What happens to my Bitcoin when I die? - page 2.

Distinctin

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If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

Well, obviously they can't get into it and access your wallet as they didn't know your passwords/seed phrase/private keys. These certain cases happens frequently across the globe because as the owner gets fatal in some accidents or forgot their own passwords. So it's very important to disclose it your own family like your wife or eldest child if he/she knows how it works, ofcourse it depends if you give them a step by step knowledge how to access and withdraw incase of emergencies because in certain occassions, they can't still access it if they don't know what to do with it because they just see some random words.

TWW

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Quote from: Coin_trader on December 20, 2021, 08:40:48 AM

Quote from: Monochroic on December 20, 2021, 01:31:18 AM

If no one knows about it and its key, it will be lost forever and no one will be able to profit from it. You can simply share all the information with someone you trust and whom you want to take advantage of your investment after you die.

As if there's really someone that you can trust if money is involved. Even a partner in life can be tempted to steal money from his wife /husband then start a new family using the money. Its better to hire an attorney that will handle you last will and testament that includes your Bitcoin private key. Your keys is protected by the law and will never be reveal unless the condition met.

it will only happen if you choose a bad life partner.
but in real life, it can happen. and indeed a lawyer is the best choice to take care of the will we leave for the family.
but choosing a good and honest lawyer is also important. because if you can think someone in your own family can be bad, why not someone else?
if you continue to think negatively, of course, take your bitcoin assets to the grave. and it will be an asset that will forever accompany you.

Coin_trader

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Quote from: Monochroic on December 20, 2021, 01:31:18 AM

If no one knows about it and its key, it will be lost forever and no one will be able to profit from it. You can simply share all the information with someone you trust and whom you want to take advantage of your investment after you die.

As if there's really someone that you can trust if money is involved. Even a partner in life can be tempted to steal money from his wife /husband then start a new family using the money. Its better to hire an attorney that will handle you last will and testament that includes your Bitcoin private key. Your keys is protected by the law and will never be reveal unless the condition met.

sarmrakib

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Quote from: Imran232 on December 14, 2021, 01:28:35 PM

Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

To be honest, if they didn't know about your password or seed, they wouldn't be able to get those coins, and those coins would be lost forever to your family and from the market. That bitcoin amount won't be usable for anyone. I am also aware of that. That's why I write my seeds and pass them on to a notebook and keep them safe. Now I am teaching.

I actually didn't find any solution on that .I am the only person of my family ,who have the knowledge behind this coin and the crypto market as well .My wife ,she has no idea about online ,how could she recover it when after my death .I have daughter who are in 8 month in age ,I just pray to almighty that he can give me more age to alive.I wanna teach it to her to get my asset easily .I also taking a note like you if i don't have much time i will tell my wife to give it one of my trusted friend who has proper idea about it .There is nothing more idea can help me ,My family may lost everything if they don't able to restore and sell it .Only almighty knows what will happen in next .

haasanjui

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When you will die your bitcoins will not able to use anymore because there were jn wallet and wallet passwords are only in your brain. If you store passworsds in notes and diaries then you guardians will get Bitcoin otherwise they couldn't buy and sell.

pushups44

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Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

If you die and no one else has access to your private key, your bitcoin is gone forever. This type of scenario is exactly why custodial services - at least up to now - are so important. Of course, there can be an overreliance on such services, but there need to be ways to pass on bitcoin to loved ones when one passes. I believe Charles Hoskinson has mentioned that this is a problem that must be solved in the industry.

Monochroic

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If no one knows about it and its key, it will be lost forever and no one will be able to profit from it. You can simply share all the information with someone you trust and whom you want to take advantage of your investment after you die.

DdmrDdmr

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I thought that this thread was actually one that was been running for over a year now (it’s not). Although it bears the same topic, there’s some wiggle room to place the current thread in the "need to plan" scenario, whilst the other thread is in the scenario of the event being abrupt, with no time to plan anything that’s not already been planned.

Between both threads, there should be enough to at least reflect on what could and/or should be done, bearing in mind each one’s own wallet topology and personal environment. Going the extra mile, and actually depicting the plan, informing those who need to be informed of what they need to know, and even testing the plan (contingency plans should be tested if possible) is what’s likely a compromise that is not carried out as much as it should.

Just as a reminder, based on the abrupt scenario, and for a sample obtained from the forum (which is likely more prone to considering all of this that people outside the forum):

Quote from: ?? on ??

<…>

(Percentage is estimated chance of achievement)

Note: There’s an additional non-intentional technical difference between both threads mentioned here, related to this.

