Knows the people you will give your keys like your wife and family. Since you gave it to them, do not think that they will not try to access it specially to your wife. You decided it to give so you must not care whatever will happens to the amount of your wallet.
It is better for a crypto enthusiast like us to share our wallets to out love ones. So that, if there is something that happens to us they know that they have money to withdraw and also, they can access with your wallet in hardtimes without your permission.
Topic: Inheriting Cryptos - page 4. (Read 578 times)
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Of course my view is somewhat pessimistic, but given the divorce rates
and the potentially huge amount of wealth involved your proposal is quite dangerous.
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Of course my view is somewhat pessimistic, but given the divorce rates
and the potentially huge amount of wealth involved your proposal is quite dangerous.
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Agree, that possibility crossed my mind when I was writing my comment, that's why I added "immediate family". It doesn't have to be your spouse, it could be anyone who you find trusted i.e. sibling, parent, children (if old enough), or just good friend of yours.
I think that when you have cryptocurrency, your family member should be aware of this, at least a particular family member if not all cause it will help willing it out to the right person at a right time. I think prior before writing an inheritance will, you should nurture whoever you intend giving your bitcoin to and monitor their attitude towards it to prevent regards.
If you have big holdings anywhere online, a gambling site, a crypto account, a bank account people don't know about, at the very least you need to leave the information for your loved ones to find and recover them if something happens to you.
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.
Food for thought.
Most could opt for secret methods of crypto inheritance. With the death tax (see: estate tax) maxing out around 40% in the united states, I believe most would prefer to avoid a publicly known mechanism of inheritance, not wanting to lose half to taxes.
A mass adoption method of inheriting crypto based on software or smartphone apps could have a potential market. An anonymizing service like TOR for crypto inheritance could carry consumer demand.
Now that you mention it, this is an interesting topic. I wonder what the de facto consensus is with best standards for ensuring safe and reliable passing of crypto to next of kin.
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Well, if you trust your spouse/immediate family - you could just share all the passphrases, ask them to keep copies of recovery files, show them how BTC works etc.
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Well, if you trust your spouse/immediate family - you could just share all the passphrases, ask them to keep copies of recovery files, show them how BTC works etc.
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I don´t think this is a particularly good idea. In most Western countries nearly
every 2nd marriage ends in a divorce and in most cases the partners are
not really leaving each other on good terms.
If you own a life-changing amount of Bitcoins you should consider the possibility
that your partner absconds with your fortune. After all it is quite easy to move Bitcoins
if you have the private keys and the wallet passphrase.
Of course my view is somewhat pessimistic, but given the divorce rates
and the potentially huge amount of wealth involved your proposal is quite dangerous.
On top of losing all your stored Bitcoins you would also have to deal
with the psychological consequenes of such an enormous betrayal
by a person you trusted.
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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?
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?
They do have a claim. They do have a right to your crypto-wallet content and they do have (or should've) the right to access your verified exchange account upon proving they have legal right to do so, just like they get the right to access your bank account.
The tricky part is when they don't know what is bitcoin wallet, or that piece of paper with strange code on it you told them not to touch, or when you secured your wallet with password known only to yourself.
Giving our bitcoins to our lovedones as inheritance is a good thing. All we have to do is to give them our password, email address and private keys. We should atleast prepare them for those things. Not all people know bitcoins and cryptocurrencies.
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 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?
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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.
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.
Well, if you trust your spouse/immediate family - you could just share all the passphrases, ask them to keep copies of recovery files, show them how BTC works etc.
You could also prepare encrypted flash drive with all the sensitive data and ask your close relative to store the password securely. For extra security, you could keep such drive in a bank safe deposit box (small ones cost around £100 in the UK).
And why would you consider such coins to be "lost forever"?? In most cases those would be recoverable, especially when your close ones knew you held cryptos, so they think twice before throwing away any paper wallets, flash drives or devices.
Its a matter of CHOICE not by CHANCE.If someone wants to give details about him/her doing crypto then its their decision.If you choose to do it then save all data needed to know,so that the one inheriting it is going to be more responsible enough to handle such thing.Then if you do not want to partake something to your family then bring to grave anything that you've earned from crypto.Then die a selfish person.
Its up to you if you will share your private keys or not. In my opinion, I will print all of my paper wallet and I will put it on a vault with security lock that my family can pass. We must share it to our family even we are still young because at any moment we will die, we have the assurance that our family will be benifited by our sacrifices. For me, I will put my trust in my family when it comes in keys and passwords of my wallet, there is nothing wrong if they can access too because I am here for the sake of my family.
... If someone is to pass and not provide the access to their wallets these coins are forever lost.
Food for thought.
Food for thought.
You are focusing on the downside. 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.
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. 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.
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 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.
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