I understand for many of us it's not a subject we're often comfortable discussing, but let's face it we're all going to die! It's just a matter of time. But the fact is that the only certainty in life is... death!
Before you scream out saying Cryonics FTW, we're not quite there yet! Besides, most of us won't have access to such systems even if it were available for use in the mainstream.
I went through a near-fatal accident a year ago. Ever since this subject remained in the back of my head until on a call with a friend who mentioned yesterday that she retains a copy of her Steemit keys with her brother and vice versa and suddenly I had this realisation that I haven't planned for this scenario myself.
I have a sizeable savings in cryptocurrencies and this results in wallets, keys, passwords and PINs. There are exchange passwords, 2FA and email accounts. How do you relay this across to your family, especially the ones you can trust but are total noobs when it comes to understanding the complexities of transacting in this space.
Is there any service out there that makes all of this easy? I personally don't know. I assume this would be a sizeable market and multi-sig will and testament businesses will have a lot of work to handle if cryptocurrencies were to go mainstream. Infact it could be profitable to be in a business that gives access to your holdings and passwords should things go wrong earlier than expected.
Losing your Steemit key is bad enough but imagine losing access to your entire portfolio. Worse still, many of us earn for improving our livelihood and providing for our families. What if we pass away without ever handing over precious keys to our families? Has this thought ever occurred to you?
I'm now trying to plan for such contingencies and would love to hear from you about your strategies for such eventualities. How are you going about accomplishing these things to ensure your assets benefit your family in the event of your unexpected passing.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From India Steem Meetup #1—Jaipur Edition!
- Crossed 17000+ Followers-A Few Thoughts As I Work Towards 20000 Milestone!
- Steemit.Chat Contest #14 + Contest #13 Winners Announcement!
I must get on this!
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Yeah, but it much better,@jsteem, if we make the will regarding every important things we have that may of use.
@firepower, I couldn't agree more, although it quite baffling and edgy topic it's also a very important thing to tackle. I was having so much fun that I almost forgot this utmost thing, tho I don't hold much power(money) in steemit, I still have real-estate properties left untouched. Oh dear!! But please don't take us soon!
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I to have thought of this. I plan on making a written copy of all my keys stored in a safe for my son. Hopefully by time he gets it, it will be worth fortunes to be passed down from generation to generation lol
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What ive done is encrypt usbs which i continually update. Its a little bit time counsming but worth it. Also..make sure one person beside you and your spouse know the usb key. If you both die in a car crash that person (your brother sister dad uncle) can unlock the usbs. Also keep one copy in their house. But with a password they DONT know. Thats in case your house burns down(without you in it) or the location where your usb is compromised.
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i saved my username and password in a pendrive and i gave that to my sister.....
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Two hardware wallets, one seed. That covers the bulk of my hodlings.
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My wife has her own USB flash drive with all the keys to my wallets and I have shown her how to use it so that makes here the one who will get all my coins if I leave the planet :)))
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USBs do fail. Just a thought
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Yup your right that is why I have 4 more USBs to which she has access too and I have printed them on a few papers and put them into ring binder with my paper wallets, bank and insurance stuff.
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That is a really interesting point I had never conidered. Luckily, my brother is quite a tecky, so I could let him know how to access my various accounts, and he could do the same with me.
Thank you for this... I might not have thought about that until it is too late ;-)
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Yeah it is an eye opener for sure not only for the aged steemians but also to the young ones because life is not predictable and it is not promised to anyone. We all need to leave our wealth in safe hands...and the right hands at that.
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Yes you are right I agree with you and I start follow you to get more useful informations from you 😃😃
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I suppose keeping both paper and digital copies of your keys would provide the most security, but, it is a valid point that the more places you have your passwords, the higher the odds are that you could have them stolen.
I think caution and being conscience of your actions is the best guard against scammers and thieves.
If a business did pop up that specialized in keeping of personal keys and passwords, I would not envy them. They would immediately have a target on their back.
