What will happen to bitcoin in our wallet when we die

zeraTunerse

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Quote from: Pursuer on August 06, 2015, 01:34:42 AM

since there is nobody else who control your bitcoin (like a bank) so we should think ahead about any sort of incidence that might happen. for example writing private keys on a piece of paper and keeping it in a safe.

That is the one thing and other is that we can guide about bitcoins to our family members, so that even in our absence they can take care of our coins, and it won't get lost forever, so it is very important to share details with family members.

madonnino

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Quote from: Falconer on July 25, 2015, 02:04:00 AM

And then, what will happen to our bitcoin when we die?

For example, look at the addresses of satoshi nakamoto, I'm pretty convinced that he is dead.

So if you do not leave a will with private keys, bitcoins are still, right there

Pursuer

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since there is nobody else who control your bitcoin (like a bank) so we should think ahead about any sort of incidence that might happen. for example writing private keys on a piece of paper and keeping it in a safe.

thebenjamincode

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37iGtdUJc2xXTDkw5TQZJQX1Wb98gSLYVP

That's a very good question. But this depends a lot on how you handle your wallet. If you are careful about it and make sure you have an off-site backup of your wallet (or use a deterministic or paper wallet, etc) then you can easily pass your wallet and all the coins it contains to anyone you choose in the same ways that you can pass on other property. Of course if you're the only person with access to the wallet and have not planned anything then yes, your bitcoins will be "lost in the network."

bitbaby

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This is a good question and I have to say I never really thought about it until now, the money in our bank account gets forwarded to our nominee or to our closest family member like Wife, Mother, Father, Kids in case there isn't any nominee. But this can't be done with the Bitcoin because it's only you who are holding them so I guess I have to explain to my close family members that if I die tomorrow what they'd have to do to get hold of my bitcoins. I think I'll just explain them how things work and tell them where I store my encrypted paper wallets and tell them it's password, I trust them so I know they won't steal it and they can use it if I die a sudden death.

teddy5145

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Quote from: talkbitcoin on August 06, 2015, 12:53:05 AM

Quote from: ?? on ??

Quote from: BTC Life on August 06, 2015, 12:00:47 AM

I think having an electronic will is a good idea. The will should contain all information in order to get access to your BTC. You can have services such as Google Inactivity service and it will send an email after you are inactive for X amount of time.

I never thought of that:

"trust Google with your BTC"

thanks, but no thanks. Oops, sorry, I didn't see that you were a bot.

trusting a third party with your bitcoins is never a good idea.

you should protect them yourself at all times.

Are you drunk mate?
How are you supposed to protect yoour btc yourself when you're dead?
taking the private keys along with your body inside the coffin ?

I think the only good way to protect your btc is by inherit your btc password and private key to your family member as a will Tongue

jonald_fyookball

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Quote from: talkbitcoin on August 06, 2015, 12:53:05 AM

Quote from: ?? on ??

Quote from: BTC Life on August 06, 2015, 12:00:47 AM

I think having an electronic will is a good idea. The will should contain all information in order to get access to your BTC. You can have services such as Google Inactivity service and it will send an email after you are inactive for X amount of time.

I never thought of that:

"trust Google with your BTC"

thanks, but no thanks. Oops, sorry, I didn't see that you were a bot.

trusting a third party with your bitcoins is never a good idea.

you should protect them yourself at all times.

did you even read the thread? How can you 'protect them yourself' when you're dead?

talkbitcoin

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Quote from: ?? on ??

Quote from: BTC Life on August 06, 2015, 12:00:47 AM

I think having an electronic will is a good idea. The will should contain all information in order to get access to your BTC. You can have services such as Google Inactivity service and it will send an email after you are inactive for X amount of time.

I never thought of that:

"trust Google with your BTC"

thanks, but no thanks. Oops, sorry, I didn't see that you were a bot.

trusting a third party with your bitcoins is never a good idea.

you should protect them yourself at all times.

harrymmmm

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I'm the official bitcoin collection officer, so you should send me your keys for safe keeping.

jonald_fyookball

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Quote from: ?? on ??

Quote from: BTC Life on August 06, 2015, 12:00:47 AM

I think having an electronic will is a good idea. The will should contain all information in order to get access to your BTC. You can have services such as Google Inactivity service and it will send an email after you are inactive for X amount of time.

I never thought of that:

"trust Google with your BTC"

thanks, but no thanks. Oops, sorry, I didn't see that you were a bot.

actually it's a pretty good idea. why not have google run a deadman switch for you? probably would be very reliable. you have it send your wife the multisig key and you keep renewing it annually.

BTC Life

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I think having an electronic will is a good idea if you plan in storing a good amount of BTC. The will should contain all information in order to get access to your BTC. You can have services such as Google Inactivity service and it will send an email after you are inactive for X amount of time.

Remember that Bitcoin is money so if you have people you love they should be able to spend them when you die.

SebastianJu

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Quote from: jonald_fyookball on August 05, 2015, 05:25:27 PM

Quote from: SebastianJu on August 05, 2015, 05:19:56 PM

Quote from: jonald_fyookball on August 02, 2015, 12:18:50 PM

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. this assumes there won't be collusion between your wife and your lawyer.

I already thought you wanted to write "you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. And they will happily live a life together leaving you behind without your coins." Cheesy

I think that happens simply too often to be a good option.

If you trust your wife then the wife can get it, more persons involved could sometimes even raise the risk.

Yeah and then you sue the executor (law firm) for all your bitcoins plus
millions in punitive damages and file a complaint to have the attorney disbarred.
There's nothing a lawyer fears more than the bar review board.

"This happens simply too often?" What? Bitcoins are stolen by lawyers? When? Where?

If you don't like using a trusted party, you need a dead man switch of some kind.

I would assume the executor could handle his files accordingly. If not there is still the chance to go on an island.

Though it wasnt meant too serious. Wink

I trusted one of my girlfriends once with my codes and all but she is now my ex... so... But i think i wouldnt have given it to her when i wouldnt know she is honest.

Writing passcodes on some hidden place is still risky. I mean what do you do when you forget that you wrote it there. Accident for example? And if you die fast then you need someone anyone that knows everything.

I think securing bitcoin funds will be a challenge to future generations. Its simply so much different to be your own bank.

jonald_fyookball

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Quote from: Incontinentia Buttocks on August 05, 2015, 05:34:19 PM

Quote from: jonald_fyookball on August 05, 2015, 05:25:27 PM

Quote from: SebastianJu on August 05, 2015, 05:19:56 PM

Quote from: jonald_fyookball on August 02, 2015, 12:18:50 PM

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. this assumes there won't be collusion between your wife and your lawyer.

I already thought you wanted to write "you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. And they will happily live a life together leaving you behind without your coins." Cheesy

I think that happens simply too often to be a good option.

If you trust your wife then the wife can get it, more persons involved could sometimes even raise the risk.

Yeah and then you sue the executor (law firm) for all your bitcoins plus
millions in punitive damages and file a complaint to have the attorney disbarred.
There's nothing a lawyer fears more than the bar review board.

If you don't like using a trusted party, you need a dead man switch of some kind.

Suing would take years and you would be penniless while it was ongoing. Isn't there a way of sending a time locked transaction that locks your Bitcoins in a state they cannot be spent in for a specified lenght of time? You could probably use that somehow to make sure your wife would inherit your Bitcoins.

Yes you can but then you cannot spend them either. And then what happens after the time expires but youre still alive? If your wife has the key, she could
theoretically sweep them to a new address and you lose control.

im sure there is a way to properly do it, i just dont know the details.

Incontinentia Buttocks

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Quote from: jonald_fyookball on August 05, 2015, 05:25:27 PM

Quote from: SebastianJu on August 05, 2015, 05:19:56 PM

Quote from: jonald_fyookball on August 02, 2015, 12:18:50 PM

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. this assumes there won't be collusion between your wife and your lawyer.

I already thought you wanted to write "you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. And they will happily live a life together leaving you behind without your coins." Cheesy

I think that happens simply too often to be a good option.

If you trust your wife then the wife can get it, more persons involved could sometimes even raise the risk.

Yeah and then you sue the executor (law firm) for all your bitcoins plus
millions in punitive damages and file a complaint to have the attorney disbarred.
There's nothing a lawyer fears more than the bar review board.

