Binance's will function after death... Perfect for bitcoin

[Ishicryptic]

These are scary things in my opinion. In general, I would use a CEX, but only to buy and immediately withdraw coins. I would never keep coins in there. As such, I would never trust a CEX to have any legal right to pass my inheritance to my descendants. Like Charles-Tim said, there are safer solutions. Perhaps not easier or more convenient, but definitely safer.

Why lose the privacy of holding your Bitcoin that is decentralized and should be in a none custodial wallet to storing it in Binance, a centralized exchange, it doesn't really add up for me, everything about Bitcoin for long term holding should be personalized. I think that what CZ is doing is to market Binance to encourage investors to hodl their coins in his exchange for a long term, I know that people who don't understand 'not your keys not your coins ' will embrace the proposal. Any Bitcoin knowledgeable person must know that exchanges are not safe to hodl their coins, they can be hacked or go bankrupt and they might never recover their coins again.

[michellee]

Only Bitcoin that will I give to my children before I pass away. I hope that will be enough for them to continue what I did now. I will not give the coin in the exchange because that is risky and I don't know how long the exchange can operate.

I feel it is better if I give Bitcoin in private wallet to them and not my credential exchanges. I don't want to use Binance to give my legacy to my family.

We don't know what negative sides effect from that service. But I guess Binance will add fee services to those who use it.

[criptoevangelista]

The problem is trusting a third party for that. Bitcoin solves the problems of children who do not honor their parents, of adulterous women, and all the issues involving people who are only interested in money. The owner of the coins can give them to whoever they want, or even be buried with them if they don't see anyone with integrity to receive them. That is one of the wonders of Bitcoin.

There are ways to set up automatic emails after a certain period of inactivity. In that email, you can include fragments of words that, combined with other elements, form the actual seed. From there, it’s up to each person to do what they think is best.

Personally, I will leave mine to those who honor me, whether children or a spouse. If they love me with genuine, selfless intent, they will inherit the coins. Otherwise, the coins will die with me.

[Lucius]

~snip~
Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

How long have you been on this forum without realizing the drawbacks of custodial wallets (CEXs)? I wouldn't give that criminal 1 satoshi to keep for me, but you and those who admire him for some strange reason should definitely do it.

The man who thinks that 99% of crypto currency users are literally stupid and that they will lose everything sooner or later is really a true role model for all who admire him - send him your coins today because they are the safest there

Binance chief Changpeng "CZ" Zhao has suggested users are more likely to lose crypto by holding it in a cold wallet than by putting it on a centralized exchange. “For most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it,”

[kotajikikox]

Only Bitcoin that will I give to my children before I pass away. I hope that will be enough for them to continue what I did now. I will not give the coin in the exchange because that is risky and I don't know how long the exchange can operate.

That is a good point but where else will you put your other coins when you pass away? The rich men always say stuff like their money will be distributed to people but what about us average people? I guess we are still stuck to square one.

We don't know what negative sides effect from that service. But I guess Binance will add fee services to those who use it.

Possibly. They are still a profit making company after all.

[henry_of_skalitz]

^ All for the control, all for the visibility of what you do when you are there and not there too

[Lida93]

. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

See here.

The first downside about the whole idea on this is that we are dealing with a centralized exchange here. And anything could go south, either through an act of the exchange or through external attacks and users could lose their funds.

Best any bitcoin holder could do to themselves and posterity is to have their coins stored in self custody, by using a noncustodial wallet. And good enough, there are now different available recommendable ways users can use to timelock and keep their coins safe for the future or pass it to next of kin instead of using an exchange.

[Asiska02]

How many coins are you confident in to still do well after a couple of years? After you have already passed away? How many coins would you want to pass on to your children?

It is definitely bitcoin for now because it is the only coin that I trust that will not lose its value overtime even after been faced by many backlashes to make it crumble and not be a valuable asset in the future. Other altcoins are there also, but they’ve not really given me that confident to be a stronghold to pass on to anyone I’m willing my asset to in the future. So no altcoin is a good choice, only bitcoin it is for now.

Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

We should not forget easily that a centralized exchange will still remain one and that your funds are never safe with them no matter how they manage to come out with convincing tips to make your funds safe and pass it to your loved ones when you’re no more. Anything can happen, they can reject your death certificate and still deny your relations from the inheritance if they wish and can still get the whole custody of the asset. Non-custodial wallet is still the best option to keep your funds and pass to your loved ones when you’re no more using timelock.

