What Happens to One's Bitcoin if Death Occurs? - page 2.

MinMan

full member

Activity: 628

Merit: 154

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.

rodskee

full member

Activity: 2520

Merit: 204

Quote from: jaberwock on March 23, 2022, 01:22:06 AM

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.

Yeah, letting your loved ones or your family have access to the private keys to your wallet is definitely the best bet here. That way in case there happens to be any situation at all they will be able to have access to the wallet without much difficulties.

because I am working and investing for them so I believe that no matter what they do in those funds i kept saving is at least under their decisions because no matter what? it is actually their funds and not mine already.

Quote

I do get people who keep saying that they can’t trust anyone at all to hold the private keys to their wallet and not even their family or loved ones, before you can arrive to that decision you must have made sure that anyone you’re giving it to is someone that you can truly trust .

but they must also remember that what they wanted to happen is upon their discretion and no one will make them gain if ever they died .

molsewid

hero member

Activity: 2170

Merit: 530

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.

peter0425

sr. member

Activity: 2618

Merit: 439

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

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.

2) Write it and keep it in a safe. 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/

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.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

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's.

If you don't want to die untimely, this is never a good option but you can have 3 spread wallets one will be for your family, saving, and emergency/want wallet.

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

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

I still prefer the safety deposit box.

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

3) Include your crypto investments in a will.

We have seen a situation where a good person goes bad when huge money is involved. What makes you think the law in charge of the will won't attack you after knowing your portfolio balance.

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

The conclusion is keep your Bitcoin secure, but accessible.

Meanwhile, 80% of everything you said will lead to the vulnerability of the wallet holder's life.

Quidat

hero member

Activity: 2688

Merit: 540

DGbet.fun - Crypto Sportsbook

Quote from: kamilah147 on March 24, 2022, 12:32:38 PM

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

Securing on things that you are striving to accumulate for the sake of your family's future then it shouldn't be come to waste which means it would be just part of your initiative
on securing it out and could be accessed by them whenever you do pass away thats why you should be mindful on how you would introduce it to them even with the basics..
As long those keys or phrases wont be exposed out whatever method you would be using then it should be fine.

owlcatz

legendary

Activity: 3570

Merit: 1959

Quote from: Myleschetty on March 24, 2022, 12:49:53 PM

Does anyone know the updated news about the crypto that disappeared after the exchange CEO was pronounced dead?

https://www.youtube.com/watch?v=-dpHT_4PJG4

Myleschetty

member

Activity: 1165

Merit: 78

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

Data analyst believe that only one in four people share thier password with others.

In cryptocurrency verse, it never security advise sharing crypto wallet information with people. We have seen a friend that killed his friend because of his crypto portfolio.

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.

Honestly, it's hard to get the correct number of BTC lost due to owner disappearance or wallet information lost.
Wait, this reminds me of the Quadriga exchange situation. Does anyone know the updated news about the crypto that disappeared after the exchange CEO was pronounced dead?

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: kamilah147 on March 24, 2022, 12:32:38 PM

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

I agree that it is acceptable to be prepared now. As long as you give it to your beloved, who is the most trustworthy, everything will be fine. The majority of recommendations with this are to store it in a hardware wallet and to inform a trusted friend or family member of the location and method of opening it in an emergency. I'm not sure if there are any new things that could be used to serve as a will and testament, but I'm confident that there are law firms that are willing to take on these types of matters. If you have a large amount of bitcoin and then suddenly die, it would be extremely painful for you and for your family.

kamilah147

full member

Activity: 700

Merit: 102

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

Ale88

legendary

Activity: 2576

Merit: 2880

Catalog Websites

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.

I agree that many people don't think about the consequences for their families in case something would happen to them. At the same time choosing the right person to explain how it works is not an easy choice, you must absolutely be 100% sure because money can really bring people to do things they would never do under normal circumstances.

Emitdama

sr. member

Activity: 1914

Merit: 328

In reference to the fourth point that you have made about using wallets that has an inheritance plan, that goes against the belief that most people have that they are meant to be making use of a wallet that is decentralized. Although I do know that there are people who would be comfortable with making use of a centralized wallet, like people who are making use of Coinbase wallet and other similar wallets.

But, remember that making use of a wallet where you don’t have your private keys means that you’re not the one that owns your coins. And so far I don’t think that I have seen a wallet that has inheritance plans.

jaberwock

legendary

Activity: 2660

Merit: 1074

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.

Yeah, letting your loved ones or your family have access to the private keys to your wallet is definitely the best bet here. That way in case there happens to be any situation at all they will be able to have access to the wallet without much difficulties.

I do get people who keep saying that they can’t trust anyone at all to hold the private keys to their wallet and not even their family or loved ones, before you can arrive to that decision you must have made sure that anyone you’re giving it to is someone that you can truly trust .

