Topic: Upon the death of a bitcoin user. - page 4. (Read 1169 times)

That's why honesty is so important.
I said I'm currently an investor and I'm in bitcoin but no one knows the seed I'm using in my wallet and no one knows how much total assets I have because I'm just giving the big picture but that doesn't mean in this case I won't disclose it because I will disclose it when the time comes to the successor that I will appoint later.

Honestly, something like this is actually very risky and backfires when we don't give the seeds we have and when something unwanted happens to me then indeed the bitcoins that I collect will definitely not be owned by anyone but I minimize several ways such as giving certain access especially to my wife who already knows where the seed storage is that I use for a bitcoin storage wallet but that must be done when you really trust the person and until now I don't have any anxiety because I trust my partner and even if there are some unwanted things that happen including death then I will be a little calmer.

Thats a good initiative but this is something that wont really be guarantieng that those brother or sister of yours wont really be able to have some agreement or chitchats on trying out to access given out with those combinations. Im not really that trying out to question about being trustworthy but we do know that possibilities is there and this is why you cant really be able to make yourself that too confident that those funds
wont really be accessed out. I do agree into some points above that even trusting up your own wife could really be still that raising up some questions and doubts that you would really be sharing it out.

But come to think that we've been all doing this stuff for our family on which it would really be just that such a waste if those coins would really be lost in void on the time that you would pass away.
So it would really be just that depending on you whether you wouldnt really be having no trust or would really be trusting it up for the benefit of your own family.
It would really be just that a waste if you die without someone knowing about your funds been saving up in crypto form.

This is still the same thing with not telling her about it at all. Now what if something happens to you before the so called as time goes on you envisaged to further enlighten her on your holdings and how to benefit from it?. Your holdings will also be a contribution to the bitcoin network. On my  own side, I encrypted my seed phrases and I've enlightened my younger brother on how to decrypt it and transfer my holdings to an exchange and sell using P2P method.
Now, the location of my encrypted seed phrases is only known by my younger sister, so that none of them benefits from my holdings alone without consulting the other. That way, I've given them the full power over my holdings in the event of my death or serious invalidity.

That's probably a choice and decision you would take yourself because Bitcoin is all about privacy and id you feel sad about you leaving your coins for no one to claim when you are no more then the choice and decision lies upon your hand because you will be the one to think if you can actually disclose your finances for the said person wishing to claim the wealth when you are dead. Telling someone about your earning or wealth is a personal choice because I believe there are some enthusiast that would still leave their coins without telling anyone.

In a family, at least you should have one person which you are suppose to trust with your secret, either your wife or your children, you should tell at least one of them about your financial life, they should know places where you are having money, and some vital informations which they are suppose to know. If you don’t tell them places where you are having money, incase if anything happens to you, then your money will waste or it might end up turning into other people’s money, and if it’s bitcoin, then your bitcoin is going to be wasted.

If you are holding bitcoin, make sure you educate someone close to you about bitcoin, tell them where your private key is stored, incase if anything happens to you, the person will head straight to where you store your private key, and your family members will be able to make use of the money.

There are, I don't also have plans yet but I have given the idea to my family on what I've written on the piece of paper and why I am taking care of it.

I've told them that when I die, they can take it and do some research but never give it to anybody that will say that they're going to help them.

They should be the one to retrieve and do the importing of it to the wallet that they will be able to find as genuine to access my wallet.

If that is going to be the case then you need to inform them about your investment, there is no way around it, unlike banks which have all the records of your information. You could easily set a beneficiary or could have something like a will in case you die, probably put your spouse as your beneficiary so that in case something happens you always going to have that peace of mind that they are going to access your savings in you die.

There was no way that you could access someone's wallet and just hope that they are dead already, just because there were no transactions what so ever, if you could access that then you were probably a hacker, but it wasn't going to be that easy, most of the lost Bitcoin is already lost unless someone has some kind of leads or information that is going to help access that account.

It's a little different on Cryptocurrency or Bitcoin since it is a decentralized thing, there is no such thing as this beneficiary unless you're going to open it to custodial wallets that have this kind of policy on it, But since most of us are probably using secured wallet, where only you can open it unless you gave someone access to it. Just like what I said there was no way around it, but to tell them about your investment, personally what I do is put everything that is needed in a notebook that I could give to someone in my family, everything is written there its like a password manager, they already have a good hint that I have a pretty good amount of investment on cryptocurrency but they have no idea where it was unless they are going to see the notebook. I just say that everything that is needed is in that notebook in case something happens.

∞take with no profit

Death is a natural part of life, and although we may not always plan for it, it can happen at any time. It's important for everybody who has invested in Bitcoin to think about what will happen to their money in the event of your death. This entails making arrangements for the management of your Bitcoin holdings after your passing. Making sure the person you choose to inherit your Bitcoin knows where to  your private keys are hidden which are required for accessing and transferring your assets, is an important part of this planning.

Nonetheless, since your private keys provide complete access to your Bitcoin holdings, giving them to someone else demands a great degree of trust. Many people are reluctant to provide this information since they do not have a reliable person in their lives. An alternative in these situations is to make arrangements with a legal representative, such a lawyer, to hold certain documents that contain details about the private keys. This guarantees that, in the event of your death, your Bitcoin investment will be handled appropriately and transmitted in accordance with your desires.

