Topic: What Happens to Our Bitcoin and Other Assets If We Die? - page 5. (Read 1629 times)

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

Ahahah!!! The last paragraph or clause is making me laugh. What do you mean by ? Do you create the thread for merits or for knowledge or information? The question you asked is a good question but this your last statement spoiled everything.

Let see your first statement. We all know earth is not a permanent place for all the humans. So any how you acquired properties other people will inherit them, (that is for the physical properties) but when it comes to digital assets (cryptocurrency bitcoin), it will lost in the internet, if nobody knows your private key. So with that we were advised to show a trusted sibling or your parents or your friend about your key so in case of any demised, they can withdraw the fund from the wallet and give to your children and if your children are well trusted too, you can show one or two of them so that they can be able to use the fund when you are no more.

Hey fennic, I want to take this time out to point something out to you. You should see earning merits as what is exchanged for knowledge shared according to filliponne. Merits will flow naturally if you shared knowledge, answered the query of a user to their satisfaction, stated an opposing point of view in a respectful and polite manner. You may not believe this but if you hang here long enough, you'd understand. Here's how he put it

I think that risk of giving someone else the access heavily depends on the person you choose. In my case I would even say that it is safer with that person than it is with me as he lives in a rural part of country, and is ex-military who is very cautious and security oriented because of the job he did. On the other hand, if you give it to someone that is close to you and who you can trust not to steal from you but is not really cautious and doesn't care about safety, then you are asking for trouble.

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 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.

Aren't you afraid of adding a second point of failure (for instance from a $5 wrench attack)? You're the first point of failure, and if you make a terrible mistake, you lose your coins and have only yourself to blame. But giving someone else the same access is a huge risk, even if they don't take your coins on purpose.

If you did not share your keys to someone or you even didn't store your private key on  somewhere where your loveones can't find it, The asset you have in your wallet will basically be untouched forever unless it is store in a custodial wallet where there's a possibilty of being touched. Just make preparation incase. Personally I've got some few ways where my loveones or the one close to me can recover or inherit my funds. I put it somewhere where the only one who can access or find it is the closest to me.

 Extra tip in making a preparation. Put some trick on your instructions, just like treasure hunting! I'm sure it's fun. Also,  make sure that the only the one closes to you will open your wallets.

this is the main problem for us to lose assets in cryptocurrencies, where the private key is the main key to open assets, at least we tell someone closest to us to know where our files store assets. that way the assets we have can be useful for our families. I don't think anyone has been able to open a wallet without the owner's private key, even phishing requires an access process to get the private key, not looking for it yourself to get it

Bitcoin is not lost just because someone can no longer access the wallet, it just stays forever on the blockchain without being able to be moved. Bitcoins are not stored in a wallet, so your wallet only provides a private key to transfer the bitcoin to your other bitcoin address.

One might have to think about having a backup of his wallet file ^{[private key or seed]} and securing it somewhere. Bitcoin can be inherited, there are several ways to do it and I think that could be considered. But if someone doesn't do it before his death, then of course the bitcoin will forever be stored on the blockchain.

it is also a way but for me, i create a full backup file of all the necessary information accessible to my crypto assets and give it to my wife to keep. although she doesn't know anything about cryptocurrencies at the moment, in the future i will slowly teach her about basic usage such as how to recover and access assets as well as related to buying and selling

i would rather give it to my loved ones than transfer it to the bank. now i try to hard work every day for my family, so i think they are the people i trust the most and deserve to know all my secrets

It's simple. If no have has access to your private keys, then the coins are lost forever unless someone somehow manages to get into your computer/wallet to withdraw the coins which in this case means you haven't completely kept your coins secured. So when you die and no one has access to your coins, the bitcoins are lost forever. This will create more scarcity of the coins. If you want
So the bank will have access to your keys? If you really want someone to inherit your "coins", then just share parts of the keys with your lawyers or different family members and when you pass away, let they act together to recover your coins.

In this case it is true and as you said because with something like this it is clear that if you do not fully believe it will actually boomerang for yourself.
But indeed on the other hand it will be very difficult too if we do not make any plans from now on especially for the age obviously no one knows.
There must be a third person like a Notary, maybe this can be used as an option, but indeed this is still another risk because we really have to find someone who can really be trusted in this matter.

