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Author Topic: How are you going to secure your bitcoins for your next of kins?  (Read 295 times)
ethereumhunter
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March 09, 2019, 11:33:04 AM
 #21

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.

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March 09, 2019, 11:34:41 AM
 #22

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,

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March 09, 2019, 02:05:57 PM
 #23

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.
All of my family members know what cryptocurrency is and one of my parents already invest in bitcoin and ethereum. I also help them to create money by just doing investing. My parents also know that I have ledger wallet but I keep it in my secret place where no can find it.




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March 09, 2019, 02:24:39 PM
 #24

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.
All of my family members know what cryptocurrency is and one of my parents already invest in bitcoin and ethereum. I also help them to create money by just doing investing. My parents also know that I have ledger wallet but I keep it in my secret place where no can find it.
You need also to trust one of your closest relative to make sure just in case things happen as we are not sure what tomorrow will bring to our life, you have to decide in order to protect your assets there's a need for someone to take care of that for you if worst thing happen, securing assets for next
change trend definitely helps your future,.

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March 09, 2019, 02:34:12 PM
 #25

Man, I didn't know the man until you mentioned him here. The story is kind of sad though. But I've already secured my funds by telling it to my family. They are the only one who I can trust it with. They are one of the reasons why I am enthusiastic. It's scary to think that the funds we've worked hard will be lost forever if we don't have anyone to tell it to.

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March 09, 2019, 07:28:38 PM
 #26

At present there is no plan. Everyone I'm related to is already pretty rich so I don't really care about enriching them further. I don't think any of them are competent enough to deal with it all. When something foolproof and secure comes along I may look into it. Even then I won't care. I'll be dead.

I don't have a wife or kids. If I did I'd be so appalled I'd have to use all the funds to have a sex change and disappear.

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March 09, 2019, 07:57:27 PM
Merited by vapourminer (1)
 #27

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

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"!

how do you know they aren't accounting for that already with a probabilistic model? they already know damn well that 100% of unmoved coins aren't lost. we have no idea what their model is but i'm confident it's much more complex than you think.

one of the ways they know that is that hodlers often hodl their bitcoin but sweep out their bcash and other fork coins. have you ever sold your fork coins? then they definitely know your coins aren't lost.

i would be extremely surprised if there weren't at least a few million lost coins. you can plainly see that most people have taken terrible care of their coins for most of bitcoin's history. all the lost or corrupted or overwritten hard drives, all the forgotten passwords! clearly very few people are making plans for when they die, so when they do those coins are lost---over the last 10 years, surely many bitcoin users died. remember that exchange that deleted all its private keys? there are endless possibilities, many of which we already know about. imagine all the cases of lost coins that we don't know about.

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March 09, 2019, 08:08:08 PM
 #28

I don't have a 'backup' plan yet, and don't think I will ever have the way things are right now. It's easy in my case because I don't have much contact with family to begin with, and those who I do have contact with are doing well themselves.

With time, and more mainstream adoption, the average person will likely have a bank act as custodian, just like how they act as custodian for everyone's money right now. I personally don't like this, but most people aren't capable of handling their own finances, so they always need a custodian and if possible insurance up to x amount.

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March 09, 2019, 10:55:13 PM
 #29

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!
I'm always amazed by how much people over complicate things as well. Instructions hidden here to encrypted things hidden somewhere else, deadman's switches, instructions in your will, etc.

Here's my back up plan: my wife knows the PINs for our hardware wallets, where the seeds are stored, and how to decrypt them. I sleep in the same bed as my wife, our mortgage is combined, our fiat bank accounts are all combined, our car keys hang on the same hook, etc. If she wanted to steal from me or cause me any harm, accessing our crypto would be the last of my concerns to be honest.

Also to all the people saying "I'm young, I don't need to worry about this", you are incorrect. A simple blow to the head or an unlucky infection could give you enough memory loss to forget how to access your coins. Have a back up plan, now.

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March 09, 2019, 11:37:03 PM
 #30

It also comes to my mind that if something bad happens then your Bitcoin will be stuck on your wallet so I decided to teach my wife the basics of accessing and withdrawing Bitcoins on my wallet, also I make an instruction on a paper including my privatekey and told her that if somehow she forgot to transfer funds then she should read the paper and seek some help from my friends.
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March 09, 2019, 11:42:17 PM
 #31

A simple blow to the head or an unlucky infection could give you enough memory loss to forget how to access your coins. Have a back up plan, now.

Now that's one I hadn't considered. However if my brain goes I won't really care about anything other than making farting noises and jumping up and down in my bouncer. Perhaps I'd better leave myself a wee clue just in case I make a reasonable recovery.

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March 10, 2019, 04:49:04 PM
Merited by vapourminer (2)
 #32

-snip-
I work in healthcare, and unfortunately it's something we see regularly. The brain is a very delicate organ, not just in terms of direct physical trauma but also biochemical imbalances. Any patient who ends up in intensive care has somewhere around a 50-66% change of developing what is known as "critical illness delirium" or "ICU delirium", regardless of their initial illness. This essentially causes cognitive dysfunction and memory problems. Issues with sequences and numbers are a very common part of it - patients frequent report having trouble remembering phone numbers, addresses and passwords (and presumably hardware wallet PINs) after they have recovered. You could suffer with anything from a bad infection from a burst appendix, a severe asthma attack, even something as simple as the flu, and end up with memory problems and unable to access your crypto. Everyone thinks "It won't happen to me". Unfortunately it happens to people every day who thought exactly that.

It's one reason why brain wallets are such a bad idea, but if only you know how to access your hardware wallet, then from the "recoverability" point of view you are no better than a brain wallet.

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March 10, 2019, 05:13:20 PM
 #33

I had thought of this but am waiting for the right time to implement it. What I thought was to keep all my wallets' private keys in an archived password protected zip file.
I would then keep that file on a safe place with 2 backups of it in other places and share the password and file location in the form of a riddle only that person can solve who is close to me.
Obvious that I would phrase the riddle in such a way that the person who is close to me can easily get what am trying to say.



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March 10, 2019, 11:00:01 PM
 #34

I divide my wallet details and private keys into 4 and gave it each to my family members . I did it such a way that I sharered the division from the back in order of 4,3,2,1. I made a writing in a way that they will have to read it like 5 times before they understand why I wrote in it in how to combine the keys and use it. This can only be done when they come together as a family.

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