Nat77777 (OP)
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March 25, 2019, 03:19:20 PM |
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I have been thinking more about the practical side of how to best get my crypto into the hands of my family when I pass on someday, when they have near zero knowledge of crypto. I am pretty diversified both in coins and in types of wallets, and we all know crypto can be tricky for new folks. I’m looking for solutions they avoid me writing a novel-length set of instructions as well as zero/minimal trust in 3rd parties.
Has anyone taken this topic seriously and come up with a plan?
Do you have any tips or resources you could share?
Note: I’m interested in the practical side of coin access by noobs here. I am not looking for input on the legal or tax aspects since that is so very case/country dependent.
I really wonder how many casual investors think about this as well as how many keys will be lost forever as we all get older!
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enhu
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March 25, 2019, 03:34:48 PM |
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Try training your kid or your wife to spend some BTC using an app. It always start with something like this and once they know they can spend just using an app, they start learning how Bitcoin or ETHER works. Sooner they will eventually ask why it has value and how to en-cash BTC going to their bank account. Maybe one day you can entrust to them you privatekeys
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butka
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March 25, 2019, 03:36:21 PM |
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I’m looking for solutions they avoid me writing a novel-length set of instructions as well as zero/minimal trust in 3rd parties.
This is a tough choice. Either your family members learn how to deal with wallets and private keys, or they should find a trustworthy 3rd party. Maybe there is another option, but I don't know about it. You can leave this choice to them actually. The main thing is you keep the private keys (to all of your coins) in a deposit box or somewhere that your family knows about. |
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yesyes18
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March 25, 2019, 03:50:54 PM |
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I once tried writing down all these accounts, passwords, phrases and others but i stopped before i even started because i realized they were so many that i can't even keep track of some. Nevertheless i believe nothing should stop us from protecting ourselves from such future unforseen circumstances and so I'd recommend you atart training your kid or wife if you have any. I have a girlfriend but haven't exposed her to my crypto dealings yet until maybe we marry or whatever and i have no kids so right niw it's just in my head lol
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Nat77777 (OP)
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March 25, 2019, 04:01:45 PM |
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Try training your kid or your wife to spend some BTC using an app. It always start with something like this and once they know they can spend just using an app, they start learning how Bitcoin or ETHER works. Sooner they will eventually ask why it has value and how to en-cash BTC going to their bank account. Maybe one day you can entrust to them you privatekeys
Thanks, this is solid advice. I often talk to my wife about crypto but never in a hands on way. Perhaps I can get her started with a simple phone app like you said, send her some modest amounts, and teach her how to protect her own keys. Maybe an ultimate goal is being able to hand her a wiped Lesger nano and see if she can restore and then interact with BTC and a handful of alts! I like the side effect of getting crypto more directly onto her radar as well as a mantra of “adoption starts at home”  These bonus benefits are great. Thanks again! |
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traderethereum
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March 25, 2019, 04:02:44 PM |
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You did good work to prepare everything when you are gone. I am sure that your family will understand and they will follow your instructions so they can use your crypto. Don't forget to have a ledger to save all of your cryptos and place it in the same place and don't forget to mention that ledger in your letters.
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3x2
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March 25, 2019, 04:04:23 PM |
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When you will pass till them crypto will be more stronger than ever in present, your family will remember you to get their hands on such a wonderful revolution of financial ecosystem.
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bartolo
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March 25, 2019, 04:51:18 PM |
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Another thing you can do is to download some tutorials from the internet, you can download them in PDF and print them or store them, this way you don't need to write the instructions for yourself, the only thing you have to do is check the validity of those tutorials.
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Nat77777 (OP)
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March 25, 2019, 05:05:31 PM |
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Another thing you can do is to download some tutorials from the internet, you can download them in PDF and print them or store them, this way you don't need to write the instructions for yourself, the only thing you have to do is check the validity of those tutorials.
