Topic: Upon the death of a bitcoin user. - page 5. (Read 1246 times)

If we are aware of this of course we will prepare ourselves and do things as you say, even though we are too young to worry about death, I think there is no harm in recording and teaching the family we can entrust this to, because if we don't teach them so I think when something happens of course the assets we have no one can use and this is very detrimental to us who have been collecting for a long time but cannot use them.

That's what I did too although the part where I teach them about how to use crypto, I haven't done it yet. I'm still too young to really worry about my mortality and so far I'm fine. Hopefully I would be telling them how to do it but right now, it's not the time, they know about the notebook though but I hide it so it's not going to be lost or anything like that. I also added in the notebook the reason for why that notebook exists, that way, they're not going to be problematic about what to do with it in the case that I'm gone. It's a good thing too that death has been a consideration for me after all this time because it's a therapeutic thing to do.

The problem with bank savings is that others can have access to them. It can't be otherwise. With Bitcoin, you have the option to take full ownership and control over your finances. This is in absolute terms. In which case, your Bitcoin may die with you.

It has pros and cons, of course. There will be compromises, but Bitcoin's philosophy is leaning toward giving its users full freedom and control over their money. So, it may sound unfair that nobody else could make use of your Bitcoin when you die, but that's the only way for anybody to have full ownership.

The good thing, however, if you don't like that is that you can grant other people access to your Bitcoin. The disadvantage, however, just like with bank savings, is that others may dip their hands in your wallet without your permission.

If you're that worried about the security of your wealth when you pass on,just look out to someone who you can gladly entrust this stuffs into and put them in charge.Because if you eventually dies,banks will use money to pay off any debts to creditors you owe, and any remaining cash will go towards your beneficiaries who will either be people you've chosen.

It's actually a good idea to recruit someone,maybe a sibling or it must be someone that you trust with your savings,investment and financial statements to be precise.
If you're that worried,then make sure to document this things for easy access and clarification I think that would help.

Remember, you are your own bank, so it is up to you to set a way for your relatives to retrieve your bitcoin in the case of your death, how can this be done is up to each person to decide, with the easiest set up being to give another person access to your private keys or seed words, an arrangement that carries its own fair share of risks as the other person could steal your bitcoin, or you could instead create a more elaborate retrieval method, but then you create the risk that your family members may be unable to get your coins if you make the method too complicated for them.

For me, I wrote down all the cryptographic credentials on a physical notebook. In the event of my death, they can get access to my funds. For that, I have to teach someone from my family about crypto. So I did it, which means my family members can access the funds in case any accident happens to me. There is a matter of trust, of course. So I have to trust someone, and I have to secure my notebook in my way. I don't see any other alternative right now to secure my funds for my next generation. 

If a bitcoin investor does not share his wallet with his relatives, then after his death, his invested wallet will be lost forever or remain in a state where no one can use his bitcoins. There are hundreds of such Bitcoin wallets where even though there are many Bitcoins, the Bitcoins of those wallets remain unused until now only due to the absence of the owner. At some point these wallets will be considered dead wallets or lost wallets and the circulating supply will decrease from the total Bitcoin supply.

Wait, don't banks usually just keep holding on to the money or put it towards some sort of unclaimed fund so that they can keep track of it? And only after a specific couple of years could they release it not towards their employees but instead towards charities and whatnot? Employees taking it is... idk, just sounds bs. Banks ain't that unregulated after all.

Anyway, on the Bitcoin thing, just leave a will. Create or find a method where your keys/phrases are revealed to your family when you pass away. Maybe leave it in an encrypted file inside your PC or something and add info about it to your will (that's like the most basic one afaik, not really anything that secure).

I think Banks has a duration of years account that has been left dormant to be investigate, it's not the responsibility of the bank to used or touch the money but to contact the real owner of the accounts and if the person is no longer alive, there is a legal way in which the family can claim the money, any bank that eat customers money is a thief and a criminal.

As for Bitcoin, there has been a lot of debate and with the responses I have seen, passing of Bitcoin is subjective. There is no way that I will hold Bitcoin forever but the one I have now is not for sale but I don't know what can happen tomorrow as death don't give anyone a warning and what I have done is that I let my dad knows about my Bitcoin, he doesn't understand how internet work that much but he has learn to keep safe items for more than 20 years that even we the children don't have access to nor the outsider. About trust, I trust him more than even the way I trust myself. So that doesn't bother me and I advice you to do the same but definitely shouldn't be a woman, not your girlfriend nor your wife, not your mum too because they are very emotional and can do the least you expect.

Then share your investments and how much BTC you have in your holding to your brothers or sisters, or parents, or any trusted person, it's not possible that you won't have a trusted person in your life, if not then what's good in giving your funds to your family so that they can enjoy them ( I am saying this just in case). I have told my brother about my investment but did not share the seed phrase with him, as I have encrypted the seed phrase and written it on a book, and placed it somewhere safe, if anyone finds it, won't decrypt it as I use a simple but effective way to encrypt it.

