What Happens to Our Bitcoin and Other Assets If We Die? - page 4.

fillippone

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Quote from: Ihugbogo on October 07, 2022, 06:19:59 PM

To me bank safe is not an option to have as a backup plan for our crypto wallet asset, what if the bank is been hit by criminals and the safe is being targeted what will happen then?
the best way to me always is to let one or two of your contacts incase of emergency always know about your assets and holding and a bit access to them incase of emergency. by so doing even when one is late their can be chances of assets recovery from their.

What happens if your contact betray you and steal the fund? They can cooperate to steal your funds without you knowing anything.
Is this risk bigger or smaller than the one of thieves robbing the bank?

pawanjain

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It has already been discussed quite a few times and you can use the search box to read more replies on this topic.
Generally there are two things to consider here. One is that the bitcoin holder has already informed about his holdings to his family/known person.
In that case he would have already created a will or informed them on how to access his funds when the time arises.
Second is that the bitcoin holder hasn't informed about his holdings to anyone. In this case, if his family/known person is really luck then he might get access to his funds.
For example, if the bitcoin holder had stored his funds on his mobile or laptop then his family/known person can get access to it if he is lucky.

bitzizzix

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This thread has been discussed many times, but that's okay because as time goes on new users keep growing and need to know how to do it after the owner dies, and all the answers are good and helpful for those who haven't thought about it or planned. Because death will no one know when, not even looking at age.
and i am personally transparent, i mean because i am married so i am always open with my wife and i tell my wallet and keys a long time ago and also how to use them. And apart from being on guard when death comes, my wife can also do it when I really can't for some reason.

CryptoBuds

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Quote from: FanEagle on October 12, 2022, 12:41:52 PM

Quote from: ?? on ??

When a person leaves his bitcoin wallet and leaves the world without telling anyone, that money is lost. I think every investor must love his family. And they are the ones who own those resources in life. No one can live long on earth. Therefore, those works should be done on time so that their inheritor are not deprived in any way.

I believe that is true for anyone who has a serious amount of money in the bitcoin world. If you leave like $70$ in the crypto world, no matter where you are in the world, that would help your family maybe for a day or two, maybe a week if you are in a poor nation, but it is not a result that would help them for the long term. I know it is hard to talk to your wife and say "when I die.." and then explain, they would be upset even with the idea and may not want to hear it.

However, it is your job to explain to them how they can remove that money, and need to insist if there is a good amount. That way if something happens to you, not only they will be able to withdraw it, but you need to leave like step by step explanation so that they can check that to withdraw.

Honestly, our wife or relative is the most trusted place. We're working hard every day for us and for themselves, so there's no reason we can't trust each other. I used to do the same thing with my wife, my experience is that you don't talk about life and death, but say we are husband and wife and both need to share what both deserve. I don't know about the others but with my wife she happily accepted and kept the keys for me. I currently keep a copy for access when needed, and my wife keeps a copy in case something goes wrong.

Cryptmuster

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Quote from: smartaction on October 12, 2022, 11:05:49 AM

It is actually a critical thought that what will happen to our holders of cryptocurrency when we die and who will get that bitcoin . Now if we let some second person alive know about our bitcoins and give them the key of that wallet then any time he can harm us and he can steal those bitcoins. On the other hand, if we don't tell anyone about our bitcoin relationship and we die, then those bitcoins will be useless and no one will find them, so what should we do?
I think we should write down all our accumulated cryptocurrency in a note and hide it in a secret place. As if some of our next generation gets them as a treasure after we die. and can use it

Does it really matter what happens to your bitcoins after you die? In fact, it is worth worrying about their safety while you are alive. You can even conduct some kind of poll here for the sake of interest, how many of the forum members, get at least some kind of inheritance? In the end, the goal of accumulating bitcoin is not to save it all your life and pass it on as an inheritance, but to live a comfortable life, get the opportunity to live an interesting life, travel and be financially independent.

hd49728

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Quote from: jaberwock on October 11, 2022, 12:28:51 PM

Btc isn't totally anonymous and it's possible for someone else to take a peak if how many btc you have by just pasting your address in a site like blockchain explorer. Your family and friends can also tell if how much btc you have if you tell it to them or if they open your wallet.

Knowing that you have how many Bitcoin is different than having access to your Bitcoin.

If anyone knows your public address, they can type it on block explorers and check available balance. However if they want to access your Bitcoin, they must know either your wallet password or know your private key. If they know it, they have access to your Bitcoin and can use it for sending, trading, etc.

Quote

It's a big deal for some especially if they are holding large amounts but it will be a good idea to have a trusted person and lend them your backup keys so that they can be able to use your btc for good once you perish in this world unexpectedly.