Ozero

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Well, we have to get used to the peculiarities of the decentralized market. We are the complete masters of our cryptocurrency in everything. There are no intermediaries and third parties here, and we ourselves are also fully responsible for the safety of our cryptocurrency. This is a problem not only with bitcoin, but with the rest of the cryptocurrency. We are so arranged that we think little about our death, especially since it can come quite suddenly. We ourselves need to provide options for access to the secret keys of the cryptocurrency for certain individuals in the event of our death. Everything is in our hands here.
But practice shows that the losses will be great and they are inevitable.

dunfida

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Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

They would get your coins if they do have the private keys of your wallet which simply means that you would really still need to tell them about those informations if you are really that serious on giving out some inheritance of those assets once you do die.Of course you would be telling and teaching them about on how to access wallets and able to make sell once you do pass out.

So it all matters on how well they do get those informations at least with the basics but if you cant trust up your family while you are still
living and they might be accessing those wallets early then this is where personal choice do really ends up.

AakZaki

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Quote from: amihada on December 13, 2021, 09:19:32 AM

if you don't hand over the private key to your wife and children, of course your bitcoins can't be taken by them, your bitcoins can be an inheritance for your children and your wife as long as you hand over the private key to them.

If you don't hand over the private key to anyone, the bitcoins or altcoins in your personal wallet will never be opened and transferred by anyone. Therefore it is necessary to give private keys to people we trust to manage crypto assets after we are gone. This is a legacy in the form of digital assets.

dataispower

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Quote from: aryana42 on December 15, 2021, 11:04:19 AM

Private keys or bitcoin passwords are recommended to be kept secret, but in maintaining confidentiality, don't let all the closest people like your wife not tell you. Death can come at any time, and you cannot predict the future of the bitcoins in your wallet, if only you know the details yourself. try to entrust the things you keep secret to people you can trust for whatever you keep.

Yes, people have make a similar statement before this post, without been known bitcoin private key is suppose to be keep aside without somebody knowing the root, but due to death and life interchange our private key of cryptocurrency supposed to have especial document with red pen to show that it is not suppose to be opening every time and minutes, we know bitcoin wallet ID is confidential but we are suppose to show our siblings to know because of death

NelfiNovita

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Quote from: syedzakir on December 14, 2021, 10:53:05 AM

Well this issue needs to be discussed by every bitcoin user bit no-one thinks about it. As giving your seed phrase might be risky but what if you put it on a safe place and mention it in your will which much be disclosed after your death.

In general, someone who already has a wife or family, he will give the private key to his bitcoin wallet to his wife or family so that the Bitcoin he has can be used for the needs of the family he left behind. From now on we should give a mandate to our wives so that one day our wives can benefit greatly from the Bitcoin legacy we leave behind.

aryana42

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Private keys or bitcoin passwords are recommended to be kept secret, but in maintaining confidentiality, don't let all the closest people like your wife not tell you. Death can come at any time, and you cannot predict the future of the bitcoins in your wallet, if only you know the details yourself. try to entrust the things you keep secret to people you can trust for whatever you keep.

YOSHIE

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Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

Of course, it is the obligation and certainty that animate beings in this world experience one (death).

Should be, your question I'm sure you yourself will know the answer, of course from the six pages that have been answered by the community here, 1 or 2 answers, will definitely enter your memory.

my idea, how you treat your current wife with respect to your property, the same thing you can do for your family about Bitcoin, before you die.

haasanjui

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If you store you secret wallet keys or passwords in safe place and if you mentioned your heir some one he will.get you worth and if you not tell anything about you bitcoins and keys they will be lost and not useable.

Imran232

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Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

If I die (let's be honest, that will probably happen), would my wife or family get my coins? What if they don't know my passwords/private key?

To be honest, if they didn't know about your password or seed, they wouldn't be able to get those coins, and those coins would be lost forever to your family and from the market. That bitcoin amount won't be usable for anyone. I am also aware of that. That's why I write my seeds and pass them on to a notebook and keep them safe. Now I am teaching.

bL4nkcode

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Quote from: syedzakir on December 14, 2021, 10:53:05 AM

Well this issue needs to be discussed by every bitcoin user bit no-one thinks about it. As giving your seed phrase might be risky but what if you put it on a safe place and mention it in your will which much be disclosed after your death.

Yeah, every man who has enough wealth to be given to its beneficiary can just make its will, including the wallet name, passwords, seeds, etc. with the power of attorney.
But if you don't trust such way, you can just make your family members knows about your cryptocurrency thing, let them know where you pull all your holdings and how to access it.

Mpamaegbu

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Quote from: 95Bolu on December 05, 2021, 01:33:04 PM

What if they don't know my passwords/private key?

The situation is simple – your family won't get the Bitcoin if it happens that way. It's the same way that you (as owner) won't be able to gain access to your wallet or exchange if you can't remember your password to them. It's obvious a lot of people have died this way leaving their wallets inaccessible because they didn't get to reveal their passphrases to any family member. I'm one of those who believe that there's no way the maximum total supply of 21 million BTC will be feasible. A lot of Bitcoin will never be recovered because of such a scenario as OP has painted.

syedzakir

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Well this issue needs to be discussed by every bitcoin user bit no-one thinks about it. As giving your seed phrase might be risky but what if you put it on a safe place and mention it in your will which much be disclosed after your death.

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