What Happens to Our Bitcoin and Other Assets If We Die? - page 3.

Henrobakkara

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Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

It is not necessary that you have to store your Phrase or whatever login information with the Bank. You can simply write them down somewhere and let your trusted family have access to them when such an incident happens like an enveloped message to a lawyer for delivery in the incident of death however there have been many suggested ways to let your family get those crypto assets which are also technical but I believe there must be a trusted person around you to put in the know.

dunfida

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Quote from: ultrloa on October 19, 2022, 04:14:34 PM

Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

Challenge will not be a challenge if you have trusted guys in the house and tell them up early where your private key stored. For sure those peoples who love you know what you are doing and tell them early what activities you are on so that they will be more aware on it.

If country does not allow it then there are so many ways to store your private key and you can write it up on your notebook so that they can easily access it when unfortunate things happen.

Just let them know on where you do store up those notebooks or whatever writings you would really be that storing those keys but its really something that is risky but well everything does have the risk even storing it

digitally or on a ledger or something because it all matters on how knowledgeable into those people who would really be accessing later on when you are already dead.

You should really make yourself that be prepared because we are thriving on earning money for them but i dont really have the trust on exposing my keys when
im still alive yet there's always chances for them to access it not on the right time.

ultrloa

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Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

Challenge will not be a challenge if you have trusted guys in the house and tell them up early where your private key stored. For sure those peoples who love you know what you are doing and tell them early what activities you are on so that they will be more aware on it.

If country does not allow it then there are so many ways to store your private key and you can write it up on your notebook so that they can easily access it when unfortunate things happen.

ajiz138

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Quote from: imamusma on October 19, 2022, 01:49:30 PM

Quote from: Victorik on October 19, 2022, 01:37:09 PM

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

This means that you must be ready to have a solution so that your assets can be transferred if you die later. I mean you have to prepare everything just like you prepare inheritance for your children and family. In bitcoin you may find it easy to do so if you trust one of the nuclear family members, but if not then there are many other solutions that you need to learn so that your assets will be useful for your family in the future.

Have a backup of your wallet and give it to your family that you really trust. But if you mind, then I think you can give it some or in any way you might prefer. Inheriting your assets to your family is important, especially if you care about them because whoever we are will surely die.

Of course this must be planned further about how to transfer assets to our heirs when we die, as I have said in my post, that the private key will not be given to anyone including my family but I will still teach them to know about this so I won't complicate them when I'm not around, just pointing to a place where we store it and that's what we're told while my private key remains secret.

This has to be concerned but I think what is planned must be different, but what is certain is that telling the heirs, especially our children, is important, so basically they want to save wherever they have to be for the plan.

imamusma

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Leading Crypto Sports Betting & Casino Platform

Quote from: Victorik on October 19, 2022, 01:37:09 PM

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

This means that you must be ready to have a solution so that your assets can be transferred if you die later. I mean you have to prepare everything just like you prepare inheritance for your children and family. In bitcoin you may find it easy to do so if you trust one of the nuclear family members, but if not then there are many other solutions that you need to learn so that your assets will be useful for your family in the future.

Have a backup of your wallet and give it to your family that you really trust. But if you mind, then I think you can give it some or in any way you might prefer. Inheriting your assets to your family is important, especially if you care about them because whoever we are will surely die.

Victorik

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Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

CryptSafe

sr. member

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Merit: 421

This is interesting. You see this is one thing I make people to understand your assets is transferrable to your next of kin as you may wish. What you will have to do is to make sure you have your key phrase stored in a safe place where you can easily retrieve it at any point in time. Sending or keeping your phrase in the bank safe is quite alright but at your safety. Your private keys should be accessible by your next of kin on your instructions on when to do that or otherwise. It isn't advisable to keep it much a secret to your family or your next of kin because that is an investment which would definitely grow bigger and better so you will have to have trust in your next of kin to know where you keep your phrase so they can have access to it when you are no more. It is not like bank where you will have to pass through processes that would take much of your time coupled with the stress involved compared to blockchain where you can have access to assets through private keys giving you unhindered possession of to blockchain assets without third party interference.

Hyphen(-)

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Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.

We all know that death is unavoidable, but if we die today without informing any of our relatives, family members, or friends about our Bitcoin and wallets, we will die with our assets because they will be unable to retrieve your assets because they do not have your private key.

Quote

I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

It is preferable to be your own bank, which is why Blockchain technology is preferable because it is transparent. Bitcoin gives us complete control over our wealth; taking such a file to a bank, as you stated, exposes your privacy, which is against Bitcoin; your privacy is very important, so such backup is not recommended. Because of such deaths, you should inform any of your family members about your wallet and private keys.

sumant

copper member

Activity: 770

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With our death all Bitcoin or other assets might be zero because no one will recover these assets. Crypto industry is password security place where everything need a tight security to secure you fund in form of a competitive passwords. Some people can share these passwords to their wife's so they can use these assets after you and make some happy in family. For simple process we should talk somebody about passwords.

smartaction

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Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

If your family does not own the crypto asset wallet, it is impossible for them to receive those coins. For this, you should definitely leave the passwords of these wallets to your family.

Who do you give your password to? Who will you trust? What's the guarantee that if you give that password to someone on your family while you're alive, they won't cheat on you? So what you can do is write down your passwords in a note and leave it in a secret place so that after you die someone in your family can find it and access your wallet

RockBell

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Underestimate- nothing

Quote from: ?? on ??

