What happens with my crypto when I die? - page 2.

Bulljcak

newbie

Activity: 107

Merit: 0

Quote from: Dluretic on March 07, 2018, 07:42:08 AM

I want to put your hardware wallet safe to your family, so is a good way, if you suddenly died, so your family can be extracted by your hardware wallet to go out of your digital currency assets.

Not all death comes naturally.I will inform my family about btc so that when the sudden death come,they already know btc.

GabiGoal

jr. member

Activity: 51

Merit: 10

I do not see a fundamental difference between access to the Bank account and access to the wallet where the cryptocurrency is stored. Both can be foolishly lost. Similarly, all this is easily transmitted when necessary.

tiurminator

newbie

Activity: 125

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?

Your crypto will die with you. This is sounds like a death metal song title. LOL. Yeah this is one of a problem about crypto, because we have to keep private key private, like people said trust nobody.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: kr105 on July 29, 2018, 12:33:36 AM

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.

I already prepared myself for this kind of scenarios and like you did, i also created a notebook which has the simple guide that they can use in order to track my cryptocurrencies where they can decide if they will continue working on cryptocurrency or they will turn it into cash by selling it on the market and getting the cash.

wolfdragon

newbie

Activity: 66

Merit: 0

Quote from: kr105 on July 29, 2018, 12:33:36 AM

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.

Well, I have not plan it now but maybe in the next coming months. It is really needed to tell all our assets to some of our trusted family members so that whatever may happen our tokens are secured.

manfredmann

member

Activity: 518

Merit: 21

Yes that maybe a good idea that if someone will going to lose their crypto it should be rewarded and transferred to another account. HOwever the problem is that the digital wallet address has no name of the individual who uses it. Another thing is that digital wallet could only be open by the owner so how will be the transfer to happen? This is block chain and everything we do here is anonymous and the account is secured by the owner itself and not with the team developer.

kr105

hero member

Activity: 938

Merit: 501

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.

crycur

newbie

Activity: 18

Merit: 1

This is a reason why banks and other institutions will start introducing Bitcoin accounts soon. They might charge a small fee but like fiat money it will have some laws around it for probate/inheritance. (and the govt can also tax it of course

)

jovs

sr. member

Activity: 672

Merit: 250

It will certainly store on the blockchain system and could be mined by miners or somehow store forever without possible transaction. So it is best to have a trusted person specifically your family or your love ones to some how know how to manage you account on some unfortunate events might happen in the future.

Suketlapangan

newbie

Activity: 84

Merit: 0

if I die, surely the digital money will disappear just like that, because the death of someone no one knows, far before I need a very trustworthy family openness, about where and how I get and save money, so the heirs can continue it .

Zainal-baguz

jr. member

Activity: 175

Merit: 1

if I die I will make the crypto I have for my family's inheritance. and so on I will use for good charity like for donation to poor people and place of worship and good place according to my religion .

engrlodi

member

Activity: 308

Merit: 18

Well your cryptocurrencies will stay on your wallet and it will be stack there until the bitcoin die (if bitcoin dies). Unless you will give your private key to your family or friends then the cryptocurrency will sell of your loved ones and they will enjoy it. It can be useful to your family and it can help by your family. You can't bring your cryptocurrencies in heaven so that you can give your wallet address to your family.

luigidosado

full member

Activity: 196

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 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?

There's not much law that covers about your digital assets specially your crypto account since most of governments still does not support it. But by common law if you want to make sure that your digital assets are secured, first, you must at least have a back-up copy for your hard wallet or cold storage. In this way, you can secure your account even if something unexpected happen to it. In terms of death, you might consider sharing to your family your account, have them a copy of your documents together with the password so that they will be able to access all your digital assets.

DainSLane

full member

Activity: 784

Merit: 112

When i die i see to it that all the information of my assets are all in my computer all the password and how to transact my crypto currency into exchanger site, so that all my assets in crypto will be useful to my family and to their future.

yoshua27

newbie

Activity: 28

Merit: 0

if you die then bitcoin you have can not be sent to others unless others know your account data and password

Altf4

member

Activity: 322

Merit: 10

If I will not die from accident , but dying through sickness, maybe I can lay to my trusted member of the family all the details about bitcoin, passwords , private keys and other things needed to activate your investment, give this all informations before I will die so that it will not be waste for your investment.

fairyvibes

jr. member

Activity: 95

Merit: 4

It always pays to have a back up plan incase you die, but make sure it is someone you trust with the money and they wont just blow it on useless shit.

Astermony

full member

Activity: 373

Merit: 100

Quote from: Dudeperfect on March 07, 2018, 09:35:41 AM

The best way I know is to explain family members about Bitcoin and giving them a basic idea of what Bitcoin is all about and how Bitcoin transaction works. If you have high amount of Bitcoins then you can prepare a legal will and distribute your Bitcoins to your family members in a legal way to avoid any disputes. Maintaining multiple backup copies is always recommended.

Yes I agree. You should transfer your account to any member of your family and orient them how to use the crypto currency. By this way you can make sure that even if you gone there is a person that will continue what you have started.

green_fish

newbie

Activity: 153

Merit: 0

If you don't tell your cryptocurrency wallet to the person you trust the most, you have accidentally passed away, and your cryptocurrency disappears!
So we need to tell the wallet to the most trusted people to prevent some accidents from happening!

MommyElsa

full member

Activity: 387

Merit: 100

It will keep it that way, nobody will be able to access your wallet unless you will share it with your family. It is better to share your important details with your wife or husband to let them do the things and process what is needed when your gone.

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