First make your wallet backup correctly
Second store your backup safely and secretly
Lastly, make sure you tell someone you trust about that as a reserved solution when you suddenly pass away.

Quote

I think there are projects created on the past to solve this issue where our coins will be transferred automatically to an active address once there's no activity detected after a long time. I only forgot its name unfortunately but ill try to remember it or will search for it and maybe I'll attach it here.

Maybe this one
Using Locktime for inheritance planning, backups or gifts

KaliLinux

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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 😁

I have seen similar threads with this same question before and they have been well-deserving answers there too but however, I believe this is simple in my opinion. Some of us are fortunate to have good families around us that we have been able to entrust Infos of accessing these crypto assets to, in the eventuality of a case of death. Backups of access to wallets and private keys can be accessed by some family members so that they can have them.

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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 😁

Oga sir that is why you need to create awareness of what cryptocurrency is for them to know. If you create awareness one of them will remember about your asset after you had gone. Not worry it will not go.

About merit don't just Focus on getting merit be calm, patient and hand work.

FanEagle

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Quote from: ?? on ??

When a person leaves his bitcoin wallet and leaves the world without telling anyone, that money is lost. I think every investor must love his family. And they are the ones who own those resources in life. No one can live long on earth. Therefore, those works should be done on time so that their inheritor are not deprived in any way.

I believe that is true for anyone who has a serious amount of money in the bitcoin world. If you leave like $70$ in the crypto world, no matter where you are in the world, that would help your family maybe for a day or two, maybe a week if you are in a poor nation, but it is not a result that would help them for the long term. I know it is hard to talk to your wife and say "when I die.." and then explain, they would be upset even with the idea and may not want to hear it.

However, it is your job to explain to them how they can remove that money, and need to insist if there is a good amount. That way if something happens to you, not only they will be able to withdraw it, but you need to leave like step by step explanation so that they can check that to withdraw.

smartaction

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It is actually a critical thought that what will happen to our holders of cryptocurrency when we die and who will get that bitcoin . Now if we let some second person alive know about our bitcoins and give them the key of that wallet then any time he can harm us and he can steal those bitcoins. On the other hand, if we don't tell anyone about our bitcoin relationship and we die, then those bitcoins will be useless and no one will find them, so what should we do?
I think we should write down all our accumulated cryptocurrency in a note and hide it in a secret place. As if some of our next generation gets them as a treasure after we die. and can use it

jaberwock

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Quote from: ?? on ??

Bitcoins privacy and decentralised nature had made these conditions that no one except the owner can tell how many or where the Bitcoins are present.
So if you die, then ultimately your Bitcoins will lost.
You need to show some faith, and tell your wife, your son or your closed ones, how to access those Bitcoins if something happens to you.
This is the only way possible to access to your cryptos and prevent it from getting lost, if by chance something happens to you.

Btc isn't totally anonymous and it's possible for someone else to take a peak if how many btc you have by just pasting your address in a site like blockchain explorer. Your family and friends can also tell if how much btc you have if you tell it to them or if they open your wallet. It's a big deal for some especially if they are holding large amounts but it will be a good idea to have a trusted person and lend them your backup keys so that they can be able to use your btc for good once you perish in this world unexpectedly.

I think there are projects created on the past to solve this issue where our coins will be transferred automatically to an active address once there's no activity detected after a long time. I only forgot its name unfortunately but ill try to remember it or will search for it and maybe I'll attach it here.

xzy887

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Quote from: BlackHatCoiner on October 05, 2022, 12:24:37 PM

Normally, when the owner of an asset passes away, the asset is transferred or inherited to his family. For example, a house, or a business (in that case, the stakeholders might earn something too). Gold, however, which is closer to bitcoin than houses and liabilities are, can't be accessed unless he's told them the place he's hidden it.

I think that while it is possible to inherit an asset after the owner dies, it is not easy to inherit Bitcoin assets.
Because if the owner of an asset dies and his family inherits the asset.
But if he has bitcoin assets then they can't own that asset until they find all the information about his hiding place and location.

