Tell Someone You Trust About Your Wallet Seed Phrase.

[CryptoHeadlineNews]

So what if the same people you seems to call your family members then suddenly betrays you, or probably kills you, simply because they want to inherit your Bitcoin? What happens then? Because, inasmuch as this thread is trying to create an awareness unto people to reduce the number of lost Bitcoin that has ever been recorded, for me I would have said that though, it's good to tell close relative that we have an investment in Bitcoin, it's not idea to tell them the exact amount in it. As knowing what it contains may trigger certain people doing the unthinkable.

Do you know dat there are lot of billions in the banks that have no owners again because owners are dead and no next of kins to go and claim them so the Bank Managers and Bankers who know those Cash in the Bank transfer them to their accounts and used them.  I went you to tell us, be sincere if you die today, who will claim your coins to help your family, since you don't trust anyone to know your seed phrase. And I believed the coins will also follow you.

Yes, it's true that the bank has lots of unclaimed funds, due to the fact that the real owners died and no relative or family members was aware of it while the individual was alive, and likewise  so do we get lots of lost Bitcoin in wallets that can never be accessible today after the death of the real owners. But the point I was trying to drive to is that sometimes people changes with time, of which not that it's bad letting a third party (i.e trusted family member) know about your Bitcoin investment and seed phrase to the wallet that the Bitcoin is been stored.  But letting them know how much it's really worth was I was trying to discourage, as that may trigger some person's to do the unthinkable just like I earlier said.

[Mate2237]

So what if the same people you seems to call your family members then suddenly betrays you, or probably kills you, simply because they want to inherit your Bitcoin? What happens then? Because, inasmuch as this thread is trying to create an awareness unto people to reduce the number of lost Bitcoin that has ever been recorded, for me I would have said that though, it's good to tell close relative that we have an investment in Bitcoin, it's not idea to tell them the exact amount in it. As knowing what it contains may trigger certain people doing the unthinkable.

Do you know dat there are lot of billions in the banks that have no owners again because owners are dead and no next of kins to go and claim them so the Bank Managers and Bankers who know those Cash in the Bank transfer them to their accounts and used them.  I went you to tell us, be sincere if you die today, who will claim your coins to help your family, since you don't trust anyone to know your seed phrase. And I believed the coins will also follow you.

Yes, it's true that the bank has lots of unclaimed funds, due to the fact that the real owners died and no relative or family members was aware of it while the individual was alive, and likewise  so do we get lots of lost Bitcoin in wallets that can never be accessible today after the death of the real owners. But the point I was trying to drive to is that sometimes people changes with time, of which not that it's bad letting a third party (i.e trusted family member) know about your Bitcoin investment and seed phrase to the wallet that the Bitcoin is been stored.  But letting them know how much it's really worth was I was trying to discourage, as that may trigger some person's to do the unthinkable just like I earlier said.

All depends on the level of trust and rapor you have with the person. If na your wife and there is full trust e dey am then you go fit tell here the amount you get in the wallet but if na your sister, brother mother or father then you can only show them the seed phrase but no amount is disclose. Even dat should also depends on the trust and the rapor with the person. There are sometimes those people we trust no even know anything about crypto so if you tell them sef dem no fit do anything in di wallet. But it is good to show them and tell them what to do if it happens. The matter what if we get one trusted person, make we dey tell them our seed phrase as life insurance security funds.

Tell them oh because nobody notice tomorrow. Some people only think on the unthinkable and untrusted side of the person. It is good to protect the funds but tell your wife if you trust her.

[CryptoHeadlineNews]

So what if the same people you seems to call your family members then suddenly betrays you, or probably kills you, simply because they want to inherit your Bitcoin? What happens then? Because, inasmuch as this thread is trying to create an awareness unto people to reduce the number of lost Bitcoin that has ever been recorded, for me I would have said that though, it's good to tell close relative that we have an investment in Bitcoin, it's not idea to tell them the exact amount in it. As knowing what it contains may trigger certain people doing the unthinkable.