It depends on individual ownership or hodler of Bitcoin some people are fond of hiding their assets to close relatives probably just to remain anonymous or don't want to reveal their net worth, however those ones after their demise that means their Bitcoin would remain in their wallet untouch and remain save without any owner I am.sure such that of situations is existing somewhere, I believe it a good idea and ideal to reveal ones assets to a close relative this would enable the relative to continue with keeping the asset or spend it after the owner demise though all these assertions is based on trust between the owner of the asset and their relative.

What you have said is nothing but the truth, the way banks behaves this days, it show that they don't care about people welfare anymore or how the family of the deceased will survive after the demis of the original person, or who will function as a next of kin. most at time the bankers will deprive you access to your father property even when they know you are in right position to acees it. All because they use the fund of the deasesd to do business in the bank. We should really be careful. When ever a man is becoming advance, there Is a need for him to show his or her assets to his next of kin, the vital information needed sothat even when such person is not alive anymore, it will not be hard for such person to know what to do or not or even what his father have left for him.

You can only teach your family or your next of kin about cryptocurrency and how it works, and keeps your seed phrase somewhere that they can not assess it now. Or you can give them clue of how or where you kept it. you can even entrust it to your lawyer and tell your family members the total number of bitcoin you bought, so that if anything should happen, your lawyer will have to release the pass phrase for them. And if they check it and it's not complete, they will have to hold the lawyer responsible because you have already revealed it to your family.

I don't believe there is anyone in this world who doesn't have trustworthy people around, except homeless people, but homeless people certainly won't invest in bitcoin. If not our parents, then what about our wives and children? We don't even need our children and they are not trustworthy?

I don't know what unmarried people think when they don't want to share anything related to bitcoin with their relatives. But I am a married person and everything I do from investing to working hard every day is for the future of my children. Surely at any cost I will leave everything to them because it is more than our lives.

You have a point there, and if someone doesn't have family, they should find a way to donate those bitcoins instead of dying with them, which is really a huge waste while so many people in the world are in need of help.

Well, you can save your seed phrase so it can be passed after your death. Or pass it before that to your relatives whom you want to get your BTC. I suppose there are also many ways to do this, but I couldn't come up with them, I don't have such plans anyway.

In banks your relatives can get the assets you have if and only if they are part of the inheritance of course its the person gives the right to have dependents on his accounts most of them acknowledge those upon creating an account to make sure if there are any case related on this might happen. In terms of Bitcoin we want to keep ourselves anonymous and if you are afraid that if death come and you don't want to waste your bitcoin you can easily inherit your bitcoin so one of your dependents must know the access to your wallet, you can seek a lawyer with that so they can only access those and of course someone knows really how to operate those seeds and import to make sure they will get their BTC.

Maybe just hand the keys to your trusted family member or tell them to find the keys in your safe deposit box when you die. Thats it. I'm sure they know what keys or seed phrase looks like when they see one.

You just can't tell who will takeover your house when the tragedy comes, however. If your evil brother-in-law comes snatching the key to the safety box, then your kids are doomed.

To open a bank account the customer has to provide a nomine document and when the owner of the account dies then all the money in the account is given to the nomine. However, Bitcoin is completely dependent on the wallet key, in this case whoever has the wallet key will be able to control all the bitcoins in the wallet. so in this case if someone invests in bitcoins but doesn't give that bitcoin wallet key to his family then those bitcoins will stay like that for life and no one can use them. and then, despite their great value, they will remain valueless to family members

As far as I know, when someone dies, this information is sent to the government, then the government tells the bank about the accident and the bank closes the account and then only family members can claim money. I don't think random bank manager can claim funds like it's nothing, it's illegal.

If you have Bitcoins on centralized exchange, no one can predict what will happen if nobody from family knows about it because as far as I know, crypto exchanges aren't in touch with governments the way banks are.
If you have Bitcoins in your private wallet like Electrum, Sparrow or Trezor, Ledger, then there is no way to claim these coins because your relatives need to know private keys. If you securely stored private keys and no one knows about them, then your coins will be lost coins and no one will ever claim them.

People usually name a beneficiary for when they die so that it will be transferred to them. I think many banks require for their clients to name a relative or usually their spouse so that when they die it will be transferred to them. Cryptocurrency is also the same way but since its decentralized you cannot transfer it to anyone unless you actually give the seed phrase to someone

If you don't have anyone to trust at the moment, prepare yourself that you will need to enjoy your life with your Bitcoin investment. You invest to live and to enjoy your life so if you have noone to inherit your bitcoins, you will need to have plan to use your money by taking profit.

To leave your bitcoin to someone, you have two ways. A first one is leaving your Bitcoin private keys, wallet mnemonic seeds to that person. Another way is to use time lock and two methods have pros and cons.

I agree with you that it's hard to trust any person but if you have a person you love, at least you can trust him, her if you afford to lose your bitcoin. It's not bad if  you let him/ her know about 20% of your bitcoin in a wallet you create for that purpose only.

Is there really anyone we can trust this day when it comes to money? Mothers betraying their sons because of money, spouses are going after killers for contracts because of money, there are so many evil things happening in this world today and I have lost my sense of trust in anyone.

It depends on the family and people around you, as for me I don't have anyone, my parents are very old and I can't even trust my siblings, there are many things that have happened and mostly because of money, the lack of money will make people break their trusts, they are ready to take advantage of anyone around them, including their love ones.

Sorry mate, I can't entrust my Bitcoin to anyone, unless my children, and now that I don't have any child yet, I will keep using my Bitcoin as my financial freedom until I have a child of my own, I hope my child grows up into a good human being, or else my bitcoin will be lost forever in my wallet.