What happens to the coins after your death ? - page 7.

bitterguy28

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LOL, i'm not thinking about that.

Then you are a Fool not to think about that because any time people may die and no one is safe from that , even when you are inside House still there is a possibilities that you may Hit by a wild bullet.

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Btw, im still single right now so if i die i don't really care about my investment..

You don't really care of your investments or " You Dont Have really Investment at all"? don't fool people because if you really invested in here the first of your concern is when this can be safe at least for your parents or siblings.

Mr.sprin

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Quote from: Nora Olin on July 12, 2021, 02:54:49 AM

If your tokens are stored in your wallet, perhaps your closest person will not know your key. When a person dies, there is a high probability that the tokens in the wallet will disappear forever, which is equivalent to being destroyed， So that the price of the currency can be increased even higher, but if you tell the closest people the key, they may sell a large amount of bitcoin after you die, which violates the consensus and characteristics of long-term bitcoin holding.

it's true that if the key is not known by others and we die, all the tokens we save can be lost or like being burned, it would be nice if we gave the key to our own family so that the results we work can be enjoyed by them.

Nora Olin

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If your tokens are stored in your wallet, perhaps your closest person will not know your key. When a person dies, there is a high probability that the tokens in the wallet will disappear forever, which is equivalent to being destroyed， So that the price of the currency can be increased even higher, but if you tell the closest people the key, they may sell a large amount of bitcoin after you die, which violates the consensus and characteristics of long-term bitcoin holding.

samsul1234

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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

hello sir, I think we should tell our key to our wife, and little by little we teach how the bitcoin system works, we have to think about it. heirs when we die later, this feeling is more effective, than we tell our friends or other family

amihada

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Quote from: Mr.sprin on July 12, 2021, 02:18:18 AM

I haven't been honest with my family about crypto. I have assets in crypto and my family doesn't know about it. It's not that I don't trust them, but that I don't feel ready to be honest with them. but i wonder if i will live till tomorrow? I will tell them as soon as possible that I have assets here so that if I die, the fruits of my labor so far can be enjoyed by my wife and children in the future.

I think you should immediately be honest with your family because all this time you have been taking the wrong steps. Just imagine that all this time you have worked hard and got results but you have not notified your family if you died and your property there cannot be enjoyed by the family. I don't do anything like that. being honest with family is better than hiding it.

Mr.sprin

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I haven't been honest with my family about crypto. I have assets in crypto and my family doesn't know about it. It's not that I don't trust them, but that I don't feel ready to be honest with them. but i wonder if i will live till tomorrow? I will tell them as soon as possible that I have assets here so that if I die, the fruits of my labor so far can be enjoyed by my wife and children in the future.

Dewi89

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Quote from: tabas on July 11, 2021, 04:27:26 AM

As for the last will, what if the attorney won't show anything to them? and he's also a crypto guy and he can easily do that? It just so happen that it came to my mind.
What if this scenario also happens even if you've made already a last will for them that's being held by the attorney.

Because you keep millions of dollars in your wallet, your will may be silenced by the attorney so that the will is not given to your family or he only gives half of the will. I think the best way is to get your family involved to find out what you have in crypto assets.

Oilacris

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Quote from: South Park on July 11, 2021, 03:10:58 PM

Quote from: Pamadar on July 08, 2021, 04:37:22 AM

Quote from: South Park on July 07, 2021, 03:45:26 PM

That is an option but only if our death comes in a predictable manner after a long disease or because we are too old, but as we know people die for all kind of reasons at all ages, this is why some other method needs to be used to guarantee that our loved ones are going to receive our coins in the case of an early demise, time locked transactions could be the answer to what we want as this allows us to keep control of our coins and at the same time leave a way to our family members to get those coins at some point in the future.

Personally I'll choose to allow my wife to know everything about my crypto belonging,

Even she's not into this field and her knowledge is just a little which more relying with how I teach her, the very important thing is she knows about how to use my wallet in case worse thing happened she and my kid will enjoy those crypto that I kept from my wallet.
Better than being wasted, I don't want that to happened with my investment.

Since you have someone that you trust 100% then this is not a problem for you and that is great, but for those that do not have such a person or that are too paranoid and want to leave yet another way to do this then we need to find other solutions and I keep thinking that time locked transactions are the right choice, now before anyone does this it is better they practice with an amount of money that in the case it is lost it does not cause you issues, but once you know how to do it then this is a good way to guarantee your family members will eventually get your coins.

You should at least share off and let them have it after you die because losing it entirely and been lost on void isnt really that worth and after all the struggles you've been with crypto investment then it do just sucks big time when those coins would really be just put up to waste or simply cant really be benefited out by your loved ones.

I cant really blame out some people on not to be paranoid because its really hard to trust up nowadays even with your loved ones or siblings or even on your wife when it comes to money.You wouldnt know on when
they would be accessing it without you knowing specially if you do already shared up the keys.

Making up some arrangement like having a will in case you die then they would be getting all of those things inserted with some instructions on how to access.

South Park

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Quote from: Pamadar on July 08, 2021, 04:37:22 AM

Quote from: South Park on July 07, 2021, 03:45:26 PM

That is an option but only if our death comes in a predictable manner after a long disease or because we are too old, but as we know people die for all kind of reasons at all ages, this is why some other method needs to be used to guarantee that our loved ones are going to receive our coins in the case of an early demise, time locked transactions could be the answer to what we want as this allows us to keep control of our coins and at the same time leave a way to our family members to get those coins at some point in the future.

Personally I'll choose to allow my wife to know everything about my crypto belonging,

Even she's not into this field and her knowledge is just a little which more relying with how I teach her, the very important thing is she knows about how to use my wallet in case worse thing happened she and my kid will enjoy those crypto that I kept from my wallet.
Better than being wasted, I don't want that to happened with my investment.

Since you have someone that you trust 100% then this is not a problem for you and that is great, but for those that do not have such a person or that are too paranoid and want to leave yet another way to do this then we need to find other solutions and I keep thinking that time locked transactions are the right choice, now before anyone does this it is better they practice with an amount of money that in the case it is lost it does not cause you issues, but once you know how to do it then this is a good way to guarantee your family members will eventually get your coins.

erep

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Quote from: Ararbermas on July 11, 2021, 01:09:04 AM

yes that's a good idea but for me because i dont trust anyone even my family. Grin

maybe i will prefer to write a letter, which information how to manage my keys in order for them to have an access. and i will keep it to my wallet or along with my personal documents because for sure they will search for something in it, especially if they knew that you're making money in bitcoin and you always spend your whole day working in a computer surely there will be a searching operation. Lol

Interesting idea, leaving a letter in the wallet in the form of a toturial to access the seed of the bitcoin asset but how to make sure if the first person to open the letter is one of your family, but this method still has many shortcomings. I think you have to be honest with one of the family members to access the seed file on the flashdisk as a will when you die.

amintet83

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Make sure that death can happen any moment, that's why if you have a lot of coins worth tons of money you MUST NOT ever lose your private key and keep them safe with a trusted entity . It makes it very impossible to retrieve access to your funds if your private keys are missing. You really don’t want to run the risk. Make sure you store it in a safe place - or, better yet, get a hardware wallet.

tabas

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Quote from: btc78 on July 11, 2021, 04:04:54 AM

You clearly stated what you need to know , Let your family knows about your Wallets and besides your most concern here is them so why not let them learn about your holding?

Or else you will Put all your wallet details in your Last Will And testament so when time comes that you die then they will benefits in all your hard work here in crypto.

As for the last will, what if the attorney won't show anything to them? and he's also a crypto guy and he can easily do that? It just so happen that it came to my mind.
What if this scenario also happens even if you've made already a last will for them that's being held by the attorney.

btc78

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

So what could be the solution to this Huh

You clearly stated what you need to know , Let your family knows about your Wallets and besides your most concern here is them so why not let them learn about your holding?

Or else you will Put all your wallet details in your Last Will And testament so when time comes that you die then they will benefits in all your hard work here in crypto.