Do you know dat there are lot of billions in the banks that have no owners again because owners are dead and no next of kins to go and claim them so the Bank Managers and Bankers who know those Cash in the Bank transfer them to their accounts and used them.  I went you to tell us, be sincere if you die today, who will claim your coins to help your family, since you don't trust anyone to know your seed phrase. And I believed the coins will also follow you.

Yes, it's true that the bank has lots of unclaimed funds, due to the fact that the real owners died and no relative or family members was aware of it while the individual was alive, and likewise  so do we get lots of lost Bitcoin in wallets that can never be accessible today after the death of the real owners. But the point I was trying to drive to is that sometimes people changes with time, of which not that it's bad letting a third party (i.e trusted family member) know about your Bitcoin investment and seed phrase to the wallet that the Bitcoin is been stored.  But letting them know how much it's really worth was I was trying to discourage, as that may trigger some person's to do the unthinkable just like I earlier said.

All depends on the level of trust and rapor you have with the person. If na your wife and there is full trust e dey am then you go fit tell here the amount you get in the wallet but if na your sister, brother mother or father then you can only show them the seed phrase but no amount is disclose. Even dat should also depends on the trust and the rapor with the person. There are sometimes those people we trust no even know anything about crypto so if you tell them sef dem no fit do anything in di wallet. But it is good to show them and tell them what to do if it happens. The matter what if we get one trusted person, make we dey tell them our seed phrase as life insurance security funds.

Tell them oh because nobody notice tomorrow. Some people only think on the unthinkable and untrusted side of the person. It is good to protect the funds but tell your wife if you trust her.

Yes. You actually just spoke lots of sense 👍.. You truly deserves the one water I just sama for your drum.

[Charles-Tim]

This method still require trust, so if you trust the people wey you wan share your keys with, e better make you just give the person your seed phrase, instead of this. I talk so because if you create a 2-of-3 multisig wallet for example, you come hold one key, carry the remaining two keys give two of your family members, the two of them go fit still team up to take your money, because wetin dem need na two keys to broadcast a transaction and they both have one key each, which makes it two.

You do not necessary need to have three keys in this scenario. You can have four keys instead which you can keep two keys safe in two different banks, or with your lawyer or trusted person in your family. Going for lawyer has disadvantages for privacy reasons. But someone you trust like an elderly person can be good he or she knows how multisig is but it also has disadvantages just like having it with a lawyer. But having it in the bank is better. Just two banks.

Time lock is also a good option but it requires someone with experience. Someone that knows when to double spend it by increasing the fee or cancel it and make another time lock transaction.

[Franctoshi]

Base on di topic, I don't know if dis topic has been discussed here but I create because I no see am. But if you know say e dey, call my attention (tap me) then I go do di necessary.

Many people don create thread say make we no dey tell people about our Bitcoin wallet seed phrase because we no know who go do is bad things. But also know dat we don't own our lives. Example, there was an active user in this Local Board, and he died before most of us came here, now assuming he didn't give or revealed his seed phrase to someone he knew and Bitcoin been dey inside and di demise happened. What do you think would happen to his Bitcoin in the wallet. Remember they are gone forever with him. So I am here to oppose di theory of not telling anyone about your seed phrase. Tell Someone you trusted, it might be a sister, father, mother or brother so that if anything happens, they can login and used coins to either pay your hospital bills when you are unconscious. How can you die when you have funds in your wallet?

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

Tell Someone u believed say e no go do anything about your coins, in most importantly your son or daughter and teach them Bitcoin investment gradually if they are still young. That go be di legacy wey u fit drop.

Tell am.

There's some point to what you just said, but what about those that do not have someone that they can trust?
For me ,What I will do is provide all directions which will lead to the discovery of my funds, I have written down most things linked to my funds down and have tell my close confidant about how to gain access to those necessaries, I have those information in a lucked possession.

[Davidvictorson]

If you wan use multisig, no wahala. If you wan tell your next of kin too, no whala as well. E get thread wey I drop my opinion for gambling board, the man get sudden heart attack come die s him win big money from gambling. The Koko be say my one wey we choose make e be say we understand am - that is the advantages and disadvantage too. Anything fit happen which we no pray for but make our hearts always dey prepared say if anything sup our people go dey alright.

