Extra Ressources :
Cryptoasset Inheritance Planning – A simple guide for owners – Pamela Morgan, ESQ.
Copyright 2018 by Merkle Bloom LLC , All right reserved. CC-BY ,
Chapter 6.1 – Create an inheritance plan.
“ What happens to your Bitcoin if you die or lose your memory tomorrow ?”
A Bitcoin Inheritance Plan will help you answer this question.
Disclaimer: Get « Crypto Inheritance planning » by Pamela Morgan. Most of what I will explain comes from this book.
- Select 2 helpers: Those are people who you trust to help your family figure out how to recover all the assets.
- Make a simple inventory: List every important device/ information regarding your BTC ( Devices used, wallet used, seeds ,back-up & passphrase location. Do not be specific about the location, just global (Ex: At Bob’s place)
- Write down a letter with Ink & Paper:
- I have some crypto that could be worth money
- Be careful, educate yourself, call « trusted Helpers.
- The assets can be accessed via “include inventory “
- You can access them using this « set road map toward assets. »
- Good luck & I love you.
This letter should help recover the asset but not give it to them directly. DOo NOT include any private key in it.
- Make a copy of the letter, store it in a safe and secured location but accessible by your loved one if needed.
- Call your notary and make this plan legal with your Will.
Done. You are the 1% of Bitcoiner!
Get Pamela’s book and plan a date to improve this letter.
Chapter 6.2 – The future 50 years for Bitcoin
(I haven’t work on this topic yet, so here is my thought meanwhile)
This topic is more political and philosophical than other, Be aware :
Where Bitcoin will be in 50 years ? How can you participate ?
I obviously don’t have the answer. But I do know some stuff :
- I can tell you the exact amount of Bitcoin in circulation in 50 years from now.
- The protocol will be unreconizable
- The different layer of infrastructure will make the thing I know pointless.
- Everything I taught you will be irrelevant
- Bitcoin is not going away
Those thing I’m sure of, because like any technology, it moves. And due to the law of acceleration, it moves faster and faster. Bitcoin is no difference and if you combine it with the money aspect I believe it will move at an unimaginable speed. So your private key will change, your storage solution will change, and the layer in which we use bitcoin for our activity, business and others will change.
I have no clue where to, and if I’d made a guess it will be highly underrated compared to what it will become ( and I have a big immagination). So my advice to you, younger generation and newcomers is this :
Congratulations on falling down the bitcoin rabbit hole. You’ve made your first step, there is a lot more to know, and so much to learn for the future. If you feel Bitcoin is cool, I will encourage you to keep digging :
- Economy / finance
- Freedom & History
- Game theory
There are many subjects of bitcoin to learn and explore and we didn’t even start. I only taught you how to own them responsibly and securely. In the next adventure together if we shall have, I will go in depth on the tech & philosophical side of it. What is LN, what are nodes, who control the network, why is it 21 M and never more, What bitcoin can do for freedom, the economy and finance?
Like many other, you can help the Bitcoin communit; Create educational content, write some code, build some service, become an entrepreneur. This is the only way we will move forward as a society. Statism, cartels or legal monopoly are philosophically against bitcoin ; it takes time to understand the world we are living in. But once the piece starts falling together you realize that Bitcoin is maybe one of the last few emergency exit doors that we, the 99.9% of people living in this tiny rock in the middle of nowhere, have against our current dying system.
I thank you for following me and I hope you have safely secured your bitcoin.
PS: Yes, in my opinion, Bitcoinization of the world is innevitable, it’s what comes after than intrigues me.