What Happens to One's Bitcoin if Death Occurs?

JohnBitCo

sr. member

Activity: 2030

Merit: 356

Quote from: rodskee on March 31, 2022, 06:59:34 AM

Quote from: MinMan on March 27, 2022, 12:54:23 PM

Quote from: rodskee on March 20, 2022, 05:26:51 AM

I had been saving Cryptocurrencies for my children and wife so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

That’s right, there are lots of scam in the crypto-currency market and everyone who is into this has to be very careful. If you’re not sure of something, it is always the best decision that you avoid them instead of going further, because you can end up losing your money.

Most times people tend to fall for all these scams because they are greedy and scammers know that people are greedy that’s why they always make promises that are so good to be true, and most people wouldn’t see that, because their mind is on what they are about to gain and not what the project actually is.

Don't worry mate, I never invested even a single coin in what i think scam project , instead all my holdings are the most trusted and promising coin and even some of them are coins that has been on the top for long years now.
this is how i saved funds for my family and loveones , because all my effort are for them and i would not be here if not for them.

I appreciate your efforts for yourself and your family but you need to make a plan that in case you are no more in this world, your family will be able to access your wallets and funds. Most of the time, we neglect the fact that if we die without giving access to our wallets to our family, that money will be lost forever. Since death is sudden and no one knows when it will come, better to make a plan to give access to your wallets to your near and dear ones.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: dataispower on April 05, 2022, 06:05:52 PM

Quote from: bukti_cinta90 on April 01, 2022, 07:24:13 AM

It is very risky, but for those who have one child they can share their private key with their child so security will be maintained if something happens to someone, whether death or illness, which makes them unable to access or work in the crypto world.

It is good to show your children your keys but it depends the character of your children, because you can give your child your key within some period of time your coins will be moved from your wallet, i consider only one reason why people are curious to always suggest of given out or showing a family members a private key, is because of death, what is important is to teach your child bitcoin and give them the guidelines of bitcoin because of death, save your private key and keep to a place that can be seen if you are no more than showing it to them when you are alive, why cryptocurrency private key is called private key is because it is personal

Would be good if it would really be attached into a will but of course it would really be still have some risk but it is much better rather than letting your loved ones know the keys because it might be
possibly used even when you are still alive unlike when you had put it up on a will or some sort of vault or something then it would really be somewhat be safe on having someone do able to access it out.
We are accumulating coins or assets just for the sake of making their lives more better but its not right that it would really be having no privacy yet time will come on where they would really be
needing it.

dataispower

sr. member

Activity: 1330

Merit: 289

Quote from: bukti_cinta90 on April 01, 2022, 07:24:13 AM

It is very risky, but for those who have one child they can share their private key with their child so security will be maintained if something happens to someone, whether death or illness, which makes them unable to access or work in the crypto world.

It is good to show your children your keys but it depends the character of your children, because you can give your child your key within some period of time your coins will be moved from your wallet, i consider only one reason why people are curious to always suggest of given out or showing a family members a private key, is because of death, what is important is to teach your child bitcoin and give them the guidelines of bitcoin because of death, save your private key and keep to a place that can be seen if you are no more than showing it to them when you are alive, why cryptocurrency private key is called private key is because it is personal

Oluwa-btc

hero member

Activity: 980

Merit: 585

Leading Crypto Sports Betting & Casino Platform

This is one of the main reasons why everyone out there shouldn't put their eggs in one basket, asides Cryptocurrencies, one can also be part of other stuffs like Real estate, Stock and Agriculture.
This is also why kids shouldn't be held from learning about bitcoin and Crypto Currencies, how to recover seed phase.
Also if one does raise he's or her kids in the right way, they shouldn't be scared of any criminal acts from them, because they know how trustworthy they can be.

But, faluire to do all of this will eventually see all of your investment lost and your wife and kids will be in damnation for the rest of their life's, that's if they don't gradually find their way back up.

Foolhardy

newbie

Activity: 18

Merit: 0

I think it’s best if you trust your partner or a friend with your wallet credentials in case anything were to happen to you, keeping in mind that this person shouldn’t backstab you in any way.

Webetcoins

hero member

Activity: 2100

Merit: 546

Leading Crypto Sports Betting & Casino Platform

People like to hate on CEX but this is also one of the better ways of it as well. If you are using a CEX then all they need is your email and password. My wife knows mine, plus its saved in my PC anyway and that means if anything happens to me, all she needs to do is open up my PC and get the money there.

Although, I believe she probably won't do that, the price is too little and she wouldn't think about it for a long time, and by the time she does, I don't know what would happen to my account or my PC. It is probably going to go to waste, not because she can't reach to it, she can, but she probably won't think about it quickly enough to get it.

bukti_cinta90

member

Activity: 337

Merit: 10

www.cd3d.app

It is very risky, but for those who have one child they can share their private key with their child so security will be maintained if something happens to someone, whether death or illness, which makes them unable to access or work in the crypto world.

