Inheriting Cryptos - page 3. | Bitcointalksearch.org

Kevin77

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Quote from: Samarkand on February 02, 2018, 07:46:54 AM

If coins are irrevocably lost that actually increases the
value of all the coins that are still in circulation. You could even view dying with your coins
as a contribution to the cause of your fellow Bitcoin holders.

There are estimations that more than 4-5 million Bitcoin are effectively lost or
unaccessible, which would imply that the actual available supply of Bitcoin is
effectively only 16M BTC instead of 21M BTC if all coins will be mined in the future.

Besides, I think that it is inevitable that methods will emerge that allow you
to safely pass on your cryptocurrency holdings to your children or your loved ones.

You are right in the case of lost coins increasing the price rate of Bitcoin, that’s absolutely right. But as for a way to inherit Bitcoin? That will be impossible, and if there happens to be a way for doing that, criminals might see it as an opportunity to steal more from people. People should just write down every information about their wallet and store it somewhere safe.

Quote from: tithes on February 02, 2018, 06:50:01 AM

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

If you trust any member of your family, maybe you should let them know about your business you're doing in Bitcoin and also let them have access to it, if you are very sure that they can be trusted with such information. That's why I do like a business that is being done by a group of people, cause if anyone of them passes, and the others can be trusted, then they will give everything that belongs to the late member to the family member that should inherit them.

adiksau0414

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Inheriting it to someone i love is one of the thing in my mind because theY are the reason why i am doing this. Maybe they are not aware in the process but still they can be teach and continue the legacy. If my cryptos will stay untouch when i die i will be worried and might not rest in peace and hunt the crypto world (just kidding). That is why i am teaching my husband how to do it. Its like a bank account theres another trustee.

Fappanu

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Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

It's never a problem because we have accounts. We are storing our tokens or BTC to the said wallet. Personally, I won't consider giving away my wealth to someone. I worked hard for it and I have all the rights if I should give it or not. I am willing to teach someone to manage BTC but not just give them away.

AspiePhil

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In my honest opinion, I don't want anyone to inherit my cryptos. When I die, my wealth is gone, that's it! That makes life a bit fairer for the next generation. Imagine Satoshi Nakamoto giving his millions of Bitcoin to his children. Those children did not work for them, so why reward them something they don't deserve? What if people don't donate or give out their wealth to others when they die? Then everyone can start on more or less the same ground. And there'll be less wealth-related injustice.

jak3

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Suppose if we can recover the private keys of those lost points awesome how to transfer those coins into a new address after a certain time, then the first thing we will face getting hacked as you can see Bitcoin has the highest encryption and there is no way hackers can hack Bitcoin wallet directly. They only have indirect methods by fooling you so that you send the money by yourself. A backup system can become dangerous for our self and as we know those coins which are inaccessible by the community I somehow becoming useful in order to raise the market price.

audaciousbeing

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Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Its not any food for thought as this particular topic has been treated over an over again. There have several.topics about what will happen to one's bitcoin in case of death. I have said it even if its fiat the moment people close to you don't know where you have some stashed funds, or some accounts you opened, or investment you have made, they don't get it at least they have less things to fight themselves over.

The same goes for bitcoin, the design has been made to take care of those that would be lost by natural and unnatural events and if you feel you don't want it to be so, you start making preparation. It maybe a letter which can be accessed only when the writer is detailing the steps and procedures to go about it, or a video made for same explanation or else there is nothing that can be done, its lost forever.

Zadicar

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Quote from: target on February 02, 2018, 03:20:58 PM

I personally handle this myself, I have told my 9th grade kid to learn crypto because I gave him some coins already in his laptop wallet. I will probably give him the access to my email incase I feel like I'm dying already. If even I can't then the tokens I got are all gone too, most of the tokens I got are on MEW. I cna't give the info to a lawyer or he could fuck me.

Anyone could really fuck us up when they know they do have the access to those funds specially when they saw it is already a big amount then temptation to theft would be there so its not appropriate to trust someone rather than on your family itself. Even I would really have the plan to teach one of the members of my family regarding on my involvement to cryptocurrencies which I do give him the idea on how to access those once I died. We wont know on when we will be gone this is why its important to teach him as soon as possible and don't wait for the situation where you do only tell when you are dying. This is a good idea but we wont know on how we gonna die. Either on slow or instant process.

target

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I personally handle this myself, I have told my 9th grade kid to learn crypto because I gave him some coins already in his laptop wallet. I will probably give him the access to my email incase I feel like I'm dying already. If even I can't then the tokens I got are all gone too, most of the tokens I got are on MEW. I cna't give the info to a lawyer or he could fuck me.

malikusama

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Ain't a big problem at all, every sensible person always keep the safe gate for their funds for bad time.
Inheriting cryptos will be worst, i don't want cryptos to be treated like fiat in damn banking system.
Cryptos are popular due to their security and anonymity, the scams percentage will remarkably increased if this happens.

dunfida

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Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

We are all mostly doing this for the sake of our future to our family and accumulating coins as much as we can would really be there and we should really think of on how we gonna pass those tokens incase we die.In my own way i do keep all of my information of all my wallet into a single usb then i do tell my closest friend that incase i die i ask him to guide my family on getting those amounts inside it. Maybe it not easy to trust someone since those would really involve big amounts but bestfriends would never do that. Cool

IntuitiveCoins

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I have a feeling that a good large percentage of all cryptos will be lost after a person's death. Too many people just don't prepare for such things. Especially young people who are attracted because of the hype. The last thing they are thinking is that they're going to die, and the whole concept of the stuff they will leave behind.

