I think that 99% of people who are engaged in investment do not think about it today. Who even thinks about inheritance and his heir when he is young or at least at the age of maturity. I am sure there are few such people, but the question that is understood here seems interesting and important to me. Such a thought should sooner or later be realized in some kind of mechanism that will insure the risks and there will be a way to get around the problem. For example, teach your children what blockchain is and how to use wallets.
This is a difficult topic, we know that almost no one wants to think about the day they will die and that is completely understandable but it has to be done because even if you are young and strong you never know what it is going to happen, just look at 2020, it seemed like just another year and suddenly we were in the presence of one of the worst pandemics we have ever seen and even if the elderly were the most affected ones many young people still died so we need to have everything in order in the case of a sudden death. 
Topic: Bitcoin is private and decentralized, ok but what if someone dies? (Read 409 times)
April 19, 2021, 09:09:32 AM
This is a very important topic that I have actually discussed here before. Although this is related more toward the "Collectibles" board, it still applies in any situation when one passes an wants to leave their bitcoin and or cryptocurrency behind to their loved ones. Here is my write up. I think you will find it helpful, or at least hope you do https://bitcointalksearch.org/topic/m.50703294
April 19, 2021, 09:04:20 AM
the most important thing is that you can find the password or private key and access to the laptop or computer. I think that's the only way. because security in crypto storage is not easy for anyone to open except the owner, but if the owner dies that's all that can be done unless your brother gives access to someone else before he dies
April 18, 2021, 02:40:23 PM
I think that 99% of people who are engaged in investment do not think about it today. Who even thinks about inheritance and his heir when he is young or at least at the age of maturity. I am sure there are few such people, but the question that is understood here seems interesting and important to me. Such a thought should sooner or later be realized in some kind of mechanism that will insure the risks and there will be a way to get around the problem. For example, teach your children what blockchain is and how to use wallets.
April 18, 2021, 02:21:32 PM
My dream when i have a lot of coins or maybe it is a big amount of money, i will tell my family about it. When I read in some post that said if no one know our private key, it means it will gone forever if we dead. Almost like when we lose Private key of our wallet although we're still alive. it will stay in that address and no one can't touch it. I don't want that thing happen. When my friend dies because of disease, fortunately he give his exchange account to 1 of his friend already, so they can withdraw it and give his money to his family.
April 18, 2021, 10:46:26 AM
If that happens, or if someone died with possession of bitcoin, it is just luck if he was able to leave his private keys (mostly hard drives) so he can pass his wealth to his family. Unfortunately, I never heard of companies with services with these types of concerns. Haven’t seen any insurance company that is focused on cryptocurrency. Also, a trustee firm where we can file our last will so just in case we die, our family could claim our wealth.
I'm actually hoping that someone will establish the said service. It’s just that right now, it’s not yet very much feasible. Let’s just wait for bitcoin to be massively accepted then we will see these services being offered.
If I remember correctly exchanges already have something like that in place so if you like to keep your coins in exchanges, something I do not recommend long term, then your family members have a chance to recover your coins if you at least tell them that you are holding some bitcoin, however we must remember that we are our own bank and if you are holding your coins yourself then you are the one that needs to put those measures in place if you do not want your coins to be lost when you die. I'm actually hoping that someone will establish the said service. It’s just that right now, it’s not yet very much feasible. Let’s just wait for bitcoin to be massively accepted then we will see these services being offered.
April 16, 2021, 12:05:11 PM
If someone dies with holding some bitcoin in his/her wallet then his/her bitcoin will kept in that wallet till someone get access the wallet and send it or sell it. If that person write down the access key or put somewhere that can be found by his relative then his/her bitcoin can be used. Otherwise his/her bitcoin will kept forever.
April 16, 2021, 11:47:54 AM
most people will still say wills is one of the keys if one day the main holder dies. well, I think so, but the will can be easily accessed by the heir if one of the heirs is not proficient in accessing the personal data of the bitcoin holder.
due to the nature of the main holder who can fully control. Another way is to represent an adult as a trust to manage data to be inherited. many of us have seen this phenomenon, such as assets that have hired advisors / lawyers as intermediaries to convey to the heirs in writing.
due to the nature of the main holder who can fully control. Another way is to represent an adult as a trust to manage data to be inherited. many of us have seen this phenomenon, such as assets that have hired advisors / lawyers as intermediaries to convey to the heirs in writing.
April 16, 2021, 11:11:11 AM
There are many services related to cryptocurrency management and inheritance that have been fueling the building idea over the last few years. Bitcoin's decentralization and privacy have created user trust.
We need to accept the truth about cryptocurrencies and prepare ourselves a backup solution so that similar unexpected events happen no longer a concern. Each of us has a responsibility to our families and those close to us that deserve to receive in return the property we leave behind.
In the case of your brother's death in a traffic accident, find a way to get his mobile device and computer back and look at them little by little. Maybe he left his possessions behind in some secret file that you can reach.
We need to accept the truth about cryptocurrencies and prepare ourselves a backup solution so that similar unexpected events happen no longer a concern. Each of us has a responsibility to our families and those close to us that deserve to receive in return the property we leave behind.
In the case of your brother's death in a traffic accident, find a way to get his mobile device and computer back and look at them little by little. Maybe he left his possessions behind in some secret file that you can reach.
April 16, 2021, 10:14:24 AM
If we have someone who we really trust, for example, our husband or wife, we can trust them and let them know about the data. And probably we can use the data for our children. In some exchanges, there are also heritage data in which we can get the assets to our children or whoever that we give the data so that the assets can be someone else someday.
However if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.
Telling a family member about private information about a bitcoin wallet is very simple but I don't think they can easily use it as simple as we do every day because this personal data is constantly updated, from exchange wallets, email accounts to verification, it's a very long cumulative process to get used to such information. So to avoid these situations, we should be more concerned about regular health checks and besides, converting bitcoin into cash and giving information to family, a bank account is easier to access than a bitcoin assetHowever if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.
April 15, 2021, 06:49:11 PM
If we have someone who we really trust, for example, our husband or wife, we can trust them and let them know about the data. And probably we can use the data for our children. In some exchanges, there are also heritage data in which we can get the assets to our children or whoever that we give the data so that the assets can be someone else someday.
However if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.
However if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.
April 15, 2021, 06:42:56 PM
I think, for now, the only solution to make sure BTC or other crypto is inherited is just to look ahead and do everything beforehand, and this includes not only showing your relatives where you keep the password and the seed phrase but explaining and showing several times how to use it, exchange, etc. as well.
Don't give up. It's 100% that your brother kept his private key somewhere, look into his notebooks, txt files on the PC, and alike. It would be a pity if this money was lost due to the inability to access the wallet...
Don't give up. It's 100% that your brother kept his private key somewhere, look into his notebooks, txt files on the PC, and alike. It would be a pity if this money was lost due to the inability to access the wallet...
April 15, 2021, 06:32:11 PM
Sorry for your loss . It's unfortunate to hear that he was a crypto enthusiast who might have had some assets that can't be accessed since his passing. While Bitcoin solved plenty of financial problems, it has a few downsides of its own. Since everybody can essentially be their own bank, they're tasked with keeping these accounts secured and backed up for majority of the time. The best way to handle situations like this is to make them aware that you've a crypto portfolio and that they should ONLY access it in an event that you're unable to. That's it.
You would really need to let them know if you do want for them to benefit out on what you had left once you die unexpectedly.Life is temporary and anything could happen.Some people do even put up some will that those things will be opened once they die, some do store up on a ledger and giving out instructions on how to open it.
It is just that friend of his did really forget or intended not to let know his loved ones about his holdings and this is one of the cons if you dont
make out some back up that your loved ones would able to open it out.Its just a matter on how you do mind of the possibilities.
April 15, 2021, 06:09:56 PM
Sorry for your loss . It's unfortunate to hear that he was a crypto enthusiast who might have had some assets that can't be accessed since his passing. While Bitcoin solved plenty of financial problems, it has a few downsides of its own. Since everybody can essentially be their own bank, they're tasked with keeping these accounts secured and backed up for majority of the time. The best way to handle situations like this is to make them aware that you've a crypto portfolio and that they should ONLY access it in an event that you're unable to. That's it.
April 15, 2021, 05:59:19 PM
I think the initial solution is, you save all your data in fashdisk and make a will for it if anything happens in the future, but sometimes we are often negligent and forget to do everything, so while you can still remember do something useful for people who you will leave
April 15, 2021, 04:15:08 PM
I have a fire safe, actually a floor safe sunk in concrete. If you don't have one, you should get one for those important things, and even stuff that you can replace, but would be a pain, like your automobile certificate of ownership. If you rent, get a portable one, and if you can't trust your roommates, use a safe deposit box.
In my safe I have an envelope with "Bitcoin" written on it. Today, everybody knows what Bitcoin is, and when the safe is opened when you die, your heirs will find the Bitcoin envelope and the will hand it to whoever is the most techie.
