If only property I have is bitcoin

[Mr.suevie]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

this particular question is kind of personal because the decision is left for you to make. Having some bitcoin that no one actually knows is the basically the whole point of secrecy of bitcoin but when it's come to family and death that's a very big decision to make because nobody actually knows when they are going and if you want your siblings or wife to inherit your crypto asset then exposing them to the technology not specifically your seed phrase would be a good start. Atleast when the idea is there something then can be worked on like maybe a multi signature wallet that holds you as the major source of the keys.

[flyingcarpet]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

this particular question is kind of personal because the decision is left for you to make. Having some bitcoin that no one actually knows is the basically the whole point of secrecy of bitcoin but when it's come to family and death that's a very big decision to make because nobody actually knows when they are going and if you want your siblings or wife to inherit your crypto asset then exposing them to the technology not specifically your seed phrase would be a good start. Atleast when the idea is there something then can be worked on like maybe a multi signature wallet that holds you as the major source of the keys.

For such cases, local stock exchanges must deliver the investment to the deceased person's relative. After the application is made and the necessary procedures are completed, it is an important issue to deliver the investments of the deceased to the remaining family members. That's why I want Bitcoin to be accepted by many countries. Because in such cases, in order to claim legal rights, it must be included in the law.

I've heard that some local stock exchanges have this situation, but I can't say the same for all of them. Anything can happen at any time in life, so we have to ensure the safety of our investments first.

[Woodie]

right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment.

These are questions many of us try to run away from thinking we shall live forever or maybe get a signal when time is up, but in the best interest of our families and whoever we care about you need someone you trust and can tell about your crypto life and any investments made..because if you keep this to yourself, be rest assured that you leave this world with those coins and it will be selfish of us not to think about people we lieave behind.

I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

Quite scarey if you think of it this way, but when it comes to such did you know you can make use of smart contracts that will store your will on the blockchain, and if after without any interactions from you the will is sent to your loved ones to know what you left for them etc...

[AmoreJaz]

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.

trust at least one of your family members to know about your crypto dealings. that is true, let them know that you are into this market and you own something. for the seed phrase, maybe you can write them down and keep it safe somewhere you know your family will get a hold of.
well, the good thing these days is that they can search what to do, given the passphrase or keys and where you hide your hardware wallet, if you have any

[Mpamaegbu]

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

Not everyone dies from illness. So, get that off your mind. People die without notice, in accidents and emergencies. They leave their homes and don't get to return to them. Illness affords you the luxury of time to make amends. Don't worry, before your demise you will surely find the ominous signs. However, I don't subscribe to you revealing your passphrase to anyone. When you die, they will find it; provided they know you're into Bitcoin. Your room will be ransacked, trust me.

Anyway, happy to have you back to the land of the living.

[Silberman]

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.

trust at least one of your family members to know about your crypto dealings. that is true, let them know that you are into this market and you own something. for the seed phrase, maybe you can write them down and keep it safe somewhere you know your family will get a hold of.
well, the good thing these days is that they can search what to do, given the passphrase or keys and where you hide your hardware wallet, if you have any

When picking a method to leave our coins behind to our loved ones we need to choose the simplest one, after all something that looks like complete common sense to us may seem foreign to them, so maybe something as simple putting your coins in a hardware wallet with a password could be enough, with the password being on custody of your lawyer, it is not the most technological of the solutions available but it can be more than enough in the case of an emergency, however if one of your family members is interested in bitcoin then other more complex and secure alternatives could be implemented.

[serjent05]

@OP it is a matter of whether you want to give your wealth to your favorite relative or not.  After all when a person is gone, he will never know what happens in the future.  If you plan to give your wealth to your relative but not while you are still alive, you can keep the seed phrase and easy-to-understand guide in banks safe.  Process the legal documents about who will inherit your seed-phrase and I think that will solve the problem.  With this kind of strategy, no one will know your seedphrase while you are still alive.

[n0ne]

@OP it is a matter of whether you want to give your wealth to your favorite relative or not.  After all when a person is gone, he will never know what happens in the future.  If you plan to give your wealth to your relative but not while you are still alive, you can keep the seed phrase and easy-to-understand guide in banks safe.  Process the legal documents about who will inherit your seed-phrase and I think that will solve the problem.  With this kind of strategy, no one will know your seedphrase while you are still alive.

