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Bitcoin

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  • pat1976
    pat1976 Posts: 91 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    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? 
  • Tesla losing another 3% off it's share price today...
  • fwor
    fwor Posts: 6,861 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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]
    [Deleted User] Posts: 0 Newbie
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    edited 17 February 2021 at 5:25PM
    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
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic
    edited 23 September 2024 at 2:51PM
    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]
    [Deleted User] Posts: 0 Newbie
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    edited 23 September 2024 at 2:51PM
    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 :D
  • Sebo027
    Sebo027 Posts: 212 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    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
    Sebo027 Posts: 212 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    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? 
  • Sebo027 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]
    [Deleted User] Posts: 0 Newbie
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    edited 18 February 2021 at 11:22AM

    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.
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