What happens to your tokens when you're gone one day?

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: DisWhale on February 11, 2019, 04:56:56 AM

Just recently, a news showed how one crypto whale died with his cryptocurrencies worth millions of dollar. No member of the family had access to his private keys and other login details. Are you ready to face the same fate and leave your children or family without having access to your hard earned cryptocurrencies some day to come? Showing your wallet login details to them now can also be risky so what are some of the preparations you are making towards the retrieval of your money when you are gone for life one day?

It really wasn't a whale. The dead man was the CEO of an exchange. Si, it was a collection of clients cryptocurrencies his exchange was holding. It's sad though. That said.

For me, I think the best way to safeguard against such is to write out one's details and tuck them somewhere safe with someone close (one without crypto interest) knowing about it. It could also do well to leave a Will behind on how to locate that diary in case of one's demise.

bitgolden

legendary

Activity: 3024

Merit: 1132

Leading Crypto Sports Betting & Casino Platform

Quote from: tranthiky on February 16, 2019, 06:01:02 AM

I told my mother about my activities with my property. But I know that she doesn't know anything about computers and cryptocurrencies. That's what I worry about. Maybe my token will be forgotten if I die

yes, obviously, those tokens would stay in your wallet and keep on experiencing the ups and down in the market while you would stay calm in peace. This is the reason many people get their businesses documented. In my country, if you do not have someone who could claim the inheritance, the government would take all the wealth you leave behind. But, this rarely happens because almost everyone has someone who knows about their business and documentation.

a4illusionist

jr. member

Activity: 365

Merit: 1

I think this is a serious issue but it can only be resolved by the holder of the crypto. I mean make a video about all its assets and keep that video safe and once he dies, his kins should have access to it and that way they can still use the coins he hold.

beehimneff

member

Activity: 574

Merit: 10

Yeah, I'm ready for that. Wink

I believe that I do not owe anything to my family and my family does not owe me anything, so I do not have to bequeath my cryptocurrency to my family.

mullzerwar

sr. member

Activity: 574

Merit: 250

If there are no one knows about the details to access that tokens, then it would keep stays on it place without anyone able to retrieve it. and the condition would be just when we loss our private key that hold our tokens in it.

Sacramentus

jr. member

Activity: 448

Merit: 2

If I hold an asset or assets which I manage its private keys, I will entrust it to someone, either my family or wife. I will let someone know about this assets and also about the private keys and should incase I am gone one day, they can have access to it.

QNaka

full member

Activity: 588

Merit: 100

If there are no crypto-oriented friends in your environment, it makes sense to create a video message (on several electronic media) with the basics of cryptography, with step-by-step instructions and security rules, to avoid leakage of personal data when working with malicious sites

smyslov

sr. member

Activity: 2030

Merit: 269

This is something that should be addressed if you are holders of many coins and you have a large amount of coins, we are in a bear market and what if the coins or tokens that you are holding that are worth a penny today will worth hundreds of dollars, you will be leaving a huge fortune to your children and grandchildren so prepare one now.

bitcoin-shark

hero member

Activity: 3066

Merit: 605

you can not trust anyone in life, you must trust someone (a family member) to leave a copy of the private keys of our wallet where we keep the altcoins...

cchub

full member

Activity: 560

Merit: 101

Migranet ITO

You just gotta give the keys to someone you trust before dying. Typical thing.

eugene30

sr. member

Activity: 338

Merit: 250

What have you done. meh meh

It will lose in the circulation only if no one knows your private key or password related to cryptocurrency. I suggest that you put it in a document then save it to your computer or some usb. Then teach some of your family members on what is cryptocurrency on how it works in able for them to have a little knowledge of it.

bitc0000

full member

Activity: 420

Merit: 101

If something bad happens to me, maybe my girlfriend will continue to do my job to continue making money. But I hope it will never happen because I am very young and I really want to live

valta4065

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Join @Bountycloud for the best bounties!

Quote from: DisWhale on February 11, 2019, 04:56:56 AM

Just recently, a news showed how one crypto whale died with his cryptocurrencies worth millions of dollar. No member of the family had access to his private keys and other login details. Are you ready to face the same fate and leave your children or family without having access to your hard earned cryptocurrencies some day to come? Showing your wallet login details to them now can also be risky so what are some of the preparations you are making towards the retrieval of your money when you are gone for life one day?

I guess you are referring this Cryptocurrency Owners Can't Access Funds After Exchange CEO Dies—Because No One Knows the Password.
This is just one scenario you are quoting, there are many cases like cryptocurrency worth million of USD is gone forever. For instance, $190 Million in Crypto Gone Forever, How Canada’s Biggest Bitcoin Exchange Lost it All.
But things like losing all your currency as you die can simply be avoided by telling your next of kin about your login details including the private keys. Sooner or later we all have to die and cryptocurrency cant be retrieved once you are gone or your coins are stolen. This must be kept in mind by all cryptocurrency investors regardless of how big or small there portfolio is.

deodivine1

copper member

Activity: 657

Merit: 1

There are some projects with this project aim related to crypto inheritance. I think safe haven is one of them. If we use the vault system of such projects, Inheritance will be possible hence reducing the risk posed by such scenario.

letyouearn

legendary

Activity: 1722

Merit: 1014

Quote from: DisWhale on February 11, 2019, 04:56:56 AM

Just recently, a news showed how one crypto whale died with his cryptocurrencies worth millions of dollar. No member of the family had access to his private keys and other login details. Are you ready to face the same fate and leave your children or family without having access to your hard earned cryptocurrencies some day to come? Showing your wallet login details to them now can also be risky so what are some of the preparations you are making towards the retrieval of your money when you are gone for life one day?

Well, you can show your wife where your private keys are held if you want. But it's quite a risky move nowadays, lol Grin

Or write a death note and hide it somewhere in your secret place and hope your family will find it

Ferris419

hero member

Activity: 1008

Merit: 501

Quote from: itasannah on February 12, 2019, 01:34:07 AM

Yes, this is our risk when we are gone or dead. I personally will save my data on my laptop. And maybe one day my brother or child, I teach about Crypto. So if I'm not there, they can run it.

Risk is everywhere. One talk is available "No risk, no gain." I also save my all secrect info on my Desktop. Great if someone of your family member Know about cryptocurrency then they can also handle it. Crypto is great when you know all about crypto.

hummer113

member

Activity: 686

Merit: 10

Leave the flash drive with keys and instructions, and put it in a Bank cell. In my cell basically are some of documents, and i can to add the flash drive sometime.

Ini35

member

Activity: 448

Merit: 12

I have thought of this. Which is why I now have a diary, where I pen every details. From wallet details to exchange details. My children are still very young, but in carry my wife along. I trust her and I belief she cannot do anything to my hurt, when it comes to secrets like this.

Saisher

full member

Activity: 2324

Merit: 175

This is something that all crypto holders should be concern about, the token that you are holding could be worth thousands of dollars and it could have your family from poverty or from their needs, so better create now or be sorry tomorrow, do this for the sake of your children.

stefany101

full member

Activity: 616

Merit: 103

A Blockchain Mobile Operator With Token Rewards

I have so many tokens stored in my MyEtherWallet (MEW), some of them are already listed in some crypto exchange/s and some are not. I always observe their price graphs in the market where they are listed so that I can still make money out of them even a little amount. Once I miss one day, observing them still nothing happens. Sad

Topic: What happens to your tokens when you're gone one day? (Read 848 times)