Topic: If you die, what will happen with your coins? - page 11. (Read 4218 times)

Lol. What the hell? That's very risky if you ask me. Just hire an attorney to settle your assets. So you won't be worrying about it. Just write your last will and the attorney is going to keep it until the day you die. Hiding your private keys somewhere is risky because there's a chance they will never saw that. And the USB or paperwallet might be broken or turned into pieces every time goes by. So hiding it somewhere is not the best option. Just give a copy of private keys to your family. Your bitcoins will go to them when you die anyway. Unless your are greedy af and bury you and yout bitcoin together.


Lol. You care about your friends more than your family.

obviously it will stock on your designated bitcoin wallet, unless you want to give it on someone who really trusted you of. so try to make some back up and give your bitcoin wallet information on that person you want to give, maybe your wives, or son or on your parents so they can use your coins you left in this world. it may more useful if you make that.

That's really great!

 Nothing happens to it if your family doesn't know it exists. This is why you have to let someone know about it now you're alive.

much better to make a video that contains more specific ways how to get you coins if you died. so they easy to get your coins with no hustle because making some clue is so hard to solve, its like a sigsaw puzzle to solve, so instead of clues, make a video that how to get your coins step by step for your family to be use.

Good question. I should probably set up detailed instructions so that they understand what I am talking about, but if they can't access them I guess they will just remain somewhere on the blockchain forever.
I am tempted to invest in a Nano Ledger wallet as I think that might simplify their lives. I guess I should do some more research to have a better idea what to do and the best way to do it.

absolutely I did. He says "he'll give his currencies to his family". He can only give his private key to his family to access those Bitcoins on the blockchain. He can't give his coins, the coins has an always will stay on the blockchain.

I've been thinking about this a bit recently... Given my demise, there needs to be a way to send my funds to a trusted family member.

Sure, I can share my passphrases etc with them; but demands too much trust currently.
That's not to say I don't trust my family, but it's going to be low on their priority list to remember a passphrase (to a usb or something) that they might need to use in case I die.
Given the seeming 'unlikeliness' of such a situation, I could imagine this person writing something down and storing it.
I wouldn't be ok with this - given the levels of security I currently have for my private keys.

Another option could be an added feature to wallets with something like a deadman function.
Eg. My main store of funds could be locked up in a 'balance writable' smart contract that demands activity once every 6 months. Failing to have Tx activity can auto send all my coins to a pre-determined address aka one of my family members wallets.

This does have a host of issues in it self.
1.It has to be natively integrated into a wallet
2.It would have to be integrated into each wallet type (for all my different coins)
3.The transaction would need to be signed by me initially and somehow delayed.

Maybe it could be worth to encrypt your 24 word seed (for a hardware wallet).
Give the family member the encrypted file and have the hash key stored in a way that auto sends unless I 'reset the clock' every 6 months.
This way - since all private keys are derived from the 24 word seed (through BIP 39) when they receive the hash key they simply decrypt the 24 words and restore the wallet.

There are plenty of ways I think, it just depends on your level of trust.
If you wanted to trust an intermediary (like a lawyer) it'd be very easy.
Hopefully we get a blockchain based feature that addresses this soon (might already exist.. who knows!)

If you die, and no one else knows your private key, they will be lost forever. This could mean the price for the coin would go up since each coin is limited.

I would keep your keys in cold storage in a safe place in your house. Maybe share with your family or even in your will.

It will stay in your wallet as long as no one knows tour private key, nobody can open your wallet if they dont have your private keys better to give to a friend before you die.

It is true that when a Bitcoin holder dies it goes the same with his/her Bitcoin in his/her possession, it will become stagnant forever if he/she didn't make any way for other people or family members in how to access and retrieve it, good for those people who set already their way like a last will testament but most of the users of Bitcoin are young and not old enough to think that they will die soon.

I believe that there would be a company or group of people that will make a technology that will encrypt the information of a person who holds a specific cryptocurrencies then will be automatically decrypt if the person dies.

Instructions would be required because else they will assume there's nothing valuable.

OP, your plan have big risk that your family may not find USB with your wallet in my opinion. Why you just not tell your family about btc? Or this is secret? And do you think that USB is safest place to keep such important information?
Personally, I was thinking about what will happen to my btc after my death. Maybe I will write in my testament, how to access my testament and give to a lawyer. I'm not planning to do everything complicated, because I want to be guaranteed, that someone from my family will access my btc.
Anyway, I'm still young and not preparing to die

I've been thinking about this too. I usually have the keys of my coins in a safe place in my house. If anything were to happen to me I would hope my family would look at it and inherit whatever is left. Now I think about it, I should probably add instructions on how to use it now I think about it.

Because of this I'll think of a way for my two kids to inherit my coins  Thank you for that suggestion but I'll probably just tell my kids that I have stored something for them when I am gone and probably teach my eldest how to retrieve those coins if something happens.

The good part is, if the price of cryptocurrencies continues going up, the Bitcoins you store will be worth much more for your family.

If you did not tell your private key to anyone, you would just loose all coins, as nobody will get access to them.

It's recommended to setup a system so that if something did happen to you, then you would have someone who could transfer the funds to a relative or friend. It's basically  will and you can set it up exactly how you would with other currencies or valuables.

Make sure you either have a will, layout out who gets what and doing it in an appropriate way, ie getting it notarized, making sure someone has a copy, ect.  Another option is making sure your immediate family (wife, kids, mom, dad, brothers) know where to look and the steps needed to be taken in order to access the funds if something were to happen.

Its good that people are talking about this, as it is important.

I have informed to the close by about the bitcoin and how where it. So they are aware about it. You should be telling your spouse, parents or relatives, friends about it so that atleast they are aware and whom you can trust it. So that atleast those can be used and not get wasted.