If only property I have is bitcoin

[Zaguru12]

If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

I still am of the opinion that he should at least have that one person he trust in the family that he would give the seed phrase or keys too. The issue of waiting till you are unwell before declaring some of this things is risky, sometimes death doesn’t comes with any sickness so with the scare he got the first time, now is the perfect time to him to correct those mistakes and make someone aware of his phrase, he can simply set a time lock to that wallet so that even if he reveals his seeds now they won’t be able to spend it and if he lives to pass the time lock date or later have a family of his own and a new kin then he can move this to another Wallet and give the new keys to the kin

[aylabadia05]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Sharing some private keys with someone you can trust is not a bad idea in passing on your Bitcoin assets. People who can be fully trusted must be taught how to secure and use wallets properly and correctly. Multisig wallet is an option for this desire.
It is not recommended to do this with people who are not on your personal trust list. Maybe your wife or husband or even your child is suitable for you to hand over the Bitcoin phrase.
Once again, giving the seed phrase or private key to a trusted person is important in my opinion.

[Xcode7]

Congratulations, you have invested in Bitcoin at a young age. Is bitcoin legal in the country you live in? If Bitcoin is legal in your country, you can tell a trusted family member about Bitcoin and wallet privacy. Bitcoin is disliked in many households. Does your family like bitcoin? If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

Whatever it is and in any way, it is definitely very important to keep the key where our assets are stored, in my opinion, even if the extended family doesn't know, there is one of them or other trusted people who knows our private bitcoin key, so that if something bad happens to the assets we have save it and can pass it on.
Investing in Bitcoin at a young age is an advantage that not many people have, many of us always regret why we didn't get to know about it sooner after something like this happened.

[bhadz]

2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Go to a law office and get a lawyer and ask him about the procedure of transferring your wealth by leaving a will. Let all the paper works being done by the lawyer and its associates and you have to choose from your family or relatives on who's going to receive that will when you leave this world. If that's a big amount of BTC that you're holding and you tell it to them, for sure that all of them are going to be good to you when they know you hold it and you're about to get your last breathe. Believe me, people become good when they are expecting something in return and will take care of you.

[karabiber]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

It's all about how much you trust your family. If i were in your situation, i would definitely say the seed words. There would be no problem for me in this regard. If you are in a relationship where you can't even trust your family don't share but question the reasons for the mistrust as soon as possible. This is more important than whether or not to share the seed words. If you have shared the seeds and you don't feel comfortable, then get a different wallet and transfer your assets to the new wallet immediately. Trust your family and do not avoid sharing with them.

[philipma1957]

It will totally depend on how trustworthy the best family candidate is. If that family candidate isn't some gambling/drinking/drug addict and you generally trust him/her to not take your coins while you're still alive, then probably go ahead.

On the other hand, you can just store your recovery seed and some easy-to-understand instructions in a fire-proof safe.

yeah this makes more sense.  In USA you can store info in a bank in a safety deposit box.

Does not have to be the seed it could be the location of the seed.

Let your trusted relative know you have a safety deposit box.

You would have a two step method to protect the seed this way.

[kryptqnick]

Unlike other major property like a car or a flat, Bitcoin isn't registered to someone's name (unless a person lives in a country where it's possible to legally declare Bitcoin holdings, and decides to do that), so I understand that it raises concerns in case something happens. You're asking whether you should show your seed phrase to your family, and I think the answer depends on whether you find your family (or someone specific in it) trustworthy, reliable. If you are close enough with someone and confident that this person won't use this knowledge against you, won't use your money unless you actually die, then yeah, I think telling this person is a good idea. If not, you need to think of whether you'd even want your family to have your funds in an event of you no longer being able to use them, and if the answer is yes, think of other options to ensure that the coins don't get lost.

[usekevin]

The cryptocurrency investment will change your life one day,but you need to take risk some money.If you want to hold the money in your bank,better hold in the cryptocurrency.The return from the cryptocurrency will be unexpected one,the profiting need of some huge time of holding after you brought at the bear market.If you are not ready to inverse huge money in the crypto currency,you can inverse a little money from your savings on every month salary.You can share your seed base to your brothers or sister who understand what it’s because we don’t know what happened to us in this undefined life.

[Lulu007]

I understand your concerns about your Bitcoin investment and the need to plan for the future.

