Inheriting Bitcoin

[YuginKadoya]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

[1715231655]

1715231655

[1715231655]

1715231655

[CryptoBry]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

I think I also heard similar services making sure that Bitcoin left by the deceased can be transferred peacefully and conveniently to the rightful heirs. Well, we will die anyway so why not get prepared for it as we do not really when we can be taken away. This story is illustrative of the problem when there is no proper strategy on the eventual passing of the cryptocurrencies left behind:

"Michael Moody, a 26-year old who died in a tragic plane crash in Chico, California in 2013. Before his death, Michael was a Bitcoin miner, in the words of Michael’s father, “my son was actually one of the earliest people to mine it. He used his computer at home to mine bitcoins when you actually could do it that way, and he had a few, we think.” Two years after the crash, the father started exploring ways to retrieve Michael’s cryptocurrency assets. He has succeeded in piecing together information about his son’s stash of Bitcoin, but he been unable to access his crypto wallets because of the decentralized nature of cryptocurrencies."

I am sure that Casa is providing a very good service worth looking at. I also saw similar service providers like TrustVerse with its Proof-of-Death which can a little bit spooky, Safe Haven and DigiPulse. Whatever can be the choice, we are assured that our digital assets and the hard work we put into them will not just evaporate like nothing when it is the time to say goodbye.

[YuginKadoya]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

I think I also heard similar services making sure that Bitcoin left by the deceased can be transferred peacefully and conveniently to the rightful heirs. Well, we will die anyway so why not get prepared for it as we do not really when we can be taken away. This story is illustrative of the problem when there is no proper strategy on the eventual passing of the cryptocurrencies left behind:

"Michael Moody, a 26-year old who died in a tragic plane crash in Chico, California in 2013. Before his death, Michael was a Bitcoin miner, in the words of Michael’s father, “my son was actually one of the earliest people to mine it. He used his computer at home to mine bitcoins when you actually could do it that way, and he had a few, we think.” Two years after the crash, the father started exploring ways to retrieve Michael’s cryptocurrency assets. He has succeeded in piecing together information about his son’s stash of Bitcoin, but he been unable to access his crypto wallets because of the decentralized nature of cryptocurrencies."

I am sure that Casa is providing a very good service worth looking at. I also saw similar service providers like TrustVerse with its Proof-of-Death which can a little bit spooky, Safe Haven and DigiPulse. Whatever can be the choice, we are assured that our digital assets and the hard work we put into them will not just evaporate like nothing when it is the time to say goodbye.

That is the first time hearing Michael Moody's story and it is really heart brokering and at the same time there is a moral to this and his father after his death was quite now let's say maybe had a little interest with bitcoin now, I am sure there are tons of other things and people are now thinking ways to make their love once know their private key and getting the hang of passing someday because that is relatively what will eventually happen to us,

But is Casa's part maybe the multi-sig feature can help their inheritance services but I think trust in their service is needed and I think I am having a hard time in doing, but any comments that will light things up will do.

[pixie85]

People had that idea before and not based on multisig transactions but on dividing the private key or seed phrase into 2 or more parts and giving each important member of your family one part. This way they will not steal from you but if you die they will meet up and combine it all to recover and divide your coins.

With all these options there's a possibility that one person will lose their part or die and they will all get nothing.

[Artemis3]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

Put your seed words in a bank safebox and have it in your will. Or any variant thereof. All you need to give are those seed words, use your imagination how you could securely pass them. The will could contain the instructions, or point them here lol.

Mind you, you can make a multi sig wallet yourself too, its not like you need to pay others to do it...

[robelneo]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

I've read the article and we all know that all funds can only access through private key, we should have something like, there are some holders who made their inheritance to relatives that are away from their location and some who do not know anything in Cryptocurrency, but this kind of service should be regulated to avoid exploitation of the owner's private coin, anyway it's on the contract that's going to be multi-sign and under supervision by lawyers but better by a court.

[target]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

Put your seed words in a bank safebox and have it in your will. Or any variant thereof. All you need to give are those seed words, use your imagination how you could securely pass them. The will could contain the instructions, or point them here lol.

Mind you, you can make a multi sig wallet yourself too, its not like you need to pay others to do it...

That's the only possible way I can also think of unless I can trust someone in my family. I can't even trust my wife nor his brothers since I've seen him steal from anyone. There could be a smart contract we can negotiate for this but its still very possible for corruption when developers we know are scammers.

[jakelyson]

All I know is, I am not going to trust my private keys to a startup. And I believe, that is also the sentiments of most of us here who invested much on their bitcoins.

[bhabygrim]

Why do you even need to use their assitance if you could just do it on your own?
I mean you already knew who you would send it to if you would put up a last will and testament,
So why not make teach that person about crypto or even the basics of crypto I am sure they would find a way to use your crypto when you are gone.
I think this kind of business isn't really going to be great since most of us wouldn't really trust this kind of service with our crypto.
And of course most of us wouldn't pay for this kind of things because we could easily do it for free.

[figmentofmyass]

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

let's break this down.

the inheritance protocol employs casa's "3-of-5 key shield" setup (it adds one additional key), which is only available at the platinum or diamond levels. platinum costs $150 per month and diamond costs $420 per month! https://keys.casa/keymaster/

it's also an elaborate setup that's supposed to survive legal channels---last will and testament, estate lawyers, probate court:

As one of the three recovery keys is held by Casa, the company said that the third “safe key” has to be kept in a deposit box under the client’s name. This will allow the executor of the will to access it with a court order and keep it safe from theft.

you trust casa to secure one key (hopefully they'll still exist decades from now) and you trust a bank to secure another.

for a trustless (and free) approach, i prefer the idea of using locktime for inheritance: https://bitcointalk.org/index.php?topic=5180850.0

and of course, if you trust your heirs, none of this is really necessary. you can give them access.