You can create a file with manual on how bitcoin works and how and where your coins are stored and retrievable.

Obviously non tech people will need assistance, as long it is clear who becomes the next owner.

It's no different as other assets. If there is no one that knows of the crypto's it will go lost without anyone caring about it.

Yup you are right- most tangible assets are transferred to your respective heirs (mandated by law) and/or to the persons stipulated on your last will/testament. In case of cryptocurrencies, since the latter is not regulated by any institution, it is up to you on how you would transfer your assets in case that you meet an unfortunate death or accident.

Generally, it is somehow dangerous to keep your private keys with someone else. I do suggest, however, that you put them inside a deposit box and name someone as the beneficiary of such in the event that something happens.

Exactly a must thing to do.

A true story from my experience. Years ago, in early of 2018, my friend asked me what happens if someone dies and his coin on cryptocurrency exchanges. I introduced him about crypto and he asked this question after reading news about a sudden death of a CEO of an exchange (I think you knew that case too). I told him that he should write down his email, email password, exchange account information (password, 2FA) and any related thing to his accounts.

I also told him that even his wife can get access to his phone, email but if suddenly exchanges ask for KYC before approving withdrawal request, it will become terrible case.

Unfortunately, he died in a motorbike accident a few weeks later. His wife fortunately has a notebook in which he wrote down all things but does not know what to do with it. She came to me, asked for help and all went well.

From this story, if anyone does not make backup of such things, a sudden death will be a termination of all cryptocurrency assets on exchanges or in custodial wallets too.

You did a good plan B.

You should manage something right now since you are thinking about what happens after you die. Have to teach your family members or have to trust someone else who knows everything about how to recover. I managed a notebook to manage all my credentials related to cryptocurrency. So in case of death, someone should be able to handle the funds. I wrote a couple of a number of my dearest friends who are able to recover. And I am teaching my family members as well. But the notebook is under my control of me. I don't trust anyone right now.

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.
I don't get you, did you write the post because of merit? I don't see anything special in the post, similar thread have been created before, so I don't think anything is special that really deserves merit, anybody that wish to give you merit will definitely give, you don't have to be begging for merit. if you create a thread it's not compulsory to give you merit, anybody that wish can give you and if anybody those not wish to give you then they won't give you.
I think how to use a search button should be among the pined posts, atleast newbies joining the forum won't have to be creating threads that have been created multiple times before, am sure some newbies on the forum don't know about the thread and they don't even know how to use the search button.

This topic has been discussed before in various threads. If a person dies before making any arrangements for the coins and if nobody finds a password or a passphrase afterwards, then the coins are as good as burned: they exist, but nobody can ever access them. So yeah, it's up to everyone to think about what a person wants to do with BTC in an event of death. BlackHatCoiner mentioned LoyceV's Locktime thing, which is an interesting solution. In my case, I have a person I fully trust who has access to my coins, and another person who can figure out access to my coins if necessary.

This question is a bit old and repeated for many times in this forum, the answer can be different for many people depending on how they think. Some people including myself write the recovery seeds on a piece of paper and they make sure that their kids or inheritors will get access to the bitcoin by reading that piece of paper after their death, surely keeping that note secure until their death can be challenging for everyone. but some other people prefer don't let anyone get access to their assets and bitcoins after their death, so the bitcoins will lose forever if they die.

Plan ahead and make the necessary preparations while you are still alive. Your family inherits your possessions and assets, unless you make a will and give it all to someone else. This also depends on the country you live in. Some countries don't allow individuals to be excluded from inheriting what is legally their fair share. For example, a father who has 3 sons, can't exclude one of the sons from inheriting his fair share even if he makes a will. He can only do that if the excluded son tried to hurt or kill his parents.

Let's get back to bitcoin. To avoid legal complications and procedures, show your family how to access your crypto and what to do after you are dead. Even if your heirs inherit everything you have, including your bitcoin, that means nothing if they don't have the means (seeds and keys) to access those coins. That's the beauty and danger of a non-custodial asset.