What happens to the coins after your death ? - page 8.

Handsome Boy

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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

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).

Pamadar

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

Quote from: iTradeChips on July 04, 2021, 10:46:52 AM

So I guess, the only way to make a crypto to be accessible to your loved ones, is to make these crypto into tangible things like money and gold and valuable items. If you think about it, protecting your crypto assets until kingdom come might be a little selfish, I mean as far as I am concerned, I want my family to have access to my money if I am already weak and old and struggling with my health. If I can afford an attorney then we can talk legalese in order to prepare the eventuality of my demise.

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.

bitzizzix

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I personally have my own way and I have provided a private box and only I know where to store the key to the box, because there are some valuables besides my private key and wallet password to be able to access it, and also how to use it in great detail.
and I put the box in a safe place and only my wife or family members know but can't open it, and if anything happens to me including the death of my wife or family member I will definitely try to force open the box and read the letter I prepared beforehand, and they can use it because I have detailed it in the mail to be able to access it and some links to get to know it to better understand it.

Tessnik

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There is only one thing that happens to a person's cryptocurrency asset when they are dead is they are claimed by others who have access to the wallet where they are stored, or the cryptocurrencies are lost forever if no one has the private keys to the wallet where the assets are stored.

Miaallen

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The experiences of people dying with no one knowing their passwords or wallet recovery mnemonics has made people have a confidant or at least have their wallet mnemonics and even their Centralized exchanges passwords written down in their diaries or notepads when their families or relatives can access it after their demise.

rokon1234

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I don't think anyone will know about my coins after I die.Because no one in my family has any idea about it.So after I die, the coins will probably remain in my wallet like this.But now I can't own so many coins that I have to worry about.

caryoscar

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

If I die, I have a few options to deal with my coins, find a lawyer, write a will, if I have only one child, I will tell him my password directly, if I don’t have children, I will donate to the orphanage , If I have many children, I will distribute them equally. If my children don’t know how to be filial and don’t do their jobs properly, I will donate all my bitcoins to public welfare. In fact, I still have a rather absurd idea to test humanity. I might really choose to feign death, direct a funeral for myself, and see what my family and friends look like after my death, and then make a decision.

South Park

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Quote from: iTradeChips on July 04, 2021, 10:46:52 AM

So I guess, the only way to make a crypto to be accessible to your loved ones, is to make these crypto into tangible things like money and gold and valuable items. If you think about it, protecting your crypto assets until kingdom come might be a little selfish, I mean as far as I am concerned, I want my family to have access to my money if I am already weak and old and struggling with my health. If I can afford an attorney then we can talk legalese in order to prepare the eventuality of my demise.

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.

Lanatsa

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Quote from: Oasisman on July 04, 2021, 08:34:44 AM

Quote from: MFahad on July 04, 2021, 08:10:46 AM

Quote from: Hobo66 on July 04, 2021, 05:17:21 AM

In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

We know this but how to ensure that the person whom we sent the private key will not mis-use it while we are still alive ?
Trusting someone even our wife and siblings is difficult at times.

Siblings, yeah I consider it difficult to trust, but wife? No. I don't doubt my wife as a successor to whatever I made investments in crypto space. I mean, we work hard for our family right? Then why don't you trust your wife? After all, the amount of money they will claim when you're gone is for your family to spend. For your son/daughter to live a comfortable life, better than yours to be precise.

But there are husbands which don't really trust up their partners 100% in terms of funds or money because they are afraid that it would be spend into non worthy things or simply wont be applied into the family and even myself would really be having that kind of mindset.

So far I hadn't shared up any keys nor even tell her about my crypto holdings and I do just declare on how much profit I do have on a particular time and I do remit it out
to remove suspicions.

Its just up to you on how you do make those coins to be inherited there are lots of various ways to do so.

SaShiRaJaVu

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Quote from: tygeade on July 05, 2021, 03:28:44 PM

When someone dies their coins are gone as well.And I know for sure that a lot of people worry about giving their keys to their family while they are still alive, maybe to one reason or the other , they feel they can’t trust them so it’s best that they keep it to themselves. I wouldn’t blame such people, that’s why it is very important to develop trust in a every family, so that if anything happens, there will always be people takes over. Maybe you can use your lawyer, and he or she will be the one to handle such information and keep it ,so that if anything happens ,then they will bring it out.

There are ways you can give the private keys to your family members, get a private bank locker store all the keys in the wallet, make the person as your nominee and inform him that and you can print out a tutorial about the coins you are holding in case of emergency and people can understand what cryptocurrency is in 2021 and your family members will be getting the coins you left.

Quote from: tygeade on July 05, 2021, 03:28:44 PM

Although I wont say you can trust your lawyer hundred percent. It’s best to work hard now and provide for your family so they wouldn’t have the need to be looking for your bitcoins, rather they will have enough to invest their own. Or you can even make use of online wallets and use email to lock it, so when they gain access to your email, they can as well access your wallets.

