If only property I have is bitcoin

[krishnaverma]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

First thing is having only bitcoin as investment is a very bad idea. Diversification is very important and you should have reinvestments in multiple sources. Also, bitcoin investment is very risky so you have to be extra careful with amount you spend.

Second , regarding how anyone else in family will know about your bitcoin investment is that you have to inform them about the investment. At least, tell one trusted person about the investment so that if some accident or bad thing happens to you all of sudden, the money can be taken care of.

[lombok]

You should start introducing Bitcoin to your family, teach one or two of your family members how to access Bitcoin correctly, starting from accessing the wallet, how to send and receive Bitcoin, sending to an exchange and withdrawing funds into cash. Start talking to your family members that you have bitcoin savings. Don't forget to back up the phrase in writing (you can print it via printer or iron plate) and write a will and save it for them later. If you don't have time to do that, make a will and tell everything via video.

[Dzwaafu11]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

You don’t have to ask anybody this question here. You are the one who stays with your family members, and you should be the one to know who you trust will inherit your bitcoin. Whereas you know more than the forum members, mate, you should be the one who suggests or thinks about it alone. This type of topic has been discussed many times, and I think you should search for them. You will get it right, and you’ll know what to do.

However, you know everything that has an advantage must have a disadvantage, so this issue of showing your family member your seed phrase could be very good to practice, but at the same time, there's a negative path to this, so this inheritance is underrated. They will get it one day, so I think trusting someone to share your seed phrase will be good because nobody knows his or her death, so sharing the seed phrase is good so that when you are no more, they will get access to your wealth.

[Oasisman]

I don't know if it's a good idea, but have you heard about cryptocurrency inheritance services? It offer comprehensive steps including legal papers to assign a beneficiary to access you crypto at the time of your passing. Some companies even offers to educate your beneficiary how to access and how to use that crypto inheritance they get just incase they don't know how to use it in general.
I don't personally have tried it, but if your concern is the security of your assets against the company, well I guess they also offer security of your asset while you are using their service. You can try  searching for it.
If you don't want any other companies to get involved in this process, then simply use a multisig wallet and educate your beneficiaries how to access it.

[Silberman]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

You don’t have to ask anybody this question here. You are the one who stays with your family members, and you should be the one to know who you trust will inherit your bitcoin. Whereas you know more than the forum members, mate, you should be the one who suggests or thinks about it alone. This type of topic has been discussed many times, and I think you should search for them. You will get it right, and you’ll know what to do.

However, you know everything that has an advantage must have a disadvantage, so this issue of showing your family member your seed phrase could be very good to practice, but at the same time, there's a negative path to this, so this inheritance is underrated. They will get it one day, so I think trusting someone to share your seed phrase will be good because nobody knows his or her death, so sharing the seed phrase is good so that when you are no more, they will get access to your wealth.

Inheritance has always been a complex issue even before bitcoin, as it is often the case that people get into long legal battles to see who will end up getting the remaining assets of the one that has passed away, and in those cases a great deal of the time the ones that keep everything are the lawyers, so the inheritance of our bitcoin is without a doubt an issue, as if you trust the wrong person they could send those coins to an address only they control, but if you hide this information and never share it with anyone then those coins could be lost forever if you were to suddenly die.

[Isuru_]

Firstly
I think you want to expand your investment to another things.
After that you want know about if i die or etc. Where my btc going who got it
- basically teach your children or friends to where you store your seed phase like (Recommend Google drive or notes) Don't give it them just say if i disappear get this & use it.
Just think about future.

[Russlenat]

Choosing to have Bitcoin as your sole property is already a mistake. You should know how to minimize the risk by diversifying your investments. The common perception is that owning an investment that's 100% Bitcoin means you are a high-risk taker. Mind you, even though Bitcoin has been successful, it's still considered a high-risk investment, so there's no assurance that the price will increase in the long run.

However, since that's the only topic you brought up, I would recommend giving the seed or access to someone in your family. But make sure to monitor it constantly as long as you are still alive because you never know; people can be tempted to steal, especially when a large amount is involved, even if it's your family.

[bluebit25]

(...)

Are you a billionaire? Contrast cases with many legacies in the world looking at their lives and the legacy they leave behind, as well as whether they have to worry about protecting or sharing it. It's like a journey that only comes when you reach milestones in this life, otherwise those questions will be dismissed. Although I personally am not a rich person in terms of money, I will still try to complete it first before thinking about other distant things and especially avoid negative thoughts. It's similar to when you plant trees to harvest fruit, and before you start planting, you think those fruits will go to waste.