[YuginKadoya]

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

let's break this down.

the inheritance protocol employs casa's "3-of-5 key shield" setup (it adds one additional key), which is only available at the platinum or diamond levels. platinum costs $150 per month and diamond costs $420 per month! https://keys.casa/keymaster/

it's also an elaborate setup that's supposed to survive legal channels---last will and testament, estate lawyers, probate court:

As one of the three recovery keys is held by Casa, the company said that the third “safe key” has to be kept in a deposit box under the client’s name. This will allow the executor of the will to access it with a court order and keep it safe from theft.

you trust casa to secure one key (hopefully they'll still exist decades from now) and you trust a bank to secure another.

for a trustless (and free) approach, i prefer the idea of using locktime for inheritance: https://bitcointalk.org/index.php?topic=5180850.0

and of course, if you trust your heirs, none of this is really necessary. you can give them access.

Well, I think you're right using services such as these will surely not benefit you but just services that you trust your key with even though there is a key shield set up this will just cost you and regarding the different levels it had it will just cost you instead of keeping that and just add it up to your heir, I just got curious about casa that it might have some good used in the future, 

I guess the thing we need to do is to educate our heir or someone about Bitcoin and other cryptocurrencies because with services like these or not if that person doesn't have knowledge about these examples by trading and selling then there is no used inheriting to him or her.

[ChrisPop]

I'd rather have someone create a smart contract that sends my family my belongings once it is presented with a certificate of decease authorized on blockchain. Or create a company that has a bitcoin address in its propriety and have a contract that stipulates that once I die the private keys to the address will be sent to my family and how the bitcoins will be distributed between my relatives.

[gentlemand]

Most of the people I'm related to are richer than me so they can whistle for it. If I die suddenly then tough titty. If I die in a long, lingering and horrible manner I'll be spending most of it on being put down in a truly premier league manner.

If I did decide to preemptively sort them out I'm not going to dick around with unfamiliar companies. I'll cobble something together myself. Perhaps a treasure hunt of some sort.

[adzino]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

Why go through all these hassles? The third key will be held by Casa and the other key will be kept with a lawyer and you need three out of six keys to have access. What if the lawyer could not be contacted or something went wrong with Casa's inheriting service. All these would just go in vain. Just like the other user suggested. Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

[gentlemand]

Put the seed on a bank safebox along with instructions. Then write a will. It is this simple lol.

Where I'm at there isn't a safety deposit box for over 200 miles. The few there are are rapidly being closed down as banks are saying there's no profit in them, that's if they're not closing down the entire physical branch which they're doing in the thousands too.

Even if a few do stay open stuff like this can happen - https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html

[Kyraishi]

Think multi sig systems would be the only and best ways for wills and interitances to be formed. Other ways like giving someone/hiding your private keys are just too risky.

So, I am assuming it's a 3 man system and they need all 3 keys to open the wallet? The company has one, and the person has one and the heir has another one. When the person dies, the heir gets 2 and is able to cordinate how to open the wallet with the inheritance company.

Interesting concept. Problem is I wonder if crypto-currencies will be alive for another 60-80 years. Tech is moving very fast nowadays.

[Ailmand]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

Put your seed words in a bank safebox and have it in your will. Or any variant thereof. All you need to give are those seed words, use your imagination how you could securely pass them. The will could contain the instructions, or point them here lol.

Mind you, you can make a multi sig wallet yourself too, its not like you need to pay others to do it...

I think this is ideal or put your seed in a sealed box and put it in your will if ever something bad happens and let your attorney do the stuff along with the instruction what to do on the seed or private key in the safe. I am skeptical using another party's services handling my private key.

[Genemind]

You will only be putting your funds at risk. It's really hard to entrust your private keys nowadays especially with services like that. I guess entrusting it with your most trusted person would be better. I'd rather share my wallet information with my partner so I will be sure that my earnings would go to my loved ones no matter what happens to me in the future. It's better to have assurance than put my funds at a big risk.

[gandame]

While I was browsing the latest Bitcoin news to search for an update positive and negative once then I stumble upon this article that insists that you can now pass on your Bitcoin when you die when you used their service,

And this is Casa's Bitcoin inheriting Service that I think will surely be helpful in the future when you passed away (knock on the hood) and your family and relative doesn't know a thing about cryptocurrency and your Pass Phrase as well, Well I think there is a risk involved in this kind of service your relatives can sure recover your Private key but it can be also an exploit to be stolen as well, but they had promised a multi-sig system that can make the inheritance safer what do you guys think?

https://cryptoslate.com/you-can-now-pass-on-crypto-with-casas-new-bitcoin-inheritance-service/

I think its not safe to give your information to other because your wallet information is so important. Why you that if you can tell your family about your bitcoin and your password or anything that can open your wallet. Give to them directly its must safer than what you think.

[blckhawk]

This is great news since it solves one of the problems of cryptocurrency and proves that bitcoin can also offer what banks nowadays could offer. However, we should make sure that the company is trustworthy, give them time to prove themselves, and prevent being scammed since they'll be responsible to our wallets and private keys. If deemed to be successful, this could pump the market, and maybe attract more investors since worries about losing bitcoin would lessen.