Document your seed phrase and instructions for accessing your Bitcoin securely. This could include using a hardware wallet, writing down the seed phrase, and keeping it in a secure, fireproof, and waterproof container.

Consult with a lawyer or financial advisor to incorporate your Bitcoin investment into your estate planning. They can help you create a plan that ensures your family can access it while maintaining security.

Choose someone in your family whom you trust implicitly and who has a good understanding of cryptocurrency. Share the necessary information with them and make sure they are aware of the responsibilities involved.

Keep your plan up-to-date. If you change your seed phrase or wallet, make sure your trusted individual is aware of the changes.

You could also explore the use of a multisignature wallet, which requires multiple private keys to access funds. This way, you can distribute access responsibility among multiple trusted individuals.

[dothebeats]

Converting all properties to Bitcoin only is nothing but foolishness because when one converts all properties to Bitcoin and keeps those properties in a wallet, there is a lot of risk. Any time that wallet gets hacked then all its properties will be lost forever. So Bitcoin should be saved by investing in different categories and not just as all properties. Property can be accumulated by investing in land, gold, silver and even real estate.

I agree with you. There is a lot of risk that comes with converting every property and asset you have to Bitcoin. Bitcoin is volatile so there is no assurance that all you will get is good profit. You still have to ensure that you have other investments and sources of income to ensure that you have financial stability. Being dependent on Bitcoin can lead to negative outcomes that you will regret one day, hence it is not advisable to do so. It is still better to have other investments rather than sticking with Bitcoin and putting everything there.

[rachael9385]

If your family doesn't know about Bitcoin you can introduce your family to Bitcoin, then keep telling them about Bitcoin. But you have recovered, I pray for a full recovery. I don't think it's necessary to tell your family now. However, you can write down Bitcoin and wallet privacy in a personal diary. And keep the diary in a locker so that your family members can easily find it if you die of any cause.

I still am of the opinion that he should at least have that one person he trust in the family that he would give the seed phrase or keys too. The issue of waiting till you are unwell before declaring some of this things is risky, sometimes death doesn’t comes with any sickness so with the scare he got the first time, now is the perfect time to him to correct those mistakes and make someone aware of his phrase, he can simply set a time lock to that wallet so that even if he reveals his seeds now they won’t be able to spend it and if he lives to pass the time lock date or later have a family of his own and a new kin then he can move this to another Wallet and give the new keys to the kin

Well, it is not an easy task to make a decision, because by making your will you might get confused at some points.
Like if I am in your shoes, I will have a family lawyer that will stand for the family and I will set the will and my Bitcoin walllet with a time lock, but if I am still alive and the time lock dues I might still extend it, 2× of the previous one, so if you are no longer alive your lawyer can read the will to your children and families to everyone hearing.
I have seen a situation like this before, but in this case, a man got married to 2 wives and he shared all his property with all his children while he was still alive and everyone went their own ways, but after then, the friends of the man were asking him why he shared his properties to his children while he is still alive and that was the topic of discussions that day.

[Doan9269]

1) since I'm ill should I show my family my seed phrase

It depends on your wish, if you think they are deserving for it and has the worth and pedigree of reputation you think you can confide trust in them, there's nothing bad, it's your money and they are not forcing you to do so, you can choose to or not depending on how you're comfortable with them around you, you can also consider the level of the sickness you have in respect with the stage it has gotten with your chances of survival in it altogether before coming with a conclusion.

2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

No body, eventually it will remain in your wallet, that's why if you think it worth having some discussions, plan or takeover plan before you die, then don't hesitate to do it now.

[tjtonmoy]

Bitcoin is an asset that is not physical or you can just hand it over to someone or someone can access it after you are not around. So taking risk management for that kind of situation is essential. It is always better to let someone know your involvement in Bitcoin. Creating a safe that only you can access until you are gone could be a good choice. Imagine this, there's a safe where you can keep a hardware device such as a hard drive/SSD or a pen drive that contains your seed and you can access that with a key. You can keep it safe to yourself and keep the key. And when you are dead, people in your family or loved ones can access that. But only if you are dead. You need to make that clear to them. After that, you can be sure that someone will be able to find that.

Now the thing comes to your decision. If you want, you can share it with your close people. If not, then stop worrying about it. Just live the life as it is. Death is uncertain and no one knows when it will arrive. So focus on living the life you have first. Then think about what could be or should be done.