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Quote from: Handsome Boy on July 08, 2021, 08:38:53 AM

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

if you don't trust anyone to know the key, then of course your family will lose your bitcoin or altcoin, because no one knows about your bitcoin or altcoin and it makes your bitcoin or altcoin useless (can't be sold), then I suggest you to tell someone you really trust to know about your key, so that if you die then your bitcoin or altcoin will be useful (can be sold).

If you don't tell about your passphrase to anyone, then your coins will be lost once you die. Since in traditional fiat, money is automatically moved to the generations once you die, in bitcoin the situation is different. You bitcoins will be lost and not be transferred to your siblings or kids unless to tell them your private key while you are alive.

awik p

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Quote from: Ararbermas on July 11, 2021, 01:09:04 AM

Quote from: erep on July 10, 2021, 05:08:40 PM

You must involve someone from a family member that you really trust and it is impossible for a brother or sister to betray your trust, if you have a wife then it is better to teach knowledge about how to access bitcoin assets even if it is not yet time for you to provide the seed of ultimate balance but at least it will help your family if you died.

yes that's a good idea but for me because i dont trust anyone even my family. Grin

maybe i will prefer to write a letter, which information how to manage my keys in order for them to have an access. and i will keep it to my wallet or along with my personal documents because for sure they will search for something in it, especially if they knew that you're making money in bitcoin and you always spend your whole day working in a computer surely there will be a searching operation. Lol

everyone has their own thoughts, because I have a wife, then at least the wife should know the private key, so that if something untoward happens, we can bequeath our assets to our descendants. and I have to believe in my wife, because she is half my life if I describe it

Ararbermas

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Quote from: erep on July 10, 2021, 05:08:40 PM

You must involve someone from a family member that you really trust and it is impossible for a brother or sister to betray your trust, if you have a wife then it is better to teach knowledge about how to access bitcoin assets even if it is not yet time for you to provide the seed of ultimate balance but at least it will help your family if you died.

yes that's a good idea but for me because i dont trust anyone even my family. Grin

maybe i will prefer to write a letter, which information how to manage my keys in order for them to have an access. and i will keep it to my wallet or along with my personal documents because for sure they will search for something in it, especially if they knew that you're making money in bitcoin and you always spend your whole day working in a computer surely there will be a searching operation. Lol

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

So what could be the solution to this Huh

In the context that you have carefully removed all other options for sake of security and caution, the only one I can suggest to you is for you to move your cryptos to a well secured top exchange and keep. Binance comes to mind at the moment. That way, all you need to reveal will be the password to the exchange. You don't need private keys here and there which may even be very difficult for none crypto savy person to locate and piece together. Write your password on a piece of paper and tug somewhere safe. At one's (your) demise that can easily be found.

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Quote from: erep on July 10, 2021, 05:08:40 PM

You must involve someone from a family member that you really trust and it is impossible for a brother or sister to betray your trust, if you have a wife then it is better to teach knowledge about how to access bitcoin assets even if it is not yet time for you to provide the seed of ultimate balance but at least it will help your family if you died.

You do told them about on how to access funds on a wallet but you should at least do make some will in case you die on where they are the only ones who could access those files and wallets

which would be a good preparation because we dont know on what comes next and since we cant predict on when we would die then its just good to consider on having these kind of back up plans

rather than making those coins would be put up to waste if you dont intend to share it up on your loved ones. Death is inevitable and this is why its better to trust up one of the family
which be most likely to be your wife.

erep

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You must involve someone from a family member that you really trust and it is impossible for a brother or sister to betray your trust, if you have a wife then it is better to teach knowledge about how to access bitcoin assets even if it is not yet time for you to provide the seed of ultimate balance but at least it will help your family if you died.

jerry0

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The big issue here is what if the people you want to leave your coins to are not tech savy? Say you leave them your seed and tell them that is your seed for your hardware wallet. I mean even if they have your seed and or ledger/trezor device, if they are not tech savy, how would they go about claiming it?

Are there services that assist people who have crypto seed to help them claim their coins and say help them send the coins to that person's coinbase account and they then take a percentage for helping? Like a flat amount or percent of the crypto in their account? Obviously anyone that is familiar with crypto and hardware wallet could easily help someone claim someone's coins with the seed.

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