Asiska02

hero member

Activity: 994

Merit: 701

This did came to my mind from time to time. But haven a rethink about it all is that your private keys can’t just be given out to anybody as it is very risky. Even the so called close relations now aren’t fully trusted this days. You only give it to the person you trust very much and that won’t temper with your wallet when you’re still alive. Also given it to the right person when one is no more. This all has to do with trust, but it is very risky.

Wiwo

hero member

Activity: 1022

Merit: 667

Top Crypto Casino

Well, one needs to make proper arraignment not only in terms of your wallet alone but also how your wealth will be preserved and managed when you become physically unavailable, there are relevant things one must keep secured but only known to close people that are banded by a contract, e.g one spouses and a lawyer make a document that will contain every detail of your information and listed assets. Death can happen anytime so one needs to make good arraignment before the ultimate departure comes.

19Nov16

sr. member

Activity: 1722

Merit: 252

Death can come at any time, the best thing is to always give any information to the people we trust i.e. family members, I keep all the files on my PC and I also save them on the online drive and I have told you all the ways to sell the assets I keep.

rodskee

full member

Activity: 2520

Merit: 204

Quote from: ultrloa on March 31, 2022, 09:55:58 AM

Quote from: rodskee on March 31, 2022, 06:59:34 AM

Quote from: MinMan on March 27, 2022, 12:54:23 PM

Quote from: rodskee on March 20, 2022, 05:26:51 AM

I had been saving Cryptocurrencies for my children and wife so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

That’s right, there are lots of scam in the crypto-currency market and everyone who is into this has to be very careful. If you’re not sure of something, it is always the best decision that you avoid them instead of going further, because you can end up losing your money.

Most times people tend to fall for all these scams because they are greedy and scammers know that people are greedy that’s why they always make promises that are so good to be true, and most people wouldn’t see that, because their mind is on what they are about to gain and not what the project actually is.

Don't worry mate, I never invested even a single coin in what i think scam project , instead all my holdings are the most trusted and promising coin and even some of them are coins that has been on the top for long years now.
this is how i saved funds for my family and loveones , because all my effort are for them and i would not be here if not for them.

Its ideal for everyone to invest only on the most trusted coins if they aim to hold it for long term period since we know that this coins remain and those shitcoins wi dissapear so we cannot really expect anything from it. I also put my balance on top 10 coins and I leave small percentage to use for investing on new coins but if we we can't avoid to buy new tokens we should make sure that we only so short trades for it.

But we also knew that sometimes Shitcoin can make you a millionaire right? there are many of us here find a GEM in investing in which most of the coins are Shitcoins yet they are making money.

but best still to Invest in Bitcoin or Ethereum if you are aiming for Long term in which will stand for 5-10 years holding.

and giving chances in top 10 currency will surely blow away your bad thinking .

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: BlackHatCoiner on March 19, 2022, 05:00:58 AM

Quote from: Zlantann on March 19, 2022, 04:52:13 AM

They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.

Who said this? Could we have the study? Millions of coins can have been lost, but the overwhelming majority is definitely not because of deaths.

Quote from: Zlantann on March 19, 2022, 04:52:13 AM

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment.

No, no, no. First of all if you're dead, you haven't lost only your investment, lol. Second, "trusted individuals", the way you say it, can rip you off very easily (while you're alive).

I spent 2 minutes laughing on that sentence Grin

Like literally, you haven't just lost your coins Grin

You are right that the trusted individual can definitely steal all our coins but then if we are dead then the coins won't be useful for us anyway Tongue

On serious note though, although it is tough to find good people around but I guess once we find them it's best to let them know how to get access to your coins in an indirect way.
I have told the location of private keys to my own brother just in case something happens to me.
Although he doesn't know to use private keys but I am making him learn how to use cryptocurrencies and wallets.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

If we can't trust anyone in the world we can't survive. So, we have to trust someone from our family or the nearest person. For me, I have written all the wallet credentials and passwords in the notebook. Although my family members aren't too experts in cryptocurrency but trying to teach them. I wrote the phone number of one of my trusted friends who could help recover my crypto funds in case of death. We can't live forever, so we have to think about our family, because we do everything for our family, not for ourselves only. So it's better to trust someone rather than lost or burn cryptocurrency after death.

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

Quote from: Zlantann on March 19, 2022, 04:52:13 AM

Nobody wants to die, but death is inevitable and sometimes unpredictable. I had a friend that was robbed and killed. His family couldn't have access to his Bitcoin account because nobody knew his password or even his email. It became extremely difficult because the armed robbers stole his laptop and phone. Currently his wife and son are suffering because he invested heavily on cryptocurrencies.

Data analyst believe that only one in four people share thier password with others. They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.

Financial Analyst has advised the following:

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.

2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.

3) Include your crypto investments in a will.

4) Use wallets that have inheritance plans.

5) Seek advice from cryto inheritance firms.

