What happens with my crypto when I die? - page 12.

Gumpfire

full member

Activity: 378

Merit: 111

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 layers, 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 a such product. But again I realy do think it should be built decentralized and trustless.

If you die all of your cryptocurrencies and bitcoin will just stay on your wallet, but if none of your family members knows how to access on your account or knows where are your private keys all of your cryptocurrencies will be useless, so better be ready because you don't know what will happen to you in the next day better teach one of your family members on how to access on your account.

crossabdd

legendary

Activity: 1316

Merit: 1145

the basic concept of decentralization is that all control is in your hands. so 90% control and risk is yours. 10% are hackers. if it's about losing, whatever purse you use. the risk of loss persists. so use some back up for private key to minimize the risk of loss. if using hardware wallet. keep it in a place unknown to anyone but always visit. that's the best thing about me. no system is 100% perfect, all there is risk even though it is small.

Macinto$h

member

Activity: 546

Merit: 12

Your savings will remain. Nothing will happen to them. But since the private key is only for you, then you will have to take care in advance that your heirs will have access to it.

mikaeltomcruz12

full member

Activity: 556

Merit: 100

For me before all we die we should teach are family on how to keep some crypto coin so that we can live our all of coin we are holding to them that can help there lives.

nicko122

jr. member

Activity: 462

Merit: 1

Nothing will happen to coins, just stay in your wallet. You can give someone access, then someone will definitely spend it

chelle5

full member

Activity: 238

Merit: 100

We don't know what the next day, I think you have to plan everything keep all the access of your wallet in a place that you think is visible so that they will recover all your money.

jpnl0002

member

Activity: 308

Merit: 10

A very nice question which i think most of us have no thoughts about having a back up plan is the best answer and your back up plan is your family a reliable member of your family, ensure everything they need to work with is provided (a will)

Core.BUSTER

sr. member

Activity: 562

Merit: 250

Quote from: TeksLaban on March 10, 2018, 04:52:54 AM

For me, if I would die, I wouldnt let my Bitcoins die. I would be writing it in a piece of paper and secure it in a place where they will be able to find it after im gone. Big or small amount can help, and besides what would you do with bitcoin? you cant use it in the other life

That's good decision you make. Make a letter about your investment in bitcoin then keep it in a secret place where they can find if your gone. There's nothing wrong if it's big or small but the important things is you helped them.

s31joemhar

sr. member

Activity: 602

Merit: 258

When you die, your investments will not lost actually all things will be under in your named and in your possession but there is a certain period which only allows by the company and its management.

tayecrypto

newbie

Activity: 140

Merit: 0

Your cryptocurrency coin will be there, in your wallet forever if no one know your password.
I suggest you to save your backup, and give it to your family or trustable relatives..

mjonas

newbie

Activity: 1

Merit: 0

when i die my crptop will still be in any of my wallet that i stored it, will have the worth the amount i left it or more. my crpto will be a big blessing to my family.

master coming

jr. member

Activity: 266

Merit: 2

This is an interesting topic.
You can leave the secret key of the crypto to your family before you die. Grin

Herbys

jr. member

Activity: 238

Merit: 6

If one of the owners is afraid that he will die suddenly, he must write a will, with the indication of private codes, then the heirs will probably thank you.

Jackolantern

member

Activity: 321

Merit: 10

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

I have never thouht about this and it is not very optimistic to think about death) But you are practical as it is really necessary to predict such things and be prepared. Now, I am using a hard wallet for coins maybe i will tell my wife the number

nikonova

newbie

Activity: 72

Merit: 0

if you die with no backup plan, it's lost forever

Vart4varta

member

Activity: 238

Merit: 10

In the case of bitcoins, there are no rules. Bitcoins are owned by someone who has a personal key, and they will remain a tie if the owner does not assign the transfer of rights to them in the will. Many, of course, store their bitcoins in online exchangers acting as banks, and in theory they can transfer rights to bitcoins after death, but this is a young industry, and most owners do not yet provide for this possibility

nicosey

full member

Activity: 347

Merit: 109

Surely long term, most will hold in BTC or Crypto Banks?

Marinanik2018

newbie

Activity: 210

Merit: 0

such an interesting topic, did not even think before that a sudden death might come and all the coins would perpetually lie on their purse, the secret code should be written down as a legacy, they would find pirates' hoards and become rich, the next descendants would have the opportunity to find the key to the wallet Tongue

btcdimcash

newbie

Activity: 129

Merit: 0

Then all of your crypto will be waisted and stock! no one can recover it, so I suggest that you give your private key the most reliable person in you life.

Boov

sr. member

Activity: 868

Merit: 256

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 layers, 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 a such product. But again I realy do think it should be built decentralized and trustless.

if you dont have anything to back it up then you will lose all your assets , that is why I recommend you to have someone who you can share some info , especially about money , you can chose between family members . bitcoin is a type of investment that does not have a full security on people when they past away . If you really wanted to invest , try stock market I know there is a beneficiary if ever you die or you will be missing for a long time .

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