What happens with my crypto when I die? - page 18.

stayeduptolate

hero member

Activity: 980

Merit: 502

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.

Your cryptos will be loss when you will die. Bitcoin is sustainable crypto currency and it never dies and we all that cryptos physical form does not exist so it can’t be spoiled even, it just keep on circulating from person to person, who so ever owns crypto, keeps it with protection say in the wallet with password and if you dies without letting know your password to anyone then it will be lost forever.

Inkdatar

hero member

Activity: 1582

Merit: 523

Your crypto will stay as is in your wallet since we do not know when is our time end. You have to make a definite plan as where to store your crypto. Make a statement that your love ones will know about your assets indicating the procedures on how they can get their wealth from your cryptos.

masonmason

newbie

Activity: 76

Merit: 0

I figure you can utilizing on the web wallet for it, since individuals who you give your private/mystery information like email address, secret word and private key of you wallet can get to it. that way you get to pass your cryptos to the next of kin, or else they will lay idle i your wallet forever

Ronztimz

newbie

Activity: 30

Merit: 0

I'm picturing explaining to my girlfriend how to get my tokens out of myetherwallet.com, getting to gas price and then watching her head explode.
And next I ask myself - do I really want my girlfriend to have access to my life savings? Sure, she says she loves me and of course it will be until the end of time, but I swear I've heard that once or twice before and the results weren't that great.

jameskarl

full member

Activity: 476

Merit: 100

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.

I think we should start making an ICO focusing on this kind of problem. If this happens, and when a certain millionaire has just died and he is the only one who knows the private keys or just the only one who know how to access the wallet he has, then that will be the main problem. Because we might use that idle assets not for those hackers selfishness but for charity, we can help through that kind of scenario. So, these ICO initiatives should make a way that is like for insurance, maybe it could be a combination of security and insurance services, we do not know, I hope there will be a solution for this in the future.

Peashooter

sr. member

Activity: 868

Merit: 257

Quote from: Manyara on March 07, 2018, 10:15:52 AM

Have your information somewhere where family can find it. Better still, why not share with a trusted someone? They cannot go behind your back with this.

Make last will testament for your bitcoin account if you die there is someone tells your family about it. It's a good to know your family cause they continue your investment and they will take care your account.

Sakura0990

newbie

Activity: 27

Merit: 0

Everything will go out according to you. There should be a plan for yourself.
good luck

digaran2

sr. member

Activity: 478

Merit: 250

if before i die the btc still very valuable i will tell my privacy to my sun/daughter!

domnablo

newbie

Activity: 24

Merit: 0

If you do not share the details with anyone and die, all coins will be lost. So, you should share the password with at least one person.

HaywhyJ

newbie

Activity: 200

Merit: 0

hummmm what a breathe taking question, there is nothing like trusting someone such as your spouse or a very close someone that you can trust that ill not arm you when you re still alive, lol, unlike me now my fiancee know 50% of my crypto deals, i think thats what i observe

Hafamot

newbie

Activity: 58

Merit: 0

I think there are many ways to keep things for future purpose, you should have someone so close to you that knows where you keep your things even if they don't know about crypto.... Banks as well help in keeping documents but if you don't want to use bank then you have no option than letting someone very close to you know remember you can't entrust you private key to a lawyer.

BestW1shes

newbie

Activity: 48

Merit: 0

it will still be where you held it

cizatext

member

Activity: 952

Merit: 41

The most secured asset is crypto currency because once you know how to use it you can transfer it to any body either your son or wife or any trusted member of your family. Bitcoin most especially can be willed to any body and the bourndry not withstanding all you need do is to store your wallet's keys to a hardware.

Souldream

legendary

Activity: 1110

Merit: 1000

Quote from: rolerVX on June 18, 2018, 10:05:59 PM

I am not to sure how it should be save unless you have back up that you entrusted to your love one's before you died in unexpected day. On that you will save your earnings token and your family can use your hard work and efforteven you are not around still your responsibility is alive.

But in case that you didn't told or even have someone in your family that you trusted about your account in bitcoin then it's also your time to say goodbye with your account. It would be useless if time comes that you die and no one knows about it, your family will never benifit your hardship here in Cryptocurrency.

Daniel91

legendary

Activity: 3374

Merit: 1824

It's simple really.
If you shared info about your crypto funds, including login info and how to withdraw funds, with your life partner, children, relatives than they will simple continue to use it.
If you didn't share your info with others than your crypto funds will be lost.
It happened already, as I heard.

odpadnik

jr. member

Activity: 71

Merit: 1

Tech enthusiast, SEO jedi, Crypto investor.

Quote from: Haliburton on June 18, 2018, 08:17:17 PM

Unless you take the time to write your own testament, to assign who gets a share of your crypto balances, they'll be lost if you tell me. Since nobody controls decentralized cryptocurrencies like Bitcoin, it's impossible to revert transactions, or recover keys in case of a loss since there's no middleman. That's bad in the sense that none of your family members would be able to get access to your coins if he/she doesn't have access to the private key.

As such, I think that there should be a feature where it could be possible to detect the death of a person and distribute the funds to the owner’s family members. Perhaps it's not possible with Bitcoin and other cryptocurrencies which are based on its codebase, but it could be possible with a smart contract. Therefore, you should take the necessary precautions to make your own testament indicating who gets access to your crypto funds and leave them on a safe place where he/she could find it.

One small thing you forgot to mention.

It may also very well depend on the regulations & law of the country you're in.

I can well imagine, that some countries will have / already have some "empowered" rules about crypto inheritance.

mitchel_am

member

Activity: 378

Merit: 10

Recently a friend of mine passed away and now his family members managed to get access to all his cryptos so they are in luck

alkiw21

full member

Activity: 344

Merit: 100

I think the crypto that you save will still exist and also no one will be able to access it. Before you die, try to give your personal key to the family you trust. If no one can access it after you die then it is worth it.

taxli

full member

Activity: 280

Merit: 100

It is to have one best friend or someone from your family who will know your passwords to your wallet and how to enter in.

Cotton Candy

full member

Activity: 392

Merit: 100

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.

In my opinion there is nothing that will happen to your bitcoins when you die because you death doesn't affect any of that because that is technology if you die then you wallet will stay the same. But uf you have aaud someone what us your password or if you have a hard drive if you gave ut to them is someone have them and can crack the oassword then all of that can be in them now they can access ut then that is in their properties.

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