We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bitcoin
Options
Comments
-
I have a bitcoin question which isn't really relevant to the way this discussing is going, but isn't worthy of its own thread. Hope someone can give a quick answer.
What is the safest way of ensuring your family can get hold of your bitcoin if you died?
Presumably you just give your other half the details, but then they could die with you so you probably need to tell a few people.
Could those people then steal the coin if they wanted to? And would it be possible to prove that if it happened?
I'm thinking the best way is to lodge the details with a solicitor to be opened on your death, but I doubt many would do that. What do most people do?0 -
Tesla losing another 3% off it's share price today...0
-
pat1976 said:I have a bitcoin question which isn't really relevant to the way this discussing is going, but isn't worthy of its own thread. Hope someone can give a quick answer.
What is the safest way of ensuring your family can get hold of your bitcoin if you died?
Presumably you just give your other half the details, but then they could die with you so you probably need to tell a few people.
Could those people then steal the coin if they wanted to? And would it be possible to prove that if it happened?
I'm thinking the best way is to lodge the details with a solicitor to be opened on your death, but I doubt many would do that. What do most people do?
I would guess that most people just don't think about it. Generally people aren't that great at thinking about how things will be if they cease to be here...
1 -
pat1976 said:I have a bitcoin question which isn't really relevant to the way this discussing is going, but isn't worthy of its own thread. Hope someone can give a quick answer.
What is the safest way of ensuring your family can get hold of your bitcoin if you died?
Presumably you just give your other half the details, but then they could die with you so you probably need to tell a few people.
Could those people then steal the coin if they wanted to? And would it be possible to prove that if it happened?
I'm thinking the best way is to lodge the details with a solicitor to be opened on your death, but I doubt many would do that. What do most people do?Multisig wallet in Electrum. How to:- Download and install Electrum Wallet on Desktop
- Buy Trezor Hardware Wallet (£45 USB key)
- Create new wallet in Electrum as multi-signature wallet, for example 1 of 2 keys (required to sign transaction), or 1 of 3, 2 of 4, or whatever you prefer. Each of your family members will hold one key. If you can't sign and you chose 1 of 2, them someone else will sign for you, or two of them if you had 2 of 3 wallet.
If you have a will already, then why not - put that in your will and give one key to your solicitor etc., so either he signs, your partner, or any combination of your family relatives, should you wish to have many keys.PS. Electrum and Trezor are compatible and interchangeable with other wallets, but that's what I know works very well.
1 -
[Deleted User] said:pat1976 said:I have a bitcoin question which isn't really relevant to the way this discussing is going, but isn't worthy of its own thread. Hope someone can give a quick answer.
What is the safest way of ensuring your family can get hold of your bitcoin if you died?
Presumably you just give your other half the details, but then they could die with you so you probably need to tell a few people.
Could those people then steal the coin if they wanted to? And would it be possible to prove that if it happened?
I'm thinking the best way is to lodge the details with a solicitor to be opened on your death, but I doubt many would do that. What do most people do?Multisig wallet in Electrum. How to:- Download and install Electrum Wallet on Desktop
- Buy Trezor Hardware Wallet (£45 USB key)
- Create new wallet in Electrum as multi-signature wallet, for example 1 of 2 keys (required to sign transaction), or 1 of 3, 2 of 4, or whatever you prefer. Each of your family members will hold one key. If you can't sign and you chose 1 of 2, them someone else will sign for you, or two of them if you had 2 of 3 wallet.
If you have a will already, then why not - put that in your will and give one key to your solicitor etc., so either he signs, your partner, or any combination of your family relatives, should you wish to have many keys.PS. Electrum and Trezor are compatible and interchangeable with other wallets, but that's what I know works very well.
0 -
HansOndabush said:[Deleted User] said:pat1976 said:I have a bitcoin question which isn't really relevant to the way this discussing is going, but isn't worthy of its own thread. Hope someone can give a quick answer.
What is the safest way of ensuring your family can get hold of your bitcoin if you died?
Presumably you just give your other half the details, but then they could die with you so you probably need to tell a few people.
Could those people then steal the coin if they wanted to? And would it be possible to prove that if it happened?
I'm thinking the best way is to lodge the details with a solicitor to be opened on your death, but I doubt many would do that. What do most people do?Multisig wallet in Electrum. How to:- Download and install Electrum Wallet on Desktop
- Buy Trezor Hardware Wallet (£45 USB key)
- Create new wallet in Electrum as multi-signature wallet, for example 1 of 2 keys (required to sign transaction), or 1 of 3, 2 of 4, or whatever you prefer. Each of your family members will hold one key. If you can't sign and you chose 1 of 2, them someone else will sign for you, or two of them if you had 2 of 3 wallet.
If you have a will already, then why not - put that in your will and give one key to your solicitor etc., so either he signs, your partner, or any combination of your family relatives, should you wish to have many keys.PS. Electrum and Trezor are compatible and interchangeable with other wallets, but that's what I know works very well.
0 -
HansOndabush said:Bitcoin is surely doomed due to the obscene amount of energy it consumes to keep it running; more than used by Chile or the Czech republic for instance. And what do you get for all that waste of energy? Just some numbers.0
-
RichTips said:This chart demonstrates the "massive" I'm referring to. In 2020 the amount of US dollars in existence increased by $3 trillion. 22% of the total supply of USD was printed in the space of 6 months. Does that not seem like a pretty massive injection of new fiat, representing a pretty massive debasing of the world's reserve currency?
I can see a positive future for bitcoin and other certain cryptocurrencies as more and more institutions and big money put their weight behind it. However, what will be the long term implications for governments, their central banks and their currencies?0 -
Sebo027 said:HansOndabush said:Bitcoin is surely doomed due to the obscene amount of energy it consumes to keep it running; more than used by Chile or the Czech republic for instance. And what do you get for all that waste of energy? Just some numbers.
0 -
HansOndabush said:I've seen an estimate that bitcoin consumes about 1/4 the energy of the banking system. But the banking system does a much more useful job serving the entire world compared to the nebulous benefits of bitcoin serving relatively few people. Add on the increasing power required for each transaction as the blockchain increases in length and it doesn't look sustainable in the long term. Sure there are other cryptos that are more efficient but doesn't that mean they will usurp bitcoin sending it back down to zero?Whole Bitcoin blockchain ledger can be stored on 500GB hard drive. That's £5. After 10 years of operation.Don't buy into "ever increasing blockchain ledger, storage costs, blah blah", while in reality it's nothing. I'm not talking about mining, though, just this one fact.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards