Topic: What if a person died with BTC!! - page 19. (Read 2250 times)
That is what differs Bitcoin from banking system. If you die, it is highly possible that nobody will ever access your bitcoins. If Bitcoin becomes adapted by countries, it will be somehow regulated and there should be a procedure to follow in such situation. Still, I wouldn't share my private key or access to my hardware wallet with anyone. I would rather die with my bitcoins than give it to someone else (except charity and children).
Well,personally, I have already decided what will happen to my savings after the death.. I'm going to save the data of my wallets and other things, and deposit it in the bank. In advance, I will teach my children and relatives how to use crypto-currency.
So I can be sure that my works will not be wasted.
So I can be sure that my works will not be wasted.
Ok, you teach them all things they need to know, and when they at some point see that you are nothing more than an obstacle for them, they'll get rid of you and have everything much sooner. Never make people 'smarter' than they need to be, and especially not when it comes to you 'promising' them a pretty pay day at some point. It's money that dictates the world, and even family won't hesitate to stab you in the back. If you want to proceed anyway, always make sure you use something like multisignature, which at all times requires several entities to sign.
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.
If a person suddenly dies having BTC in his wallet without disclosing password to any of his family members,then those bitcoins would continue to remain unused.So,a paper copy of wallet's password must be made and kept safe in a place which could be reached by family members.Otherwise it would remain without any use for any one.I think that there are huge amounts of bitcoin which could not be accessed due to loss of passwords. 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,personally, I have already decided what will happen to my savings after the death.. I'm going to save the data of my wallets and other things, and deposit it in the bank. In advance, I will teach my children and relatives how to use crypto-currency.
So I can be sure that my works will not be wasted.
So I can be sure that my works will not be wasted.
If you are holding Bitcoin wallet (say in the hardware or paper form) then you can hire an advocate to pass the legacy to your legal heirs in the case of the unfortunate incident of your death. I am not sure if there are any law firms in the crypto industry are providing such kind of services or not but I do feel a necessity for such service. We even might be able to use smart contracts for this purpose where automated API would find out your living status and pass the details to your legal heirs in some way.
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.
Your question is an eye opener for me. It makes me realize that I have at least make a certain code in case sudden death happen to me (which I hope do not happen), my love ones can at least solve it that will lead to access my wallet and my bitcoin address. I think leaving a code to solve for them will give trill just like treasure hunt that leads to inheriting my bitcoins. Besides, bitcoin is an asset that my love ones will truly appreciate when they inherit if that fate 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.
thanks for the compliment..
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.
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.
This is a very good question, it even doesnt come to my mind once. If possible share your private keys to your family. The most possible person that you can trust is your wife (if you still have a good and healthy relationship)
Next is your child. Or maybe some of the E.Wallet apps and website will support claiming process for the deceased person and ofcourse the person who owns the wallet should provide essential information for the beneficiary.
I think people should seriously start thinking about how they will leave their bitcoin and crypto to their family if anything happened to them, in the same way one would leave a will, perhaps leaving the private key within the will might work?
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What if the lawyer steal it??
just kidding
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What if the lawyer steal it??
just kiddingIt is the same when you losing your private key or passphrase. Bitcoins stay on this address and that's all.
Sometimes the family cannot be trusted because there are some families are killing each other and when you're not so close bonded with your family members then it's better that your keys will be passed on your closest friend.
Interesting idea. But, I think, people trust their relatives, and they will have access to their accounts, will be able to dispose of bitcoin. But, if a person goes out of life, and no one except him has access, then yes, a purse with bitcoins forever disappears into being ..
It depends on the trust level you share with your family, if you share a high trust level then you can allow some of them to have access to your account. One should be wise and very selective about family members with whom you can share your privacy. But if there is no one very trust worthy then one should cash out his bitcoin and make asset of it for his children, so that his bitcoin may not be wasted 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.
if the person died with bitcoin i think if he or she tell someone his or her private keys they can retrieve the bitcoin so if anyone not know about his or her bitcoin then your bitcoin will be gone that's gonna happen.Moreover i think if you already have big or a lot of btc i think half of that are cash out so it doesn't matter if the person died with btc 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.
Many people lost their Bitcoin wallets addresses even before the died. Smart people will leave their addresses to their child, or they'll just add it to the boquest.
between me and my family no secrets anymore, then my wife also knows the secret key of my wallet, and bitcoin is safe from losing after i leave or when i forget. It's good for mutual trust and sharing. we will not lose valuable assets
To anticipate it, I think it would be nice if the password or account we give to people we trust, such as wife, children or people closest. So when we experience a disaster, the investment we have in Bitcoin will not disappear.
Private keys,password will be the will of this generation,ones a person died with the private key that then its over with the wallet
Yes, but such an issue can easily be solved if the holder of the address gives his private key to someone he trusts. Ofcourse its risky but dying with all your btc is much riskier. In fiat such a thing is possible because the funds are lying with some central authority this is not the case in bitcoin funds are only with the person who owns the private key and no one else.
no one can have acces to any wallet without keys and private pasword, and as mentioned in previous post, the most problem case when lost pc under any circumstance like damage will make any recover details impossible, so i see the best solution have a copy in a safe box for future
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.
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.
This reminded me of a story a work colleague told me: he knew a guy who had invested a certain quantity (on bitcoin) that only he knew, and the guy had a sudden health problem and died, the family probably never got access to it or even knew that he invested in bitcoin, because bitcoin in Portugal it's not such a big deal among almost everyone. He died in 2013, and probably invested in bitcoin a bit sooner than that, so he could have >100k worth of bitcoin that is now lost forever. Hopefully the family knew and got it, but i really dont think they did, considering the general public awareness of bitcoin at that time in Portugal.
It seems to me that if a person died then it is absolutely not interested in what will happen to his coins. This is the problem of heirs. I think that if you had a close relationship with this man then you will know about his coins and he will not hide from you the place where it stores the passwords for account access. If you don't know that it means unworthy of inheritance coins.
This is a valid concern. Just like fiat, people write will to give their assets and money to their loved ones. But in crypto, we don’t have such services.
I have a copy of my seeds, private keys and passwords and pass it to my next of kin who knows about crypto. So in my case, my crypto investments will still be passed on.
I have a copy of my seeds, private keys and passwords and pass it to my next of kin who knows about crypto. So in my case, my crypto investments will still be passed on.
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