Now the problem is if I died instantly or due to some accident (which I wish not to), how I will be able to share the key to that encrypted seed, I hope I will get a chance to share the key if not, then I have to share the key with my siblings at last. As I also don't want my money to get wasted.

When it comes to Bitcoin then it would be always that suggestible that you would really be needing to share up those PK or seeds into one of your family so that incase you would pass away then you would really be having that kind of problem on which those coins would really be lost in void if you wont really be tending to share it up or no ones knows those keys and this is why it would really be that relevant that you would be
needing to share up at least or putting up on a will or tell your wife something about it. I do understand that there would really be be those kind of hesitance specially when sharing up those keys because of
non permitted access or would be losing up funds or would be touched up.

This is why we would really be hesitating on this case on which even myself would really be having that kind of hesitance on sharing it up while im still
alive. 

This is a topic or subject that have been discussed on this forum some time in the past, and on several occasions as well, but all the same, it's still a very valid thing to discuss regardless.

Investing in crypto is actually more private than keeping money in the bank, and if the relatives of a dead person can not claim the money their dead relative left in the bank simply because they don't know that the relative have an account with such bank, then its also very possible that same thing can be and may have happened even here in crypto amongst bitcoin investors who have passed on without entrusting their bitcoin wallet private keys or seed phrase to a trusted loved one.

For us that are still alive, we know not when death will come, people die through various unexpected means, like through an accident, sudden cardiac arrest, sleeping and no waking up, sudden overdose of drugs, food poisoning and so on.
It is actually very important for us to consider this things and disclose our crypto investments details to someone we love and trust, mostly a relative to family member, like I myself have started showing my wife some of my crypto holdings, where I hold them, but have not actually started showing her how to gain access to the funds just incase anything happens to me, this I actually plan to do in no long distant time from now, possibly after this coming bull run.

This is a very hard move or thing for some of us to do, but it's actually a very important step that ensures that if any thing happens and we are no more, all the wealth we have gathered in crypto won't be a waste.

If no one knows about someone's investment in Bitcoin and that someone dies then no one will be able to get the Bitcoin which the investors bought, but if the investor has kept those Bitcoin in his personal wallet and left a keynote about it the private keys and seed phrase then his loved ones could access and sell those Bitcoin.

I'm not sure about Bitcoin that's kept in custodial wallets of the exchanges, but I believe if someone has kept his/her Bitcoin in those custodial wallets and he/she dies then his/her family members may get access to those funds after exchange's team verify them. However, I don't know much about it, so it would be hard to say anything with 100% accuracy.

You literally say it yourself that it's bad if the family can't access your wealth after your death, but then you say that they don't know about your investment. This is what actually doesn't make sense, not the fact that bitcoin works the way bitcoin works. Then you proceed to ask us if it should stay that way or maybe you should tell someone... Are you kidding me?

The short answer is yes, you should tell the person you want to inherit bitcoin after your death. It's really that simple! For instance, I have a daughter and when she's old enough to understand bitcoin she'll get all the information needed to access it. It's really up to you if you tell people or not, but my advice is that you should tell at least one person.

I checked the website and they claim to use cutting-edge GPUs to perform a brute force on seed phrase but the client must have access to the wallet files and know the password. I don't know how truthful or effective this service is but I know that brute force could be used to guess seed phrases and sometimes the attack might be successful. The client would have to get some legal backup to ensure that he is not scammed or ripped off of his coins.


Maybe such an individual is not on good terms with family members. They may have treated him badly and he doesn't want anything he owns to be transferred to them. But he can also consider willing his coin to charities through a lawyer. I know it I difficult to trust someone but you have to trust people if you don't want your coin to be a contribution to the Bitcoin ecosystem.

This topic has been discussed so many times in this forum.
If you don't have anyone who knows about your private key or doesn't know how to access your wallet then the amount of crypto in that wallet would be considered as loss, there are so many wallets out there that their owner forgot or doesn't have an access to their wallet anymore.
We don't know how many of those loss wallets are from the deceased.
If you want your family to enjoy your money or crypto after you are gone then leave your keys to them and a tutorial on how to access and convert it into fiat so that they could use it.

If you really love your family and want them to inherit your Bitcoins, then it’s alright to tell atleast one member of your family about your investment. If you love your wife the most, then it’s best to tell her about the investments that you have made, and if possible share the pass key of your wallet with her. If by any chance, anything happens to you then they can use those money from your investment to leave a good life. This the best thing that anyone can do for this type of situation.

First things first is that you should atleast educate one trusted member of your family or loved ones to be able to have an idea about the basics of your investments. We all know that death is inevitable and therefore we need someone who will inherit our wealth in Bitcoin and other crypto and then you may also write a note or last will and testament be it holographic. If we are not doing this then funds will be lost forever. That is the only way we can help your family's next generations if you have that huge amount of holdings. Regardless of value as long as it can help our family we should have to pass it to them as money is useless for us anymore when we are dead.

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.

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.