[GiftedMAN]

Hmm I no go advise you to share your seed phrase with person. Those way dey share bank account with their partner no go like this talk, them do won still share seed phrase because them say nothing dey private once you marry. That one na for couples way get ogbonge trust for each other. For me, the best approcsch na to create multisig account where both sides go get access to.

To share bank details self no dey dat easy again ooo because some family don dey divided because the other gender use overnight wipe everything wey dey the account move leave the man wey she been dey marry so I no sure say people dey actually share that bank details again. For the next of kin own, if you check well now you go discover say even the next of kin document no go fit give person total access to take money wey dey another person account when the person no dey again you go waka tire carry different documents before you fit get access to take the money.

Aside creating a multisig account, I don't think it's bad to hand over the access to my Bitcoin wallet to my oldest son when I know that he can do exactly what needs to be done because of the trust I have in him.

[uchegod-21]

Op, your talk make sense very well. We dey for industry wey we no suppose trust anyone, especially strangers. But for real life we need to trust somebody. Anybody wey dey for this life say dem no fit trust anyone, dem no suppose exist. I get person I trust and the person sabi my seed phrase and the person never thief am.

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

My brother, even the next of kin for banks na wash. You go waka tire. E better to get special ATM for that and tell person wey you trust the pin. If e expire, you renew the thing.

[rachael9385]

Tell Someone u believed say e no go do anything about your coins, in most importantly your son or daughter and teach them Bitcoin investment gradually if they are still young. That go be di legacy wey u fit drop.
Tell am.

Normally watin you talk nah true sha.
But my question be say, how we go take know say this person way we won tell this kind thing (our seed phrase) no go change from good to bad person in future?
Well, as thing may go, I rather tell my spouse (if I am married) or I tell my parents because telling a friend will not be a good idea because we are not living in the same apartment (even if we does).

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

My brother, even the next of kin for banks na wash. You go waka tire. E better to get special ATM for that and tell person wey you trust the pin. If e expire, you renew the thing.

Normally bank Waka no dey end in one day, everyday fill of form until you even tire to go the bank. Just imagine say person way you dey closer to dey in this kind of mess, even the transportation fees sef go make am dey so frustrated.

[Adams0001]

If you get person wey you trust, you fit tell am where to find your seed phrase in case something happens to you, but remember say no be everybody get person wey dem go fit trust, so you no fit advise such people to tell someone about their seed phrase, if they do so, they will lose their bitcoins before anything ever happens to them, now how does that sound.

That being said, there are a few ways your family go fit inherit your bitcoin when you are no more, that is they would not have access to it as long as you are around, only after. Use the forum search button to find types of bitcoin inheritance plans and choose the one you think is best for you, that is if you want such a plan to begin with.

Only family members, such as wives or mothers, blood brothers, are best suited to deliver your seed phrase. Some brothers are not trusted, and if you tell them your secrets, they may park your funds without knowing who did it. I am afraid to give someone my seed sphere because even those you trust may later cheat on you. Instead, I will write it in another place in my room so they can see it if I am not present.

But now that you are alive, if you give someone by mistake, you will regret it one day, and you will never know what the person will do to you, and he will never cheat on you, because if you lose, he will immediately realize that you are the one, so he will spend months or even years with you. He can just come and take your funds without your notice, and you can't catch him because you can't get any evidence when he scams you, because it's not like a bank where they can try and follow the account number and get the person that try to steal your funds, but in crypto, if you lose, you can't do anything about it. because is not like bank that they can try and follow the account number and get the person that try to steal your funds, but in crypto if you have lose that is all you can't do anything about it, so is better to hold your stuff but if you try to risk you can share with your favour family's or friends that you truest.

[Yucky]

Why not just create a multisig account instead? This is the best approach for inheritance purpose. If someone died, the coin can sent to another address with the signature of the ones that are alive.

Many wallet have adopted slip39 that can construct the seed phrase from other available shares which can also be helpful. But I prefer multisig to it.