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You could print them and store them in a sealed envelope. What I have done is to encrypt the keys before printing it, but giving my inheritors the instructions on how to decrypt it. A person with some encryption skills would probably be able to crack it, but of course there will be no way to know that these are actually passwords/keys and not just some random stuff. It's note like I have written "STEEMIT PASSWORD" on the envelope :P
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That definitely is a big worry for crypto holders.
There is talk about a new ico called Safehaven.io which still is to be launched maybe this month. As far as I know they are planning to do what you are worried about. You can nominate the person whom you want your funds to go in case you die.
https://safehaven.io/
Here is an excerpt from their whitepaper that would interest you:
"Have you ever thought about how, at any second, something could happen to you? Have you ever thought about the day your family will face life without you? What about your cryptocurrency investments? What about those difficult markets with hundreds of private keys, exchanges and wallets? Will they ever be able to recover your investment without you? Can they trust anyone who would help them without the fear of something going wrong? Yes, they can! Safe Haven provides the solution! We are building a platform on the most popular and secure block chains so that you can stop worrying about your legacy!"
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I do not know if this is it, but for sure there is a need for one safe heaven.
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Upvoted it so that it comes into somewhat limelight.
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I have not, but it's definitely an interesting idea to nibble on.
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This got me thinking
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Great question! First time Ive considered it. Thanks for spurring my mind into action!
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And remember, our lives could end at any moment. We do not know when we will called, only that it is going to happen. Thus any crypto investor with people close to them has to think about these things well in advance
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I've thought about this too. I keep a small binder with life insurance, brokerage, mortgage, other information in a safe place. I printed paper wallets of all crypto accounts, including my Steemit wallet and all the keys. My wife has no clue what to do with any of those things, but we have friends who we trust who are knowledgable, and I have instructions to immediately liquidate all crypto assets in the event of my death.
Tough to think about but absolutely necessary.
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You have brilliant Ideas. Sounds interesting enough. The heir should be trained first to take control.
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No, I haven't planned mine yet maybe on of these days ^^
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I got experienced once by loosing my master key so this time i shared my keys to Dad & Gf :)
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Never think like that but after reading this post, i also thik that there should be a plan for this situation. Totally agree with you.
I haven't made any plan for this but i think i must because nobody knows that what will happen in next second and then everything will becomes useless(the tension you get when market was down and the smile when it's up). I don't want to take that money with me up there in hell/heaven doesn't matter.
@firepower thanks for this interesting topic and i am going to do something with it
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Death is our final goal. We must save everything on the way .
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Personally I use the Aegis Secure Key 3.0 which uses level 3 hardware encryption. There a little pricey, but if you have enough crypto to need it then that won't be a problem for you. I only connect them to a permanently offline laptop and use any other random USB drive to transfer keys and other safe files back and forth between online and offline computers. All my keys are saved on these drives along with instructions for family in the event they are to unfamiliar with the process. My family however does not have the passwords to these drives. Why? Well where are they going to store this drive? In the safe? Now where would they keep the 16 character numeric password? Also in the safe? Duhh... The passwords to access the drives are set up on somewhat of a dead man switch so to speak so if anything happened to me they would receive the passwords after a period of time. I don't and would never trust any 3rd party software or even 3rd party hardware wallets. Ultimately I will not sacrifice safety for convenience.
Here is a link to the ones I use: https://www.amazon.com/Apricorn-Validated-256-bit-Encryption-ASK3-16GB/dp/B01AJNGF4W/ref=sr_1_1?ie=UTF8&qid=1517038011&sr=8-1&keywords=aegis+secure+key+3.0
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This is an extremely valid point.
I'm 30 years old and I'm not likely to fall off of the face of the earth anytime soon. I rarely consider the idea of inheritance. If I were to die today, my crypto holdings would likely be lost forever - I don't think my girlfriend would recognize the value, nor would she know how to navigate the various platforms to cash out. Crypto is a difficult asset to pass on primarily because of the required technical knowledge of how it works. Even passing along my private and public keys might not guarantee that my heir would be able to extract any value from the asset.
Thankfully crypto is not my primary asset - And I don't believe it should be anyone's primary asset - But it's definitely still a significant chunk of my holdings.
