Re: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
This thought has been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems remain unclear.
The best way to transfer wealth to the next generation comes in two different aspects but both operate together and these two fundamental aspects, tools to effectively transfer tour Bitcoin assets to the next generation and this are:1: disclosure of your wallet balance and transfer of wallet private recovery keys to the next of kin.
2: giving the one that wants to inherit the assets the basic knowledge of cryptocurrency and how to secure their assets guiding their self against any possible attack by maintaining high privacy.
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I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secret codes of the wallets or storage devices. Is there any other way this can be done?
Just like i said above, the only way to transfer Bitcoin holdings is by giving up the private keys to the wallet and in doing that one need to take into accounts some other underlying factors that can expose your privacy and security of the account.This is the more reason one need to build a food basic knowledge of Bitcoin and cryptocurrencies in the life of those around tou in that way you don't necessarily need to spend too much time or risk too much in attempting to transfer the wealth to your next generation since they already know the way to handle themselves.
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My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topihasve has been discussed, I will be glad to be pointed to the thread.
Well thought out mate and nice to see that you decide to ask such here since it will help all of us to learn how best to transfer wealth in digital formats.