What Happens to One's Bitcoin if Death Occurs?

JohnBitCo

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

MinMan

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

romero121

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Quote from: ?? on ??

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.

Are you thinking of splitting the private key into 2 or 3 parts and then giving them to people you trust?. I mean each one will keep a small part of your private key. and only when those two sit together can access the inheritance you leave. This will be avoided if anyone with greed cannot access and take that part of the inheritance for themselves.

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.

yazher

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The best thing to do is not to tell anyone about it directly in straightway rather you just need to give them some clue before passing away, it's up to them whether they can solve it or not. after all, this is your own money and you are the one who works for it. telling them right now will result in some kind of treacherous behavior that you don't want to see when you are still alive. That's the reality when they heard about bitcoins, they will assume you have a huge amount of it and will try to get it from you in any way they know. Only a rare case is exempted with this and they are the ones who loved you unconditionally and willing to take care of you.

TribalBob

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no one knows exactly when we will die, as much as possible if we have assets in the form of crypto at least make a will for the family in the form of a letter that is deposited with our attorney, without having to open the contents of the letter

that's all my advice and i applied it already

stomachgrowls

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Quote from: tbct_mt2 on March 19, 2022, 06:18:14 AM

Private key is access to your Bitcoin. So make sure you do have back up for private key of your wallet. Depends on wallet you use, it can be either private key or mnemonic seed. You must back it up and have a few backups for recovery later.

Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.

Whenever we do talk about passing away and talking about inheritance then this one would be most suggested imho.
https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850

Using Locktime for inheritance planning, backups or gifts

This one is much more better rather than setting up some will or letting family members completely of privatekey or seed.

Charles-Tim

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Quote from: Dunamisx on March 21, 2022, 01:51:54 PM

Using shamir secret sharing Is a good option but sharing the access to the recovery phrase to each of the children isn't advisible as for me

Nothing like giving a single seed phrase to all the children, if given all the children, anyone among them that is fast enough can spend the coins controlled by the keys of the seed phrase, so that is not making any sense at all. Sharmir secret sharing is an encryption method that encrypt the seed phrase into M-of-N secrets for example. The M (shares needed for decryption) is needed to decrypt the seed phrase while the N is the total number of the secrets. Assuming you have 4 children and including you, making 5. You can make the secrets to be 5, which is N, while only 4 among the 5 secrets is enough to decrypt the seed phrase which is M, which means 4-of-5 secrets. Assuming, if anything happens to two people among the 5, you can get a means 3 of the children will be able to access your own share of the secrets to reconstruct the seed phrase. And to make the recovery easier, you can go for 3-of-5, which means 3 shares from 5 secretsnwill be needed to decrypt the seed phrase.

Dunamisx

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Quote from: Charles-Tim on March 20, 2022, 04:24:43 AM

letting your children know the number of shares needed to recover the seed phrase, and give each children one share and you will have one too.

Using shamir secret sharing Is a good option but sharing the access to the recovery phrase to each of the children isn't advisible as for me, consider having 4 children and given all of them a single share to the recovery phrase knowing fully how children can be careless in handling things, secondly one of the children might develop a serious misunderstandings among themselves and decided to hurt each other at their disposition and knowing fully that they all have the secret share to access their father's wallet, things might definitely go wrong here.

I will suggest the father having one share with him and another with the eldest son and thirdly another set to his diary which is only accessible to him except when he dies then the family can access it.

Alisha-k

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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/

no one plans his death either, we know not what would become of us in the next second.
They're trusted persons everywhere it may be difficult to handpick them but it's easier if we can discern.

Most of the times, we find it difficult not because good and trusted persons aren't around us, but because we do not trust ourselves, and if we do not have trust in our selves, there's no tendency that they'll be trust for the people around us.

For persons with trust issues though, it's best to include your private keys in your wallet.

Leviathan.007

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That's an old topic that has been discussed many times even here on the forum, I think as the OP said you may have many options to chose for your coins after death, however even after all these options I guess many people prefer to do not share anything from their wallet for the inheritance, that would be a reason to say why some bitcoins maybe lose during years, there will be maybe thousands of bitcoins belong to people who passed out and their children do not have access to their assets yet.

AakZaki

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I find threads like this very often. Bitcoin becomes an inherited asset that will be transferred to someone else when the owner dies. There are many ways to do this other than what you mentioned.
The most important thing is to choose who will be the legal heirs and really trusted and where to store the private key safely and can be accessed by the inheritors. Some banks have also provided Safe Deposit Boxes which will be useful for storing documents containing private keys, but with a storage fee that must be borne every year. the most important thing is to keep it safe and accessible.

