What happens with my crypto when I die?

ivanst776

legendary

Activity: 1540

Merit: 1003

Quote from: alexsandria on July 29, 2018, 07:24:40 AM

Quote from: mitchr4 on July 25, 2018, 10:33:39 AM

It should be when someone dies money in the wallet will not be in access or will not move again without the person concerned who opened it.

The thing that can happen on your crypto when you die is it will just store on your wallet but if you tell on your family how to access your wallet for sure they can used your crypto in a good way and for there future, and when your family knows how to hold for sure they can able to earn more money on your crypto.

It will remain to the wallet you stored the token, or should i say it will remain with blockchain.
The best thing to do is to write all your assets and accounts with the password and private keys in your notebook which can be handled by your wife or family.
This is risky too because I think that if these sensitive information can be accessed while you are alive and someone would spend these then this would be a problem.

alexsandria

sr. member

Activity: 896

Merit: 268

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Quote from: mitchr4 on July 25, 2018, 10:33:39 AM

It should be when someone dies money in the wallet will not be in access or will not move again without the person concerned who opened it.

The thing that can happen on your crypto when you die is it will just store on your wallet but if you tell on your family how to access your wallet for sure they can used your crypto in a good way and for there future, and when your family knows how to hold for sure they can able to earn more money on your crypto.

regnidorhcs

member

Activity: 173

Merit: 19

Well your Bitcoins will still be there when you die. Once you are in crypto and already making a huge amount of coins for your investments, you also are supposed to be responsible enough to ensure that you do have some contigency plans in case of unfortunate events. You can have some people help you like lawyers, or some trusted people to be able to secure your Bitcoins if in case anything happens to you your family will be able to still access it. Invest on some fireproof storage where in you can put important things as well as your password to your wallet and such protected by a will.

linlinhl

newbie

Activity: 30

Merit: 0

I think one will also forgive with important information about wallet details including private key with a reliable lawyer who will deal with death and fire and loss of utilities, backup will is an alternative to recovering wallet information

Ekimzjames20

member

Activity: 348

Merit: 10

Quote from: Akenosi on July 29, 2018, 04:29:57 AM

Quote from: bardadymr on June 07, 2018, 02:06:55 PM

Hackers will break your computer and take all the Crypto currency, so do not worry - they will find the application

Which hackers will break into your wallets thats without your private key, am sure you dont really know what you are saying as regards the topic.

Well that stage we can't predict what time we gone, only god knows. I think it's much better if we teach our partner on crypto on how it work, so that when we left, our hardworks in crypto will continue, and pass generation by generation.

Akenosi

newbie

Activity: 238

Merit: 0

Quote from: bardadymr on June 07, 2018, 02:06:55 PM

Hackers will break your computer and take all the Crypto currency, so do not worry - they will find the application

Which hackers will break into your wallets thats without your private key, am sure you dont really know what you are saying as regards the topic.

heartwreck

newbie

Activity: 162

Merit: 0

Maybe its time for you to make a notes and indicate their all your wealth including your cryptos so that your family will benefit from it. hahaha

JovhanHermias

newbie

Activity: 266

Merit: 0

Crypto will never die, maybe weaken but it will never die. It already proven itself the the community for over many years and pass so many downs and struggles so i say that crypto will never die.

boksoon

newbie

Activity: 266

Merit: 0

Quote from: runCRYPTOrun on March 07, 2018, 07:27:40 AM

Silly question right?

Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?

UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at lawyers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of such a product. But again I realy do think it should be built decentralized and trustless.

UPDATE 2: What do you think of a smart wallet that can release the money to a specified address (inheritant) if the primary owner does not log in for 1 year?

No other option to recovered your all bitcoins and other alt coins except to shared your complete details to your love once in case you will die that's it.

anume123

full member

Activity: 700

Merit: 100

Proof-of-Stake Blockchain Network

Of course before you get lost in the cryptocurrency field you need to point it out to your friends, cousins or family because they just benefit from being able to keep the cryptocurrency started.

chopperchopper

newbie

Activity: 53

Merit: 0

Perhaps there's nothing to do and if a few years have passed the cost of your hold is incredible,
yet it's best to put all your wallet information right when your family discovers it or you can let them know whether you go method how to profit for not having the capacity to work

popelene1

newbie

Activity: 168

Merit: 0

You crypto too die along with you since you the only one with your private key and no other people can get it to withdraw your coins.

Miguel Fulton

jr. member

Activity: 32

Merit: 1

Your Crypto won’t know you’re dead. So they’ll just wait patiently, living undisturbed on the block chain. Incurring value.

4 years after you pass, you will be worth billions. But not one will ever know...

Zhess Miller

newbie

Activity: 28

Merit: 1

I guess it depends, if you leave instructions, passwords, email account info, in a will, trust, or with family, sure its attainable. If not, then its the same as if you lost your private key, it's gone. I use encrypted excel files with everything saved on password protected thumb drives (seperate copies) with family, and two additional ones in my possesion. Don't leave in a bank deposit box.

tamradhwaj

full member

Activity: 336

Merit: 101

if your family dont have any knowledge about crypto currency and also dont know about your wallet's private key. then your assets is hidden treasure for them. and that treasure can not be recover without private key. so its better to educate to family about crypto currency and tell them to where u kept your private key. or before u die make a note about your wallet n key n mention instruction how to use it.

CryptoGuro1

jr. member

Activity: 252

Merit: 1

“The Protocol for the Audience Economy”

If you die without a plan then its your own fault. The safest way is to keep all crypto on a hardware wallet and then have a copy of the seed locked away in a safety security box in a bank or something, then leave a will to access to whomever you chosse

dedi joni

member

Activity: 386

Merit: 10

Quote from: inv_ker on July 29, 2018, 03:14:54 AM

It is like, "What happens to my house when I die?", right? So first of all, I assume that you definitely need to share it to your family. Needless to say it, but it is true. Do not be greedy and selfish to your family.

If all could be planned, but when death comes suddenly and never anyone know. We haven't had a chance to tell all of the assets of our crypto wallet or exchanger. I think all of that will be lost if a family of no one knowing access to crypto.

taeewo

full member

Activity: 392

Merit: 100

You already know what will happen to it if no other person has access to your private key, pass phrase or login details except you. Its a permanent and forever loss when even the developer cant have access to.

inv_ker

member

Activity: 144

Merit: 30

Quote from: runCRYPTOrun on March 07, 2018, 07:27:40 AM

Silly question right?

Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?

UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at lawyers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of such a product. But again I realy do think it should be built decentralized and trustless.

UPDATE 2: What do you think of a smart wallet that can release the money to a specified address (inheritant) if the primary owner does not log in for 1 year?

It is like, "What happens to my house when I die?", right? So first of all, I assume that you definitely need to share it to your family. Needless to say it, but it is true. Do not be greedy and selfish to your family.

win365

member

Activity: 176

Merit: 10

I suppose it will be stored on your wallet where do you leave it, before somebody will hack your wallet or other option you can give the passwords to your family or friend who would be able to withdraw money and give it to your.

Topic: What happens with my crypto when I die? (Read 2975 times)