Topic: Upon the death of a bitcoin user. (Read 1248 times)

Everything we do in this crypto space amount to security,first we should be security concious.Before you think of disclosing your private key incase of your dismissal it should be someone you trust most,it could be your wife,child or your close relation.Like let me speak for myself,every member of my nuclear family knows I'm into bitcoin investment,but I haven't disclosed my private key to any of my family member, it's not like I don't have any of my family member I trust but I'm always positive,how would I sow and not reap I'll definitely reap from my holding so I'll say Op always learn to be positive.

Bitcoins unlike money and assets saved in banks, are left in the customer's wallet in the case of demise over a long time without been claimed by anybody who does not have the user's logins. Most users leave their Bitcoins for years, with the mindset of it to appreciate immensely.
Thus, the case of user's demise is similar to keeping bitcoins for years without withdrawal.

In my opinion, everyone who already has a large BTC possession must have had special preparations because it is impossible that it was not prepared beforehand.


Agree. For the above is a condition where participation does not exist at all and it also indirectly becomes an important point that must be considered. Yes. Looking for an honest one nowadays is difficult, especially what is entrusted is an asset whose value is quite fantastic if cashed even though it is only 1 btc, especially if it is tens or even thousands BTC.

Banks normally fill the space of next of kin and probably Banks didn't inform the next kind when the account holders died. And in Bank even illiterate persons can still be the next of kin and withdraw the funds when the person (holder ) is no more. And in the crypto world, if your want to give your private keys to someone, the person must have the basic knowledge about bitcoin and other cryptocurrency, So that when the hodler died the intrusted person can continue from where he stopped. And even if he wants to withdraw, there will be no too much barrier to make the transaction.

Don't use someone that is not in good term with you to be the next of kin of your assets.

This is worse in the crypto world. If traditional bank accounts could remain dormant with huge money trapped inside, how much more is a cryptocurrency that many will not even know you have them talkless of having access to them? It got worse in my country a few years ago when the government wanted to move all the money in dormant accounts of some certain period to itself believing the people who had them were either no more or got the money through illicit means. It wasn't until people shouted in their heads that they stopped that ignoble plan. There are many bank managers who would have known some illicit flows through which the people responsible are now dead as well, they will be making some illegal withdrawals from such accounts, and this is not even uncommon anymore.

Now, think of it, someone has a huge crypto asset in a non-custodial wallet and the person died an unplanned death, that money is automatically lost and will not even be useful to anyone. The custodial arrangement is not left out of it as well, though this arrangement will allow the company to have access to the money, but it will still deprive the family and friends of the owner unless they have access to it through passcodes.

And I do not know how they will lay claim to it even if they know of the money with exchanges like Binance. It is even more difficult since they are not in the same country.

There are wide differences between the traditional banking system and Bitcoin. If money is kept in a bank and it is not transacted for a long time then it becomes dormant. But there the nominee details are kept with each customer at the time of account opening. The amount will be paid to the nominee when he/she claims it. In this case, the bank can find the bank holder only if it wishes. But when a person keeps his money in Bitcoin, he has access to all the protections for it. If he feels like it, he can leave his private keys with someone of his own. So that after his death the nominated person can withdraw his money. Bitcoin's system is more transparent than the traditional banking system. Here everything is done according to one's desire.




Investing in Bitcoin offers more benefits than a customer would get in the traditional banking system.

# Since Bitcoin is a decentralized currency with no regulator, an investor's money will not be affected by any central administration.

# Depositing money in traditional banking system takes a percentage as charge of the money but in Bitcoin does not have that scope.

# Transfer of money in traditional bank system is time consuming especially money transfer from one country to another country is quite time consuming. But Bitcoin money transfer can be done easily without any third party and money can be received from anywhere in the world with in a moment.

# The biggest disadvantage in the traditional banking system is that your money is left with someone else that means the ownership is with a third party, but keeping money in Bitcoin keeps your money with you, which is the safest.

This is one of the reasons I don't advocate complete, "keep it a secret" thing when it comes to Bitcoin hodling. There has to be someone close to us who should know we're actively involved in Bitcoin investment. We don't have to tell them what we're worth but leave little clues as to where to look in case of our demise to recover hodling or most of them, especially if one keeps several wallets or other altcoins. Let's not keep acting like hodling Bitcoin or cryptos should be a cult type of thing. Even with cults, people still know those who belong in them.

My or your death will be a completely sudden matter because neither you nor I will know when anyone will die. But before death, my or your investment must be told to a relative who can spend the investment left by me or you after my death for my family. Moreover, if you or I do not disclose the investment before my or your death, the investment will be lost forever.

It’s your choice to entrust someone, but if you are entrusting someone, make sure it’s someone you trust. If you want your family member’s to enjoy your wealth, then you have to get someone which you trust and let them know where you hide your private key, in case if anything happens to you, then the person will be able to locate your private key, and your family members will be able to have access to your bitcoin, and they will do what so ever they want with it. If you don’t know anyone that’s knowledgeable about bitcoin, then you just have to get someone you trust, then teach the person about bitcoin.