Mutisig is a good idea but it still boils down to trust, you have to trust somebody to share your keyphrase and password with them. You have to trust somebody to authorize them to have access to your account for transactions. The question is who do you trust? If you don't trust someone very much you wouldn't allow them close to your account where you have money and your asset.

For me, just as people write wills or any piece of document that is accessible to family or loved ones when they are no longer available that can be an option too. Just write down your seed phrase, keyphrase and whatever you consider important in it and leave it with your lawyer.

[Charles-Tim]

Mutisig is a good idea but it still boils down to trust, you have to trust somebody to share your keyphrase and password with them. You have to trust somebody to authorize them to have access to your account for transactions. The question is who do you trust? If you don't trust someone very much you wouldn't allow them close to your account where you have money and your asset.

I do not want to repeat what I have written before. You can read what I posted about it here: https://bitcointalk.org/index.php?topic=5510336.msg64574360#msg64574360

A proper multisig wallet setup is one of the best option. Another option would be time lock.

For me, just as people write wills or any piece of document that is accessible to family or loved ones when they are no longer available that can be an option too. Just write down your seed phrase, keyphrase and whatever you consider important in it and leave it with your lawyer.

Give the seed phrase to the lawyer in a way he can have full control over the coins? That is a terrible idea.

[Moreno233]

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

Tell Someone u believed say e no go do anything about your coins, in most importantly your son or daughter and teach them Bitcoin investment gradually if they are still young. That go be di legacy wey u fit drop.

Tell am.

Omo money get spirit wey dey follow am o so make u no too trust people with money sha if not your mind go dey. If you check, wetin dey separate friends and brothers pass na money so you gat dey careful how you relate with people when money dey involved. Instead of me to use trust to give person my seed phrase, I go find out person we be say him fit inherit my wealth like them do am for will, na that person I fit give that kind of information. Like my children now or even my wife, I fit tell them the seed phrase of the wallet wey dey save for them and my own personal wallet, I feed keep the seed phrase somewhere wey them fit see am in case of anything.

[Coyster]

You do not necessary need to have three keys in this scenario. You can have four keys instead which you can keep two keys safe in two different banks, or with your lawyer or trusted person in your family. Going for lawyer has disadvantages for privacy reasons. But someone you trust like an elderly person can be good he or she knows how multisig is but it also has disadvantages just like having it with a lawyer. But having it in the bank is better. Just two banks.

When you say four keys, do you mean a 2-of-4 multignature wallet or a 3-of-4 multisignature wallet. That being said, how do you keep your keys in the bank, i never hear of anyone wey keep their keys for bank nor with a lawyer.

Multisignature wallet need person wey get bitcoin knowledge, even many people wey dey the crypto industry no too sabi set up or spend from a multisignature wallet, so if the people wey you wan leave your funds for no get knowledge of bitcoin, then a multisignature wallet might not be the best option.

[HajiBagi]

Base on di topic, I don't know if dis topic has been discussed here but I create because I no see am. But if you know say e dey, call my attention (tap me) then I go do di necessary.

Many people don create thread say make we no dey tell people about our Bitcoin wallet seed phrase because we no know who go do is bad things. But also know dat we don't own our lives. Example, there was an active user in this Local Board, and he died before most of us came here, now assuming he didn't give or revealed his seed phrase to someone he knew and Bitcoin been dey inside and di demise happened. What do you think would happen to his Bitcoin in the wallet. Remember they are gone forever with him. So I am here to oppose di theory of not telling anyone about your seed phrase. Tell Someone you trusted, it might be a sister, father, mother or brother so that if anything happens, they can login and used coins to either pay your hospital bills when you are unconscious. How can you die when you have funds in your wallet?

In Bitcoin investment there is no place for next of kin but there is next of kin in fiat bank who can withdraw di funds in emergency.

Tell Someone u believed say e no go do anything about your coins, in most importantly your son or daughter and teach them Bitcoin investment gradually if they are still young. That go be di legacy wey u fit drop.

Tell am.

This matter make sense die, this thing wey you just talk like this dey very important to many people wey dey hold bitcoin or people wey dey hold valueable things, when they said never allow anybody you know about your seed phrase they did not say that you should keep everything from people that are very close to you or people you have a strong relationship with, people like your father, mother sister, brother, son and daughter, what they mean is that you should never allow anybody that you don't trust to have access to your seed phrase, although its difficult to believe people because we don't know what is in their mind but we have to trust some people.

