What happens if we die? - page 14. | Bitcointalksearch.org

daenarys_stormborn

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Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

hello friends1980

Before I die, of course I will tell all things about bitcoin including my private key, And I trust my family to know about my private key , because no way we will live forever.

Tyrantt

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Need some spare btc for a new PC

I remember already debating this topic and the best, and most reasonable solution imo was fhat there should be implemented a "timer" that would, let's sat after 15yrs, return the btc to the miner if they werent used in that time or simply moved or interacted with in any way. So basically if a person holding the bitcoins dies, and he didnt leave the info for anyone, then after the 15yrs of his bitcoins being unused, they'd return to their original miner.

eann014

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Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

So we need to be more specific on what we were writing on a paper on where they will need to use it in case we are going to die. In my age I am not thinking that happens but my husband already knows all my wallet so maybe there will be no problem. I might tell him everything so in case I am not around he has the code.

MoneyIsDebt

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Quote from: Inkdatar on August 18, 2017, 11:59:52 PM

Quote from: Horas Bah on August 18, 2017, 11:37:06 PM

Everyone will die, and before we die we must give the best action and usefull for anyone. And this is the best time to prepare before we die, we must help anyone who need.

Yes everyone may die but before that happens you must inform your love ones about your private keys. Or put a note and your wealth in your will. We will never know what may happens in everyday of our life. Because your btc will not retrievable once no one knows of our account.

hehehe i think we don't have of think of that situation right now. yeah but if your age is above 50 and your are holding a good amount of crypto currency in you wallet then of course yes you have to but i am right now in my 20's and thinking of being died and what happen of my earning or investment if i die is just shit right now.

Mike Mayor

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I will assume you mean what will happen with our Bitcoin if we die. Well you should show at least one family member how to restore a wallet with the private key that way they can still have the bitcoins. You don't want them to go to waste when they help out your family so much.

Quote from: Meuh6879 on July 29, 2017, 06:35:27 PM

valuable assets are only usefull when they are used ... and limited.
Bitcoin does this perfectly.

I love this. This is brillaint. There should be some snoooy government building there too. That picture perfectly disxeibes bitcoin. Bitcoin does not care what first on in the world Bitcoin does it's own thing. Bitcoin will steamroll anything in it's oath without a single issue as if it was nothing.

oktana

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Eloncoin.org - Mars, here we come!

Quote from: nuela on August 19, 2017, 03:04:04 AM

If i die maybe nobody will continue my bitcoin, therefore i will do a plan on coin restoration in this situation has been much discussed in the forum. And I will give all of them to my child, by submitting his personal and key accounts.

You have to prepare from now by teaching them from basic understanding, bitcoin can be a proper inheritance pattern and you only need small notes and hardwallets like trezor to give to them at the right time, we also have to think about family survival even before you die.

nuela

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Blocklancer - Freelance on the Blockchain

If i die maybe nobody will continue my bitcoin, therefore i will do a plan on coin restoration in this situation has been much discussed in the forum. And I will give all of them to my child, by submitting his personal and key accounts.

DoublerHunter

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Before i die i already made a simple tutorial on a notebook in my house that i keep on a very safe storage and i already told my wife about that but i tell her that they will just open and read the mystery notebook if i will die so they can have an enough funds to continue their living and build some source of income from their own.

pugman

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dogs are cute.

Well, if you are smart enough to figure out how to use bitcoin, I guess your family will also understand on how to use bitcoin. So don’t worry of your hardwork drowning deep down the ocean. Or tell someone extremely trustworthy to get access to your bitcoin just in case of emergency or if something happens to a you, it's just hypothetical, so be safe and God bless you!

0t3p0t

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★Bitvest.io★ Play Plinko or Invest!

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

I agree with you since we do not know the exact time our life ends it is advisable and is a must to make a note or even tutorial on how our love ones can claim or withdraw our Bitcoins when time comes we leave in this world unexpected. I we dies with our Bitcoin and no one knows you have it then the circulation or the supply will goes down. Same as the man who put all his Bitcoin in his hard drive take note that it was a large ammount of BTC then when the drive malfunction and became unusable he throw it into like a dumpsite and boom! He lost all his Bitcoins and I think it also deducted the total BTC supply on the market. So lesson learned is that we have to make sure we had kept our private keys in a safe place and teach one of our trusted family member to learn how they can withdraw BTC in time something would happen to us because we'll never know when we will die, much better we are prepared for it so that they can have the benefits from our BTC since we work hard for it.

