How do you know if someone left you Bitcoin after death?

Jawhead999

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Quote from: Luffygroove on October 25, 2021, 06:28:47 AM

You can check some projects like Criptoro, Keys.Casa, etc.

I don't recommend to use that service since it's expensive, take a look with Keys.Casa the inheritance services only available for Casa Diamond clients [1] which they charge $5000 per year. What I see they only manage and teach someone to use Bitcoin, while they only use multisig for the inheritance. Creating multisig wouldn't cost you anything, you can read some guide to create it.

[1] https://keys.casa/bitcoin-inheritance-plan

Luffygroove

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Talking about private keys, People probably are just too scared to share them with other people because it's safer if only the holder that knowing it. Normally, when people died and they don't hand on the bitcoin wallet's private key, then other people won't be able to access the wallet. It means those bitcoins are stuck just like that there. But along with time, now there are some projects who are offering bitcoin inheritance services. You can check some projects like Criptoro, Keys.Casa, etc.

Alisha-k

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It would have been very possible and easy to access the wallet if Bitcoin was centralized, but it's decentralized nature has made it almost impossible for someone else to access a Bitcoin wallet if not given the keys..

This is the reason why it's necessary to teach your loved once on how to trade and hodl Bitcoin, that way you can feel save letting them know secret keys.

Eureka_07

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Quote from: nakamura12 on October 22, 2021, 09:36:24 PM

Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

There are some people who left a clue to their family which when they solved it then they will get the keys, passwords and mnemonic phrase to access the wallet and get the funds or use the wallet. It's been discussed on what to do to let a family get the bitcoin when someone who have bitcoon die.

That's my prefer way. Since you don't just gave them the very seed phrase of your wallet. They won't be able to touch any of it without having the clue that you'll give them, unless they are very knowledgeable and can think of some way to unlock wallets.
Or, if you're ready, you can just give your seed phrases to them so they won't have a hard time solving clues.

BIT-BENDER

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I think if any one has a plan to leave an inheritance of Bitcoin to their heir they would always have another plan to get them the inheritance after they are dead. I have heard of weird things being left for someone's next if kin, somethings that normally where hard to pass down when they where alive, I think if the owner of the Bitcoin has a trusted legal lawyers most likely someone very close to them and their families then they should make a document concerning the Bitcoin and wallets information and hand in a copy to them to be passed to their heir when they ascend to glory.

Mpamaegbu

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

The only way the potential heir knows about it is if the benefactor told them about it. Otherwise there's no way they get to know and If the next of kin doesn't know about the Bitcoin it may be as good as gone. This is why I strongly believe that a lot of Bitcoin will be lost forever because this privacy and secrecy thing around it has pushed many hodlers to the mentality of not even trusting those close to them with information leading to their stash while alive.

Quote from: Darker45 on July 14, 2021, 10:12:01 PM

As for me, I'd rather keep it simple on a piece of paper, perhaps 2 copies, and a couple of USBs containing the same information and instructions.

What if... What if all that fall into the hand of someone other than the person it's meant for after you've supposedly left this world?

robelneo

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

Bitcoin is not centralized and there's no company that manages your Bitcoin in your noncustodial wallet, except if Bitcoin is left in an exchange or a custodial wallet, then the admin of that exchange or custodial wallet can manage your coin.

If the owner of Bitcoin left his coin in a custodial wallet the relatives can communicate to the exchange or operator of the custodial wallet if they have it in their TOS that they can transfer those Bitcoin to their relatives.

If those Bitcoin are held in a custodial wallet where you need a private key to access the coin, then Bitcoin is lost forever.

nakamura12

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

There are some people who left a clue to their family which when they solved it then they will get the keys, passwords and mnemonic phrase to access the wallet and get the funds or use the wallet. It's been discussed on what to do to let a family get the bitcoin when someone who have bitcoon die.

Igebotz

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

Unfortunately, when you die, your Bitcoin dies with you; bitcoin was not designed to survive death, and the most wonderful aspect of bitcoin is that when one loses their wallets, the value of others' increases. Bitcoin equals scarcity, which equals value. Remember what I stated earlier? Because death is unavoidable, always ensure that your next of kin has access to the private key or keep it in a very sensitive location.

Masplanc

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

If a owner of a wallet dies if he does not disclose his private key to anyone nobody will have access to his wallet.
It's assumed that dead people wallet lost there private keys.

GeorgeJohn

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet.

That's Truth, but i think you can recover it if you really work on it, and again everyone is desperate to keep the phrase code of a wallet intact for security purposes, because mistakenly the keys is been exposed to another it's very obvious that the coin in the wallet are liable to go out anytime and any hour from unknown user that happens to view the phrase.

Quote from: Magicalking on July 14, 2021, 03:58:30 PM

But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

That's the major reason i said it's acknowledgeable, encourageable to have a documents of a cryptocurrencie transactions record and more especially bitcoin related investment record book that will be in secret, because our lives don't have a duplicate, and it's open to that death is inevitable, so therefore wallet phrase have to be written down because of our departure can occur any time without any awareness so that our lovely onces can access our wallets through the help the document that contains our secret codes.

CryptocurencyKing

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Where an ultimate security system could turn out to be a flaw for the once that took no step in ensuring that there is a treasure box somewhere for the left behind.

Apparently, there is no way of knowing if you've been left bitcoin by a supposed disease person should you not to have been pre-informed, it wasn't put in a will or a clue to it was left behind to figure it out.

Fortunately, this isn't a flaw of the system as one can not tell when one dies neither can your wallet be accessed without the private key or seed phrase to avoid issues of theft. Hence, your level of security as a bitcoin owner is entirely upto you and as a left behind, your ignorance on access keys simply defines your relationship with the individual with regards to trust and what you ought to know & not.
Though, with death coming unannounced, it becomes extremely difficult for one to tell the best time to compromise on his or her security levels with their concerns.

traderethereum

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If you do not know what the password or keyphrase is, you can not transfer the bitcoins or access the wallet and the bitcoin will remain on that wallet without anyone can access it.
You can not do anything unless the owner gives you all information before he died so you can use that wallet and send the bitcoin to other wallets.
I wonder do you want to give your bitcoin as a legacy to your kids or family?

Magicalking

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Quote from: GeorgeJohn on July 16, 2021, 01:08:50 AM

you have a basic knowledge of everything concerning cryptocurrency or you been existing here for so long, because question of newbie don't really goes like question of yours, this should be an alternative.
[/quote]
I don't know much about cryptocurrencies. That's the reason why I signed up. My questions are a reflection of my thoughts. When one writes down one's thoughts they become public and they will be scrutinised, criticized. My questions are rational, there is nothing behind them other than the desire for knowledge. That is the truth, and I don't bother about it because truth needs no crutches if it is true then it is true.

Timelord2067

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This issue has been canvassed a number of times now - search out topics such as leaving bitcoins in your will (or even as your own topic suggests bitcoin after you have died)...

If your loved ones don't know you have crypto, then they are probably not going to go look for it - especially if you have used methods such as brain wallets or the like.

A Ballet Crypto wallet, a paper wallet, or even time-locked wallets are the way you can leave crypto behind (especially if you have time-locked crypto sent to a paper/ballet wallet at a predetermined (or better yet - random) time)

TheNineClub

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Quote from: AB de Royse777 on July 14, 2021, 04:02:51 PM

Quote from: Magicalking on July 14, 2021, 03:58:30 PM

But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

It's same. Bitcoin network does not have a separate rules for dead people, in fact how would the network will know someone died :-D
So, unless you have the private key or seed, the coins are lost.

Makes sense. It's a rigid system but it's the best one they could think of. If anything could have been done regarding this, then a person would have to wait for the reading of the will (or opening of the will) and then produce legit paperwork to appropriate sources that will then have to reverify this...I mean, it could be done, but it would take a long time and be such a bureaucratic nightmare.

GeorgeJohn

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

You are getting me confused in this community...most of all this you know it, a new user that is not up to three months, i don't think this user have is new here, with all your comments and topics created here and intonations that shows that you have a basic knowledge of everything concerning cryptocurrency or you been existing here for so long, because question of newbie don't really goes like question of yours, this should be alternative.

akirasendo17

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

There are two situations, first is if that person entrusted you the keys for his/her bitcoin probably you know there is, second is if he /she dies without telling anyone probably no one will ever get it since the keys were hidden, and maybe he put extra security in it, so no, there is no way you will be able to get that, let's say a person is an heir but without the keys its useless, even if they try to crack that they will need a couple of super computers to crack that for decades who knows how long.

Oceat

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If this is going to happen be sure to left it to someone that you can trust to tell it to your family or someone you love. I myself will love to make a treasure hunting map if this is going to happen to me but I think it's just too early for that. So, I handle it to closest and trusted friend if in any case there's something bad going to happen to me they will be the one to let it explains to my family.

Hiding a private key in a piece of paper is easy but you have to make sure it is fully secured that you are the only one who can have access to it or someone that you trusted.

qwertyup23

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Quote from: Magicalking on July 14, 2021, 03:58:30 PM

Bitcoin keys and passwords are kept secret hid away from everyone else. If you forget the keys you can no longer access your wallet. We have learnt this and take the precautions to ensure it does not happen. But what happens to the Bitcoin if the owner of the wallet dies. Is there a way to transfer bitcoins to next of kin and how will the potential heir know?

This is actually one of the problems with one's private keys if you kept it in total privacy. Your heirs will not be able to claim your remaining BTCs if you do not share it with them.

If you plan on saving your BTCs for the next generation of the family, I highly suggest that you put your private keys in a special document, tightly sealed and secured so that your family members would be able to claim it in the future. Of course, I also understand that this puts you in potential risks of leaking your private key but this is actually the only way in order to prevent your BTCs from losing forever.

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