FanEagle

legendary

Activity: 2884

Merit: 1117

Depends on where it is. In our nation we do have laws that say that exchanges do have to give that money to the widow or kids or whoever is the closest. So, just like when you have money in the bank, you die and then whoever inherits your money in the bank is given that amount.

My grandfather died around 15 years ago, and he had a bit of cash in the bank, not a lot but enough for the funeral expenses at least, he basically paid for his own funeral which is sad in a way, but a gesture after death in a sweet kind of way as well. Bank just wired that to my mother's account instead, and was a quick process. Same with crypto as well for exchanges. At least like that in my nation.

rodskee

full member

Activity: 2520

Merit: 204

Quote from: romero121 on March 20, 2022, 06:04:26 AM

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

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.

Does that mean you've shared the private keys with your wife and kid or you've shared part of the key with your wife and part of the key with your kid. So that in case of unexpected death one cannot take control of the entire holdings. Both needs to mutually agree and only then the wallet will be accessible. I don't know in what aspect you mentioned the word "share". However this gave me think of a better way to keep the private key safe in case there are two kids person to share ones holding.

part of the key mate , though I know that if my wife will try to take it all he can easily ask my Son to get the other part but why do i care? as I am doing all of these for them so either they will plan taking the funds from me? for what i care because that is already theirs , but of course I know my wife and son will never do this as i always explain to them that all of my effort and risks here is for their future and their studies in case of death that unexpected .
this is also what i planned before investing time and funds here in crypto.

kotajikikox

full member

Activity: 2548

Merit: 217

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

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/

All points are valid , but we cannot blame others why they keep saving their funds on their own because of the risk that their funds will be stolen and i use to be one of that until one of my friends died with his private keys and now the crypto was gone and cannot be taken by His wife and child .
Now i learn my lesson and had some strategy how my family may get my coins in scenario like this.

romero121

legendary

Activity: 3234

Merit: 1214

Vave.com - Crypto Casino

Quote from: Wexnident on March 21, 2022, 11:39:02 PM

Quote from: romero121 on March 21, 2022, 10:07:09 PM

Yes, doing so the owner can easily divide the holdings between number of people who he wish to give. Even without accessing the wallet it is possible to know the holdings within the wallet. Inherits can view the holdings, divide it between them and use the private key for transaction purpose. This is simple and it is also easier way to safeguard the private key, being short none thinks it as private key.

But, let's just say, for instance, one of the key holders was to be met with an accident, won't the key be permanently lost then? Maybe create a method where the key would be given completely when one of the two (or more) holders were to die? Or is there a better way to circumvent that? In that case wouldn't it be better to let a third party manage an encoded key, and leave maybe a program that could decode the key to the owners. When the time comes, the third party would split the code to how many people there are so that even if one (or more) are gone, they'd still get the full key to access the wallet.

Owner have the complete key. There can be very rare instance of owner and the inheriting person die on a same day. In such case a third party involvement will be more effective.

If the owner haven't died, but one of the person who holds part of the key dies. By that situation owner has the complete control over the funds and he can once again share the private key.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

The only way your bitcoin won't be lost after your death is to share the seed or the key with someone you really. But once you do that, you no longer are the only owner of the coins. You both own the coins. You have to either give up your keys or you have to take your bitcoin with you to the grave.

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

-snipe-
3) Include your crypto investments in a will.

4) Use wallets that have inheritance plans.
-snipe-

3. How does that work? You mean share with more people your seed or keys?

4. Never heard of any such "decentralized" wallet.

worle1bm

full member

Activity: 1834

Merit: 166

As it is said your lost coins only make the other's more expensive because the supply automatically get reduced from 21 million with these lost coins and the demand for it will increase the prices automatically.But i would say let some trusted person know you hold bitcoin and give them access to your seed phrases or wallets storing your bitcoins so that they can use it as financial help after you are gone.There are some individuals who have not done this but according to me our family should inherit it if we have not used it.What's the fun if you simply waste them? So make some wise moves with sharing the details with only trusted person.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Quote from: romero121 on March 21, 2022, 10:07:09 PM

Yes, doing so the owner can easily divide the holdings between number of people who he wish to give. Even without accessing the wallet it is possible to know the holdings within the wallet. Inherits can view the holdings, divide it between them and use the private key for transaction purpose. This is simple and it is also easier way to safeguard the private key, being short none thinks it as private key.

But, let's just say, for instance, one of the key holders was to be met with an accident, won't the key be permanently lost then? Maybe create a method where the key would be given completely when one of the two (or more) holders were to die? Or is there a better way to circumvent that? In that case wouldn't it be better to let a third party manage an encoded key, and leave maybe a program that could decode the key to the owners. When the time comes, the third party would split the code to how many people there are so that even if one (or more) are gone, they'd still get the full key to access the wallet.

Topic: What Happens to One's Bitcoin if Death Occurs? - page 2. (Read 614 times)