Upon the death of a bitcoin user. - page 2.

red4slash

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Quote from: yazher on April 11, 2024, 08:18:23 PM

Depends on what kind of family you have, you can just simply tell them about it and entrust it when you feel like you won't gonna reach more days anymore. But if you have some kinds of families that cannot be trusted just like we witnessed on other people, then you can just make some codes and make it light they looking for treasure just to make them inherit your bitcoins because with that kind of family you have, you can't just trust them your keys. After all, the next time you find it, it's already gone and they already spent it without you even realizing it.

In the end, it all depends on the family that we trust too in the end considering the current conditions, the choice is only to find who we want to trust from the family and I think from all the families we have, of course there must be some that we trust to be used as a future source so that the bitcoin we have does not die with its owner.

It will be risky if you entrust the seed or private key to someone else even though it is family but on the other hand still something like that is the answer if you really want bitcoin to remain safe and still be maintained even though someday we are gone.

Outhue

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Quote from: Nangiconference on March 25, 2024, 05:11:45 PM

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If Bitcoin holder died and lost access to the bitcoin it favors other Bitcoin investors, the asset doesnt really go to waste, it helps the scarcity of Bitcoin but with banks its a different story.

Even if the spouse go ahead and tries to claim the money that belongs to the deceased the bank can deny them all possibilities, unless the spouse are big people in the society, they will have to hire a lawyer and spend some money doing so too.

If I had to choose I would prefer to hold Bitcoin and if I died I would either take the supply off the Bitcoin Max supply or give it to someone very close to me, I will never leave any significant amount in my bank account.

JunaidAzizi

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There is a slight difference between Bitcoin and the money in the bank. If a person let's suppose has an account and dies and no one knows about this account then the bank utilizes his account just like you said in your post but in the case of Bitcoin if someone has a wallet that has some bitcoins and no one knows then after his death that Bitcoin will be useless for the whole life in a sense no one can approach the wallet. So if you have some bitcoins and you are worried about it then you need to find a person in your family or friends whom you can trust blindly, tell him about your investment and other things so if something happens then he can claim it on your behalf or at least he can tell your family about your bitcoins and investments.

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Quote from: Nothingtodo on April 11, 2024, 09:40:54 AM

Everyone has to die. No one can live forever on this earth. But those of us who will leave the property must give it to our relatives such as mother, father, brother, sister, wife and children who are close relatives. Exactly the same will be the case with Bitcoin. Before death, of course we will transfer our Bitcoin wallet left behind to our next of kin and they can use the Bitcoin left behind after my death.

Death have pave path for new generations, people die everyday and new ones are born into the real world. Nobody have the capacity to change this but just respect and work according to nature. Bitcoin will remained but the investors and traders will pass away, atleast that have been one of the tragic moments we hoped never come, but we're humans and nature must take place. Death is inevitable and we all know that one day, we will die and life goes on. That's a repeated actions that's circulated in the real world.

yazher

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Depends on what kind of family you have, you can just simply tell them about it and entrust it when you feel like you won't gonna reach more days anymore. But if you have some kinds of families that cannot be trusted just like we witnessed on other people, then you can just make some codes and make it light they looking for treasure just to make them inherit your bitcoins because with that kind of family you have, you can't just trust them your keys. After all, the next time you find it, it's already gone and they already spent it without you even realizing it.

Vincom

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Quote from: ChiBitCTy on April 11, 2024, 03:55:01 PM

No bank manager in any legitimate country or company will simply withdraw the funds because someone passes away and they aren't claimed. There are procedures for this, and they will tend to simply be put in some sort of escrow account that will for a long while. The lesson here is everyone should have a will established with clear and proper instruction dictating where all assets are to go and how to access them.

In the traditional market: if there is no will, the assets of the deceased are usually divided among the beneficiaries according to the law. Banks often cooperate and support when there are sufficient certificates from the family of the deceased.

In the crypto market: I think the same can be done if crypto is considered an asset in that country. The only problem is: we cannot access crypto assets without the private key of the deceased. This will continue to be a problem that we will need to solve in the future after having a legal framework for crypto. Crypto asset management and private key management services can be created to serve the purpose of inheritance.

oktana

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It doesn’t work the same with Bitcoin. With the traditional banks they have access to your money. But with bitcoin, no one has access to your funds except you. So if you died, there nothing that can be done, unless you left clues or explicitly gave your family members your private key or mnemonic phase. There have been some topics that discuss how we can prepare for such tragic events, you can check for them and see what you can learn around it.