Slow death

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this will undoubtedly be the biggest test of trust that you will have to do with the people close to you when you tell them that you have bitcoins stored and where you kept them and then you will have to give them your private key and passwords and explain everything to them, then you will have to pray for them I hope they are reliable and don't steal money from you, without a doubt there will be days when you don't go to sleep thinking: " did I do the right thing?" but you have no choice, you have to count because if you die all your bitcoin dies with it . in my case I told

Quote from: landheer on October 09, 2022, 05:53:54 PM

if someone dies and the dead person owns bitcoins, and nobody knows that he owns bitcoins, or his family doesn't know that he owns bitcoins? Of course this is very unfortunate because the family who died will not be able to enjoy the investment returns of the person who died, but I think it would be better if the person who invested before investing should inform the family first, that is so that our family can enjoy the results of OUR investment if if WE die first.

the problem is that the family can spend all bitcoin even before the person who told them dies, there is already a lot of fight between members of the same family because of money, unfortunately

landheer

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if someone dies and the dead person owns bitcoins, and nobody knows that he owns bitcoins, or his family doesn't know that he owns bitcoins? Of course this is very unfortunate because the family who died will not be able to enjoy the investment returns of the person who died, but I think it would be better if the person who invested before investing should inform the family first, that is so that our family can enjoy the results of OUR investment if if WE die first.

carlfebz2

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Quote from: romero121 on October 09, 2022, 04:38:26 PM

All our cryptocurrency holdings serves to be an investment for the entire family. Once after the death, close ones who have got the access to the recovery phrases will be able to take control of the holdings. If we share the recovery phrases with our close ones When we're alive, they can take control over it. Just to overcome such issues it is good to keep it secure in some place or there are legal services to do it.

Lots of people do really have doubts even into their family members thats why they do totally keep it as a secret into those private keys or seeds that they do have, which it would really be ending up on full lost of

coins once we die.This is why it would really be a test of trust in towards your family members or you would really be making other preparations which would really be that for your family to access those coins
in case you do die suddenly or unexpectedly.

It would really be such a waste for those money to be wasted on in case you do die.We've been working harder and smarter just for them.So its just right
that they would or should benefit those coins.

romero121

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All our cryptocurrency holdings serves to be an investment for the entire family. Once after the death, close ones who have got the access to the recovery phrases will be able to take control of the holdings. If we share the recovery phrases with our close ones When we're alive, they can take control over it. Just to overcome such issues it is good to keep it secure in some place or there are legal services to do it.

Issa56

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Quote from: KingsDen on October 08, 2022, 02:58:24 PM

I think you have a very good insight here. How to use the search button should be among the pined posts. This sounds good, but I bet you, if such post is pinned only 2 out of 20 newbies might be able to read it.
The forum unofficial rules and other pined posts are always ignored to create topics, such that older members will now reply the thread with the links to the same pinned posts Grin

The worst case is that some newbies never return to the topic they created to follow up the conversation. So we have no other option than to continue to caution and report to moderators when necessary.

You are right, most people won't check the pin post, even the rules and regulations guiding the forum that have been pinned, newbies still those not care to read it, I don't know how many minutes it will take them just to open it and go through it, that's why at the end most of always go against the forum rules and they get banned. some people are just lazy, to be honest just as you said even if the post is pinned newbies won't still open it, but if I tell you it's not only newbies, their are some high rank people that won't still care to open it, they will just go ahead to create thread even if it has been created multiple times before.

samuraijin

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if you die, you can get rid of your bitcoins by leaving them in your wallet if you don't want your wealth to be inherited, but if it is inherited you have to create a folder to store all the wallet key files into your flash drive, don't forget to provide some kind of tutorial on how to access it. your bitcoins in that wallet and how do you get your bitcoins or your other cryptocurrencies, I think everyone has a will so write it down in paper form or file like PDF for your family or loved ones

glendall

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Quote from: Issa56 on October 08, 2022, 05:56:37 AM

When you die and nobody knows your private key then your bitcon is gone, no matter how many bitcoin you are having all is gone, so it's better you secure your private key in a place where it can be seen after your death, so that your bitcoin won't just remain in your wallet forever, I know this have happened to lot's of people, most of them won't back up their private key where their relatives will be able to see it, some people's relatives don't even know they are having bitcoin in their wallet, why some people's relatives don't really know about bitcoin, so if you die then your bitcoin is wasted because it will remain in wallet forever and it won't be accessible.

death can't be determined by us, without any preparation or anything
preparing early is also not good because there will be other unforeseen circumstances such as fraud and embezzlement of funds from people we trust to keep our private keys
honestly I'm confused in this case to determine which is the best

coinerer

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Quote from: TribalBob on October 08, 2022, 06:46:21 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 😁

it's actually simple, every time we have valuable assets, there must be a careful planning who our heirs will be, even if in small quantities if it is useful in the future, it is mandatory to record it and to whom we will give it

It is very simple but when this simple task is not done properly it is marked as the biggest mistake of the whole life. Those who have no means of recovery or correction. Lost forever. To tell someone in your family member who is your trusted and share your information so that no one in your family has to fall in such a situation.

Topic: What Happens to Our Bitcoin and Other Assets If We Die? - page 4. (Read 1621 times)