Well, the same will happen to their estate as what happens with every other person's estate, if they did not provide the passwords for their online actions. It will simply be inaccessible ..until the family find something that he or she wrote down.
Those people should have at one stage, written down a seed or even a password to be able to access those wallets, so it can be recovered if they find those notes.
Topic: What happens to the wallets of insane persons, deads and blind people? (Read 170 times)
March 24, 2023, 12:43:16 AM
March 24, 2023, 12:29:23 AM
What happens to the wallets of insane persons, deads and blind people?
Insanity is equivalent to mental death. All hope is not lost because insanity can be treated or managed and the person can recall where his keys are safely kept. Total death means absolute loss of the coin and nothing can be done about it if the person kept it secret except if it is found incidentally by someone that understands the crypto industry. And it is more likely to lose such funds when it is kept in decentralized wallets and not exchanges.
The case of blindness isn't that bad. The person will simply tell a trusted person where he kept the keys and the coins will be easily accessed.
We might not be next of kin but it is important to have succession plans because this world is unpredictable. We should devise a plan that will make the transfer of our funds to loved ones or even charities in case of death or severe sickness. Even sicknesses like dementia could lead to the loss of funds, which is why we need to prepare for unknown future events.
March 23, 2023, 11:39:04 PM
Their coins already lost forever, how it's make sense a death or blind people can access their wallet?
But if you're don't want to lose your coins forever, you can teach about Bitcoin to your wife or children and let them know where you leave your seed phrase. So when something bad happen to you, they can access it and all of your coins which have you accumulated for a long time wouldn't wasted.
But if you're don't want to lose your coins forever, you can teach about Bitcoin to your wife or children and let them know where you leave your seed phrase. So when something bad happen to you, they can access it and all of your coins which have you accumulated for a long time wouldn't wasted.
March 23, 2023, 11:25:29 PM
We have know natural occurrence is real. I was at the psychiatric hospital and I saw many type of abnormal persons which I believe to some points they may have families, business, career, education and cryptocurrency. Now this persons cannot even recognised their own existence because of their different situations and sicknesses.
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
When a person dies without anyone knowing his secret phrases/ private key or where it was kept, it's the same as losing your private key and you already know what happens when you're unable to recall your private key, right?
For the insane person, I don't know if there are ways to let them remember where they kept their private key, I haven't worked with an insane person before so I don't really know how things work with them but I think a psychiatrist should be able to give al proper answer to this question.
March 23, 2023, 11:14:00 PM
There are solutions for deaf and blind people to use computers.
https://computersfortheblind.org/
Unlock the power of your voice with Dragon
Bemyeyes
Developer making the first Bitcoin wallet for the blind. There were efforts in the past but I am not sure how it ended. Today link to Icywallet is dead.
I think developers can build such apps that have more risk than apps for normal people. I feel risky to trust any app to convert text to voice for us because it can have back doors to steal words, seeds.
https://computersfortheblind.org/
Unlock the power of your voice with Dragon
Bemyeyes
Developer making the first Bitcoin wallet for the blind. There were efforts in the past but I am not sure how it ended. Today link to Icywallet is dead.
I think developers can build such apps that have more risk than apps for normal people. I feel risky to trust any app to convert text to voice for us because it can have back doors to steal words, seeds.
March 23, 2023, 04:17:52 PM
I'm not sure why this topic is in Reputation board. Anyway, such things is sad reality of crypto. If with fiat assets everything is clear - usually family members like husband, children or other close person get money when owner of it die. While crypto, if that person was only one who had access to his crypto assets and didn't left any way for others how to access it, then coins is lost forever
I thought about it many times, how my family would access my crypto if I would die tomorrow. But I must admit that so far I haven't moved from words to real actions.
I get it, people are worried about their security, but they could have a safe or safety deposit bix with all their wallet info and passwords in it if a person was sick and near death or in case of an untimely death.
Yeah, you don't even have to be old or sick. You can get hit by car, heart attack can happen or you can die in disaster like earthquake.I thought about it many times, how my family would access my crypto if I would die tomorrow. But I must admit that so far I haven't moved from words to real actions.
March 23, 2023, 03:30:18 PM
So it’s advisable to always leave a clue behind about your assets so your loved ones can access your funds when you pass away.
I get it, people are worried about their security, but they could have a safe or safety deposit bix with all their wallet info and passwords in it if a person was sick and near death or in case of an untimely death.
March 23, 2023, 03:07:57 PM
We have know natural occurrence is real. I was at the psychiatric hospital and I saw many type of abnormal persons which I believe to some points they may have families, business, career, education and cryptocurrency. Now this persons cannot even recognised their own existence because of their different situations and sicknesses.
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
When a person dies his/her crypto wallet will be in existence and all assests will be untouched unless someone else knows the wallet he uses as well as the keys to be able to access the assets otherwise am afraid those assets are lost forever. However, if he keeps them in wallets for cryptocurrency exchanges, you might be able to access the assets by filling some data about the person. Passwords might still be required, though.Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
So it’s advisable to always leave a clue behind about your assets so your loved ones can access your funds when you pass away.
March 23, 2023, 03:03:48 PM
We have know natural occurrence is real. I was at the psychiatric hospital and I saw many type of abnormal persons which I believe to some points they may have families, business, career, education and cryptocurrency. Now this persons cannot even recognised their own existence because of their different situations and sicknesses.
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
That quite some imagination. What would be different if they had all their money in fiat? The bank would have made you name a next of kin when opening an account with them incase of such mishaps your next of kin would be able to access the funds. For bitcoin however you’re your own bank so it’s your responsibility to have a plan on how to transfer your wallet ownership to your successor. One way to do this would be to use timelock method. Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
There are so many topics about this issue, you can easily find them by using the search engine. Take a look at these threads.
What happens to my bitcoin if I die today?
What Happens to One's Bitcoin if Death Occurs?
What happens to my crypto when I die?
Topic: Death & Bitcoin: How I Prepared My Family’s Digital Inheritance
OP I think you should move your topic to bitcoin discussion or beginners & help as it has nothing to do with reputation.
March 23, 2023, 02:49:34 PM
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
The coins would be lost forever unless on of his family member see where he put the backup, but if anyone do not see the backup, the coin is lost forever. That is why it is good for someone to have a way to pass the coin to his children, wife or any other family member.
March 23, 2023, 02:44:28 PM
We have know natural occurrence is real. I was at the psychiatric hospital and I saw many type of abnormal persons which I believe to some points they may have families, business, career, education and cryptocurrency. Now this persons cannot even recognised their own existence because of their different situations and sicknesses.
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
Assuming many to be into cryptocurrency hips enough bitcoin investment and trades. They never let anyone know about it especially keys and passwords. What do you think happens to this persons wallets especially dead people?
Jump to: