8 ms·

Which is fine until you want someone to be able to inherit your money.

by kozak 7y ago

ravingraven 7y ago
Well, that would be stupid from your part if you kept wealth that should be inherited in Bitcoin-form, not a Bitcoin shortcoming. Just like it is not a shortcoming of cash that you can bury it in a hole in the desert and tell no one about it and expect it to be inheritable.
- wpietri 7y ago
  Thinking you will know the day and hour of your death is extremely bad estate planning. Any wealth is potentially inheritable, because you can die at any time. (And yes, that is a shortcoming of cash. Which is why we've invented other ways to store value, and approximately nobody stores their money in random holes on other people's property.)
  - wgerard 7y ago
    Uh I mean, not that I'm a cryptocurrency enthusiast by any means, but wouldn't prudent estate planning include a prepared will or some sort of next-of-kin document that includes a mechanism for access to your accounts/passwords/passphrases?
    - deleted 7y ago
      [deleted]
    - alwillis 7y ago
      There’a an app for that: https://keys.casa/bitcoin-inheritance-plan/ https://keys.casa/bitcoin-inheritance-plan/
  - ravingraven 7y ago
    >Thinking you will know the day and hour of your death is extremely bad estate planning. I never claimed the contrary. The prudent thing to do is to use Bitcoin for its intended purpose: electronic cash. Convert from fiat to crypto as needed, not as a store of value.
tyre 7y ago
Put the secret key in a safe deposit box and inherit the key
- justin66 7y ago
  If you're passing down a single bitcoin as an eccentric memento, okay. Otherwise you should take into account: https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html https://www.nytimes.com/2019/07/19/business/safe-deposit-box...
- pmoriarty 7y ago
  Safe Desposit Boxes Aren't Safe: https://news.ycombinator.com/item?id=20545276 https://news.ycombinator.com/item?id=20545276
yodsanklai 7y ago
There are various types of smart contracts that can help you to do that.
- thinkmassive 7y ago
  https://en.bitcoin.it/wiki/Multisignature https://en.bitcoin.it/wiki/Multisignature
alwillis 7y ago
That’s already covered: https://keys.casa/bitcoin-inheritance-plan/ https://keys.casa/bitcoin-inheritance-plan/

Which is fine until you want someone to be able to inherit your money.

by kozak 7y ago

Which is fine until you want someone to be able to inherit your money.

Well, that would be stupid from your part if you kept wealth that should be inherited in Bitcoin-form, not a Bitcoin shortcoming. Just like it is not a shortcoming of cash that you can bury it in a hole in the desert and tell no one about it and expect it to be inheritable.

wpietri 7y ago
Thinking you will know the day and hour of your death is extremely bad estate planning. Any wealth is potentially inheritable, because you can die at any time. (And yes, that is a shortcoming of cash. Which is why we've invented other ways to store value, and approximately nobody stores their money in random holes on other people's property.)
- wgerard 7y ago
  Uh I mean, not that I'm a cryptocurrency enthusiast by any means, but wouldn't prudent estate planning include a prepared will or some sort of next-of-kin document that includes a mechanism for access to your accounts/passwords/passphrases?
  - deleted 7y ago
    [deleted]
  - alwillis 7y ago
    There’a an app for that: https://keys.casa/bitcoin-inheritance-plan/ https://keys.casa/bitcoin-inheritance-plan/
- ravingraven 7y ago
  >Thinking you will know the day and hour of your death is extremely bad estate planning. I never claimed the contrary. The prudent thing to do is to use Bitcoin for its intended purpose: electronic cash. Convert from fiat to crypto as needed, not as a store of value.

tyre 7y ago

Put the secret key in a safe deposit box and inherit the key

justin66 7y ago
If you're passing down a single bitcoin as an eccentric memento, okay. Otherwise you should take into account: https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.html https://www.nytimes.com/2019/07/19/business/safe-deposit-box...
pmoriarty 7y ago
Safe Desposit Boxes Aren't Safe: https://news.ycombinator.com/item?id=20545276 https://news.ycombinator.com/item?id=20545276

yodsanklai 7y ago

There are various types of smart contracts that can help you to do that.

thinkmassive 7y ago
https://en.bitcoin.it/wiki/Multisignature https://en.bitcoin.it/wiki/Multisignature

alwillis 7y ago

That’s already covered: https://keys.casa/bitcoin-inheritance-plan/ https://keys.casa/bitcoin-inheritance-plan/