Bitcoin

pat1976

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? 

virenque

Tesla losing another 3% off it's share price today...

fwor

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? 

It probably is worthy of a thread of its own.
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...

[Deleted User]

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.

HansOndabush

[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.

But do you know it will work very well when you're dead and your executors are like 'what the hell does this mean'!

[Deleted User]

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.

But do you know it will work very well when you're dead and your executors are like 'what the hell does this mean'!

Nothing prevents you from creating written manual or video which child can understand to make sure they know what to do. Sky is the limit

Sebo027

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.

Is it more or less than energy required to run the banking system?

Sebo027

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?

The claim of "store of value" in gold or bitcoin only holds true if people value it. To me the same is true of "fiat money." i.e. people believe in the abstract idea as a system of value. In principle the fundamental difference is the decentralized nature of bitcoin and gold i.e. everyone must play by the same rules. 
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? 

HansOndabush

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.

Is it more or less than energy required to run the banking system?

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?

[Deleted User]

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.