But if you are still afraid, I have a suggestion go to a reputable law firm and make a will as well as notify your family about it and of course the content in it will no need to reveal, rest assured that even if you exist or no longer exist, what you have prepared will be the back story and don't need to worry too much if you are dead.

[|MINER|]

~~
> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?
So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Initially I will tell you that since your assets are Bitcoin or Cryptocurrency related, teach your family the basic knowledge about these things. I don't think there is any need to share the seed phrase, but you can store these seed phrases in your personal locker, because your personal locker may go to your family members in your absence. I think this can be a way to take over your assets to your family. Even then You can also you the Time Lock transaction for your family.

[Zanab247]

> should I show my family my seed phrase ?

Yes, because anything can happen to you and it will be easy for anybody in your family to have access to your BTC investment when you're gone to meet your Maker, but let it be the person you trust among your children because if you show your seeds phrase to a bad child in your family, I think you know what will happen to your investment because many have lose huge amount of money that brought the family back to zero level just because they gave their seeds phrase to wrong person in their family.

> If I die who will take over my bitcoin since nobody knows my seed phrase?

if you die without showing your wife or any of your child when to get the seeds phrase, your BTC is gone forever. Some people prefer to die without expose their seeds phrase to anybody in their family because they don't trust anyone in the family, and you cannot call such person a wicked person. With this advice given to you in the community, you have the final say on how you want your BTC to be when you're no longer alive.

[RockBell]

We have to imagine some life mystery as we are living, have you asked yourself of investment profit and investment loss. The mystery is behind the both when it occurs. Right now I'm thinking to myself of 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, when  I was ill, I was asking myself series of questions in my mind.

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

We have to make serious decisions while we are still alive such has having investments that you can rely on any time any were. And has far has am concerned if you want to go into any kind of business been it physical or bitcoin it will involve investment profit and investment loss. And if its about been scared that when you no more who will take care of your investment, or even have access to your bitcoin, its simple, you can have a lawyer and have everything legally documented and released to your family when you no more. You can inform them about your bitcoin but showing them your seed phrase might just be as exposing your asset to danger.

First thing is having only bitcoin as investment is a very bad idea. Diversification is very important and you should have reinvestments in multiple sources. Also, bitcoin investment is very risky so you have to be extra careful with amount you spend.

Second , regarding how anyone else in family will know about your bitcoin investment is that you have to inform them about the investment. At least, tell one trusted person about the investment so that if some accident or bad thing happens to you all of sudden, the money can be taken care of.

I concur that having bitcoin as the only investment at this time is not really advisable because it is a long-term investment. It will be better if other investments are also taken into account. Even if the price of bitcoin is not going up, you won't care because there are still other businesses to concentrate on. Every business is risky but i will advise to also try out businesses to.

I advised him to tell his family about his bitcoin investment because it is okay to do so given that they are related and because you can never know what will happen in the future. However, once they are told, they will be able to take the appropriate action.

[morantis2015]

create some sort of smart contract that needs a regular "touch" from you or.....and then you can do whatever

[Iranus]

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

For me, I live and work for my family, not just for myself, so I always trust them and don't hide anything from them. I share important things with my mother and wife and I believe they will preserve it better than me. I think family is more important than money and bitcoins, if I lose them, I will never get them back. But money or bitcoins, they are just assets that we can easily earn back at any time as long as we work hard, it cannot be compared with the sacred love between husband and wife, mother and child.

How many bitcoins do you have that you can't trust your loved ones with?

[Zlantann]

You shoul read the next topic it is very useful

Using Locktime for inheritance planning, backups or gifts

Basically you need to tech them how to use bitcoin, wallets and other stuff. And keep a signed transaction for them, that is locked by that method. They should be able to broadcast it when the time arrive

In using the locktime method, you have to know how it works because any mistake can make you lock your funds for more years than you planned. It is important to practice and master the process before going on with the main process.  

> should I show my family my seed phrase ?

This is a matter of trust and the world is lacking trustworthy people. But if you have anyone who is reliable, you can show the person the location of the seed phrase. Just one person knows I own Bitcoin and he knows where to get the seed phrase. But I intend to reveal it to another person in the next few years because of an emergency.  

> If I die who will take over my bitcoin since nobody knows my seed phrase?