ChiBitCTy

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Quote from: Nangiconference on March 25, 2024, 05:11:45 PM

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

No bank manager in any legitimate country or company will simply withdraw the funds because someone passes away and they aren't claimed. There are procedures for this, and they will tend to simply be put in some sort of escrow account that will for a long while. The lesson here is everyone should have a will established with clear and proper instruction dictating where all assets are to go and how to access them.

kawetsriyanto

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Quote from: Razmirraz on April 11, 2024, 10:07:08 AM

Something that is considered confidential does not mean we cannot share the Seed Phrase with the people we trust most, this decision needs to be made so that family members can enjoy the wealth you have accumulated so far. There are many ways you can do so that your assets are not frozen forever in your wallet. Before a scary incident happens, you must first entrust someone to be your heir when something bad happens to you. If your goal is to collect money to make your family happy, then never think of them as strangers who cannot enjoy the wealth you have accumulated while you are still alive.

Indeed. When we have assets, we need to let our closest person to know it. We don't know how long we live, the death is a must but no one knows it. That's why it is needed to share the password or the key phrase of our assets to someone. I also have done it, I shared it with my wife. Then, I also wanted to share it to my son if his age is enough to understand it.

I think our purposes are the same. We have assets to gain money for our family, specifically for the future of our kids. As it is assets, it mostly for a long term holding, including Bitcoin. It is a must to share the necessary information related to the Bitcoin assets. If no one knows it, the Bitcoin will be locked on the wallets if we die in the future.

darkangel11

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Making sure your coins are accessible after death isn't that difficult, but you'll need to trust someone. If you don't trust anyone, maybe it's better to, as they say, donate to the community by making sure the coins are lost after your death and subsequently decreasing the number of coins in circulation. We will all indirectly benefit from it.
How to make coins accessible? For instance if you have 3 children, you can give each of them a part of your seed phrase. They will have to get together to redeem the money and if one of them dies before you, you'll simply divide that dead child's seed into parts and give each to your remaining children. You can also leave a part of it to a lawyer that you trust and kids will have to get in touch with him and do everything legally after your death.

batang_bitcoin

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Quote from: rodskee on April 11, 2024, 06:37:08 AM

Quote from: batang_bitcoin on April 11, 2024, 06:29:46 AM

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

that is also my point in the first place , because if there are someone that has the rights to
benefits from our funds those are our family.

Yeah, if you don't trust your family then you probably have good friends that you want to prosper too but this is a rare situation.

Quote from: Yukyzu on April 11, 2024, 09:00:09 AM

Quote from: batang_bitcoin on April 11, 2024, 06:29:46 AM

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

When we have invested in Bitcoin, of course we have to tell the people closest to us or our partners about the investment we are making, because we never know the life we live and when death will happen to us and enjoy the results of what we invest. of course this is very important after we try hard to collect Bitcoin if we stop ourselves and don't enjoy the results of the hard work we have done of course this is very stupid, yes we must be able to set a target price if we want to sell some of the assets we have have and when the target is achieved then we will be able to enjoy the results of the hard work we have done.

When we make the assets we own as an inheritance to the family, we must be able to give them knowledge about Bitcoin so that they can use these assets and it would be even better if they could continue the investment that we have carried out previously, of course this will be very beneficial for them in the future.

Teaching them will take time and those that will want to learn is because they are truly interested. But when you have just told them that they want to learn because you've got inheritance to leave, you make some conditions on your own and that's a case that you would handle depending on how they treated you.

Razmirraz

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Something that is considered confidential does not mean we cannot share the Seed Phrase with the people we trust most, this decision needs to be made so that family members can enjoy the wealth you have accumulated so far. There are many ways you can do so that your assets are not frozen forever in your wallet. Before a scary incident happens, you must first entrust someone to be your heir when something bad happens to you. If your goal is to collect money to make your family happy, then never think of them as strangers who cannot enjoy the wealth you have accumulated while you are still alive.

Nothingtodo

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Everyone has to die. No one can live forever on this earth. But those of us who will leave the property must give it to our relatives such as mother, father, brother, sister, wife and children who are close relatives. Exactly the same will be the case with Bitcoin. Before death, of course we will transfer our Bitcoin wallet left behind to our next of kin and they can use the Bitcoin left behind after my death.