You must not allow your self to grow old and die without telling at least one person that you so much trust about your investment. It is not bady to tell at least one person about your investment. You can not loss trust for all your family relatives and you can not trust all of them but there is always one person among them you can trust.  If you don't also want to trust anyone, then keep a trace for them to have access when you are no more.

Op wisdom is profitable to direct, as human no matter how secretive some one may be there must be a person in which he confide with some vital information, it could be your wife if married, or one of your children or a family member. unlike fiat banking they have next of king it's left for you to create some relationship with any one who you trusted among your blood related and let them know your investment Incase of necessity, you can go as far of showing the person your investment partners in the system who you know or begin to Carry him or her along in the line of investment to gain knowledge should any unforseen circumstances occurred.

If truely your investment is for the benefits of your family, you can't leave them to be ignorant of your investment they should be aware but have restrictions as much your alive and till have control over it they won't trespass if it's the trusted one of the family you engage on the investment.

I have come realize that you utter a word of wisdom that I have seen and read in this article forum,you are man of wisdom,no matter what you do in this world there's must be someone you can entrust with your savings or any another business you do outside .alot of people died while no one  none his or her relatives or family members can claim is property cause he or she didn't entrust any of it to them , that's how it may remain unclaimed.

This is one of the biggest problems in using cryptocurrency. The confidentiality and anonymity of cryptocurrency is both its advantage and disadvantage. Our nature is such that we rarely take steps in the event of our death, especially if we are not of advanced age. Therefore, we must take care of such a situation in advance, or act at our own peril and risk. But no matter what we do, a lot of cryptocurrency will disappear forever due to the death of their last owners.

I think this needs to be a form of responsibility and concern for the interests of our family even after we leave and I think before that comes in advance it must be planned if it is totality as well as in carrying out the investment model that we plan must be short, medium, and long term.

Maybe the options can be different too, it can be earlier or by leaving a clear note both instructions about our Bitcoin ownership and the stages of how to access it in the appropriate will or legal document so that it can be used by our children and wives to continue our family's life and livelihood after we leave, and one more thing, don't forget to share the portion of the value according to propriety to our heirs so that it is in accordance with our wishes.

Watched a video about this topic a few days ago:  https://www.youtube.com/watch?v=ujpsWBbPUpk

They talk with the co-founder of casa.io. The have an inheritance service https://casa.io/inheritance so that if you die your family can get access to your bitcoins.

This is the reason many people are storing their money in BTC , so that when they die, it will be easy for their Love ones to claim their BTC through all their details and it will be successful.

But if something like that happen in the bank and the bank officials is aware that the owner of the account is dead, it will be difficult for you to claim all those assets immediately if you are the Next of kins, than to force you to pass through court before the assets can be release to you.

If you know, you have never write down your seeds phrase of your wallets you store your BTC, I will advise you to do that so that your wife and children can have access to your BTC when you die, and without your seeds phrase or password on your wallets, nobody can have access to your BTC.

If you tell no one about your bitcoin holding, the chances are there that it will be gone forever without any trace, the same way that people lose their money when they are not alive and they don't tell their family members about their bank savings, which is a very terrible mistake for one to think of, after having their money or Bitcoin saved for long and none of their family member will have a control of it.

To avoid such a scenario of your family not knowing where your crypto assets are kept, tell a close family member where they can get your seed phrase in case the unexpected happens since we don't know when death comes knocking at our door. It is better to be prepared on time so that our family members won't be kept in the dark about our crypto holdings.

Most people are always uncomfortable with sharing the details of there assets with others We know there might be risk or even people asking for money if they show you the amount of money you hold in your wallet but even at that, your family members still need to be aware, because death is not something that we can avoid and when it happens and your family is not aware, then the whole asset will go to waste and even the dead will not rest. if they don't have access to it, they wont be able to donate it to the community.  sharing the seed phrase is a good idea but what is the person is not married. That will be the challenge.

There should be one trusted person that you can entrust your seed phrase to in your family, and if eventually I am married, i will rather share it with my children than with my wife because, according to the stories I have heard, some women can actually be very terrible, they might just sweep everything, thinking that the money should be for the raising of the children, She will spend the money on her life style, and who we entrust matters a lot.

It’s certainly something to think about, you do not want your loved ones to be unable to access your Bitcoin if you die. You can use multisig with trusted people who don’t know each other. Tell your loved ones who those people are & upon your death they can contact them & then be able to access the Bitcoin. Failing that it’s pretty simple to leave private keys in a safe at your home & put the code to the safe in your will or something. There are many ways, get inventive.

I guess that my husband know my ledger pin, so, it's up to him how to use my assets after my death. Any other form of sharing post death requires custody