This is one part of bitcoin that is not similar to banks. In banks you can nominate a kin who will inherit in case of the former owners demise.
Hence for bitcoin we have to take the upper hand ourselves by entrusting our next of kin with the ability to access our coins and spend them as per the need. Possibly add in how to keep their secure too.
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Using Locktime for inheritance planning, backups or gifts
Topic: Upon the death of a bitcoin user. - page 6. (Read 1248 times)
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?
According to coingape.com, I'm made to understand that over 7.8 million Bitcoin is said to have been lost over time since the existence of Bitcoin, which amount to almost $484 billion, and as such there is a high tendency, majority of those people whose coin among the lost ones are people who probably may have died, and yet nobody aware they had such fund in BTC, or probably may be aware but not have access to it's private key, and those who may have lost access to their wallet due to improper storage and protection of their private keys, hence, in which ever way it is, thats why as a Bitcoin hodler, it's always wise to have a trusted family member or friend know about our Bitcoin investment, so that if in case we are no more, they could still have access to our funds. 
if you know someone who has usdt or btc asset that passed on, visit www.bitretrieval.com with their mail or login. they will help you recover their asset.
I don't know how true is this but I know this is the strategy scammmers use in collecting money from people, they claim they can recover your stollen bitcoin, and they also claim to help people to gain back their bitcoin in a wallet they can't have access to their wallet by misplacing their seedphrase. When you meet them for this they will demand some amount of money from you bit by bit, by the time you spend all this money just to get back your bitcoin they might have gotten enough money from you. When people don't have access to their wallet they shouldn't bother about it looking for who will help them recover their wallet back because trying to look for someone to help in claiming bitcoin back is just a strategy for you to get scam and lose your hard earned money .
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?
Yes, if you don't share your keys with someone, your money will be lost once you are death and no access to your Bitcoin wallets will exist anymore, what means your coins will belong to a vast portion of Bitcoins which are already lost forever on the network, since they belong to early investors who didn't care at all about their investments, consequently losing access to their wallets. If you don't want that to happen to you, make sure to talk to your family about your investment in Bitcoin and how they can use your funds in case you can't do this by yourself anymore.Many people fear doing this, because they don't trust anyone besides themselves in this world, so even the family is out of question for them to share their secrets to. If it's not you case, and you have beloved people who you want to support through your patrimony once you are gone, you don't have to worry about that. Go ahead and teach them everything they have to know in order to deal with BTC online, besides sharing your secret keys with them as well.
Or you can deposit your secret keys data inside a vault of something like this, allowing family members to open it only after your death.
Unfortunately there is nothing much which can be done unless you have shared the credentials with your trusted family member at your own risk because if one person happens to die unless someone is aware of credentials no one can access the funds and it will be there just like that and you may call it as a donation as well. But when it comes to traditional investments their heir can legally claim it and that's not the case with Bitcoin.
Will it be lost or is it good to entrust someone incase I'm no longer there?
You're lucky and will only be lucky if you have someone in this category who you can trust with your bitcoins should in case you die. Trust is very expensive, someone who you trust today may disappoint you tomorrow. Trusting someone with your Bitcoin to take over and use it whenever you die means you have to give them access or an idea of where your key phrase is so that they can gain access to your wallet in the case of your death.
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?
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?
I think most of people bit worry about this, so this is a common problems. If you are not really worry if someone know your investment and how to work with that, so you can inform everything, ofcourse "someone" in term of something related with your family and you want him to take.
If you re not doing this, so it will lost forever.
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.
Banks usually demand for next of kin because of issues like death and dismissal of the account owner so that they can contact the next of kin when the need arises, and when the bank account owner is dead, the next of kin and other family relatives can submit his death certificate to the bank and gain access to all the money in the account after following due process.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.
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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?
Bitcoin when hold in your personal wallet can be accessed if you shared your private key to any of your relatives or friend, but if you did not share your private key with anybody, your Bitcoin is gone forever.However, if you save them in an exchange wallet, if your device is still active and someone can have access to your phone password, they might access your exchanges on your phone and can probably get access to your coins.
Bitcoin is not gold or a precious metal or a tangible asset that can be discovered from its hidden place after some years have past. It is a digital currency and it's high time we ask questions and act like it's a currency.
The ETF approval isn't just a name that was thought out to come become an initiative for BTC interested parties. Other fiat currencies have ETFs too that can be traded on even wall street.
I think when Bitcoins get forgotten or abandoned for so many years in a wallet, it remains so and dies with the individual unless it gets hacked into or the key phrases get discovered. If it were left forgotten in an exchange wallet, it's a different ball game altogether as it is not your keys, not your coins.
Also, how do you explain large whale investors that have left their portfolio dormant with big investment for years and then sudden they just move it around or liquidate the asset either for diversification and reinvestment or to agitate or affect the market trend.
The ETF approval isn't just a name that was thought out to come become an initiative for BTC interested parties. Other fiat currencies have ETFs too that can be traded on even wall street.
I think when Bitcoins get forgotten or abandoned for so many years in a wallet, it remains so and dies with the individual unless it gets hacked into or the key phrases get discovered. If it were left forgotten in an exchange wallet, it's a different ball game altogether as it is not your keys, not your coins.
