Human lost of memory

[Ebede]

Humans are very sensitive in brain and if anything happen to humans skull it will affects the brain cells, so I want to ask for those of us that have Bitcoin in their designated wallet's, what's the remedy if we have Bitcoin and we happened to lost our sense organ, what are possible way can our relatives retrieve or recover our Bitcoin.

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[1715383508]

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[jackg]

I made a thread on this a while ago: https://bitcointalk.org/index.php?topic=5285003.msg55471258#msg55471258

You could also just write down you seed and leave a note to give it to someone who'll understand what to do with it - or give them instructions and ensure they are literate enough to follow them...

[o_e_l_e_o]

There are multiple different methods you can use to pass bitcoin on to relatives or heirs.

The most simple is to simply tell the person who is going to inherit it how to access your wallets, where your seed phrase is stored, what your passwords are, etc.

The next step up is to use a system where you split your seed phrase up in to multiple shares and hand them out to multiple people. Then if two, three, five, whatever of those people come together, they can recreate your seed phrase and access your coins.

You could give an encrypted wallet file to a relative, and have the password to decrypt it stored with your lawyer.

You can sign a timelocked transaction moving all your coins to a relative's address, which you periodically invalidate and replace.

There are also custodial services which you can pay to do this for you, but all require a fee and all require trust.

[Ebede]

Can someone inherits another person Bitcoin, because I know that Bitcoin is a digital currency and one person have access to penetrate to it's wallet.

[BlackHatCoiner]

Can someone inherits another person Bitcoin, because I know that Bitcoin is a digital currency and one person have access to penetrate to it's wallet.

Bitcoin inheritance does sound weird, because whoever has the keys, has access to your money. But there's a way to achieve it with locktime. In summary, you're locking funds on an address along with the rule that the receiver can spent the outputs only if x block has been mined. Locktime can help you beyond inheritance, but you and the other person should know how locktime works. One mistake and the coins are considered burnt.

For more information check Loyce's thread: Using Locktime for inheritance planning, backups or gifts

[Oshosondy]

Training your children enough to know what seed phrase is, know all about ways to recover and use bitcoin, make sure you do not hide this from them in a way if anything happens they will be able to locate your seed phrase to recover the bitcoin. Educating your hire is very important and do all you think they will not miss it.

[Trojane]

One of these reasons was why they came about the concept of creating a space on any document or form of most permanent contract for 'NEXT OF KIN' .
 We have come to realization that nothing last for ever and to these wit, we also tried to adjust to it by guarding against it in total. Why do you think parents write WILL on their properties for their children?? ...because they know they're gonna die someday and they'll need someone to replace and inherit their lagacies

[Rruchi man]

As you have been introduced and now a user of bitcoin and cryptocurrency, predicting and considering all possible problems that could cause you to loose access to your portfolio while you are alive is something to think of. Loss of memory is one just as OP has said maybe through accident or old age or sickness. Another situation is loss of sight, maybe due to an accident or a sickness. In all situations, unless you want your crypto to be inaccessible, and since you consider crypto to be an asset to you, put into Consideration letting family or whosoever that you trust well enough to know that you are involved in cryptocurrency well before time, and also consider these methods really, as he has said it all.

The most simple is to simply tell the person who is going to inherit it how to access your wallets, where your seed phrase is stored, what your passwords are, etc.

The next step up is to use a system where you split your seed phrase up in to multiple shares and hand them out to multiple people. Then if two, three, five, whatever of those people come together, they can recreate your seed phrase and access your coins.

You could give an encrypted wallet file to a relative, and have the password to decrypt it stored with your lawyer.

You can sign a timelocked transaction moving all your coins to a relative's address, which you periodically invalidate and replace.

[cryptoaddictchie]

Humans are very sensitive in brain and if anything happen to humans skull it will affects the brain cells, so I want to ask for those of us that have Bitcoin in their designated wallet's, what's the remedy if we have Bitcoin and we happened to lost our sense organ, what are possible way can our relatives retrieve or recover our Bitcoin.

Assigned members of your family to learn the wallets or any asset. Cause this will be unforeseen event if ever there is something happened on you. Yes slowly and surely cause eventually you'll end up telling them about your asset. If you don't want to lose your asset just like that then do it. Give them access if not now or at least ready them to use it.

[Chikito]

Can someone inherits another person Bitcoin, because I know that Bitcoin is a digital currency and one person have access to penetrate to it's wallet.

A hardware wallet is one you can inherit for your family, just keep it on a safe box with a pin and password where only your family knows it.

[tranthidung]

Not your keys, not your coins. [1]

So anyone who has access to the key or seed of your wallet, they can access your Bitcoin. They can be your loved ones, your relatives or hackers.

It brings to another reminder. You must to download wallet from an official website. Get link to download is not enough. Remember to verify your wallet as well.

For mobile applications, people might find those apps by searching in App store. It is risky because in bad case, you can find fake apps. The safe way is get app link on an official website.

[1] https://notyourkeys.org/
[2] [GUIDE] How to Safely Download and Verify Electrum
[3] Download link & guide to verify Bitcoin Core

[o_e_l_e_o]

One of these reasons was why they came about the concept of creating a space on any document or form of most permanent contract for 'NEXT OF KIN' .
...
Why do you think parents write WILL on their properties for their children??