I think there's a big market for tools that can be used by the common public to handle crypto. Services like CoinBase, and sites that easily allow crypto to be converted back to fiat are likely to become increasingly popular as the less technically inclined move into the crypto world.
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My two cents:
Get things arranged with the IRS or whatever they are called in your country. Especially if you have a considerable some invested in crypto ( i.e. More than few hundreds of dollars, I guess). Don't try to hide it.
Give your keys to someone you trust (childeren, spouse, whatever). Yes "trust". that word true.
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It will only be a matter of time before exchanges start offering Transfer on Death (TOD) contingencies just in case. Ive had to set this up for a few accounts. As for private wallets... thats something to speak with an attorney on. I can only imagine how many of the fix number of coins have been lost forever already due to hardware being destroyed, passwords lost, and physical wallets going missing.
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As of now, the IRS will only monitor people om Coinbase who have more than 20,000 dollars in crypto. Let it be known that you only pay taxes when you liquidate your funds
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I like your post and resteem it plz check my post if u have spare time for me @firepower
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Reading this article made me think about the situation where I'm dead and my family - looking through my stuff finds the steemit key. They enter it and boom - they become the crypto millionairs.
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Estoy totalmente de acuerdo, incluso debemos enseñar a nuestros hijos a trabajar y confiarles toda la información. Este mundo de las criptomonedas se ha ido extendiendo cada día y tenemos que prepararnos para cualquier eventualidad.
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This is a serious concern, this is something valuable from you. Thank you
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I'm not married yet, don't have kids yet either but my sisters have my passwords saved as backup. While we don't pray for death it's actually wise to let someone you trust in on your financial secrets... That way you can be rest assured that whatever happens, your funds are in good hands.
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Well... i ve not thought about that yet. Probably because i don't have so much to leave behind. But its an idea i have to ponder on. True to your words, anything could happen!
On a lighter note, incase you are looking for who to make your cryptocurrency heir? Look no further! I'm right here!!😁😁
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Let me start here by the saying of this great African Nobel Laurent Prof. Wole Soyinka that if knowledge is expensive try ignorance. So i can pass cryptocurrency to my heirs. I am better informed now. Thank you.
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@firepower
That thought has crossed my mind many times in the past few months too. I initially bought a keepkey, thinking that I would just place everything on there, but that has not worked out quite that way. I am constantly moving things around and adding new platforms and crypto etc. that half the time nothing gets placed on keepkey at all.
I have since resorted to listing every platform I use with all the usernames and passwords, I have ended up using the same email for all crypto stuff, so I have given my nephew, who is a highly qualified computer wiz with programming skills in 101 things, access to that email address as well as all my cpanel details just in case. So trust that he would be able to make sense of everything.
That is my current plan, but I do see how some kind of all-in-one solution would be a great idea. I think maybe I should chat to him and we could get started on just that. lol :-)
Great post, food for thought. it has made me give some more serious thought to organising my crypto draw.
stay blessed...
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death is the only reality in life and very sad:((( @firepower
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Great post! I wish you all the best.
Feel free to check out my blog @crypto-moon, this way we can support each other!
Cheers
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Thanks for this post ...💐
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follow me
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There is no knowledge that is not power we shall all die but we need to live a legacy behind most people are scared of death and its sure but in old age and fulfilment of our wishes and plan
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I always read your articles my friend is still a junior who needs your help sir ..
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All ready upvote you
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Haven't really considered it.
Now that you brought it up here, let's see if someone comes up with a solid plan.
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Thanks for the reminder, I just made a back up plan!
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@firepower nailed it bro !
very valid point and something to think and figure out a solution for..
Thanks for sharing this.
Cheers. definite resteem !
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Man, I didn't think about that! My husband and I are both on Steemit and we both have access to each other's passwords and stuff. But that's about it! I think you're right - the potential for lawyers in the future to deal with all crypto inheritance is huge! Because it's still early days, we're like in the Wild West times of crypto - there are no rules really. Not yet!