Eternad

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Quote from: Issa56 on March 20, 2022, 07:25:21 AM

I know lot's of people have been looking for ways to make their family members benefit from their crypto investments after their death but am not in support with your first idea, I think that's completely wrong, you don't have to trust anybody with your private key, maybe is the person that you trust will be the one that will steal from you even before you die.

Your wife or husband can definitely save and secure it, we need to trust someone or an entity to secure our investment. Some rich people might put it in their will or in their safe that can only be access when the family member is already dead. There are more ways now to know bow to access an account, if you don’t trust yet anyone then having a safe that is registered only in your name can be an option like how insurance works too. But it’s better to tell it to someone you trust to guide them how since there’s no really point in investing for the future more if we don’t share or save it for the family.

qwertyup23

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Quote from: tbct_mt2 on March 19, 2022, 06:18:14 AM

Private key is access to your Bitcoin. So make sure you do have back up for private key of your wallet. Depends on wallet you use, it can be either private key or mnemonic seed. You must back it up and have a few backups for recovery later.

Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.

This should actually conclude what OP is asking on his question.

Generally speaking, your wallet contains your private keys in which only you shall have access. In the event of an unfortunate death, the wallet can be accessed but the BTCs inside cannot be transferred from one wallet to another without providing your private keys/passwords. In order to remedy this problem, the only way could be by providing your wallet information to your most trusted friend and/or family member so they could keep it in trust or as an extra measure of security.

There are tons of wallets with a few number of BTCs inside. Unfortunately, there is no way for it to be recovered or to be transferred if the owner of such wallet did not disclose its private key to another fellow member.

lovesmayfamilis

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If you are worried that your bitcoins may one day be lost if death will overtake you, then everything is very simple. Tell about them. Do you have close people? People you could trust and show how to handle your wallet. If you do not trust anyone now, and there are no people around you, then why worry about what will happen after your death?
If you do not trust anyone right now, nothing should bother you, since you are a very lonely person.

Issa56

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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.

I know lot's of people have been looking for ways to make their family members benefit from their crypto investments after their death but am not in support with your first idea, I think that's completely wrong, you don't have to trust anybody with your private key, maybe is the person that you trust will be the one that will steal from you even before you die.

Uang_kartal

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indeed we always hope for long life, it's true what you said when fate said otherwise, one of the examples you mentioned, this is like turning a situation around giving space to think in the form of anticipation. especially if almost all of the investment is in cryptocurrencies. Don't let things be possible It's natural to happen but it's too hard to say. I think that step by step is a good enough preparation for personal use, but if an institution or legal representative has to intervene, especially since this is an asset in inheritance that must be distributed according to the rights of the heirs, this becomes a new experience when friends above mentioned that there are institutions that facilitate and regulate this outpouring of funds, it is very good like other exchanges and management. Indeed, this seems ridiculous but must be prepared for those who fully invest in cryptocurrencies.
Indeed, there is no safe system, but when we feel a gap, it is so safe to open it

virasog

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Quote from: Doan9269 on March 19, 2022, 07:05:46 AM

Several threads have been raised on the forum regarding this topic already, always make use of the search engine for relevant posts.

What happens to my bitcoin if i die today?
https://bitcointalksearch.org/topic/--5284708

We make a plan bit heaven has it own
https://bitcointalksearch.org/topic/we-make-a-plan-but-heaven-has-its-own-5386921

What happens to the coins after your death?
https://bitcointalksearch.org/topic/what-happens-to-the-coins-after-your-death-5346148

What happens to my crypto when I die?
https://bitcointalksearch.org/topic/what-happens-with-my-crypto-when-i-die-3080695

While in my own opinion, i will advise for adequate plan which start now, no one knows tomorrow but we all plan for good ahead, take control measures to ensure a proper pick up of your crypto keys by your immediate family anytime death occurs, make something worth traceable to locate having access to your wallet by your wife, child or family.

Even though this has been discussed many times before but there is no perfect solution to this. You may share your private key to someone you trust. It could be your best friend, any relative or your wife, children or siblings. But there is a risk that comes with this. If your relationship gets wrong with any one of the above, they could misuse your coins and spend it or transfer it to themselves.

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Quote from: kryptqnick on March 19, 2022, 07:30:11 AM

And I feel sorry that there are people who have nobody in their lives they can trust with access to their money.

While I understand that there are people who don't have anyone they trust enough to share something like seed phrase/private key due life circumstances (no parents, wife, kids, siblings etc), the thing that baffles me is when I hear that people don't even trust their own wives when it comes to that. If you can't trust your wife with something like that, why would you even stay married with that person in the first place? Yeah I know that many people got rekt by their spouses, but more often than not it's a matter of a bad character judgement.

Quote from: LogitechMouse on March 19, 2022, 10:25:31 AM

Also my problem is that no one in my family is involved into crypto but only me.

