Topic: What happens with my crypto when I die? - page 19. (Read 3042 times)
The best thing to do with your cryptocurrency when you die is to share your knowledge to your special someone, family, or relatives that you can trust. Teach them about bitcoin and the basic knowledge that bitcoin has. You need someone who knows your bitcoin in order to continue it even you're dead.
There is a project that allows you to make a will and dispose of your crypto-currency assets. This is based on smart contracts. Smart contracts control the fulfillment of your will. So at the moment it's not a problem.
Will you share the name of that specific project to us. This will be a big helpful for all cryptocurrency holder. Thanks.
If this situation has come, your bitcoin will stay on your wallet no one can access your wallet it is better to back up your access code or passwor and private key and save it while you still on earth when the time has come and you need to go choose your very trusted person or love one to inherit your bitcoin.
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.
Cryptocurrency will continue to grow and expand to the corners of the universe. No significant change will happen to the crypto industry unless you die and never told anyone about the login details to your wallet which contains some coins. Perhaps those coins will be locked up forever.
Better back up our private key on several place, at least 3 places. Beside that, tell our trusted family about our private key just in case. Crypto is the future of investment and at least we left something worth for our family
I think you should explain to someone in your family how it works while you have the private key of the public portfolio and your security that you have aside as the double authenticator that you most certainly have the password to your computer plus the access key to your e-mail plus localbitcoin could give you a pendrai with a direct access to transfer the funds or you would have to experience with an intelligent contract and you have to test yourself how it works and if it is feasible there is an automatic payment that if you do not access your account in 15 days it is automatically sent to a portfolio that you chose
before I die, I anticipate it first. I will tell my family members about the cryptocurrency I have. I will notify all the included private keys at MEW. so when I die there is my next generation.
I dont expect that i will die for soon because i am still young so i hope my bright future in this cryptocurrency. We must tell anybody especially family or husband or wife so when we die we are not worry about our asset.
this is an interesting Topic.
I follow!
I follow!
The crypto on your wallet will still. It will keep alive until someone knows your privatekeys. intrude to your wallet unless you permit to
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.
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.
If your family also have access to your wallet and key, they can help you manage your crypto currency. If your coin is in exchange and if they have access to your account, I guess it will work as well. Otherwise I cannot think of other way that people can recover your wallet.
Crypto currency still remains and strong, as early stages of many other industrial, or take a look of bank system, at last place of the form, they place of next of kin, therefore it can be applicable by individuals to save the private key to make it available in official way in family.
As it stands right now, if I should die today, I don't think anyone will be able to assess my wallet. Those near me don't have any idea about how to open my addresses using my keys. Some will see it and will not know what it is at all, just a mixture of numbers and letters. So am planning of giving my info to my grandmother so that when I pass away all of a sudden then she can reveal it to my siblings.
Maybe she is moving to your balance in the next life?
You should make a plans ahead of time, you can save it in a hardware and just let it know one of your love ones or let our trusted family knowing our wallet and share our private key. You know we can't foretell our future's of what's gonna happen, if no plan at all with our crypto it will just stay as is in our wallet. Forever
I think it will be stored safely if you die. But before that happens try to negotiate to your family. So if you die then your family can access it and it will not be a waste. Then you will never regret.
Everyone knows this is an important discussion as regard how to pass on our digital assets after our life. But while I'm yet to see anything related on that presently, the only possible way would be to treat our crypto assets as a secret possession that we have, probably to have a safe where we can keep the basic info that can grant access to the major passwords and private keys, and then have your will point to who should inherit all that after.
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.
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.
No man is an island. This industry really has many solo players in the field but I think those who have form teams are in greater advantage as long ass their party wouldn't have any internal dispute in finance and other related issues. Working alone has that risk of you shoulder everything and no one will back you up if things go sideways. Working with someone increases the rate of your account not being lost.
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.
A silly question it is but a good one too, well no can predict the day of their death but the only thing we can do is to make sure that our money is secured and always have a back up. 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.
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