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This is basically the number one thing stopping cryptocurrency being adapted by the masses as a payment method. There is no way to recover lost passwords, etc. If some blockchain would come up with a way to do this, without loosing decentralization, I'd invest in that cryptocurrency. The current situation makes it so that cryptocurrency is a only a good choice for those without access to proper banking. Not that I want to criticize cryptocurrency as a whole, it just can't make it as a day to day payment system without fixing this issue.
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I have actually been thinking a bit about this, and decided to leave all keys and passwords to my wife. It's stored in the will, so hopefully no one will gain access to it before I die. If the unfortunate event happen I would be glad that my wife and son could be able to inherit my cryptoportfolio.
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good point that is, death is the last stay
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I was just talking about this with my wife a week ago. It's a difficult one because you hide all your keys behinds password safes and then once your gone .....
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@firepower I did read a article about it a while ago
http://fortune.com/2017/09/26/cryptocurrency-bitcoin-death/
Do check it out :)
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I think it is the most wise idea. We need the heir for electronic money and steem. Maybe it can be more valuable in the future. I am with you.
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This is an issue that requires trust and confidence. Before i can confide in anyone i need to trust such fellow and be confident than i wont be betray or backstab. To me the best means to secure all this is to have all my password and username to all my internet account in my e-mail then i will give the address and passoword of the mail to my elder brother and my little sister who i trust and have built confidence in them.
The last option i will consider is having a safe deposit box in my bank where my valuables can be stored and my next of kin having access to my bank details.
This issues really worth discussing.
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I was discussing this issue to fellow steemians a while ago, we thought sharing passwords to loved ones, write bookeeping and keep into safe deposit box, all e maill passwords and etc .. not sure will this works .. but somehow have to do .. we may not know what will happen to each of us tomorrow ..
Thks for sharing @firepower .. its a reminder to me and us fellow steemians ..
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Extremely solid point, not once have I thought about the future of my portfolio or where it's gonna end up when the day comes.
I appreciate this article ! Thanks a lot! I will think this through a bit more and make a better decision for my future endeavors!
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Something I have been thinking about all year! I will most likely have to teach my wife how to handle it. She is the only one that I would trust to do what is right for the family if I were to go.
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So much for the ATO clamping down on the black market. Bitcoin is invisible to everyone except the owner, even the ATO, unless it is inherited and even then, can be dissolved into family trusts without regulatory scrutiny. It can be bought and sold without any reporting required. What a joke on the system of taxation in a fiat currency. If Governments realised how dangerous Bitcoin is to the legitimacy of sovereign monetary policy, they would ban it outright. They won't and can't because the horse has bolted and they they've spent their time picking on low hanging fruit like personal income taxation compliance and slashing social welfare. Outstanding in it's stupidity really. And what do we hear from the mainstream economists? Chirp, chirp ....................
That's groupthink at work in the neoliberal world.
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i am using lastpass.com which offers everything i need to safely allow someone to access my details in the event of my disappearance,.
you can check out details on a post i wrote
be safe!
https://steemit.com/steemit/@eco-alex/the-best-way-i-know-of-to-be-secure-safe-protected-and-give-access-to-your-accounts-in-the-event-of-emergencies-or-death
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@firepower you are right! We are all going down someday. This is why I have instructed a notary to deliver to my family envelope containing all the accounts and keys with additional instructions how to access the relevant wallets and how to liquidate everything I have.
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I plan to do what a lot of the other commenters have mentioned. Write on paper the keys and passwords. I would go one step further and write instructions on how to access the accounts. I would likely only do ones I have crypto in and not all accounts.
I too wonder if there is such an app or project out there that can track and organizes accounts so that it only needs one set of keys. I have read from someone else on steemit there are apps that link to several of the user's exchanges so they can trade easier. Did not research further as I am not a big trader.
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yaah Losing your Steemit key is bad enough but imagine losing access to your entire portfolio!
we have to care not to lose our key !
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Superb blog..!!
Upvotes indicating it clearly..!!
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U so gorgeous!! Thank u
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your post @fireprower very good and very useful for visitors and readers ... continue to work
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I see this as something that everyone has to think about. Infact, we are requested to choose a nominee when we open our bank accounts or take life insurance. Eventhough, many would not want to think about their demise, that is one thing that is always looming over our head. You just don't know when or where it could happen.