South Park

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Quote from: hase0278 on February 02, 2018, 07:42:43 AM

Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

That's no big deal because a crypto user can always do leave behind private keys for crypto wallets on a PC or a ledger nano s for the one who will inherit to continue the trader's legacy in crypto. He/she needs only to tell the one who will inherit his/her crypto about it while the crypto user is alive. For now this is the most viable method I can think of but I do hope that in the future, there will be a legal process for it so that inheritance will be easier.

I do not think we should rely on the laws to do that, bitcoin is a way to try to win independence from centralized institutions, in my opinion we need this to be solved in some way, for example a new feature could it be that you could set a timer to your coins, and if those coins have not moved in a certain amount of time then those will be moved to another address, this could be a way to inherit coins without revealing your own private key in the future.

carter34

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At the moment, there are no such procedure to recover lost security codes. Where someone didn't disclose to the benefactors, a code to unlock his / her wallet, such coins are gone incase the person dies.

stronghands4lyfe

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There should be and if I am not mistaken somebody just ran their ICO based off that concept. Not sure how popular the service would be as it is a limited use case but nonetheless they will garner demand if they are the only people offering that service!

dogandogru

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Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Another day,I was reading an article about lost BTC till now and was thinking about the same.
So I wrote all my username passwords, private keys etc in a dairy and kept securely in my cupboard. Also told my mom about it and also explained that it contains all the necessary information that needed to access my digital funds.
I suggest everyone to do same so that your hard work should not go in vein after your death.

dothebeats

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If there'd be a method to recover lost private keys that could mainly be the negligence of the owner, then I think that would be abused hard by hackers and the likes. It is the duty of the owner of the coins to know how to store his/her wealth and how to give it up when the time comes that he/she wouldn't need/use it anymore. It has the same concept as money after all, so it's the owner's responsibility since it's his/hers.

Quote from: Mometaskers on February 02, 2018, 12:03:09 PM

If you don't want to give it to them while you are alive, you can probably arrange for them to receive the items when you die. I don't know how lawyers will handle this but you can split thee apart, for example hard wallet is stored by one person, etc. The only one that will probably not get updated regularly in your executor's "vault" are those that you use everyday, for example exchange accounts so you'd have to find a way for your family to take hold of that still.

That could be solved by using multi-signature addresses. You can't recover funds if you only have 1 of the 3 keys. The 3 keys should be given to the person's trusted friends/relatives and should only be opened when the owner of the wallet/coins passed away. It could be arranged through a lawyer and could be considered as a last will and testament depending on how you'd work it out legally.

nitrousteam

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Quote from: tithes on February 02, 2018, 10:01:35 AM

Yeah agreed, if you want to pass it on make sure you inform others about your coins and wallets.

The point is that most people will do this when they feel there time is approaching the end, like with any other assets. Statistically most will write their will in their last 10 years of their life.

But what happens if someone passes before having the chance of passing on the information. Should the relatives not have a claim to ownership somehow?

The real problems lie in the inexperience that the most of the relatives have concerning the cryptocurrencies. If the investor passes by and leaves the private keys written somewhere he should thoroughly explain what is it for and how can the user make some use of it. If the random numbers are left to the relative that had no interest in the cryptocurrencies he could as well throw it away because of own ignorance and a little knowledge that should be acquired before acquiring the crypto legacy.

Mometaskers

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It should be personally handled by the holder. Printing paper wallets, making back-ups of software wallets, keeping the passphrase secure, etc. If you don't want to give it to them while you are alive, you can probably arrange for them to receive the items when you die. I don't know how lawyers will handle this but you can split thee apart, for example hard wallet is stored by one person, etc. The only one that will probably not get updated regularly in your executor's "vault" are those that you use everyday, for example exchange accounts so you'd have to find a way for your family to take hold of that still.

eternalgloom

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I don't think there should be a mechanism for this, you are responsible yourself of making sure that your loved ones and family get access to your cryptocurrency.
I would not trust a service that keeps all access to my holdings in a centralized place, I'd rather take care of that myself.

My girlfriend for example has access to everything I own, also my crypto.

trickyriky

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Quote from: tithes on February 02, 2018, 06:50:01 AM

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Naturally it can be done, why not? Although I never thought about it, the idea is very good. At least the heirs will love it.

Topic: Inheriting Cryptos - page 3. (Read 604 times)