Halloween inspired poll –would your Bitcoins get passed on if you suddenly died?

[Blitzboy]

The abruptness and uncertainty of life, especially when discussing a topic as weighted as this, makes one rethink the conventional wisdom surrounding digital asset storage. Your emphasis on the actual, tangible preparedness of individuals versus their mere conceptual ideas is indeed striking. Lets face it, the cryptocurrency world is a complicated labyrinth. But does that excuse not having a clear, executable strategy for when one is no longer around? Absolutely not.

Now, lets critically analyze the aspect of "access." This isnt just about leaving a set of instructions in an envelope. Its about ensuring heirs not only understand the intricacies of cryptographic keys, wallets, and exchanges but also possess the knowledge to deal with the volatility of cryptocurrency markets. Your poll emphasizes the immediacy of the situation, which should be a wake-up call. How many can genuinely claim their Bitcoins wont end up lost in digital oblivion?

[1714931997]

1714931997

[JayJuanGee]

Don't blame me if you end up screwing it up.

how could I blame you when I completely trusted you as my mentor here?

I don't mind trying to help and to give some ideas of what members might be able to do.. but frequently what I say would not necessarily be a step by step guide, and when you posted your response, I had seen some possible dangers for you and/or for anyone else if they were to split their seed words into three parts and potentially NOT have any back up and lose one of the parts... so I would not want to be blamed because I might have had inspired the idea but I did not provide all of the details and/or even perhaps that I had left out some key parts, too.

I have my own decision when i invest here in crypto so what more when we are talking about how saving mine for my love one?

I am l glad that you are exercising your various own decisions, and hopefully that does not involve investing in crypto...   fuck crypto..

on the other hand if you are talking about bitcoin, then that has a lot of potential to provide you and/or your family many more options to invest as compared to not investing, as many of us in the forum likely realize.

Sorry for not being specific talking about Crypto but indeed it is Bitcoin that I have been investing all My available funds now (though there are still few coins that i still holds since I bought them years ago and still waiting for my capital to recover) but once i take back my capital all of those will be converted into Bitcoin  as some says never put all your eggs in one basket , but for me it is better to put in one basket at least i can secure them easily .(and that is Bitcoin only)

You should not put all of your eggs in one basket, but diversification does not really count when it is done in the same sector.. especially if you know what is the leading asset, which in the case of "crypto" is bitcoin... and the rest of it is either crap or largely correlated to bitcoin, so just adding more risk onto an already risky asset... and so maybe if you are going to invest into any shitcoin, you probably would not want to put more than 10% into any of them (or even all of them in terms of your bitcoin holdings, your shitcoins should all add up to probably less than 10% of your bitcoin investment size - absent your having some kind of a deep knowledge of one of them, which may well just mean that you are scamming others, since many of the shitcoins are scams and only the insiders are making money off of scamming regular people).

If you are new to investing, then you might just have savings in bitcoin and fiat, yet as your savings grows.. and maybe bitcoin starts to constitute a decent fraction of your annual salary.. then it may be a good idea to diversify out of it, and maybe diversifying to more than just fiat.. but also maybe stocks, bonds, property, commodities, and maybe other cash equivalents (not talking about shitcoins.. and bitcoin is a kind of commodity, even though you could invest into some other commodities if you want to have some of your value in some other places)..

so yeah, you don't want to have all your eggs in one basket, but that does not mean to be stupid and buy shitcoins... while at the same time, there could be points in which your wealth grows so much that you are not really even that negatively affected if your net worth might be fluctuating a lot because of having a lot of investments in a narrow set of asset classes and maybe even concentrated in something like bitcoin, so if maybe you started investing with a goal of reaching $2million, but then if you reach $10 million to $20 million, you are just way beyond your goal.. so in those kinds of cases it might not matter as much to you if your investment value (or your net worth changes a lot).. but still there could be some assurance (psychological and financial that might be more comfortable to have some other investments rather than just one. or just a narrow set)

[blckhawk]

I am more prepared then when this started. I would like to think most of the coins are recovered if not all.

Except for two Eth which are stuck in an old wallet that I can’t open.

Good for you, me though I don't think that I'll have the preparations for the scenario that OP has given, I have been secretive of how my money is made and I don't really want my family to bother me about money so I guess they won't get a cent out of me when I just go up and died, it's a win for the bitcoin hodlers because it's going to be an addition to the lost coins and I have a considerable amount right now so that's about it. You can probably sell that wallet to other people and let them have a crack at it.

[JayJuanGee]

I am more prepared then when this started. I would like to think most of the coins are recovered if not all.

Except for two Eth which are stuck in an old wallet that I can’t open.

Good for you, me though I don't think that I'll have the preparations for the scenario that OP has given, I have been secretive of how my money is made and I don't really want my family to bother me about money so I guess they won't get a cent out of me when I just go up and died, it's a win for the bitcoin hodlers because it's going to be an addition to the lost coins and I have a considerable amount right now so that's about it. You can probably sell that wallet to other people and let them have a crack at it.