Better choice is to find a lawyer and inform him about the wish of inheriting the holding. The lawyer could make all the necessary documentation and provide with the legal support. For traditional system it is an easier task, as we need to just provide details about the nominee. With cryptocurrency this is little complicated, as there is not much of such service providers. Apart from this, it is possible through securing seed phrase on private lockers with the nominee added to the locker. This will make the locker settled to the nominee soon after the person's death.

[goinmerry]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

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, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

Only you can answer that question. None of us can help you here. Maybe our responses will give you even more headaches on what to do. How come you didn't know the best and right approach in that situation where I know, you are not new to crypto anymore?

You know your family, relatives, and trusted friends better than we are. It's not even a problem to consider.

Or maybe ask the question for yourselves first, do you really want your Bitcoin to be taken over by someone in the first place?

[jeraldskie11]

Telling your family that you have a Bitcoin might be dangerous, especially if you are not really close to each other.

If a person is obsessed with money, they may get jealous of others who have it, and when someone is jealous, they not only do not want to have that thing, but they also want them to fail.

We must reconsider if that one person of the family deserves to know the passphrase or key. It is entirely up to you because you are the only one who recognizes what they are doing with their lives.

[mvdheuvel1983]

I get your point and I must say that it is totally valid. The first thought that came to mind while reading the OP is that the he could have a discussion with a lawyer about this where he has a document of his seed phrase given to a trusted lawyer so that if the unexpected happens, the lawyer can give it to a family member. I don't know but infeek this is not the best option because the lawyer may decide to use the seed phrase to access the Bitcoin himself.

I think what's best is to have the seed phrase stay with the family. Granted that not everyone can be trusted but there is always a family member who is level headed and can be trusted. That is the person to talk to about the seed phrase.

[Yatsan]

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.

Problem is the member meeting our criteria. Aside from being trustworthy, they should also be aware of what we are transferring to them. If they won't have enough knowledge of it then it'll be put into waste. Therefore, giving it to them shouldn't be done with life and death situation. Just like with inheritance of real estate properties wherein there would be procedures to be done first.  And if possible transfer the knowledge of continuing what you have done or the idea of cryptoinvestment to them in order to make things better for them. But to those who hesitates then just accept the circumstances, try using all of it before your last day and if you fail to do so, then no one's gonna be able to make use of it. There are just circumstances wherein we cannot trust other people than ourselves.

[Out of mind]

✂️
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.

When we invest bitcoins, we plan a little bit for our future generations, so that they can live well with this wealth. When I hold a certain amount of bitcoins, if my family members don't know about them, no one can take them and the money stays in the wallet. Whenever you present this investment to your family, they will be happy that you have put something in place for the future. And Bitcoin is an asset that will be useful to your children in the future and from which they can earn a lot of money. That's why you should tell your family members who understand bitcoins about the bitcoins you saved before you die. But your Bitcoin investment that you leave behind as a future asset for your family to enjoy.

[xSkylarx]

It's good to hear you are well now.

It would be better that one of your parents know it either your mother or father that you own a Bitcoin and you've put it somewhere in your computer or on paper that is in the vault and explain to them that they will open it once something happens to you because that might help the family because just imagine something will happen to us and we hold that Bitcoin but we forgot to tell our parents that would be a huge amount of money to help them as long as they are worthy to receive it because I know there are other parents that aren't good to their children so as long as you don't want to make your bitcoin lost for ever like yourself it is better to have someone worthy to receive it in the future.

[rachael9385]

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.

trust at least one of your family members to know about your crypto dealings. that is true, let them know that you are into this market and you own something. for the seed phrase, maybe you can write them down and keep it safe somewhere you know your family will get a hold of.
well, the good thing these days is that they can search what to do, given the passphrase or keys and where you hide your hardware wallet, if you have any

Well, you have good points, but nowadays you know that some families fight because of the father's property, more especially when gets married to 2 wives or even 3 wife's, it is hard to make such decision and you know it, if the first wife is calm and she have only one child but the second and third wives have up to 3 children on that day they will share those properties there will be a big problem in the family.