If your family does not own the crypto asset wallet, it is impossible for them to receive those coins. For this, you should definitely leave the passwords of these wallets to your family.

The world is becoming easier because everything is becoming more digital. As long as your family has access to your private key, it will be simple for them to access the asset. All you need to do is deposit it in a bank for safekeeping and designate a next of kin who will be legally able to claim it in the event of their passing. They can also take the necessary steps to import the seed phrase.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

Nobody.....I repeat, NOBODY can claim your stock without your priv keys.. with your priv keys, no passphrase is required and the coins are easily claimed, wether or not you're alive or dead.

Therefore,It's imperative for a user to atleast, confide their either passphrases or privkeys to their next-of-kin (yeah, this isn't unnecessary and dangerous as it looks cus you ain't dead yet and, everything is still at your watch) let's say-- your wife, husband or first child could take up as a Kin, so yes, your coins ain't lost.
Now, it all depends on you; if you wanna die with it 😹 (seriously, I'm laughing) I dunno how funny that is.

Sandra 💇

BTCapsule

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Activity: 74

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I created BTCapsule to solve this problem. You can save it to a USB flash drive, enter a year and your private keys, and when the year comes to pass your private keys will be available to whoever you give it to. BTCapsule uses Bitcoin Core to get the timestamp from the most recent blocks, so it can be used offline and doesn’t rely on any centralized time protocol.

BTCapsule is open source, but on my website you can download an executable that is converted to C and compiled to machine code.

Here is the code:

https://github.com/BTCapsule/BTCapsule

Website:

https://btcapsule.com/

Gallar

sr. member

Activity: 812

Merit: 365

if your family or close people don't know about the bitcoin ownership,
then it will not be able to be taken let alone used.

so my advice is that your family must know about your crypto/bitcoin ownership, so that if something happens, your family will know about your crypto/bitcoin ownership.

Lanatsa

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Quote from: Franctoshi on October 17, 2022, 12:50:02 PM

Definitely very simple, what happens to your Bitcoin when you die actually depends on you , weather you let your family member know about it or not. For instance, Just as you have next of kin ,either you let someone in your family whom you trust, the person you normally use as your next of Keen know, and whom you will tell how to go about your digital asset (cryptos) ,give he/she clues on how to get access to those funds when you're no longer alive.

Really simple to say but once we do talk or mention about trust and when it comes to money then even your family wont really be an assured thing that those funds are safe while you are still living.Specially if they

could able to check out that you've been holding a huge amount then temptations is really there always which those funds are always at risk on getting spend up on no time.

If you are really that minding about inheritance of those coins then you could really be finding ways and some people do even suggest on those wills
which i dont even trust up with those things and the storage which it can be forcedly check if someone permits or even bruteforce.

Smartvirus

legendary

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Do we see this to be some shortcomings on the part of cryptocurrency, privacy and inheritance?
Have you ever thought of it, a case of sudden that, your sudden death and then, you've got all these coins stored away with your private key or seed phrase been kept so private to a point everyone us clueless of even its existence and then, you kick the bucket!

I can never be comfortable in death fo have it all lost with the thousands or millions of others. Its so disheartening and I think, one needs to find the time or moment to put out some ears that can lead to someone actually claiming or inheriting the abundance.

EarnOnVictor

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Leading Crypto Sports Betting & Casino Platform

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

As it is in regular banking, it's supposed to be in crypto, we should document all that we have. Many have a high number of BTC wallowing in some wallets right now after death because they are not wise and too secretive. No one is too young to write their will, anything can happen at any time. As we hope for long life, we can plan an independent sharing with a lawyer, bank and immediate family member (wife/husband, children or others). You might share the wallet with your lawyer, and keep the password in the bank, while the seed phrase is with your wife/husband or children.

This arrangement could also be interchanged as the owner wants.

Franctoshi

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Definitely very simple, what happens to your Bitcoin when you die actually depends on you , weather you let your family member know about it or not. For instance, Just as you have next of kin ,either you let someone in your family whom you trust, the person you normally use as your next of Keen know, and whom you will tell how to go about your digital asset (cryptos) ,give he/she clues on how to get access to those funds when you're no longer alive.

Rikafip

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Quote from: ?? on ??

Can you share with us what's your contingency plan? I also have some crypto assets and been wanting to make a backup incase anything happens to me especially that I have a medical condition.

I literally explained my contingency plan (no point going into details like "take the seed and import it into xyz wallet") in that post that you just quoted, you might wanna read it again. Wink

Quote from: ?? on ??

I only have a sister and she is not very knowledgeable in this type of technology. My parents on the other hand are very old-fashioned that they think that what I do about cryptocurrencies is just a scam. Even if I leave my backup phrases together with some detailed instruction how to access to it, I don't think they will be able to recover my assets if I die.

People that I trust also don't have a clue about crypto and are not really into tech but I don't think that is impossible even for them to figure things, given how many both written and YouTube guides are there around. After all, you can write them guider yourself and prepare them in advance what to do.

defriadi

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I totally agree with that and I've also thought about it. prepare ourselves from now on so that the assets we have are not in vain.

Topic: What Happens to Our Bitcoin and Other Assets If We Die? - page 3. (Read 1629 times)