It is difficult to image that people are going to want to purposefully carry bitcoin with them into their death, because you could even just have some fairly straight forward instructions that you are able to guard while you are still living, but surely there is always a risk, especially with straight forward instructions that someone might end up seeing those instructions prior to your death. but I think that lawyers are already good at not opening up envelops prior to the death of the client... but sure, even with that, you never know...so maybe no one is dying with their coins on purpose, but instead they are maybe wanting to spend some of them or to have them as an emergency in case they are needed..so that even if we end up getting seriously injured or dying in an unexpected way, it was not necessarily for naught that we held that wealth under our own sole control, just in case.

And, sure you might be correct blckhawk that some of us cannot necessarily identify a cause that we would like to transfer our wealth, whether it is family members or friends or even some kind of a charitable organization that might be better than just giving back to bitcoin as a whole by dying with your coins and not giving them to anyone in specific but instead to the whole of the bitcoin community (at least the then holders)

[btc78]

Don't blame me if you end up screwing it up.

how could I blame you when I completely trusted you as my mentor here?

I don't mind trying to help and to give some ideas of what members might be able to do.. but frequently what I say would not necessarily be a step by step guide, and when you posted your response, I had seen some possible dangers for you and/or for anyone else if they were to split their seed words into three parts and potentially NOT have any back up and lose one of the parts... so I would not want to be blamed because I might have had inspired the idea but I did not provide all of the details and/or even perhaps that I had left out some key parts, too.

I have my own decision when i invest here in crypto so what more when we are talking about how saving mine for my love one?

I am l glad that you are exercising your various own decisions, and hopefully that does not involve investing in crypto...   fuck crypto..

on the other hand if you are talking about bitcoin, then that has a lot of potential to provide you and/or your family many more options to invest as compared to not investing, as many of us in the forum likely realize.

Sorry for not being specific talking about Crypto but indeed it is Bitcoin that I have been investing all My available funds now (though there are still few coins that i still holds since I bought them years ago and still waiting for my capital to recover) but once i take back my capital all of those will be converted into Bitcoin  as some says never put all your eggs in one basket , but for me it is better to put in one basket at least i can secure them easily .(and that is Bitcoin only)

so yeah, you don't want to have all your eggs in one basket, but that does not mean to be stupid and buy shitcoins...

Never that I will mate , though those coins that I mentioned have been in my pocket for quite some time now because of my stupid wrong decisioning buying shitcoin and will never do the same mistakes again.

while at the same time, there could be points in which your wealth grows so much that you are not really even that negatively affected if your net worth might be fluctuating a lot because of having a lot of investments in a narrow set of asset classes and maybe even concentrated in something like bitcoin, so if maybe you started investing with a goal of reaching $2million, but then if you reach $10 million to $20 million, you are just way beyond your goal.. so in those kinds of cases it might not matter as much to you if your investment value (or your net worth changes a lot).. but still there could be some assurance (psychological and financial that might be more comfortable to have some other investments rather than just one. or just a narrow set)

Will add this to my memory , I know that i have something not worthy holding but for me now since they are already a loss to me , maybe I will take a blind choice till next Bull run and if happened that nothing goes good then I will dispose those shitcoin and will convert into bitcoin .

[JayJuanGee]

while at the same time, there could be points in which your wealth grows so much that you are not really even that negatively affected if your net worth might be fluctuating a lot because of having a lot of investments in a narrow set of asset classes and maybe even concentrated in something like bitcoin, so if maybe you started investing with a goal of reaching $2million, but then if you reach $10 million to $20 million, you are just way beyond your goal.. so in those kinds of cases it might not matter as much to you if your investment value (or your net worth changes a lot).. but still there could be some assurance (psychological and financial that might be more comfortable to have some other investments rather than just one. or just a narrow set)

Will add this to my memory , I know that i have something not worthy holding but for me now since they are already a loss to me , maybe I will take a blind choice till next Bull run and if happened that nothing goes good then I will dispose those shitcoin and will convert into bitcoin .

Of course, each of us has to decide for himself/herself whether to just hold onto shitcoins or to sell them off.  I had previously disclosed that my shitcoins had fluctuated between 0.5% and 2.5% of the value of my bitcoin holdings, and so there could be times in which shitcoin holdings get up to higher amounts and then you might need to consider selling some or all of them off, but I just hung onto my various shitcoins without really much concern if they completely disappear in terms of their value or not.

So if you imagine someone who might have $10k worth of bitcoin, 0.5% and 2.5% would be $50 to $250 worth of shitcoins.. and so do you have more than that?  Maybe even $1k worth might really seem that you want to pare that amount down, but another thing would be continuing to invest into bitcoin an ignoring the shitcoins, then the shitcoins will likely become less and less of a percentage of your overall holdings, and if you bitcoin ends up getting up to $100k, then how much are your shitcoins going to be worth at that time, especially  if you might have had continued to add to the value of your bitcoin but just ignored your shitcoins.. .. so I doubt that you should be thinking that you have to convert your shitcoins into BTC unless they were to either be above a certain amount of value or if for some reason, they were to get to become above a certain amount.