But if the man gets married to a wife, throughout the whole time of sharing properties there will be no trouble because nobody will compete.
If I have a bitcoin wallet, before I give out my coins to my family, I will make sure that I teach them about crypto-currency while I am still strong, so that they will learn faster. and, after teaching them Bitcoin, I will give them a test to create a verified Bitcoin wallet and send their Bitcoin address  to me, them I will transfer what I want to them, but for the one I want to give the biggest coins, I will give the person my own Bitcoin wallet.

[barisbilgili]

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

Not everyone dies from illness. So, get that off your mind. People die without notice, in accidents and emergencies. They leave their homes and don't get to return to them. Illness affords you the luxury of time to make amends. Don't worry, before your demise you will surely find the ominous signs. However, I don't subscribe to you revealing your passphrase to anyone. When you die, they will find it; provided they know you're into Bitcoin. Your room will be ransacked, trust me.

Anyway, happy to have you back to the land of the living.

No one can know when they will get sick and when they will die, as you said when we are sick and we cannot do our work then at that time we will realize that health is everything for us because when we are healthy we are not caring about our health so that we only feel it when we are sick. If we save any amount of Bitcoin, it would be better for someone close to us to know about this If we die, the Bitcoin we save can be used by those closest to us because if no one knows about it, this will be very unfortunate because Bitcoin is a very valuable asset price.

[Dr.Bitcoin_Strange]

I know that some parents don't really know about blockchain technology, which means they might not be able to access their children crypto assets if accidentally the person pass on to the afterlife, but there is still an option in that case. If, in such a situation, your parents (either mom or dad) are still very much alive and healthy, you can give your mom your see phrase, tell her how much your total Bitcoin asset is worth in your local currency, and then tell her that if you pass on, she should meet any of your trusted friends or brothers that are capable of helping your mom access the funds. Meanwhile, the private key or seed phrase will be with your mom. But if you don't also trust your mom or your dad, I believe there is someone you can really trust in your family. Just find someone you trust so much and deliver your asset to them. Since you don't have a wife or kids, there is someone that you have to choose as your next of kin that you have to pass on your assets to.

[Dimitri94]

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.

Every person may affected by illness or any kind of accident may happen in his life. Which we can never ignore. Man is mortal, everyone must face that difficult times. And those of us who have invested in Bitcoin certainly have a duty to inform our heirs of this Bitcoin investment. Although this issue has been discussed many times before. In my opinion the most trustworthy and reliable person is to explain Bitcoin passwords and key phrases. A hard copy of these phrases is also required which can be kept in a safe place. There is a high chance of being hacked or stolen on any online platform. So to avoid risk we must write it down in paper. Also, whoever I share my bitcoin assets must be taught how to use bitcoins.

[Blitzboy]

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.

Every person may affected by illness or any kind of accident may happen in his life. Which we can never ignore. Man is mortal, everyone must face that difficult times. And those of us who have invested in Bitcoin certainly have a duty to inform our heirs of this Bitcoin investment. Although this issue has been discussed many times before. In my opinion the most trustworthy and reliable person is to explain Bitcoin passwords and key phrases. A hard copy of these phrases is also required which can be kept in a safe place. There is a high chance of being hacked or stolen on any online platform. So to avoid risk we must write it down in paper. Also, whoever I share my bitcoin assets must be taught how to use bitcoins.

You know, I always say, "If you've got Bitcoin, flaunt it - but safely!" No one wants to leave a treasure map thats missing the big red "X" at the end, right? Your point on jotting down those keys on paper is gold - sometimes, analog better than digital, especially when hacker are getting better. And teaching your heirs about Bitcoin?  No point in giving them a shiny new toy if they don't know how to use it. You're exactly right, though. This is a complex combination of trust, teaching, and being ten steps ahead. Don't lose those keys, and keep learning

[Issa56]

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.

Your private key should be stored in a place where your family members will be able to see it even after your death. If you are ill, it's not proper to just tell people your private key. What if you survive the illness and the person to whom you expose your private key ends up stealing from your bitcoin? We all know nobody should be trusted when it comes to money. The best thing I can say is for you to store your privates in a place that can be easily discovered after your death.

should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

You can just carve your private key on a piece of iron steel, then keep it in your wardrobe, where you know after your death they will definitely search and see it. But make sure it's not written on paper because it can be easily destroyed. If you can tell someone about your private key when you are ill, if you survive the illness, you might end up causing problems for yourself.