There is an important difference here though. If I write in my will that I want my children to inherit my house, then that is what will happen. It doesn't matter that the lawyer or an unknown number of people in that company will view that document, and it doesn't matter if I don't give any information regarding the keys to the house; my children, and only my children, will still inherit my house. If I write in my will that I want my children to inherit my bitcoin, then I must provide some method of accessing that bitcoin. If I provide something like a seed phrase or private key, then the lawyer or any of the people in that company who view my will could steal my coins. It's not as simply as leaving bitcoin in your will in the same way it is for leaving property in your will.

As I said above, if you are going to go down the route of using a third party such a lawyer, then the safest way to do it is to give them something which is useless on its own, such as the decryption key to an encrypted wallet your children are already holding.

[Gosgosking]

If one have a brain issue and no one of his/her relatives have access to the wallet their is nothing that can be done about it until the person get well , this depend how serious the brain problem could be . If the problem is very severe maybe the person won't be able to remember.  If the case is a minor case person in this condition can sometime remember it.

[Alisha-k]

It's the same way those relatives could use to recover other documents, if Bitcoin is kept a secret to them, I doubt they'll even know you trade it. You should link up your apps to a secured and official website, that way, when things get sore and the have access to those websites then the could easily access your accounts. This is why you should introduce Bitcoin to atleast one or 2 members of your family.

[Pmalek]

The next step up is to use a system where you split your seed phrase up in to multiple shares and hand them out to multiple people. Then if two, three, five, whatever of those people come together, they can recreate your seed phrase and access your coins.

But only if those shares you hand out aren't the only available copies of the seed. If the people you give them to are as clumsy as my sister, you are safer sticking the seed to the back of a bus. So far she has lost her engagement ring, one golden earring, and misplaced various important documents like the rental lease agreement for her home. 

There are also custodial services which you can pay to do this for you, but all require a fee and all require trust.

And there is no guarantee that that they will even be around in 10 or 20 years when you die.

Training your children enough to know what seed phrase is, know all about ways to recover and use bitcoin, make sure you do not hide this from them in a way if anything happens they will be able to locate your seed phrase to recover the bitcoin.

It depends on the age of the child and its maturity. Do you really want your 14-year old teenage daughter telling her friends how she has the best dad in the world because he has accumulated 10 Bitcoin for her in a crowded shopping mall?

[cheezcarls]

I made a thread on this a while ago: https://bitcointalk.org/index.php?topic=5285003.msg55471258#msg55471258

You could also just write down you seed and leave a note to give it to someone who'll understand what to do with it - or give them instructions and ensure they are literate enough to follow them...

I’ve came across your tutorial and bookmarked it. But is it only applicable for Electrum wallets? Or you have any idea about other wallets that can be compatible with your strategy to make crypto inheritable to my family in case something happens to me?

And of course traditionally I just simply write these seed phrases, private keys, etc., in a notebook, put it somewhere safe (leaving some clues).

[o_e_l_e_o]

But is it only applicable for Electrum wallets? Or you have any idea about other wallets that can be compatible with your strategy to make crypto inheritable to my family in case something happens to me?

Any wallet which lets you timelock a transaction based on either block height or UNIX time can be used to create a timelocked inheritance transaction. You simply create and sign such a transaction sending all your coins to your relative's address in say, 2 years. Then you have two options. You can either:

1 - Keep the signed transaction hidden in a safe in your house, and then at some point before the 2 years is up you take it out, destroy it, and replace it with a new one for another 2 years in the future. When your relative inherits your house or your lawyer accesses your safe or whatever, they will obtain the signed transaction and just have to wait to broadcast it.
2 - Give your relative the signed transaction to hold on to themselves. At some point before the 2 years is up, you send the coins in any of the timelocked transaction's inputs to a new address, thereby invalidating the timelocked transaction. You then create a new timelocked transaction for another 2 years in the future, and give that new one to your relative to hold.

The advantage of option 1 is you don't have to move the coins to invalidate the timelocked transaction since no one else has access to the transaction. The risk of this is if someone was to gain access to the transaction without your knowledge. The downside to both is that if you spend any of the coins in the timelocked transaction then the timelocked transaction is invalidated and you have to set up everything again.

[Masplanc]

Human lost of the brain? That is to say not able to think, I am imagining  if someone with a condition can easily get back the bitcoin.  When this things happens nothing will be important  or valuable  at that moment. If the login detail of the wallet is active on your device close people (friends and family) can get it.

[BlackHatCoiner]

The advantage of option 1 is you don't have to move the coins to invalidate the timelocked transaction since no one else has access to the transaction.

If no one else has access to the transaction, then how will they inherit it? Do you assume the lawyer knows that hidden place? If that's so, can't they blackmail their client(s) if you pass away? I only know the second way as the standard one.

Human lost of the brain? That is to say not able to think, I am imagining  if someone with a condition can easily get back the bitcoin.

Loss of memory isn't “not being able to think”. Memory disorders may occur in the elder ages, such as brain injury, amnesia, Alzheimer's disease, agnosia. They may forget the place they've hidden the seed phrase, but it's definitely easier to recover than if they kept it in their damaged, now, neuroanatomical structures.

[examplens]

I have little experience with stroke and memory loss. it doesn’t go just like in the movies.

do you really think that memory loss will happen, where you will forget the password or security key, seed phrase or whatever to access the bitcoin wallet, and at the same time part of the memory remembers where that wallet is? Or how much you have there, or what bitcoin is in general?

what is the possibility that memory loss will be so selective? Only to the part where the private key info's are stored.