Why is that a problem? Inserting seed phrase is not a rocket science and anyone can do it provided that you left them instructions how to do it. My wife & parents know nothing about how crypto works so they have clear instructions what to do in case something happens.

romero121

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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.

rodskee

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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.

Beerwizzard

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I've seen a few services that promise to inherit your crypto savings to your trusted person. But I doubt they will work properly since inheriting money is more about possible legal issues. There are many laws that regulate the way this assets will be distributed. It often happens that relatives spending years trying to sue someone to get their inheritance. Therefore, it doesn't seem that 3rd party services (usually centralized) imo is not trustworthy.

It feels like it is safer just to give your private key to your lawyer (or if you don't trust the lawyer then you can make a bank deposit box and tell the lawyer about it) and pass it to someone else in your last will. In this case you private key wouldn't get lost and your relatives would have less legal problems.

romero121

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More suggestions were provided by users to inherit the holdings once after death. Keeping the private key safe and informed to a person close to him/her is considered the best way.

There are more firms supporting such services of inheriting the holdings legally. Nowadays centralized exchanges have started to request to provide details on nominee, so that if the respective user dies the holdings can be transferred to the nominee with ease. Coinbase exchange provides such access of transferring funds according to the will provided by the user.

Quote

According to the information from coinbase one need to name a beneficiary in his/her will and add a document to his/her estate plan that lists crypto assets and any passwords, PINs, keys and instructions to find your cold wallet. If you have an account at coinbase cryptocurrency exchange, beneficiary can contact customer support to notify them of the death and claim the holdings[/url]

Charles-Tim

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My own advice

Let your children be conversant about bitcoin. Depending on the number of your children:

You can use Shamir secrete sharing to encrypt the seed phrase or private key, letting your children know the number of shares needed to recover the seed phrase, and give each children one share and you will have one too. But due to single point of failure, you can use multisig setup

You can create a multisig wallet, read about it to know how it will work in a way certain keys are needed for recovery, but the people you give the seed phrase or keys will know the total amount of bitcoin.

You can use block height lock in a way the coins will not be sent to your children's bitcoin address before certain block height is mined. Or use time lock.

Even if not your child you trust with this, like not having children yet, these are still the best approach.

PX-Z

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Quote from: PrivacyG on March 19, 2022, 06:39:32 AM

How about writing down on a notebook how to recover funds so in case you die your siblings will find it and get to your coins safely?

How would you tell them that where is that notebook in particular? Especially if someone with bitcoin died in accident? And writing it on a notebook seems not safe either.
Unless it was stored on a vault, but still you need to trust someone to tell them its pin while you're still alive.
Since telling them the pin, its like you tell them the password so you will keep it a secret. And same question will be asked how about you died in accident?

Well, i only think last will & testament will be best for this.

LogitechMouse

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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.

This is for me the hardest part.
You don't know which are trusted and which are not and I'm the kind of person who took so much time to think and decide whether a person is trustworthy or not. Also my problem is that no one in my family is involved into crypto but only me.

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

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

Well, I have no choice but to write it since I'm a kind of person that is very easy to forget things to the point that I need to write my routine for tomorrow before I get to sleep. I've kept it in a safe (kinda) place.

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

3) Include your crypto investments in a will.

Not thinking about this and I think I will not do this.

BitcoinGirl.Club

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

Currently his wife and son are suffering because he invested heavily on cryptocurrencies.

He should have a backup plan for the investments to secure for his family. I would say his family is suffering because of his mistake.

Quote

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.

Yeah and then this guy become your headache especially imagine you have life-changing amount of bitcoin. It's better not to share that way. When you are married and had children your most trusted person is your partner, your wife, right? But you even never know some day you might get divorced and your wife immediately move all the coins to her own wallet. There are many ways to keep your coins secure for the next of your kin.

One easier one could be to have hardware wallet, split the seeds in several parts and keep the backups for yourself too. Don't let those people to know each others except you. Tell your next of kin if anything happens then to go to those guys and get the parts. Obviously teach them how to use a wallet and recover it from seed.

Quote

5) Seek advice from cryto inheritance firms.

Tell those people it's not rocket science. People in these forum would give them free advice which will work better than them LOL

kryptqnick

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I guess some people feel it's better to die with their coins not becoming anyone's coins than to find a single person they can trust. As for me, my spouse and I share all our financial accesses with one another, so of course that includes access to cryptos. There's always a chance, of course, that both a person and the trusted person die, but still, it's better to let at least someone know than not let anyone know. And I feel sorry that there are people who have nobody in their lives they can trust with access to their money.