Eventhough, I don't have a sizable income from Cryptos at this juncture, I have a very close family member with whom I have shared my online wallet, email, PINS and so on. Infact, I have his account credentials as well. This has infact come to my aid when I lost my mobile phone once and I was able to retreive my online wallet and email from his phone.
For some though who have huge funds in their online wallet, it's exceedingly tough to trust anyone.
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i have no idea about future... i just like it... and your word is impressed me.... that's it...
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Oh wow, what a good point! Im sure alot of people including myself never thought about that... Thanx !
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hahahaha very creative. I'm sure many of us had not thought of this! Thanks for sharing!!
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I wrote similar post few days past, when my husband handed over to me all his crypto informations, I’m his next of kin, and alone humbled me to write.
You can share my own thoughts here:
https://steemit.com/steem/@korghawk/steem-it-security-or-or-involve-your-next-of-kin-to-your-crypto-activities
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Nice post!
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I’m sorry you had to go through the accident experience, these words makes people like me scared lol, I mean unexpected death but the truth has to be told and they say the truth is bitter. What you just said is absolutely right, we don’t know for sure when we are leaving this world and your idea of giving out our investment to our loved ones is right. I think storing all crypto coins in open ledger then letting our family members have access to them is a good thing, Storing our steemit passwords in emails and our details also giving the ones we trust so much is also a nice idea. Thanks for bringing this awesome idea to us. Stay bless
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Yeah that's definitely something that people should consider, especially the ones who hold some good volume of crypto.
I think this can be a new business strategy for a startup to kind of bring in a business model where people can nominate who's getting their digital assets after them.
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A good conversation to have...
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I think you have saved a lot of future disasters with this post. I opened an account here because my brother told me about it. Which is perfect because he's the only one who knows about this stuff that I can trust.
I think I'll send him a message now.
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Hey! This is a really interesting topic that I haven't looked into yet. I'm just starting out, so I don't really have any money in Crypto yet. That said, I am following Dave Ramsey's plan. He helps a lot of people with financial topics, and one of them is how to leave your inheritance to the next generation. He doesn't mention Crypto specifically, but this might be a good read on some things he recommends as far as helping family understand what to do after you are gone: Legacy Drawer. Hope that helps!
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That's why people should be more informed about crypto and the government should embrace the system and backing it up.
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Wow..never thought of this...I think I should write about this for my followers from Nigeria. Thanks for sharing
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I have a document that has all the logins, but they definitely wont know what to do with it. I guess I should just add a piece of paper that says #HODL
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There is a Crypto Currency in development trying to solve exactly this problem.
You can check out the whitepaper of Safe Haven here and look up their approach on it.
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While all I have made so far is barely some shortchange, I still think it is important to safeguard my account. My significant other has the keys and passwords. Now that I see other comments on this post, I think I will share it with my brother too. Who btw is sick of hearing me talk about steemit and will join any moment now :D
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Good Point. I was also thinking about this few days ago. Holds true not only for Steem but for all cryptos.
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Fantastic and interesting post friend congratulations greetings
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I would say I have never thought about this till now.
But I have read about it, somewhat related to it.
Every year, a sizeable amount of bitcoins are lost due to sudden deaths of their owners, this was one of the lines I remember when I was trying to figure out what bitcoins were.
I will think about it now and will also keep a check on this post's replies.
Maybe someone will have the solution about this.
Thanks for bringing it up to everyone's attention.
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Very very important topics, you have posted. Yes it is a great questions,because in our lives when ever we come to any financial situation, the question of legal heir arises.This is our hard work money so every one should be careful about the importance of your assets. In my cases I am lucky enough to have two intelligent sons in my life and they are also present in this community in their respective fields. Your mom is also a very intelligent and a brave lady, some times I tell her about you. You both mom and son are very practical and energetic persons of our community and you both are my good friends. Thanks for sharing such a valuable lesson, wish you a very beautiful time ahead.
