What happens with my crypto when I die? - page 22.

Sobol101

full member

Activity: 364

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 this you will be able to understand the numerous forums on the Internet, where a lot of professional people in this area are given advice, so good information you can find on the Internet. Roll Eyes

mmo_online_1981

sr. member

Activity: 798

Merit: 250

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.

A good question, if you put money at the bank, your relatives have the opportunity to get money back. If it is digital money, Private key will follow you. Unless you personally give someone a private key,

agentx44

sr. member

Activity: 756

Merit: 268

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 your cryptos or your holdings will be safe in your wallet, but if none of your family members or relatives knows how to access in any of your accounts then it will be all useless. To avoid it you should teach one of your family members about cryptocurrency and give them your private key, so they could access in your accounts.

looterrific

jr. member

Activity: 63

Merit: 3

Well, what I did is gave a copy of my private key to my someone and when I die I know that they will give it to my love ones as they don't know anything about it. Hey 30 Bitcoin is hard to collect though.

OscarWatson3213

newbie

Activity: 63

Merit: 0

Because you are your own bank then you have to put in a provision that in the event of any of the above ,then you have a way to recover your funds.This is based on smart contracts. Smart contracts control the fulfillment of your will. So at the moment it's not a problem.

libert19

hero member

Activity: 2520

Merit: 952

Storage enough, I read tweet about this situation just few days ago. If you die, the portion of particular crypto you hold will literally be burnt, unless of course you gave access to your account to someone else.

tumokatok

member

Activity: 392

Merit: 10

it can only access yourself but is different if the assets you have you give to relatives or people you trust. and that will happen with cryptocurrency when you die in my opinion your assets will become a treasure

taranbam

jr. member

Activity: 63

Merit: 1

It would be nice if someone created a service to store wallets in case of unexpected loss of wallet, etc. It would be great if you could go and restore access to the wallet. Or, for example, your relatives after your death could get the savings bitcoin

faithofb

newbie

Activity: 238

Merit: 0

The Bitcoin dies with you lol since you only own your private key, people like me some of my trusted friends knows my p key and i also knows there's too. They also know my password to most of the exchange i trade..

Cryptpopo

newbie

Activity: 154

Merit: 0

it is always advisable to encourage someone spouse to the crypto and also educated the children for it,so that when it happen they can continue.

Abrefalll

newbie

Activity: 17

Merit: 0

Since we have wallets where we store cryptos, you can state your wallet addresses and private keys in your wills so that your family can always get access to your funds. However, it will be better to let your family know a little about cryptocurrencies now so that when you are no more, they can manage your funds well.

bloodyvio

full member

Activity: 546

Merit: 102

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.

of course it will be lost in Limbo
being a person who keeps the asset into crypto means you are your own bank
only you can manage it, only you can access it and only you know it
so i dont think there will be a solution to that risk you mentioned

manny morgan

newbie

Activity: 11

Merit: 0

when you die, your crypto will just be as useless as your dead body. Because only you have access to it.

dutchkay

full member

Activity: 434

Merit: 100

This is a really interesting topic that you raised up. When you are your own bank it's really hard to decide what happens to your crypto when you die. Though there is an ICO I saw once that is geared towards such direction. Their idea is to have someone have part of your keys and you store the other in their vault, when anything happens to you the person can match the part you gave him with their system for claiming.
But I don't remember the ICO name again.

forklif

newbie

Activity: 104

Merit: 0

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.

xuv500

member

Activity: 406

Merit: 11

There is always negative in every aspect of life and money. There is no things in the world without risk, there is no life exist without risk involved. Your thinking is good but that happens to everyone in this world and we need to come up with some ideas on how to preserve or handover the cryptocurrency to your loved ones after anyones life ends. The awareness is good but should be with some good ideas to overcome these situations is fine.

TricksterX

newbie

Activity: 112

Merit: 0

use hardware wallet is the best way to safe crypto, if you are gone, your family can acces ur money

Rosscy

member

Activity: 243

Merit: 10

if i die and i have a lot of crypto then my crypto will be a treasure. If I have a family, it will be a safe treasure. Because my family can bring all my possessions.

thevlox

jr. member

Activity: 179

Merit: 1

The best is to keep telling about who is in the family about bitcoin's work. bitcoin's work and if it is illigal then it's family to keep in mind that if I die then there is no problem.

bardadymr

jr. member

Activity: 238

Merit: 3

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

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