The conclusion is keep your Bitcoin secure, but accessible.

https://www.death.io/what-happens-to-your-cryptocurrency-after-you-die/

The topic has been talked so many times in this forum,
And I think the best way for us to make sure that others could use the investment that we made in crypto is by putting up some guides for the people that we want to have the money.
For example if they are newbie write a complete guide on how to access, send and trade your crypto into Fiat so it wouldn't be wasted.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: rodskee on March 31, 2022, 06:59:34 AM

Quote from: MinMan on March 27, 2022, 12:54:23 PM

Quote from: rodskee on March 20, 2022, 05:26:51 AM

I had been saving Cryptocurrencies for my children and wife so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

That’s right, there are lots of scam in the crypto-currency market and everyone who is into this has to be very careful. If you’re not sure of something, it is always the best decision that you avoid them instead of going further, because you can end up losing your money.

Most times people tend to fall for all these scams because they are greedy and scammers know that people are greedy that’s why they always make promises that are so good to be true, and most people wouldn’t see that, because their mind is on what they are about to gain and not what the project actually is.

Don't worry mate, I never invested even a single coin in what i think scam project , instead all my holdings are the most trusted and promising coin and even some of them are coins that has been on the top for long years now.
this is how i saved funds for my family and loveones , because all my effort are for them and i would not be here if not for them.

Its ideal for everyone to invest only on the most trusted coins if they aim to hold it for long term period since we know that this coins remain and those shitcoins wi dissapear so we cannot really expect anything from it. I also put my balance on top 10 coins and I leave small percentage to use for investing on new coins but if we we can't avoid to buy new tokens we should make sure that we only so short trades for it.

rodskee

full member

Activity: 2520

Merit: 204

Quote from: MinMan on March 27, 2022, 12:54:23 PM

Quote from: rodskee on March 20, 2022, 05:26:51 AM

I had been saving Cryptocurrencies for my children and wife so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

That’s right, there are lots of scam in the crypto-currency market and everyone who is into this has to be very careful. If you’re not sure of something, it is always the best decision that you avoid them instead of going further, because you can end up losing your money.

Most times people tend to fall for all these scams because they are greedy and scammers know that people are greedy that’s why they always make promises that are so good to be true, and most people wouldn’t see that, because their mind is on what they are about to gain and not what the project actually is.

Don't worry mate, I never invested even a single coin in what i think scam project , instead all my holdings are the most trusted and promising coin and even some of them are coins that has been on the top for long years now.
this is how i saved funds for my family and loveones , because all my effort are for them and i would not be here if not for them.

Agbe

legendary

Activity: 1022

Merit: 1341

As we all know, nothing is new in this world, a girl was paid to killed a man, and his wife was also a suspect. A secret will never be a secret when the truth has been told. When you tell your secret to a trust person it is no more a secret because that person you have trust have a trusted person, and the other person has a trusted person..so your secret is now is an open secret.

Person who you have shown your secret key might conspire against your and kill you when the person discovere the total amount of money in your wallet.

Putting the secret key in your will is another suicide again. The lawyer that will write your will is another untrusted beings on Earth although not all but how do we know.

The number 4 and 5 is more considerable.

Ebede

member

Activity: 868

Merit: 38

Join hands and help me to grow everybody...

If you die and your seed phrase is not were to be found to your family member is known that your Bitcoin will remain in your wallet till infinity and any time bitcoin is increasing your Bitcoin will increase in your wallet, that is why is good to have documents of every of your wallet, Incase of death

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: molsewid on March 25, 2022, 06:10:04 AM

Quote from: peter0425 on March 25, 2022, 04:36:41 AM

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

Yes it is and as I can remember how many times this thing are mentioned I think I can't count it in hands, maybe some are not exactly same how this question was asked but it is the same thing that was asked. Well, I think there's nothing wrong of keep talking about this thing because if we are all aware there's a lot of newbies in our community right now and they should be know this thing also. And let's keep in practice to save our password or passcode written down in a notebook and can be secured while also slowly informing one of your trusted family members about your asset.

What is written in the notebook can fade over time, more if it gets wet and damaged. It was not recommend storing phrases or passwords there but you should use some sturdy materials like steel or aluminum. You shouldn't wait for more time before you inform the person that you want to trust your coins because the clock is ticking and we don't know what can happen next.

You just want to make sure that they are really trusted because some family members are only good at you when they know that you are involved in cryptos because anyone knows now that crypto is trillion dollar business and they think everyone that is involved with it are rich.

coinism

sr. member

Activity: 700

Merit: 250

Quote from: peter0425 on March 25, 2022, 04:36:41 AM

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

You and all those who have taken necessary steps for handing over crypto to your next of kin in case you die have done a good job. I am too lazy for this stuff, even knowing that my all hard work willl be lost if I die and my family dont have necessary details to access the crypto. Sooner or later we all have to die one day, make sure we do necessary backups for your crypto.

Topic: What Happens to One's Bitcoin if Death Occurs? (Read 612 times)