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The time I bumped into accidents twice last year and the moment made me think about my daughter.... and I realize life is really short and cryptos are getting huge... soooooooo....
I let my partner knows all of my passwords in crypto and also I gave her a list of what to do in case there's something happen... wanted to secure my daughters future.
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Good discussion, thank you for sharing new knowledge. greetings from Indonesia.
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Hlwwwww @firepower.... I heard u r coming to Assam to have a get together with us..... If so we will be the luckiest steemians.
Please see my recent post of photography.
https://steemit.com/photography/@lachitsarmah/some-special-moment-captured-by-me
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It doesn’t matter how much you do your estate planning for crypto inheritance, if the law doesn’t recognize it as material your will has no substance.
Why would the law recognize crypto when there is no exchange market like for $ exchange around the world. Cryptocuureny and bitcoin currently do not have any Infrastructure to easily convert it to paper $. They only exist in cyberspace and only the crypto investors recognize them. My grandparents and yours, and even our parents, do t recognize these currencies. Crypto and bitcoins are the elements created by the millennial sans mostly use by the millennial. The older generation likes to hang on to more tangible thing than the cyberspace currencies which have no meanings if there is no hard copies. You lose your key or password you lose your money. Moreover, no government regulation therefore another factor for the lack of recognition in that the currencies not valid or real enough to warrant regulation for consumer and market recogbition. A sense of ‘realness’ is Missing for crypto and bitcoins without the paper dollars you can put in your wallet and can be used to buy everything from everywhere!
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@firepower Got a 12.03% Vote via @klye
Make sure to include the link to your post in the memo field of the transfer!
( Any amounts < 1.000 STEEM or SBD will be considered donations )
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A very relevant thought . @firepower - "safe transfer to the rightful person". Much needed solution .
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i have to get on this!!
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I love this, I have no choice than get in this immediately, it's a great food for thought, thanks for provoking me to think.
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Awesome post brother
Voted and Resteem your post
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Good post Firepower..Im going to resteem your Post
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I can only imagine the feeling right now , having the so much on steamit and you only have to deal with it when you are ill or something happens . You can tell if the rain will fall or sun will shine tomorrow but the reality on human beigns only come knocking sometimes without prior nitice...
Im still looking to become someone like fire power here but its never late not early to start thinking on what the post is all about ... Great post
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Interesting idea. Never thought of the far reaching complexities of crypto currencies reaching beyond our passing.
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I've always wanted to know how to pass the crypto to someone who doesn't understand the crypto world.
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It's something I've been contemplating recently.
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I really think of those things too .. how about if you suddenly die, how do you give these loved ones life keys to get what you have, thanks you very much for the reminder .I really aporeciated this blog,now I need to secure my accounts and I will teach also my family how to use this system..
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This gave me a big realization. I have kidney failure and just last night my BP was 240/120, I thought I was gonna die but I haven't passed any of my keys or password to my 11 year old daughter. Amazing how you can think of this at this point. As for me, I think I really need to put things in place now. This is quite in time with my thoughts. Thank you for posting about this. You take care, sir and see you around Steemit! All the best.
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Hello friend... So have you figured out the solution? Pls share if you have.
It would be great to hear it, from a seasoned enthusiast like you!
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Another thought.. And I would like to hear everyone's views on it...
If cryptos do become mainstream in a few years, wouldn't the storage and all other stuff around it change drastically??
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nice ☝🏼
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Nice post and resteem it plz check my post please help me
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Hmmm
I've never thought about this, until now. You raised good questions. Maybe I should use your friend's idea of keeping my password with my sibling.
Maybe I'll create a list of my portfolio and store them in a drive somewhere. But then, it's just thoughts
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You know I was just thinking the same thing a few days ago. I wonder how many accounts are currently out there with money that no one knows how to access. While the loss of someone is tragic, I think that maybe there does need to be a method in place that would allow families to recover the funds of deceased family members. My wife does have all the information needed to access my accounts should something happen to me but this is definitely something that everyone should think about. It's not as simple as walking into a bank with the right paperwork when it comes to crypto.
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