Brilliant! I feel lame that I didn’t think of that. There’s a ton of good material out there, including materials that should be understandable to my wife (especially if I get her toes wet at least with playing with her own wallet). Appreciate the thoughts here! |
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moynul2050
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March 25, 2019, 05:26:34 PM |
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interest cannot be forced you cannot force your family's preference for crypto currencies, it is worth a try if you are mamou. but if you are not able to never force it because it will have less impact on your family.
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dimonarka
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March 25, 2019, 08:15:42 PM |
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Pretty interesting topic for newbies as a corporate currency has become a trend and many people want to understand what it is and how to earn money on this and create such an instruction, of course, simplify the path of any newcomer because we all were newcomers and understood all this.
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kindbtc
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March 25, 2019, 08:46:05 PM |
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I think with time new people and new generation with get to know about crypto and its use as a result of mainstreaming and adoption, you can also teach your family about the basics of wallets and transfers etc and how this all works and maybe write down a diary with passwords and where you have stored the private key to your wallet or your exchange details and tell your family to only access it when you are no more, untill there is no legal procedure or service for crypto inheritence i think there are not many options.
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mrdeposit
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March 25, 2019, 08:49:12 PM |
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If you do not have a trusted person who can help you, you should find it immediately. Personally, I keep on trusting my friend about it. He is also knowledgeable about this, and I am sure he will bring what is necessary to my family when the time comes.
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Kopyleft
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March 25, 2019, 08:52:17 PM |
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If you are planning to pass down your assets to your next of kind, then they need to have knowledge on cryptocurrency and the blockchain to be able to properly manage it. They have to start now to be best prepared for any untoward circumstance.
With such knowledge you can grant them access to your private keys and wallet addresses or keep it in cold storage for when they would need it
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blockman
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March 25, 2019, 09:55:56 PM |
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Teach them about the basics of crypto/bitcoin first.
And upon learning, you've got to teach step by step on how to acquire wallets/balances through private keys that you're about to give them.
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malikusama
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March 25, 2019, 09:58:10 PM |
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Just aware your family about your crypto investment and train them how to use it, there is no other option.
You can't trust any 3rd party or any other friend for your savings.
I will suggest
1. Save your crypto details in hard form and place them securely with your existing confidential documents ( which can only accessible by your family).
2. Print complete process of transferring and decrypting assets on paper and place them with those documents.
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5thFear
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March 25, 2019, 10:55:03 PM |
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Well, this is exactly what i have been thinking for a while now. I mean i have been earning for myself and for my family and if they don't get whats their then its a shame. I actually was hoping to teach my daughter, who is 5 yrs old at this time but i am hopeful that if i get the time, i'll teach her how to get all the coins that i'll have and also i'll make a video about my coins and add step by step setting with which they can get all the coins easily without much hazzle. I haven't made any such video yet as i don't have much worthy coins but once i'll have them then i'll do that.
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ivaf
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March 26, 2019, 10:00:00 AM |
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snip
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Do you have any tips or resources you could share?
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Have you considered a https://mywish.io service? They have this service: Inheritance Transfers person’s savings to his family or friends in the event of his sudden illness or death |
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Yaiko08
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March 26, 2019, 11:38:56 AM |
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If you are planning to pass down your assets to your next of kind, then they need to have knowledge on cryptocurrency and the blockchain to be able to properly manage it. They have to start now to be best prepared for any untoward circumstance.
With such knowledge you can grant them access to your private keys and wallet addresses or keep it in cold storage for when they would need it
I agree with you that it is true if we want to give a crypto with relatives or who he must be who really understands crypto so that in the future there is no disappointment, but better in a family. |
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Nat77777 (OP)
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March 26, 2019, 05:30:31 PM |
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snip
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Do you have any tips or resources you could share?
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Have you considered a https://mywish.io service? They have this service: Inheritance Transfers person’s savings to his family or friends in the event of his sudden illness or death I’ll look into it. I’m generally wanting to minimize or avoid use of a third party but I’m open to looking into options. I can imagine companies/services/lawyers starting to come up with solutions to make this easier. |
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