[michellee]

Only Bitcoin that will I give to my children before I pass away. I hope that will be enough for them to continue what I did now. I will not give the coin in the exchange because that is risky and I don't know how long the exchange can operate.

That is a good point but where else will you put your other coins when you pass away? The rich men always say stuff like their money will be distributed to people but what about us average people? I guess we are still stuck to square one.

I will keep in separate wallet and explain that to my family member who will continue what I did. They/he/she can use that coins whatever they want but I always hope that they can grow the amount of potential coins.

I will distributed some percentages of my money to those who needed. I will tell that to my decendants to follow what I say. But I don't know what other people will do with their coins. At least, that is what I will do.

It need awareness from us not to keep the coins in the exchanges. We need to responsible our coins and not let the exchange do that.

[ruykeri]

If the situation is such that the person who made the will cannot know in advance who the WILL is for .when the account owner dies the information will somehow reach that person  then it seems safe. When the account owner is inactive for a long time or dies the information will reach the designated person through an automated or verified method only then can we call this process safe and effective. But here an important question remains  how can one be sure that the account owner is really dead, or has simply not logged into their account for a long time? Generally speaking, the process will only start if the family or heirs submit a death certificate. But there is also the risk of misinformation or fraud in this process especially if the heirs are not trustworthy. Another thing is that no matter how close the person is, sometimes there can be various kinds of harmful for the owner. Therefore keeping these issues in mind, it is necessary to launch a new effective program for crypto WILL in a correct up to date and secure manner.

[Z-tight]

There are ways to set up automatic emails after a certain period of inactivity. In that email, you can include fragments of words that, combined with other elements, form the actual seed. From there, it’s up to each person to do what they think is best.

I really do not know how you plan to do this, but if you must setup cues for your heirs to be able to inherit your funds should anything happen to you, then i believe it has to be done offline and in a more secure way than using an email address or any online service, which of course includes binance.

There are a lot of topics in this forum that has covered this subject, i believe anyone looking for an inheritance plan should simply search for it and select what works for them.

[betswift]

Only Bitcoin that will I give to my children before I pass away. I hope that will be enough for them to continue what I did now. I will not give the coin in the exchange because that is risky and I don't know how long the exchange can operate.

That is a good point but where else will you put your other coins when you pass away? The rich men always say stuff like their money will be distributed to people but what about us average people? I guess we are still stuck to square one.

I will keep in separate wallet and explain that to my family member who will continue what I did. They/he/she can use that coins whatever they want but I always hope that they can grow the amount of potential coins.

I will distributed some percentages of my money to those who needed. I will tell that to my decendants to follow what I say. But I don't know what other people will do with their coins. At least, that is what I will do.

It need awareness from us not to keep the coins in the exchanges. We need to responsible our coins and not let the exchange do that.

You will do all you can, but what others will do would be their concerns partially too - you can't be their brains all the way of their journey, you can only help and tip on how to do things better 

[Obim34]

These are means of taking users money after the death of the owner because not everyone will sign in that features to leave assets for his descendance, so the user that fails to do that will be tracked by Binance engine, watch over it and detect the owner no longer alive.
Once this is discovered, it would be secretly used by Binance inside investors for inner investments, like would be done in a way that if they are caught, they could easily replace any used funds.

Who knows if the CEX also have an inside plan of saving your coins for there own future generation   - Just saying since we do not trust them with our Bitcoin even for the shortest period of holding, compared to when it needs to be passed as will.

When we decide to stop exaggerating how to pass our Bitcoin through generations then it will be easier for us not to look for any other means (third party), instead of giving your Bitcoin to CEX for holding, a multi signature wallet can resolve will case.

[Felicity_Tide]

This sounds to me a fool proof function. Could there be downsides to this function?

To cut the long story short, next of kin might be denied access probably because he doesn't match or he fails to pass the whole verification process, because for sure, there is definitely going to be tons of verification process. We can't be too relax when it comes to Cex and their security features. I think next of kin doesn't have to go through too much stress just to claim inheritance.

Not your keys... Not your coins.

[Kagaru]

These are means of taking users money after the death of the owner because not everyone will sign in that features to leave assets for his descendance, so the user that fails to do that will be tracked by Binance engine, watch over it and detect the owner no longer alive.
Once this is discovered, it would be secretly used by Binance inside investors for inner investments, like would be done in a way that if they are caught, they could easily replace any used funds.