Also, how do you explain large whale investors that have left their portfolio dormant with big investment for years and then sudden they just move it around or liquidate the asset either for diversification and reinvestment or to agitate or affect the market trend.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.
If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.
Your family can only submit request to a bank when they are aware of your deposits, they must have known about your savings with that bank. In the case where they are not aware of your deposits with any said bank, they can submit request. If they know about your deposits they can submit request.
If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.
Your family can only submit request to a bank when they are aware of your deposits, they must have known about your savings with that bank. In the case where they are not aware of your deposits with any said bank, they can submit request. If they know about your deposits they can submit request.
If you have backups of your wallets and accounts in a bank volt for example, you heirs could legally accès it after your death !
You have to make provisions in your "Will" to direct your family to the information regarding your Bitcoin stash.
You have to tell them where it is stored, what the pass phrases are to recover the wallets and also passwords and private keys to stored coins.
I suggest leaving clues in your "Will" that only your family will understand and not just to say where anybody can retrieve it.
You have to tell them where it is stored, what the pass phrases are to recover the wallets and also passwords and private keys to stored coins.
I suggest leaving clues in your "Will" that only your family will understand and not just to say where anybody can retrieve it.
That is why is advisable to write down all your personal details that related to your wallets, so that when you die it will not be difficult for your wife or children to have access to your wallets but if you failed to show your children all your details before you die, there is no way anybody can have access to your wallets. But if something like this happen in the bank, the easiest way for the next of kin to withdraw the money from the bank, there must be an order from the court before bank officials will allow the person to have access to the money in the bank. You have your own choice to make in your digital investment journey, whether you will write all your details down and show them to your wife or husband for future purpose, and I believe, when you die they will have access to your coins without taking any permission from anybody.
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 they can access the location where you stored your Seed, they can simply continue using your Wallet with no extra steps required. Unlike Banks where you need a chunk of documents to take over the control of the dead relative, Bitcoin needs no documents but the Seed only.No body else can take your Bitcoins without having your Seed. So there is no point in fearing the scenario of the Bank manager you mentioned.
On the negative side however. This also means any body can take your Coins in case you die and you have a bad relative who knows about your holdings or finds the Seed paper after your death and decides to steal it. Or even a neighbor, if they decide to steal from the house of a dead person.
In other words. Protect your Seed and make sure that in the unfortunate event of your death only the relatives you want will know where it is.
Bitcoin is a little different, because it is a decentralized system and uses private keys, if your children or wife don't know/know about your investment in Bitcoin and they don't know the private key, then they can't access the Bitcoin in your wallet. However, to overcome this, you can tell them about your private key, you can write it on paper or tell them directly, so that when you die, people you trust can access your assets.
In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.
Perhaps because the OP has not properly studied and understood the drawbacks and risks associated with Bitcoin, including what the OP is worried about. Because Bitcoin actually has many advantages over fiat, banking systems or others if OP really studies and understands it well.And if the OP has really studied and understood it well then the question asked by the OP will definitely know the answer and what to do before it happens, and anticipate it before it happens. Because there are many ways to overcome this problem, and it all depends on whether we are married or not. To be able to hand it over to someone who can truly be trusted and also has the right to receive the investment they have. And along with the private key and also the initial sentence that you have to give to that person and also a very detailed method on how to do it and also use it.
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.
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.
Very interesting story, but the first point here after all our achievements in collecting BTC and felt to be the maximum is who we will trust to entrust our special assets in the form of private keys and passwords, so that they can be used by our children and wives we no longer exist like you means.
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?
I think for others it might be a bit heavy although there are also we hear there are also now many Services and you can turn to a third party custodian who has a good reputation in that regard. But, if for our own children I think it will be different level of trust, especially if we have previously prepared him when he feels mature and we are able to educate with basic education about crypto and the stages in accessing your BTC assets then you hand it over before you die.
Those money in banks are distributed to debts and taxes of the dead person if there is any, then distributes the remaining to the heirs.
While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.
Do they really do that? I thought that they just let it sit there being slowly drained for the fee of storing that money in their bank? Never knew that most banks are not as scummy as I think they are or this is a selected banks thing only and the others are really scummy?While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.
Thankfully that's what I immediately did when I started learning about bitcoin and bitcoin wallet, I learned that it's a bad idea to lose that especially since most of them remind me that if I lose the seedphrase, that I'd be losing everything inside it, that's why I've got it on a piece of paper that's also in my wallet, even went and did an extensive effort of writing instructions just in case I forgot or my loved ones stumble upon it when I'm gone for good.
In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.
Perhaps because the OP has not properly studied and understood the drawbacks and risks associated with Bitcoin, including what the OP is worried about. Because Bitcoin actually has many advantages over fiat, banking systems or others if OP really studies and understands it well.And if the OP has really studied and understood it well then the question asked by the OP will definitely know the answer and what to do before it happens, and anticipate it before it happens. Because there are many ways to overcome this problem, and it all depends on whether we are married or not. To be able to hand it over to someone who can truly be trusted and also has the right to receive the investment they have. And along with the private key and also the initial sentence that you have to give to that person and also a very detailed method on how to do it and also use it.
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?
this is why you should not take your bitcoin into grave mate , like we mostly do? 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?
some of our family member have idea and others also have part of our keys to use in
case of sudden death .and you should do the same thing mate or try writing your keys
and leave in your last will testament.
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