Diablesfunis

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If you die and nobody from your family can retrieve it then that bitcoin is lost forever. I teach my sister about bitcoin, told her how to send money, sell etc and i give her a backup of my private key so in case something bad happen, she can still use that money.

Nameless27

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As a single bitcoiners in the family I totally agree with you on that, we will never know if when we will be our last day in this world. And I think I have to leave a paper work for that matter or teach one of my family members even just a clue that may enough for them to retrieve my bitcoin in a wallet but I know wouldn't be an easy task. But I thank you for opening it up, I just have made an idea for this matter at hand.

Theb

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Yes that is the sad part of it. You are sacrificing that in exchange for security and privacy which is not bad. But if you are willing to give your Bitcoins on your moment of death you can always right it in your last will and testament. That advantage of this is you are keeping your Bitcoin until you are alive and all your Bitcoin will be transferred on the moment of your death. This can be a quick fix for people who have these problems.

bilman

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hmmm... i never tot of this. but i guess leaving of a will will be the way / or sending is password to to them / note down in a piece of paper and keep it in safe box maybe. . because no one is accessing it, is like when i die, every bit of bc i have die..

Inkdatar

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Quote from: Horas Bah on August 18, 2017, 11:37:06 PM

Everyone will die, and before we die we must give the best action and usefull for anyone. And this is the best time to prepare before we die, we must help anyone who need.

Yes everyone may die but before that happens you must inform your love ones about your private keys. Or put a note and your wealth in your will. We will never know what may happens in everyday of our life. Because your btc will not retrievable once no one knows of our account.

valentin68

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Bitcoin is at its beginning and as many other things it has not yet a legal base everywhere in the world. Give it time and many other people will ask the same question as you have asked yourself. Sometime in the near future, somewhere in the world, some poeple will find the "legal" answer to your question. My guess is that as for other assets that have value in this world there will be a way to will them. In other words, in the next 10-20 years, there will be a legal basis for your descendants to inherit your bitcoin money.

Darker45

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This is indeed a realistic way of looking at various possibilities in the future. I guess if you are not well prepared and you suddenly died and no one in your family is aware of your BTC, then I guess there must be some truth on the other side of the old adage that we cannot bring our money to our grave. Because that is what will happen, your BTC will be going with you in your grave. Grin

Horas Bah

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Everyone will die, and before we die we must give the best action and usefull for anyone. And this is the best time to prepare before we die, we must help anyone who need.

krishnapramod

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Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

Yeah, it's gone forever, lost coins.

If you are saving bitcoins for your loved ones then you should clearly explain to them how bitcoin works and how to inherit coins in case you die.

The simplest form of bitcoin inheritance is writing down the private keys on a piece of paper and storing it in a safety deposit box.

You can use bitcoin protocol for inheritance, but these are a bit technical and complicated, contract/time-locked transaction.

https://en.bitcoin.it/wiki/Contracts#Example_4%3a_Using_external_state

https://en.bitcoin.it/wiki/Timelock

Shamir's Secret Sharing Scheme - https://en.m.wikipedia.org/wiki/Shamir%27s_Secret_Sharing

Third-party services. Currently Coinbase doesn't allow to add a beneficiary, but through will and testament ownership of Coinbase account can be transferred.

https://support.coinbase.com/customer/en/portal/articles/2321225-how-do-i-gain-access-to-a-deceased-family-member-s-coinbase-account-

I guess in future there would be more bitcoin/crypto/digital inheritance services.

shine1123

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🤖UBEX.COM 🤖

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

Well if i die and my family don't find my private key or my wallet that have all my bitcoins maybe it will gone forever. Because my family is don't know about bitcoin and how it works. I think i will start to write a note about my bitcoin wallet and how to open it lmao. We never know when the dead comes though, just prepare for it.

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