What Happens to Our Bitcoin and Other Assets If We Die? - page 7.

milewilda

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Quote from: Raflesia on October 05, 2022, 04:53:50 PM

Actually, if I'm not mistaken, there are a number of the same threads discussing this but indeed when we die and no one knows access to our portfolio then indeed this can also die with us in my opinion but there are some things that must be prepared such as inheritance and others.
I personally gave a note which is now entrusted to people I trust in this case if anything happens then I have given this access which will only be given to my family but with a note that I am dead.

No one knows on when we died, whether it would be sudden by accident or via illness, this is why you should really make yourself that prepared because it is really just a waste if you do just let those coins
be lost on void just because you had forgotten on how you should be passing on that one.You cant really be that too confident on exposing your private keys even into your loved ones and we
do know on whats the risk because they could possibly access it without any permission.This is why i do understand on why there are people who cant just trust up even
inside of their own family.This is why some decide on ending up on having those will but its not really something ideal or something that you could trust it out too.

Raflesia

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_""""Duelbits""""_

Actually, if I'm not mistaken, there are a number of the same threads discussing this but indeed when we die and no one knows access to our portfolio then indeed this can also die with us in my opinion but there are some things that must be prepared such as inheritance and others.
I personally gave a note which is now entrusted to people I trust in this case if anything happens then I have given this access which will only be given to my family but with a note that I am dead.

Welsh

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You decide what happens, however you need to make that contingency plan sooner rather than later if you're worried about securing your inheritors future, if something were to happen to you. Obviously, if your family think it's a joke as you've mentioned, that can make it somewhat difficult. However, there's nothing stopping you from making the wallet that you want to inherit it too, and give that to them. Tell them to keep it safe, and that's all you ask.

At least then, when the event comes they get to decide, and have that option open to them. Most people won't say no to an inheritance. Regardless if it was fiat, Bitcoin or watches they don't wear. If it has a value, they'll likely accept. Even if it's out of honouring your loss.

Rruchi man

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Use chips.gg

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.

This question has been asked many times on this forum, and it usually gets a lot of answers.

Transferring bitcoins and other traditional assets to next of kin can be different. For other assets, it can easily be transferrable via a will that is legally binding unlike transferring your bitcoins which may require a little more technicality and planning so it doesn't

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 quite agree.

Sanitough

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Quote from: Oceat on October 05, 2022, 01:16:55 PM

You should plan ahead if you think you have someone you can trust or you will need someone to retrieve it or do you want to give it to them as a gift or something before you passed away. There are ways on this forum posted several times when they want to make back-up or a trigger on a website that would send automatically the private key to someone's email if not being active after a certain time like month(s) or year(s).

People in the past didn't know this yet since they think Bitcoin has no value in the future that's why most of them forgot or lost their Bitcoin without knowing how to retrieve it.

If you care for your assets, then you should learn to value them while you are completely alive. The reason why we need our family too or even a trusted friend to be inclined about bitcoin so that if we pass away, our loved ones can inherit them and use them purposefully. But it will be more satisfying on our part if they will continue what we have started since bitcoin's value will keep on increasing and would mean a very huge amount in the future. Otherwise, once we die, our assets will also be left with nothing and will become useless in the end.

Lanatsa

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Quote from: fennic on October 05, 2022, 12:27:48 PM

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.

Bitcoins, for once more, have the advantage to be signed as inheritance, without revealing the private keys / location. See Using Locktime for inheritance planning, backups or gifts.

You are right but nobody like me do not know how to do this. Cause mostly people and also in our family thinks that cryptocurrency is a joke and can be scam and they do not believe in this. Same case is with me. And cause people do not believe what is hidden.

If they are thinking up on that way then they are just basically wasted off that million dollars of yours. Cheesy

This is the significance on making or letting your family members on whats crypto specially if you are

dealing with it and if they do have that impressions that going opposite into what you are trying to explain then so be it.When you do mind about of those coins of yours if something bad happen into you then

it would be ideal or sensible that you would be making out some set of instructions on how to access it or on how to sell those coins on the time you pass away.
I wont really be tending to put it on a bank safe but rather i would make my personal one.

isaac_clarke22

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

~

I have not yet done this, but my plan was to write the seed phrase to a piece of paper and hide it somewhere. I would just write it out that they should keep this only for themselves and never ever tell anyone about it.
Those closest to me would know what I am talking about and they would know where to use the seed phrase.
You should see as well what BlackHatCoiner is mentioning by the way.