In that envelope I have the backup words for the wallet on my phone, another with the backup words for the other wallet that I use for alt-coins, another with the backup words for my Trezor, and several paper wallets with various amounts of Bitcoin. If I haven't spent these when I die, my heirs should be able to extract them, and since it doesn't require paperwork, they can be quietly excluded from any inheritance tax.
In my safe I have an envelope with "Bitcoin" written on it. Today, everybody knows what Bitcoin is, and when the safe is opened when you die, your heirs will find the Bitcoin envelope and the will hand it to whoever is the most techie.
In that envelope I have the backup words for the wallet on my phone, another with the backup words for the other wallet that I use for alt-coins, another with the backup words for my Trezor, and several paper wallets with various amounts of Bitcoin. If I haven't spent these when I die, my heirs should be able to extract them, and since it doesn't require paperwork, they can be quietly excluded from any inheritance tax.
April 15, 2021, 03:40:02 PM
Bitcoin does not consider this! maybe if I am old I will write my private key for my family, but then again what are the chances that they would understand how to get the money? There are so many people who aren't computer savvy, so even if we go the extra mile of writing the sentence or the key in the well, a good chance that family members will not know how to use it and take it for granted. They don't know how much bitcoin worth and will neglect it, of course, given you wrote a well. What if you didn't?
The worries you are expressing now is because you are alive because a dead man does not worry, he is gone and gone for ever. Therefore, to avoid these kind of worries for the living after the dead was gone is to write a will as the first thing to secure what you have. The worries about family members or trustees not understanding, knowing or have knowledge about bitcoin is inconsequential because when the time comes, there will be the solution on it but if you don't put down a will and die intestate, that is bigger problem. So you need to prepare a will about how your hodlings should be handled. To die testate is to write a will. The thread below also dealing with this kind of topic.
https://bitcointalksearch.org/topic/m.56772859
April 15, 2021, 02:40:20 PM
What if my brother owns 4 or 5 BTC which his kids deserve? we will never know! the kids already got all the heritage out of the bank which is why I said the banks and government are a plus in that kind of issues/problems.
P.S. Most of his money goes into crypto and stocks, which is why the kids and his wife did not get much out of the banks, so with this, I don't know where to go to find out. If someone got an idea pls let me know.
then those coins wont really come to waste in case he dies and he should remember that life is just temporary.
We don't know on what would happen tomorrow or in next second because nothing can be known ahead in terms of our own lives.So its not bad to always consider
on setting up things about inherit of holdings.
Try to look for some USB or files on his own pc and you might possibly finding off some hints or accounts that shows on his storage.
April 15, 2021, 02:36:32 PM
I guess that just one of the disadvantages when it comes to bitcoin or being decentralized because for sure you can't open it anymore if your dead or your family doesn't know your password or private key.
If you think about it there are people who want centralization like banks because they just don't want to have that responsibility, like for example you lose your password or private key you cant recover that account anymore if it's decentralized but if it's in the bank, you could just call the bank to tell them that you forgot or lose your password and then they could just give you a new one.
So both centralized and decentralized are great but also have their advantages and disadvantages, it just depends on what you want and how are you going to manage it.
If you think about it there are people who want centralization like banks because they just don't want to have that responsibility, like for example you lose your password or private key you cant recover that account anymore if it's decentralized but if it's in the bank, you could just call the bank to tell them that you forgot or lose your password and then they could just give you a new one.
So both centralized and decentralized are great but also have their advantages and disadvantages, it just depends on what you want and how are you going to manage it.
April 15, 2021, 02:30:18 PM
It's not actually the system's fault, it's your brother's fault to keep it secret even to his own family. When it comes to finances, family or trustworthy relatives should have access to your money or you should at least let them know where you were spending your own money, So I think we consider such possibilities like this to avoid getting in a situation like losing your BTC just simply because no one knows about it other than you.
Yes, we can't blame him, but we also can't blame bitcoin for being designed the way it is.
It was that man's choice to keep his investment a secret from his wife and kids.
If he had a lot of money and buried it somewhere in the garden, would it be the money's fault or his? Usually people doesn't hide money from closest family.
OP, check your brother's computer. Maybe you will find some hints and traces that can help you get his money. Check if he had accounts on bitcoin exchanges and send them his death certificate. It's possible that they'll reset his passwords and give you access to his accounts. At least you'll know if he held anything there and how much he bought.
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