Topic: What will happen to bitcoin in our wallet when we die - page 2. (Read 3407 times)

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.

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.

with bank you family use that money which you had in your bank before death or you have some other options like donations etc this is what happend with banks accounts after death where i live and ofcourse your bitcoin wallet have password if anyone know the password they can use the coin if not they will rest their forever

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.

i think when we die
all of our bitcoin will be in our wallet and stat there until judgement day hahahaha

That's true. The person with whom you share your details should be trustworthy and he or she should be from your family only. When it comes money or bitcoins cannot afford to trust any outsiders.

As for me I have share all my details with my sister, who was totally unaware about the bitcoins but now she is also involved in it and she can very well take care of my bitcoins even if I die soon 

Just put your private key on a secure place and also put the explanation you wrote about how to redeem private key and how to convert it to fiat money and then tell your familly where your private key is been

Yes it is better to share details with the people whom we trust, and who can take care of our hard earned bitcoins even if we die, I have already started my son to educate on bitcoins and he is also keen to learn new things, but yet I haven't shared my passwords with him, but would surely do in coming time, as If I die, he can take care of my bitcoins.

That is so true.

Before bitcoin become main stream, the stand burgular would not even know how a private key look like.
You can carve the raw key it in the wood on the backside of the table, would proberly be more safe than any digital solution anybody can come up with.

That is now thinking Mark Karpeles

Tomorrow I will go to the lawyer..... I'll order for shitcoin as "coincreator". ANN do here with a nice ICO to make a lovely funeral (with orchestra)

The middle of the living room table is probably the safest place. No burglar will look there. A locker or a safe is opened in seconds.

 Unless you set up some way for someone else to access your wallet, it will just poof for all practical purposes. NOT recoverable.

 

 ... UNLESS ....


 You leave your wallet running and someone manages to hack it after you die but before the machine the wallet is running on shuts down.

Exactly, that is an great idea, you need to make aware to your near and dear ones that you are holding certain amount of bitcoins with you, and you can put all your wallet passwords into a will, So you don't have fear of loosing your password when you are alive, as your will and the passwords would be accessible only after you die 

or just write your password with a pen in a diary and leave it in your locker or in a safe place at your house.

Any item you password protect will be in risk of being lost.
A simple concussion can make you forget even simple passwords.
For long time storage, you need to "back up" your brian.

With BIP38 you can encrypt your paper wallets, it's easy and safe to store Bitcoins long term that way, even tho im too lazy to move my funds from my software wallet. It's been years like this and I never had any problem. I think as long as you keep your computer clean and you keep backups in a couple HDDs in case one fails it will be enough.

That depend on how you store them. Anybody storing all their bitcoins under one private key or wallet type is not too cleaver.
A good mix of paper wallet, digital wallet is always to prefer. The paper wallet can offcause be spend by relatives.
It is a good idea to place all your password in an encrpted file, leave them on a USB drive(s) that would be find by your relatives, next ot the encrypted file you leave a password hint which is likely only close relatives can guess, or find. E.g. chiled hood streetname + name of first pet. This password does not need to be too strong, since the encrypted file will never be online, just to make sure that you will have enough time to change your pass words in case a burglar steals the UBS drive(s).

Depends on what you do with it. You do what you want with your bitcoin, so as you die what you make of your bitcoin shall be.

Have you ever used Coinbase or similar bitcoin banks? It's really easy and I'm sure all people younger than use will be able to navigate the "old school" technology we use today...a username and password, access to the wallet, then directing the wall to pay the coins out to a fiat account or another wallet is REALLY simple. Coinbase probably has the process in their FAQ section.

What the hard part will for those using Coinbase is how to get past the 2 factor authentication. If the next of kin don't have the guy's phone, they can't verify their access to the account. SO, in a will or something the account holder should leave instructions on what to do, how to do it. And at worst, the next of kin could probably provide a death certificate to Coinbase and eventually get their hands on the bitcoin.

The general principle behind Bitcoin's use is that it is pretty easy!

I'm broke. Problem solved.

Regards,
Me