It will be better to give your Bitcoin to charity than to lose it forever. If you don't have anyone you trust, you can consider using a lawyer or a smart contract.

[EarnOnVictor]

Right now I'm thinking to myself of 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, when  I was ill, I was asking myself series of questions in my mind.
> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

I don't know your age but it's never too early to write a Will if you are blessed with fortunes, and Bitcoin is part of it. First, it's not wise to have only Bitcoin as your asset, you have to diversify and be wise, anything can happen. What if your wallets are hacked or an unforeseen circumstance happens?

To the main questions, a lot must have lost their assets through this but the answer is so simple. You should have a Will that includes the information in it and let your family members know where to get the concluding part.

[DabsPoorVersion]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Letting your family know that you have a Bitcoin is your choice. If ever that you don't want them to know about it right now, there are options you can do for them to make use of your Bitcoin if ever you pass away. You can have someone you really trust to know about this information and be the one to give your Bitcoin to your loved ones. Or maybe you can have one of your family members teach about this technology and be your way to inform your family.

Nobody can tell when we will leave this world, so I guess, it's better to inform your family members about it. Teach them personally while you still can, so they can make use of it even if you are gone. Your hard work will pay off and you won't leave any unfinished business.

[Ayers]

> should I show my family my seed phrase ?
> If I die who will take over my bitcoin since nobody knows my seed phrase?

So I'm asking if it will be good to show any of your family person your seed phrase or should we keep having the secret of your seed phrase personal.

Letting your family know that you have a Bitcoin is your choice. If ever that you don't want them to know about it right now, there are options you can do for them to make use of your Bitcoin if ever you pass away. You can have someone you really trust to know about this information and be the one to give your Bitcoin to your loved ones. Or maybe you can have one of your family members teach about this technology and be your way to inform your family.

Nobody can tell when we will leave this world, so I guess, it's better to inform your family members about it. Teach them personally while you still can, so they can make use of it even if you are gone. Your hard work will pay off and you won't leave any unfinished business.

But the question is who is more trustworthy than our loved ones? If you don't trust your loved ones then no one will be more trustworthy than them. I don't think there is any friend we trust enough to entrust with something as important as a seed phrase.
I think the best way is to teach your loved ones about bitcoin and share the seed phrase with the people closest to you, maybe your wife but if you don't have a wife yet maybe your parents. They are the people who gave birth to you and without them you would not be where you are today, it can be said that they are our most trustworthy people.

[Magic-Money]

Bitcoin assets is not good to share the phase code or password to anyone, which is applicable to our local banking system not to share ATM code password to anyone, accept the person you trusted and no difference. But the must important thing in Bitcoin is to educate your family about Bitcoin and how it used in difference areas and also in final stage of convert to local currency of country your using. Along the side, you may open up a particular person in the family you trust about your Bitcoin phase code, but no trust anyone with 100% person, because heart of a man is wicked.

[Egii Nna]

You should start introducing Bitcoin to your family, teach one or two of your family members how to access Bitcoin correctly, starting from accessing the wallet, how to send and receive Bitcoin, sending to an exchange and withdrawing funds into cash. Start talking to your family members that you have bitcoin savings. Don't forget to back up the phrase in writing (you can print it via printer or iron plate) and write a will and save it for them later. If you don't have time to do that, make a will and tell everything via video.

Yes, it’s very good. Even if you give them your seed phrase for some purpose and how life is going, nobody knows his day. They need to understand how to get access to bitcoin, and they should also know how to store it safely so that even if you’re no more, they will be able to get access to it.

However, giving them the seed phrase is not the issue now, but how trustworthy will this person be for you that you will get the mind to allow him to get access to your wealth? Because human beings are dynamic, they can change at any given time, and not only friends but even family members we think can’t do anything harmful to us sometimes change, so while handing over the seed phrase, they should also know how to get access to it, and you, the owner, should be checking from time to time.

[lovesmayfamilis]

Threads like this pop up from time to time on the forum, and you, OP, could search to get more replies from users who have responded previously. But as I wrote earlier, if you have close people, since you are worried about them, you should tell them and show them how to get to your bitcoins in case of unforeseen events that may happen to you. In my opinion, this is logical. If you don't trust anyone, then why should you even bother? If no family or person is important to you, keep it a secret. People are mortal; we cannot take all our property with us. However, I sincerely feel sorry for those who do not have someone to whom they can entrust the most precious things.