Official BGOL Crypto Currency Thread ★★★★★

[^SpiderMan^]

Step 1: Get a Safety Deposit Box at a Bank.
Step 2: write your keys,passwords, and step by step instructions on paper and via video which you save on a flash drive.
Step 3: put it all in the box.
Step 4: Name a loved one as the benefactor of the box if you die.

Problem solved.

 

[APOPHIS]

I thought to do the same as you, but i didn't because of the exact reason you mention.

The reason this has become more of a concern is that a few people i know have recently passed and they were all under 60. It was a reminder that tomorrow isn't guaranteed.

Outside of my wallet, the other concern is crypto i have in defi protocols. Just another thing I would need to explain.

If circumstances change and you decide to choose my approach, consider purchasing a small safe and either burying it in the ground or mounting it on a wall in an unsuspecting and low-traffic area, such as the basement, with only your wife knowing the access codes.

 

[Moving Target]

Honestly, that shit is a pain in the ass.i generally tell new people to start slow and keep major holding on exchanges.

You have people who are purists or just assholes. However, the fundamental principle is management of your funds without a third-party like a bank. So i understand where the arrogance comes from.

It really becomes a pain in the ass when you have multiple wallets for different chains. I'll never forget it taking me weeks to remember my key phrase to my Dash wallet. It's one thing to not have access to a few dollars. Imagine potentially losing 20k plus because you can't remember your password and someone threw away a paper that seemingly had random words on it.

My latest concern is how do leave my crypto wallet info to my family in the event i suddenly die.

This is my biggest concern as well. No one in my family has in-depth knowledge or experience with self-managed cold wallets. Some of them have a Coinbase account, but their proficiency is low—they only understand the basics.

Gentlemen, this is why you need a trust with a holding company. assets are held in the trust while the holding company manages them. you get an attorney and have them help you setting thing sup in the event of your death...

 

[APOPHIS]

Gentlemen, this is why you need a trust with a holding company. assets are held in the trust while the holding company manages them. you get an attorney and have them help you setting thing sup in the event of your death...

Great idea, but the issue remains the same.
If the individual assigned to manage/own/operate the trust lacks the technological knowledge to access the crypto assets from a cold wallet, which requires several steps, then it is a moot effort. Trusting crypto assets to an attorney who helps create and manage the trust still involves third-party involvement, which is a point of failure and potential theft. The goal is to remove third-party members with a preferred direct-to-direct relationship. Verify not trust is the motto.

The barriers are/were/will be the fact that your loved ones will need to become highly proficient in Crypto if they wish to transfer or place the assets under their ownership and control.

 

[RoomService]

Great idea, but the issue remains the same.
If the individual assigned to manage/own/operate the trust lacks the technological knowledge to access the crypto assets from a cold wallet, which requires several steps, then it is a moot effort. Trusting crypto assets to an attorney who helps create and manage the trust still involves third-party involvement, which is a point of failure and potential theft. The goal is to remove third-party members with a direct-to-direct relationship. Verify not trust is the motto.

The barriers are/were/will be the fact that your loved ones will need to become highly proficient in Crypto if they wish to transfer or place the assets under their ownership and control.

If you’re only interested in investing in Bitcoin and Ethereum, you can simply invest in the ETFs. Depending on your age, you can also buy the ETF in your Roth IRA tax-free. Problem solved

 

[Moving Target]

Great idea, but the issue remains the same.
If the individual assigned to manage/own/operate the trust lacks the technological knowledge to access the crypto assets from a cold wallet, which requires several steps, then it is a moot effort. Trusting crypto assets to an attorney who helps create and manage the trust still involves third-party involvement, which is a point of failure and potential theft. The goal is to remove third-party members with a preferred direct-to-direct relationship. Verify not trust is the motto.

The barriers are/were/will be the fact that your loved ones will need to become highly proficient in Crypto if they wish to transfer or place the assets under their ownership and control.

I understand your concern. but there will always be someone else to be a point of failure if you rely on others to learn and use the tech and your family refuses to learn or remain ignorant of their inheritance. a fool and his money are soon parted.....a fool meaning if you dont want to learn that someone has potentially left you millions and how t access/use it...then you are a fool.....so the only other option is to set up mechanisms to allow for protected access as layered as possible.....that is all a man can do.

 

[DC_Dude]

 

[Day_Carver]

Does this really change anything though?

 

[RoomService]

Does this really change anything though?

Not really…