust to fully recover everything in our bitcoin wallet, I had my wife and only my wife know my wallets passphrase, And even if she is not literate with cryptocurrency I have a sister that I have taught about cryptocurrency and knows how to convert every coins or token that I have and convert it to Fiat currency when that time comes. I only wish that Zepher had somebody like that who'd taken care of his cryptocurrency or his account for him RIP his good soul,