If you don't like using a trusted party, you need a dead man switch of some kind.

Suing would take years and you would be penniless while it was ongoing. Isn't there a way of sending a time locked transaction that locks your Bitcoins in a state they cannot be spent in for a specified lenght of time? You could probably use that somehow to make sure your wife would inherit your Bitcoins.

jonald_fyookball

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Quote from: SebastianJu on August 05, 2015, 05:19:56 PM

Quote from: jonald_fyookball on August 02, 2015, 12:18:50 PM

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. this assumes there won't be collusion between your wife and your lawyer.

I already thought you wanted to write "you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. And they will happily live a life together leaving you behind without your coins." Cheesy

I think that happens simply too often to be a good option.

If you trust your wife then the wife can get it, more persons involved could sometimes even raise the risk.

Yeah and then you sue the executor (law firm) for all your bitcoins plus
millions in punitive damages and file a complaint to have the attorney disbarred.
There's nothing a lawyer fears more than the bar review board.

"This happens simply too often?" What? Bitcoins are stolen by lawyers? When? Where?

If you don't like using a trusted party, you need a dead man switch of some kind.

SebastianJu

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Quote from: jonald_fyookball on August 02, 2015, 12:18:50 PM

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. this assumes there won't be collusion between your wife and your lawyer.

I already thought you wanted to write "you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds. And they will happily live a life together leaving you behind without your coins." Cheesy

I think that happens simply too often to be a good option.

If you trust your wife then the wife can get it, more persons involved could sometimes even raise the risk.

SebastianJu

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Quote from: Aswan on August 02, 2015, 09:45:26 AM

Why give a password or private key to anyone? It's just unsafe... Bitcoin offers another way to do this, the nTimeLock feature.

While you should have only a few Coins on wallets for everyday use (and for those few its fine if close ones know the password, since not a whole lot can be stolen), you could have your main stash in a Wallet with a secure password only you know.
Now you create an nTimeLock Tx which becomes valid in a year to an address and give said address plus its private key to your close ones together with the nTimeLock transaction. If you die now, they can, when the Tx becomes valid (with 1 year), get the funds. If the Tx gets stole, you move your coins in your main stash and create another nTimeLock Tx, making the initial one useless. Same goes if you dont want that person to get your Coins in case you die anymore.

This has many advantages other approaches don't have , e.g. if people raid your safe while you are not home, they won't get your Password or your private key. Also, laws regarding heritage that might require some portion of the money to be given to certain people simply cannot be enforced that way, since there is no way to get to the actual wallet.
This is a nice example of something that is only possible with a currency like bitcoin and will never be an option with a centralized currency.

Doesnt that flag work with a multisig address? So when you use it then you yourself could not access the coins too as long as im not mistaken. So i dont know how you will move the coins.

Mickeyb

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Quote from: Cryptopher on August 02, 2015, 08:18:58 AM

It depends on your arrangements.

Essentially what happens when to the coins within your wallet is no different to what would happen today if you had simply lost access.

For now, I assume that I am the only one with access to my wallet as I haven't actively shared any details with anybody else. I would imagine that the majority of Bitcoin wallet holders are in the same position.

Yes this is my situation as well. I still haven't shared my private keys with anyone, even though my wife knows that I am in Bitcoin and how many I have and what they are worth. So I guess if something was to happen to me, God forbid, that she would manage with the help of someone.

Now this is what everybody should think of for the future, and to be honest, even I haven't thought enough about it. I guess I am too busy accumulating at the moment to think about this very important stuff!

madonnino

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Quote from: prodigy8 on July 25, 2015, 06:16:50 AM

maybe you should leave a statement with the private keys but it would be hard to understand for someone that doesnt know even what bitcoin is

Once someone Find private key stored whit An explicit refer to bitcoin is not so hard, i need to just Google it.

gentlemand

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By the time I'm dead we'll be able to upload our minds into a wonderful virtual world so I'll still be needing my coins. The rest of my relatives are minted anyway so they can whistle for it.

Topic: What will happen to bitcoin in our wallet when we die (Read 3407 times)