[Agbamoni]

Many people don't consider Bitcoin as property they see it as a digital asset. People have different views or definition on Bitcoin. Correct me if I'm mistaken, but Bitcoin is an amazing asset. Its digital nature cannot be changed, it's easy to buy and sell, offers privacy, and has shown impressive returns in its short history. It shouldn't be the only asset or like you called it property to have. Like any asset, it comes with its own set of risks.

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

Then you can look among your family members and pick three of them with whom you can share access to one of them.

I agree picking different members of the family to share access to incase of inheritance is better because it is the right thing to leave something for your descendants. But you should be skeptical about the persons you choose finally. You should consider character and knowledge of the persons you're passing the wisdom down with the treasure. So many people have stories of how some historic fortune in their family was lost to unwise investments, gambling or alcohol. I'm not trying to give advice but am just sharing a point, quote me wrong if am mistaken.

[famososMuertos]

Regardless of the context, the answer or what to do is the same, your situation is everyone's daily life, I don't know why those who have bitcoin begin to create a "spiritual" context to; "what will happen to my bitcoins if I die".
 What I can think of is that they have never had access to life experience or they live in remote areas where information is minimal.

Your topic has been discussed extensively on this board; in any case, people's assets can be protected, as has been done for years, relying on the legal instruments that exist. If you're worried about what will happen to your satoshi or maybe you're a bitcoin holder, there's no difference in valuable items like a piece of art, something that someone can simply robbed to you after you die or while you're alive (but that's another topic,  security), there are legal ways to give bitcoins to whoever you want.
You must have a will, something as simple as that, that is the equivalent of the phrases that protect your bitcoins.

So, look for the protection of your assets in a will, really it is on terms of importance not very different in their objectives from the What you need to know about security for your bitcoin.

Make a will, spend some of those bitcoins on the formality of protecting your assets in a robust will and executing the delivery of your assets as you wish.

[Bananington]

You certainly gave alot of thoughts on this issue from the tone I can decode in your essay OP.
The truth behind the old long saying that, 'no man is an island...,' is very true. It has in it the answers you seek.
On a second thought, you must have had people who looked after you while you were ill. You should have one person you trust enough and who has done well to earn that trust.
Your life should be organized to a point where there are people you allow into parts of your life, mostly in times where it is life/death situation.
Just get organized and make it a habit. Remember blood is thicker than water. Reconcile or strengthen relationship with families and friends or make new ones. Am sure you knew nothing would happen to you, and that is why you told no one about the wallet address or your BTC investment.

[Eureka_07]

<snip>

Putting myself into your shoes, I will probably talk and tell about it to the member of the family from  whom I am closest with. It could also be to a friend that I trust.

To provide you with another option, as far as I know, this type of inheritance can be legally arranged. You can consult lawyers who specialize in crypto, but that would involve expenses and some effort.
Take care!

[The Cryptovator]

The question and problem are really simple, but the answer is really hard. You have to trust someone anyway, because the bitcoin you are holding will be dead if you pass away. So we should have someone in our family we can't trust and inform him about your seed. Just hide your holdings; don't share how much you have right now. Simply state that you have made a small investment in Bitcoin and have your wallet seed written on a piece of paper or in a notebook. Also, they should know how to recover; just teach them the basics. I don't see any other way except this.

[darkangel11]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

So I was asking myself different questions because I have no wife and no child,

If you have no wife and no child, why do you worry about your family not knowing your seed phrase? What family members are you talking about? Your parents? How old are they? Will they be able to put the money to good use before they die?

I feel like you're worrying about things that are outside your control.
A good example of such thinking is when a person worries what if a nuke falls on their house, or what if an asteroid hits their town. You'll be dead, and chances are, your closest family won;t survive either, so live your life to the fullest and stop worrying.

[armanda90]

Need transparent when investing assets in bitcoin, its difference when your saving money in the bank although not talk to your family the have ability for get that money although you have been pas away. But when your assets store or purchase in Bitcoin not any one know how to restore it and difficult to find if not transparent and talk them where your bitcoin assets investment holding and how to get it without give them seed phrase.
Its dilemma about trusted or not with your family, during give the seed phrase they have controlling access with your bitcoin investment and possibility for losing assets if they know your seed phrase and untrusted family. Not only have transparent with cryptocurrency assets we have but also need to know which one most trusted family can give them access with seed phrase, when some thing bad happen to us they can use our bitcoin assets.