Wexnident

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Wait a minute, so the wallet your friend was using was a custodial wallet? Since I'm assuming requiring the "email and password" would only lead to that. And why are we even mentioning passwords, private keys are what is needed to actually access the wallet no? I've personally kept a small drive that contains what my family needs to access my accounts whenever I die, it's kept pretty securely imo and I don't use that storage anymore, solely for storing my keys to prevent any malware from accessing it.

I'd honestly much rather avoid letting someone access my wallet while I'm still alive, I'd prefer them to wait after I die instead. It's just a matter of teaching them what to do imo.

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

Financial Analyst has advised the following:

Who are these analysts, please? It will be good to know them so we can research and find out their pedigree. We should be able to find out if it isn't just another fallacy of argumentum ad verecundiam.

Quote

1) Let at least one trusted individual know your password.

Confiding your password to someone is like a man sharing his properties to his children while still alive. It's not a nice practice. Keep your properties in your will and let that be made known to the children at your demise. I've read stories of children misbehaving once they knew they're bequeathed certain properties while their parents are still alive. The attitude changes overnight, in most cases. It's the same way I see this password issue being confided in someone. The best would be to write it down somewhere that can lead someone else to it in case of the inevitability of death.

batang_bitcoin

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Death isn't sometimes unpredictable but it is always unpredictable. And it's the time to educate our relatives about on how to take care of their wallets first.
When we think that they're good enough to understand how wallet works then that would be the time to give them idea that you're about to leave an inheritance through your assets by giving them your private keys.

Doan9269

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Several threads have been raised on the forum regarding this topic already, always make use of the search engine for relevant posts.

What happens to my bitcoin if i die today?
https://bitcointalksearch.org/topic/--5284708

We make a plan bit heaven has it own
https://bitcointalksearch.org/topic/we-make-a-plan-but-heaven-has-its-own-5386921

What happens to the coins after your death?
https://bitcointalksearch.org/topic/what-happens-to-the-coins-after-your-death-5346148

What happens to my crypto when I die?
https://bitcointalksearch.org/topic/what-happens-with-my-crypto-when-i-die-3080695

While in my own opinion, i will advise for adequate plan which start now, no one knows tomorrow but we all plan for good ahead, take control measures to ensure a proper pick up of your crypto keys by your immediate family anytime death occurs, make something worth traceable to locate having access to your wallet by your wife, child or family.

Rikafip

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Quote from: BlackHatCoiner on March 19, 2022, 06:53:45 AM

They could have used the word "relatives" instead. "Trusted individuals" just doesn't sound right.

To be honest, trusted individuals sounds better than relatives in this context as just because someone is your relative (or even a family member) doesn't mean that he can be trusted.

BlackHatCoiner

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Farewell, Leo

Quote from: Rikafip on March 19, 2022, 06:41:39 AM

You don't have anyone in your life that you trust enough to share them seed phrase of your cold storage in case something happens to you?

They could have used the word "relatives" instead. "Trusted individuals" just doesn't sound right.

bitzizzix

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Enjoy 500% bonus + 70 FS

In many cases, their ownership may be lost forever, and this is bound to happen on many occasions, which is why it is important to have a plan, to give your public key to whoever you wish to have it.
and this I have planned and I have written my will recently and made sure to leave notes and documents to my spouse regarding my ownership. And he knows where to look if I die, and will also gather everything based on those details.
but the plan made him feel sad and shed tears because it seemed as if he wanted to leave him immediately, because we promised to live as long as possible. Cheesy

Rikafip

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

Second, "trusted individuals", the way you say it, can rip you off very easily (while you're alive).

You don't have anyone in your life that you trust enough to share them seed phrase of your cold storage in case something happens to you?

Quote from: PrivacyG on March 19, 2022, 06:39:32 AM

How about writing down on a notebook how to recover funds so in case you die your siblings will find it and get to your coins safely?

There are better ways (automated) to do that if you don't trust nobody with your bitcoin while you are alive other than writing in some notebook. First of all, how will that person know what to do if you don't tell about it, and if you let that person know about some notebook with seed phrase, he/she might wanna steal that from you.

PrivacyG

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Crypto Swap Exchange

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.
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.

1, 2) I am certain the first point is riskier than the second. Cryptocurrencies were created to AVOID trusting. How about writing down on a notebook how to recover funds so in case you die your siblings will find it and get to your coins safely?
3) I, for one, would not.
4) Do you mean custodial wallets? If so, no way! If you are choosing custodial over non custodial, then there is no point in using Bitcoin!

-
Regards,
PrivacyG

tbct_mt2

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Private key is access to your Bitcoin. So make sure you do have back up for private key of your wallet. Depends on wallet you use, it can be either private key or mnemonic seed. You must back it up and have a few backups for recovery later.

Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.

BlackHatCoiner

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Farewell, Leo

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).

Zlantann

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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/

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