What if a person died with BTC!! | Bitcointalksearch.org

hashshashin

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Quote from: rddsd7 on December 08, 2017, 05:38:26 AM

What will happen??

No one will have the BTC address. Hence will them isolated?

In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.

I understand that life is unpredictable and you do not know what your family will be, but you need to think about the future, and if you have a certain number of bitcoins, then you can share the address with someone else (with your wife or parents). So in any situation there is a way out.

ChConcept

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If a person who owns BTC dies suddenly, his coins will still be in the network I believe but no one can access that unless there is someone who knows anad can secure his passwords. Personally I have a copy of my passwords on a safe box with all the instructions and it is in a secured facility that will only be open if something unfortunate happens to me, so that I can ensure my family's future still. I hope most of us, Bitcoin owners will do that for their families.

icemantaurus

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Yes what if that happens? We'll in my side, my wife and daughter knows the details of my accounts/wallets. Just in case i left this two worlds (fiat world and cryptoworld) I'm living in, my investment will not go into waste.
Some of my colleagues tells me that my family will spendthrift my investment, but i know they won't. It's just a matter of discipline and trust. So in case, i know my investment is in good hands.

1C6fV5DtakfKANLJ8GUV7hCaA

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Well you have to think of a way to store your private keys on a safe place or a deposit box and hide them somewhere. Access to these shall be specified specifically on your last will so that your heirs can benefit from your BTC.

Predator25

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Quote from: greg0rioo on April 25, 2018, 08:05:59 AM

I think if the abandoned family does not know about our assets in bitcoin then it will be useless. So you should tell our family first about all our assets in bitcoin. So that all our assets and property can be passed on to our family.

Right thing to do. now that it is mentioned that what will happen if a person with bitcoin dies, users here pf bitcoin should make a plan about it. In order for it to be put on waste, tell these things regarding bitcoin to a trusted person and if ever the user will be gone, there will be a person who can access it. in this way bitcoin would not be disappearing gradually.

daarul50

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The purpose of a person investing is for the future, what is the use if he dies but the asset is not used by the nearest people in the future. I think people who invest bitcoin have prepared everything and will notify all the information to their families, because they are investing for the future of their family.

greg0rioo

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I think if the abandoned family does not know about our assets in bitcoin then it will be useless. So you should tell our family first about all our assets in bitcoin. So that all our assets and property can be passed on to our family.

baho11

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If a bitcoiner died with bitcoin yes of course his or her family will be the one allowed
to manipulate the bitcoin .Thats how important your family knows about your crypto.business for them not to be blind from your work.

evilsign

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Quote from: rddsd7 on December 08, 2017, 05:38:26 AM

What will happen??

No one will have the BTC address. Hence will them isolated?

In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.

Yes I ever thinking like what you are. Now I get the solution Cheesy

. Why you not just make a secret code or something like that to preparing if you can't tell to anyone that you have a lot of bitcoin? I think you can tell it to your wife or your son about your secret. For an example my wife didn't know about bitcoin, but She knows that I have a bitcoin. So I tell her, if something bad happen to me, just keep my phone or my PC and learn how to exchange bitcoin to FIAT. Offcourse I protect it with a password which only me and my wife know it.

GreatArkansas

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Quote from: rddsd7 on December 08, 2017, 05:38:26 AM

What will happen??

No one will have the BTC address. Hence will them isolated?

In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.

It will not disappear to the bitcoin wallet of the person. It will remain forever, that is one of the best feature of cryptocurrency. It is decentralized, no one owns it. As long as you have the private keys, you are the only one can access your wallet.

Jerzzz

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As a bitcoiner we must always think about our profit or money that is we invest in a project. All of those money will become useless if we died. So, our family must know our wealth as a bitcoiner. They must also know about our earnings, private key and wallet or account in bitcoin. No one can predict our life so, we must be ready at all times.

notyours

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If a person dies that has accumulated bitcoins on his wallet I'm sure his relatives already know what his wallet password is. Even though I am even young I already know my cousin my wallet. So I'm not afraid that if I'm lost in the world it will still be able to use my accumulated money.

noelanora99

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Well maybe, if possible, one should make a backup information in your accounts or wallet and stored it in a safety deposit bank or something for safe keeping and address it to your family incase something happens. This way your hard earnings won't become useless, and your inheritor might even make a good roll in an investment in the future.

Larrymili

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If a person died with BTC that will be a very big double lost, that is why it is not good to keep too much secret from your family, at least your wife or one among your child should know about your BTC, as for me i share my account details with my wife and also my BTC.

neliawesome

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Well its normal to tell your family on all your transactions and how to access it.So that if anything happened they can easily access it.Just make sure you shared it to a trusted one because even its your family they may use your money without your approval.Just secure everything for the future ahead.

Jake Virus

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Quote from: Bagaji on April 09, 2018, 01:45:25 PM

Well, it can only be a waist if and only if the person in question fail to give out his or her password to his/her next of king or include his crypto currency wealth in his will before he answer the last call to his creator.

Well i think if a person died, there bitcoin will not disappear, there bitcoin willl always remain on there wallet, and i think all the holders of bitcoin should trust one friend or family member and tell them there private key so when a person died there bitcoin will still safe.

i_iz_vins

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Quote from: rddsd7 on December 08, 2017, 05:38:26 AM

What will happen??

No one will have the BTC address. Hence will them isolated?

In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.

Well, nice question. I personally think that their bitcoins will be put in vain. If no one has access to it except you, then no one can after you die since the system does not know if you are dead or not. The best way I can think to prevent is to have a trusted friend who also uses bitcoin, or any of your family members. Let them know about bitcoin and let them earn in their own way so that they do not have to open yours then if you died,all of your wealth will be transferred to your family.

ZNAQ Index

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Bitcoins are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when Bitcoin owners die, their digital fortune will be out of reach forever. That’s a major problem for the relatives of tech-savvy individuals who have invested in a market currently worth about $70 billion.
If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. To prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, storing it on a flash memory drive, or entrusting it with a commercial service that manages them.

Traslavin

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Quote from: wasaisisisi on April 25, 2018, 06:07:04 AM

If the person dies by not inheriting the address of his close friend or family it will inevitably be lost forever. So we better prepare anything that will happen to us in the future. And give some access to our family.

It's bitcoin would be useless I believe that he should have even one close friend or close relatives who he can trust his wallet and his investment that in case of any emergencies his hard work would not be useless and for the hard time he could use his money or it's bitcoin without the aid of anyone's help.

mriansa

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Quote from: rddsd7 on December 08, 2017, 05:38:26 AM

What will happen??

No one will have the BTC address. Hence will them isolated?

In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.

it is certain that its bitcoin will die like the owner because no new owner can use the bitcoin he has, at least when you have assets make a small note to your family so they can open and use the assets you have.

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