YOSHIE

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Quote from: Nangiconference on March 25, 2024, 05:11:45 PM

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Many users tell about their Bitcoin assets, especially to their families, for example: wife/husband/children for those who are married and have children or their parents for those who are not married.

You can write things related to your Bitcoin assets on paper, such as passwords, emails, 2FA codes, exchanges, wallets and so on, you can store them in a box or put them in a cupboard/safe, That way, if you die, of course your family can access your Bitcoin assets.

Note: teach them first how Bitcoin, wallets, exchanges work, so that they don't experience problems in moving your Bitcoin assets, don't forget to register your family on one of the crypto exchanges you trust that operates locally.

With the methods I said above, I'm sure you no longer need to worry about the bitcoin assets you have, if you die, they will empty them all.

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Quote from: peter0425 on April 11, 2024, 04:15:32 AM

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

In simple terms, when someone dies, it means that all worldly affairs have been terminated with people who are still alive in this world, including their own family. So that's why it's important to always be open with our partners in the family and with family members who we consider important so that they can take and use what we have saved and worked for all this time in the world so that there is no need for lawyers or the like to take care of all the assets we have. get it while we are still alive in this world, mate.

Yukyzu

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Quote from: batang_bitcoin on April 11, 2024, 06:29:46 AM

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

When we have invested in Bitcoin, of course we have to tell the people closest to us or our partners about the investment we are making, because we never know the life we live and when death will happen to us and enjoy the results of what we invest. of course this is very important after we try hard to collect Bitcoin if we stop ourselves and don't enjoy the results of the hard work we have done of course this is very stupid, yes we must be able to set a target price if we want to sell some of the assets we have have and when the target is achieved then we will be able to enjoy the results of the hard work we have done.

When we make the assets we own as an inheritance to the family, we must be able to give them knowledge about Bitcoin so that they can use these assets and it would be even better if they could continue the investment that we have carried out previously, of course this will be very beneficial for them in the future.

rodskee

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Quote from: sokani on March 26, 2024, 11:53:33 AM

Quote from: Nangiconference on March 25, 2024, 05:11:45 PM

~

If you're well off financially and can afford to pay for a deposit box, then get one and store your seed phrase. Also, leave a note of your bitcoin investment for your lawyer to disclose to your family in the event of your passing. If you don't have the financial capacity to rent a deposit box, then you've to trust a family member close to you with your seed phrase. If you fail to do this and you kick the bucket, your bitcoin will be lost forever, except someone accidentally stumbles on your seed phrase.

if you are capable of renting deposit box and will tell this to your lawyer? then the chance of your
lawyer will be the one to take your bitcoin from you Grin

if there are someone that you can trust in? that
is your immediate family because at least if they are the one who took your bitcoin from you? at least
those people is what deserves your funds in long term.

Quote from: batang_bitcoin on April 11, 2024, 06:29:46 AM

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

that is also my point in the first place , because if there are someone that has the rights to
benefits from our funds those are our family.

batang_bitcoin

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Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

Rockstarguy

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Quote from: AnonBitCoiner on March 28, 2024, 01:44:03 PM

One should share his financial matters with someone in family as it is necessary that if he forget about his investment and keys then another person will help him to memorise personal information.

If someone is not sharing about bitcoin investment with others then it means that he Don't want to talk about his wealth with others so there is no right of others to get access to bitcoin after the holder's death.

If bitcoin holder dies without sharing keys and information with others then nobody will be able to take benefit from such investment and that bitcoin will be lost and will never recover back.

Sometimes you don't blame people for not opening up to anyone arround them about their financial investment, the reason for this decision sometimes could be because the people around them can't be trusted. It is not everyone one that has people that are trusted and people who are good in managing finance that is why they would prefer to keep their investment to themselves because it can be risky telling family members about it which can lead to something bad.

I think it is important while people are alive investing they should find away which somebody can get access to their assets just incase anything happens to them because you can never predict what live has for you in the future. Life is all about planning, when one is life their are plans that can be made if anything happens in the future family members will get to know.

peter0425

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Quote from: arhipova on March 28, 2024, 11:47:04 PM

Quote from: Benedictare on March 28, 2024, 08:58:03 PM

There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

Do not trust anyone accept parents and spouse. In some cases , even spouse betrays trust after death so still that is not 100% full proof.

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

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