Who knows if the CEX also have an inside plan of saving your coins for there own future generation   - Just saying since we do not trust them with our Bitcoin even for the shortest period of holding, compared to when it needs to be passed as will.

When we decide to stop exaggerating how to pass our Bitcoin through generations then it will be easier for us not to look for any other means (third party), instead of giving your Bitcoin to CEX for holding, a multi signature wallet can resolve will case.

Honestly it is not ridiculous to think in this way. After a person passes on without a proper strategy, then those wealths remain there and no one finds out what is happening in the background. There is no guarantee that centralized exchanges will be transparent, and with no regulation that will require them to behave fairly in these situations, one can just imagine misuse. That’s why self custody matters so much. This can truly be solved by a well planned multisig wallet with instructions. It leaves the control of what you choose in the hands of the people you trust and not the third party who may not mean to have your best interest.

[2Pizza410000BTC]

How many coins are you confident in to still do well after a couple of years? After you have already passed away? How many coins would you want to pass on to your children? For me, the answer is bitcoin. It is one of the few, if not the only one, I am confident that will still have good value over 10 or 15 years or maybe even more. It has always been a topic of discussion how to pass on the bitcoins we are holding now when we pass unexpectedly or not

Of course, Bitcoin will achieve a much better position than the position it is in now. In addition, we have been seeing Bitcoin achieving a very good position every day. However, I have high hopes that I will leave some Bitcoin investment for my children and I will think about keeping a little more as far as possible. The current position of Bitcoin is very attractive and will make every investor and young man and woman love Bitcoin more. Also, what position will be created if we wait 15 to 20 years, but we can only say without considering the current time. So I want to tell every person that you can leave Bitcoin for your child's bright future because Bitcoin is still a very good time to invest.

[Zackz5000]

How many coins are you confident in to still do well after a couple of years? After you have already passed away? How many coins would you want to pass on to your children? For me, the answer is bitcoin. It is one of the few, if not the only one, I am confident that will still have good value over 10 or 15 years or maybe even more. It has always been a topic of discussion how to pass on the bitcoins we are holding now when we pass unexpectedly or not.

Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

See here.

I don't think anyone will want to dump bitcoin over altcoin, I believe bitcoin has come to stay, bitcoin has been test and trusted over the years now, many who has invested into shitcoins are regretting some has lost huge amount of money when shitcoins pump it dump and even go zero but as we can see bitcoin has been appreciating in value over the years now and those Investors who has been accumulating some years back will be filled with joy to see the price now. I too have confidence in bitcoin and it will continue to grow as years passes and it a perfect coin to keep.

[Lucius]

~snip~
Not your keys... Not your coins.

This is perhaps the most important thing that anyone who buys a serious cryptocurrency should understand and apply. Everything else is simply wrong and poses a high risk that at some point something bad will happen that will result in the loss of digital assets.

However, it should be made clear that even those who apply this rule must know how to properly store their backups (more than one, of course) to ensure that they will always be able to recover their wallet. In addition, you should be careful of fake wallets, phishing, clipboard malware, and all the other threats that lurk from all corners of the internet.

[Hanadawa]

To cut the long story short, next of kin might be denied access probably because he doesn't match or he fails to pass the whole verification process, because for sure, there is definitely going to be tons of verification process. We can't be too relax when it comes to Cex and their security features. I think next of kin doesn't have to go through too much stress just to claim inheritance.
Not your keys... Not your coins.

Therefore I think multisig wallet is the best option I know so far. I agree with most of the members in this topic. Storing assets in CEX has risks if the CEX has problems in the future. Even if it is Binance but I trust non-custodial wallets more. I might give multisig wallets to some people I trust but I will also divide my Bitcoin into several wallets. Maybe I will give one wallet to my child and my wife. And the rest I will keep in multisig wallets that I give to people I trust. I know no one can really guarantee whether my Bitcoin can be received by my child or wife or whoever is entitled to receive it. Because non-custodial wallets still have risks of phishing, malware, being stolen, damaged, forgetting seed phrases or other things. But at least a personal multisig wallet is still better than other options I know.

[X-ray]

Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

I've heard many cases where people can reclaim their deceased relative's crypto by submitting death certificate to certain exchange although sometime it took considerable amount of time until final resolution.

This sounded like a good plan if CZ and their people can do this to their exchange, after all nobody knows what the future hold might as well secure the asset so it won't lost by these means for people who store their money in exchange.