What happens to the coins after your death ? - page 10.

DarkDays

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this Huh

A will where the person entitled would be able to get the piece of paper or ledger from a safe in an institutional establishment, much like a bank deposit box. Something like this could work, but of course, it would help if you tell somebody you trust where you keep your important files in case something like this happens. You can be over prepared but better that than underprepared

BIT-BENDER

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Quote from: RokokGudangGaram on June 27, 2021, 12:32:40 AM

If the people really don't want to share their keys it's their right but those coins will be dead as well since it can't be access so if you really don't want to share your keys maybe you could make a riddle and ask your family to share it online or to them that if you die, they would try to crack the code and if anyone gets it then the coins will be theirs.

There's no other solution if the person really don't want to share their keys even if you try to force crack their wallet it's impossible.

I think this is no different from just giving them your private keys and password while alive and ask it to only be accessed when the person is gone, because if you can't trust them, a riddle won't make up the trust because even when alive they might try to also access the account and decipher the riddle.
There is no best death, but in this case it's best if the person has enough time to reveal it to their next of kin just before going, or just try building a trusted next of kin who values your life even more than any crypto-currency in any wallet.

Quidat

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Quote from: Philipruch on July 01, 2021, 09:34:44 AM

As long as humans does not permanently live on earth, it is very important to entrust one's account secure password to a very honest partner very close to you as a way of continuing the accessibility of the account

If you are a family man then you would definitely be trusting your wife but if not then you would be trusting your family but we know that not all people
would be having that kind of trust when it comes to money even if its close to you then you cant still 100% trust on it this is why majority would really
be losing on their holdings once they do die suddenly which is sad. Considering on how secure crypto is when it comes to key possession then theres no
way on accessing a wallet if those keys are lost and theres no much thing you can do about it but to move on.

Artemis3

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this Huh

Yes, they will never be moved again. You could make a will or leave a letter somewhere with instructions how to locate the seed keys if you like. Do not use the word keys, what you handle is seed words not private keys, never directly manipulate those as they could be easily stolen.

The whole point of using seed phrases is that you can write them with your own hands into a piece of paper, this is VERY intentional. A real private key is simply too hard to copy by hand, the temptation to use copy/paste or any electronic medium (including qrcode) opens a door for thieves. So the point is when you make a new wallet, you are told to write by hand those seed words, this is the only thing you need to protect, and optionally leave to your family in case you pass away.

Nothing else is important. No hardware devices, no passwords, no phones, only the seed words, this is how important those are, do not neglect them as they are your wallet, protect them and do not let them be captured by electronic devices of any kind. Incidentally that is also a cold wallet if you delete it from your device, that piece of paper with words written by hand, is the real cold wallet, not unplugged $100 gadgets, those have another purpose: Secure your HOT wallet.

Philipruch

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As long as humans does not permanently live on earth, it is very important to entrust one's account secure password to a very honest partner very close to you as a way of continuing the accessibility of the account

Shenzou

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I have always thought about this, and it really shaped the way i deal with bitcoin and crypto in general, i thought about holding them for a long term, but then life is too short and i rather enjoy it while i can rather than to think way ahead in the future, i mean i don't spend all of my coins but i try to use whenever i can to get something nice or go on a vacation. and i don't stress out a lot on the prices way in the future.

Murtaza345

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I secured my bitcoin with tight security like privete key pass phraces and many more and I just have told to my brother everything about my bitcoin portfolio ofcource after my death my bitcoin and all portfolio will use my brother. Because my brother he is younger than me is not only my brother but he is also my best friend and my trustable person,and 2nd he knows about bitcoin and online currency but my other family persons like my sister's my mom and papa don't know ,and they also don't take interest in online business or bitcoin ,so yes my brother will be the owner of my all cryptocurrencies after my death.

swiftbits

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Operating crypto processes might be hard for starters. It would be better to share your knowledge with someone you trust and share your keys in a way you preferred. Privacy is needed; it would be risky if your inheritor asks others to help them access your crypto.

radjie

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this Huh

I always copy the private key I have in my private notebook and tell my wife if it is any important records including the private key to access my crypto wallet. why do I tell my wife, because we already trust each other, and I think this is very important to do because the closest person who is always there is only a partner, in case she has difficulty accessing it maybe my children will guide her later when they grow up. I'm sure if everyone did the same then the valuable crypto assets that we have will not just disappear even though the main owner has passed away.

jerry0

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Is giving the seed to a lawyer normal? Also how is that safe if something happens to your lawyer or where he stores your seed? Have tough time imagining a lawyer having multiple clients seed phrase etc. Like what if they lose it or something like that?

cheezcarls

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this Huh

The coins will remain there forever unless the dying one gives you the “keys to the kingdom” before time runs out. In my mind when the time comes, whether if it’s all of a sudden like accident or a long-term illness (in which we could not avoid it when we’re getting old), I just simply put all of them in my notebook as a last resort since it’s not safe to put all of the private keys and seed phrases online.

Naficopa

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It would be stupid to admit publicly how you secured access to your wallets in the event of death. So let me answer this question only in such a way that two of my relatives know how to get into it.

However, I am more wondering what will happen to the coins of this gentleman if this news is true:
https://www.marketwatch.com/story/one-of-the-largest-owners-of-bitcoin-who-reportedly-held-as-much-as-1-billion-is-dead-at-41-reports-11624904721

CryptopreneurBrainboss

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I think I have replied to a similar thread in the past but can't find it now to reference you there but nevertheless he's my thoughts on this issue. Teach your siblings or partner whatever you're into. This isn't just about cryptocurency but other financial investment like forex etc. Teach them how they can access your funds there just in case something like this happens.

We're told not to trust anybody but that's just to prevent us from going to trusting some random individuals. We're humans and trust is something we have to give atleast to one individual therefore if you have someone that you can trust like your lawyer or any other person, letting them have access to your investment vehicle is for situation like this, is very vital.

Like other's have said, it could be in a form of will or any other means. Don't forget that if you don't let them have access, you'll be putting them in an unfavorable situation as all you have worked for will be a waste since your love ones can't enjoy the fruit of your labor.

Vaskiy

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As the world is progressing forward with the adoption of bitcoin we can expect some legit service renders who officially move all our holdings from our the one who have died to the person who he have proposed through documentation. This can be his children, close ones or a charity. This is the only way, other than providing private keys.

stomachgrowls

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Quote from: Kittygalore on June 27, 2021, 05:20:31 AM

Quote from: Maus0728 on June 27, 2021, 12:34:49 AM

Worry no more, you'll just need to read these previous topics on how you can create a strategic plan after your death.

What happens to my bitcoin if I die today?
Inheriting Bitcoin
Bitcoin Inheritance Planning

Thanks for this one, I'm a bit curious about this too although I have no use with it because I am pretty sure that I won't be needing to do this when the time comes, I just like to have a good read.

If you are really that selfish on not minding on sharing out or to be inherited with those coins that you had saved or accumulated then its your choice but its just a waste that those coins wont be used up by your loved ones or simply they would benefit out.

Aside in talks about circulation then its just really a waste that those coins would be ending up on lost totally in void.So its a matter of personal choice though because there are people who dont really mind about inheritance.

When it comes to my coins then i had already set out plans on that in case i do pass away.

romecheo

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Everything will gone with him/her after his/her death, if she/he doesn't arrange everything the ways he/she wanted.

Some possible ways to ensure that their families or love ones will get or inherit every cryptocurrencies she or he possesses.

First: Train someone from their member to have knowledge how cryptocurrency works, teach them to transact, like transfer, withdraw or purchase using cryptocurrencies.

Second: Leave a video or links, which they can access after his/her death, of course, everything!

Third: Create cryptos wallet for every families she/he have, transfer amount of according to his/her wish, and don't forget to give the access/seeds plus instruction.

No one knows when that time will come, what we all knew, death will come to us unexpectedly,

GeorgeJohn

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This particular topic has been discussed here before and this is another format of it, shall base on your topics i will render my own opinion, base on the topic nothing positive will come's out after a departure of someone that owns the coin and also departure on Earth, the only way the coin can exist is a situation whereby the person's wife or husband have the Private key or seed phrase of the , diseased wallets ,but a process whereby no one knows the seed phrase of the wallet the coin can't be fine or transact with, so further more it's good to have a document whereby all the private key of cryptocurrency wallet have to be store or been intact in paper or file to avoid lost of life and lost coins in the wallet.

Lanatsa

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Quote from: JohnBitCo on June 27, 2021, 12:05:30 AM

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this Huh

I do still have those kind of doubts on sharing out your keys and other those sensitive informations with your family members which i do fully understand.

On this case i do still teach them about the basic about crypto and how to make access on a certain wallet or even teach on how to convert those into
fiat and of course there would be some instructions inside on a sub drive on all the things they should know.

You do tell them that in case you die then thats the time they would open those drives or make some will that they would only have access once you die
and this would involved some legal actions.

NicNacCoin

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Quote from: Bttzed03 on June 27, 2021, 01:05:58 AM

Teach them how to crypto first (wallet access through seed/priv. key, storage, security and all other basics) while you're still alive. You can also find suggestions from this article - Prepare your bitcoins. For your heirs.

Good to hear because every wallet has private access with keystore files, private keys, password and phases. So before my Death, I would give my password and phases to my relatives if they can restore my assets.

randegibran

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this is certainly.expected by many people but if the reality is so, then we can give the password to our family.or theclosest.people around us.because this coin.will always be stored in the account.and will never be lost even though we have died.because this coin.is permanent.and its security.is very guaranteed.for us.to keep it for a very long time, even though one day we have died.of course we will give the password to our family.because they are the ones.we can trust to manage our business

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