Oceat

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You should plan ahead if you think you have someone you can trust or you will need someone to retrieve it or do you want to give it to them as a gift or something before you passed away. There are ways on this forum posted several times when they want to make back-up or a trigger on a website that would send automatically the private key to someone's email if not being active after a certain time like month(s) or year(s).

People in the past didn't know this yet since they think Bitcoin has no value in the future that's why most of them forgot or lost their Bitcoin without knowing how to retrieve it.

OgNasty

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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.

When someone dies there is no doubt that things in crypto get lost. I'm sure we all put in effort to make sure that those who love us would be able to recover certain stashes, I seriously doubt that anyone would be able to recover everything in the event of my death. I'm not even sure if I know all the different coins and NFTs I've owned on different chains, not to mention airdrops, etc. This is definitely one of the problems with crypto, but it's also a reason to be bullish as market caps don't take into account lost coins. I'm not sure how this problem could be solved without biometrics, but I'm not sure anyone really cares. That's the survival of the fittest attitude.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

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

<...>

There are quite a few threads on the matter at hand, as it is likely a recurrent question that we all ask ourselves every now and then, or at least should (and more than once). Besides the legal procedure that may be defined to a certain degree on a per country bases, there is the actual, let's say, technical side of things to consider – meaning how any potential heir may gain access to the bitcoins.

One of the threads to read though would be this one:
Halloween inspired poll –would your Bitcoins get passed on if you suddenly died?

It offers insights into what people have planned in this sense, but also, and rather shockingly (as one might expect though), the poll showed that a very significant amount of people were aware that the chances of their heirs being able to access the bitcoins where small to none – and that is on a biased environment where people tend to become more conscious of these things precisely because we talk about them recurrently.

Rikafip

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

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.

Maybe its just me, but tt feels kinda weird to store my crypto backup in bank. With that being said, I do have contingency plan set and people that are very close to me are explained what to do in case something happens to me. I don't have millions (at least not yet Grin

), but it would be a shame to go to waste.

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

Bitcoins, for once more, have the advantage to be signed as inheritance, without revealing the private keys / location. See Using Locktime for inheritance planning, backups or gifts.

Huh, definitely a good solution if you are extra paranoid/careful, or if you don't have anyone that you trust enough with something like this. Even though I doubt I'll ever use it (at least not for inheritance but I might for the gift), will check it out. Thnx for sharing.

Hispo

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Quote from: fennic on October 05, 2022, 12:27:48 PM

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.

Bitcoins, for once more, have the advantage to be signed as inheritance, without revealing the private keys / location. See Using Locktime for inheritance planning, backups or gifts.

You are right but nobody like me do not know how to do this. Cause mostly people and also in our family thinks that cryptocurrency is a joke and can be scam and they do not believe in this. Same case is with me. And cause people do not believe what is hidden.

If any of us (Bitcoin holders) die and we left no instructions to our family on how to claim the satoshis then these are essentially lost forever.
I recall a story of a guy who turned millionarie because of Bitcoin back in 2017-2018, he decided to take some vacations in Mexico to celebrate, but unfortunately he ended up dying during his travel. Since he did not leave behind instructions for his family and his Bitcoins were protected by a passphrase he took his Bitcoins to the grave, leaving nothing for his loved ones.

fennic

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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.

Bitcoins, for once more, have the advantage to be signed as inheritance, without revealing the private keys / location. See Using Locktime for inheritance planning, backups or gifts.

You are right but nobody like me do not know how to do this. Cause mostly people and also in our family thinks that cryptocurrency is a joke and can be scam and they do not believe in this. Same case is with me. And cause people do not believe what is hidden.

BlackHatCoiner

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Farewell, Leo

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.

Bitcoins, for once more, have the advantage to be signed as inheritance, without revealing the private keys / location. See Using Locktime for inheritance planning, backups or gifts.

fennic

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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 😁

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