Topic: What happens with my crypto when I die? - page 23. (Read 3042 times)
I think the way is to educate your family about bitcoin now whiles you are alive. It is necessary to let your family understand the nature of your work. After you make them understand, you can now put your wallet addresses and private keys in your will to prevent losing your funds when you are not around.
It's good to know i am not the only one to have made this thought 
I have actually devised a very elaborate plan so that all my cryptos will be handed to a beloved person that I know for a fact that is not greedy and will take good care of them
I have actually devised a very elaborate plan so that all my cryptos will be handed to a beloved person that I know for a fact that is not greedy and will take good care of them 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
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
I think that you need to tell your family about the cryptocurrency and show where the passwords are stored.
Preparing things like password , mnemonic phrases , login keys and other wallet information and login keys into different site must be written down and kept safe for the future family use once i died . so my children will inherit the cryptocurrency i have saved . I am also planning to teach them while on their young age so they will get enough idea about crypto . It is one of the best way to teach my family about crypto so it won't be hard for them to understand the cryptocurrency
There are two possible scenarios:
The person has shared his keys
In this case it will be treated as any other asset. It will be distributed according to the will and the law. There are several different ways to share keys with other people. Lock-boxes, attorneys, split n/m keys and so on.
The person hasn't shared his keys
The coins are gone. Even if we used all our computer power on the planet for the rest of humanity's existence we won't crack the keys. No government, no hacker and no company can do a single thing.
While it is a bother you can actually store a bitcoin wallet in your head. You just have to accurately remember a bunch of random words. Sending coins will likely require a computer though.
The person has shared his keys
In this case it will be treated as any other asset. It will be distributed according to the will and the law. There are several different ways to share keys with other people. Lock-boxes, attorneys, split n/m keys and so on.
The person hasn't shared his keys
The coins are gone. Even if we used all our computer power on the planet for the rest of humanity's existence we won't crack the keys. No government, no hacker and no company can do a single thing.
While it is a bother you can actually store a bitcoin wallet in your head. You just have to accurately remember a bunch of random words. Sending coins will likely require a computer though.
if you die of course nobody will know about the crypto you had while you were alive because of course that is the very secret about the financial assets you save. I think it should be the anticipation you make to be given to the heirs who will manage the crypto you have if one day you will experience death.
if you die and you have a lot of crypto then your crypto will be a treasured treasure. If you have a family, it will be a safe treasure. Because your Family can carry on all your treasures.
This is exactly why im interested in platforms like WISH They have a platform that you can set your coins up like a trust. So you can pass your coins down to friends or family.
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.
It was obviously the value i guess you are talking about when the cryptocurrency die it is just the value die the system and the blockchain technology is still there but obviously the value of bitcoin will going to result to zero and if that happeneds bitcoin will absolutely be useless and never gonna be use anymore but in my opinion this is almost impossible to happened in the markekt because it is all about supply and demand and we know that the deamand of bitcoin today is really high even thier are a lot of doubt about it. When it lower its price in the market a lot of people will buy it and hold it and then rotate and the value will increase again. 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.
maybe there's nothing to do and if some years have passed the price of your hold is great, but it's best to put all your wallet info just as soon as your family finds it or you can tell them if you go procedure how to make money for not being able to work
Of course before we die we must tell our families or our children if they have them. this is what causes us to have the heirs of our cryptocurrency assets. So family is good, we have our successor if we die.
maybe there's nothing to do and if some years have passed the price of your hold is great, but it's best to put all your wallet info just as soon as your family finds it or you can tell them if you go procedure how to make money for not being able to work
I was thinking that for a long time waht will happened my crypto if ever I die. What will the safety measures should I do or what do I nedd to do to trasnfer my funds and anything about my crypto. So I decided to teach my wife. She us not interested about cryptocurrency and our crypto community. But I did the my best to convince her if ever something happened to me. So I let her access my accounts and my wallets and I let her involved in bitcointalk.org. After what I did I feel satisfaction and relieve. I trust my wife the way she trust me. I did taht because Iam thinking their future if ever I left.
As a human being we can not escape all that you have state but we can be careful about them, for death you can will it to your children's, for fire accident you can store some in your mails and also in case of lost. if some of these step are taken your bitcoin will be stock and lock for ever
It is very funny but very important question. If you die your cryptocurrency will be on your wallet.You need give it's private key to your trusted person before die.
As far as the research I know, our cryptocurrency will remain in our account later and will remain there even if we die, however, if we let someone we trust have access to our account and even trust our wallets and our private key so if something happens to us, they can still have access to our account or the digital currency we have can still be cashed.
Bitcoin is a technology that delivers a fair, transparent and equal solution. That means that it is not inherited and if you do not share your wallet and key. It will be kept forever. Of course, the assumption is in the logic problem. It will be kept closed and without any encroachment.
For me, what will happen with your crypto when you die will just stock into your wallet. We need to make sure that one person has access to your wallet, like a family member, love once and best friend. Back at the early stage or year of bitcoin when bitcoin is very affordable many people buy bitcoin at a low cost and put it in their wallet but when bitcoin become controversial many people stop using bitcoin, and after a year they forget their password or private key, the only they can do right now is seeing their bitcoin and becoming pity become they remember it. I think the moral lesson is to keep or save some details about of and make sure that one or two people know that things you are doing, and have access to your private money like into your wallet because you don’t know when you will die. I’m sure in the future you will save some bitcoin and put it into your last will, we don’t know if bitcoin will become expensive in the future or become worthless, but the point is they will know the things you have then and save into them.
When you die then the crypto you have will die anyway if no one knows you have a crypto.For that should prepare the future so that when you die then your crypto will not die and useful for the person you want to get the crypto you have, by telling you the password and personal data required to transact your crypto to the person you will give your crypto when you die.
No matter what time, you have to tell those closest to you you about encryption currency, because encryption currencies are the corresponding private key, so if you suddenly died, and your assets will be done not have.
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.
Only person who know our bitcoin personal details can get use through this. So you must aware your family members about bitcoin. And share the confidential details about bitcoin to a trusted person. If you had invested a huge amount in the bitcoin, then you must done the proceedings legally. 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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