No matter how it is or no matter how person go be he or she will have someone who he strongly believe and trust that the person can not betray in a family, although it will be very difficult to trust sister's or brother but you should trust your parents, parents are the best people to trust, parents can never open your secret to anyone or even try to hurt you because they know your value and how important you are to them, so you having bitcoin or something valueable you should always make sure there is someone who know more about you and when Something happen he can save you and get access to your property, because if you Don die and nobody know your seed phrase that means say you no do good thing.

[Charles-Tim]

When you say four keys, do you mean a 2-of-4 multignature wallet or a 3-of-4 multisignature wallet.

It will be 3-of-4 multisig. 1 with you, 1 with the first hire, 1 with the second hire and 1 in the bank. The hires will have to need the seed phrase from you and the one in the bank. Although, I will prefer to to create 2-of-3 and give the 2 seed phrases to the to the hires. They have not set up the multisig wallet and they will need the my private or public key to setup the multisig wallet. I do not think it would get to a point the hires will attack the coin owner to obtain the seed phrase or public key which will make using keeping another key in the bank better.

That being said, how do you keep your keys in the bank, i never hear of anyone wey keep their keys for bank nor with a lawyer.

You can keep anything valuable to you in bank.

https://www.google.com/amp/s/punchng.com/five-valuable-assets-banks-can-keep/%3famp

Multisignature wallet need person wey get bitcoin knowledge, even many people wey dey the crypto industry no too sabi set up or spend from a multisignature wallet, so if the people wey you wan leave your funds for no get knowledge of bitcoin, then a multisignature wallet might not be the best option.

You can explain it to the hires and make sure they will understand and also tell them how they need the third key from you if they have not setup the wallet. Getting the seed phrase should not be of any problem. And you can decide to make use of bank.

[Richbased]

Well for me the suggestion i can give is that we should not put all our asset in one self custodial wallet, we should at least have 3 to 4 wallets then disclose the seed phrases of one or two of the wallets to a trusted member of your family so that in a case of unforseen critical situation that may erupt in the future the person can get access to some of your wallets using the seed phrases you revealed to them but to give anyone the seed phrases to all your wallet is very risky since humans cannot be trusted.

Why not just create a multisig account instead? This is the best approach for inheritance purpose. If someone died, the coin can sent to another address with the signature of the ones that are alive.

talking about a multisig wallet, it's still very risky to me since one of the parties that signed on the wallet can still send coins to another address without the signature of the other because even someone you trust can still have ulterior motives towards you.

[Charles-Tim]

talking about a multisig wallet, it's still very risky to me since one of the parties that signed on the wallet can still send coins to another address without the signature of the other because even someone you trust can still have ulterior motives towards you.

You do not yet under what multisig wallet is.

In a 2-of-3 multisig, there are 3 people involved, while 2 people at least need to sign before making any transaction. That is if you have setup the multisig wallet.

If you have not setup the multisig wallet, you need your seed phrase, and the seed phrase or the public key of the other two people.

If you have two hires, you can teach them how 2-of-3 multisig wallet is and even make transaction as an example for them to understand. After that, set up the wallet for inheritance purpose yourself without the two hires knowing. After you finish setting up the 2-of-3 multisig wallet, only what you need to do is give both of them their own seed phrase. They will need to setup the wallet. If they want to setup the wallet, they still need your seed phrase for it which they can find somewhere you keep it.

[Coyster]

You can keep anything valuable to you in bank.

https://www.google.com/amp/s/punchng.com/five-valuable-assets-banks-can-keep/%3famp

Your link is broken from my end, but that aside, i know say you fit keep anything valuable in the bank, but the valuable things that people keep in the bank na mostly physical assets, like gold bars or gold jewelries, etc. In all my years in the forum, i don't think i have seen anyone advise that we should keep our keys in a bank, that being said, it could be considered for people who don't see anything wrong in it, but tbh, i cannot do it bro.