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Monday, October 3, 2022

What If They Don’t Want Bitcoin, Ether, etc?

A family member and trust you to keep a backup copy of their seed. You give them some bitcoin. Did you just give it to yourself?” Well, there’s the practical [answer] and then there’s the legal and I’m not a lawyer.

So from a practical perspective, you gave them a gift that you can now take away. Which, depending on how trustworthy of a scoundrel pirate you are, you may decide to, in fact, take it away.

In which case, it wasn’t a gift in the first place — it was a bait and switch. So here’s the thing, I do actually recommend that if you are a trustworthy person, you keep a backup of the mnemonic so that you can re-gift the gift after they’ve lost it five years from now.

And that way, if they decide they don’t want it and they want to return it, you know kind of like when you give a gift in the USA and you say, “The receipt or the gift receipt is in the box if you do like it you can return it they will take it back and you can buy a credit for your new ps5” or whatever the kids are into nowadays.

So from that perspective, you can think of keeping a backup of the mnemonic as a way to take back the gift and give them something else if they don’t like it.

Hi. I’m Andreas Antonopoulos. If you enjoyed that video, consider that it takes a lot of work to produce open and free content that can be shared with everyone around the world.

This isn’t sponsored by some company. It’s not promoting a product or an altcoin or some kind of investment scheme.

My goal is simply to help explain the technology of bitcoin and open blockchains to as many people as possible in a neutral way that focuses really on the incredible possibilities that this technology brings us.

If you’d like to support that mission, subscribe to my channel and go on patreon.com/aantonopwhere you can participate and help me build better content for more people. Thank you!

Read More: Buy a Tesla and Get FREE Ethereum!

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