The difference is that, Bitcoin is a deflationary currency and with time the price keeps on increasing and the earlier you invest the better profit you are going to make rather than wait for years so that your family will make money and invest in them 10 years old the line Cheesy

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carlfebz2

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Quote from: iTradeChips on July 04, 2021, 10:46:52 AM

So I guess, the only way to make a crypto to be accessible to your loved ones, is to make these crypto into tangible things like money and gold and valuable items. If you think about it, protecting your crypto assets until kingdom come might be a little selfish, I mean as far as I am concerned, I want my family to have access to my money if I am already weak and old and struggling with my health. If I can afford an attorney then we can talk legalese in order to prepare the eventuality of my demise.

Making some will is ideal too but be sure that those storage device wont really be accessed and this is why you should really prepared and at least be readying because we dont know on what tomorrow holds.

When those wallets havent known its seeds then those coins are lost forever and it would just be such a waste.Yes, we are not selfish when it comes to our holdings and converting into those tangible things like gold

is something need some effort for you to do so and of course when it becomes inherited then those would really end up on what you do planned on the first place.

tygeade

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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

When someone dies their coins are gone as well.And I know for sure that a lot of people worry about giving their keys to their family while they are still alive, maybe to one reason or the other , they feel they can’t trust them so it’s best that they keep it to themselves. I wouldn’t blame such people, that’s why it is very important to develop trust in a every family, so that if anything happens, there will always be people takes over. Maybe you can use your lawyer, and he or she will be the one to handle such information and keep it ,so that if anything happens ,then they will bring it out.

Although I wont say you can trust your lawyer hundred percent. It’s best to work hard now and provide for your family so they wouldn’t have the need to be looking for your bitcoins, rather they will have enough to invest their own. Or you can even make use of online wallets and use email to lock it, so when they gain access to your email, they can as well access your wallets.

iTradeChips

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So I guess, the only way to make a crypto to be accessible to your loved ones, is to make these crypto into tangible things like money and gold and valuable items. If you think about it, protecting your crypto assets until kingdom come might be a little selfish, I mean as far as I am concerned, I want my family to have access to my money if I am already weak and old and struggling with my health. If I can afford an attorney then we can talk legalese in order to prepare the eventuality of my demise.

Oasisman

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Quote from: MFahad on July 04, 2021, 08:10:46 AM

Quote from: Hobo66 on July 04, 2021, 05:17:21 AM

In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

We know this but how to ensure that the person whom we sent the private key will not mis-use it while we are still alive ?
Trusting someone even our wife and siblings is difficult at times.

Siblings, yeah I consider it difficult to trust, but wife? No. I don't doubt my wife as a successor to whatever I made investments in crypto space. I mean, we work hard for our family right? Then why don't you trust your wife? After all, the amount of money they will claim when you're gone is for your family to spend. For your son/daughter to live a comfortable life, better than yours to be precise.

LimLims

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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

If this is the case op, then along with the dead person, the coins will also be die and lost forever.
The better thing you can do to tackle this thing is that, someone you trust, you love or with whom you have blood relationships and who understands your mentality, tell him/her how to access the Coins.
This is the best possible way to prevent the coin from remaining lost forever.
Hope this helps you Op to contribute on this discussion.
Willing to here more people’s suggestions too.

MFahad

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Quote from: Hobo66 on July 04, 2021, 05:17:21 AM

In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

We know this but how to ensure that the person whom we sent the private key will not mis-use it while we are still alive ?
Trusting someone even our wife and siblings is difficult at times.

Tahsin Kabir Kollol

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For most cryptocurrency holders, it is a common concern to wonder what will happen to the cryptocurrencies stored with him in his sudden death. In this case, it can be said that there is no time for the deceased to worry about the wealth of the world. But if you are worried about your loved ones, then you must trust one of them. Get someone to experience this and give them an idea of how they or they might get it after your death. Since death is always uncertain, be aware of this and take appropriate action at the present time.

pinggoki

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If the owner of the account or wallet get lost or died, the wallet will remains as long as the private key of that account or wallet doesn't passed over their families or friends. The funds and the assets that has been stored in the account will remain the same and nothing will change but if the wallet phrase or private key has been said to a family or loved ones then they will be able to access and use the assets inside the account. That's just the simple logic behind that.

Hobo66

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In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

Yatsan

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After death, if the owner or the user himself failed to give his relatives or the most trusted person he would dare to give access into his accounts, then there is no solution on how someone can ever make handle with his Bitcoin that is left behind his accounts and that will just remain as his untouched assets stored inside his wallet. There are lots of reasons why a certain person will not dare to share his seed phrase and password into someone even to his family but if you will just put it into such scenario, all of your earnings will be useless if no one can be able to make use and experience the benefits of obtaining your Bitcoin. You may at least have one person to know it before it's too late.

Topic: What happens to the coins after your death ? - page 8. (Read 2425 times)