What will happen to your Bitcoins when you die? - page 3.

Blazr

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Quote from: Cryddit on April 04, 2015, 09:45:19 PM

I have a safe deposit box. It contains (part of) my key. If I die, the bank will give my wife a key to it. While I am not dead, they won't. My wife has the other part of the key in her files.

Did you just literally split the string in two? that is a bad idea, if this was an electrum seed, then the person would only need to crack 64bits to gain access. This is very easy to do, the Bitcoin network can crack a 64bit key in just 1 minute 40 seconds. Be careful! both your bank and your wife have full access to your funds.

Problem is they will also give it to a crooked DEA agent with a warrant. Also there can be legal issues when it comes to accessing vaults, it is quite common, it could mean that your family will have to battle it out in court for a number of years to access the vault. It's a pretty good solution, but not good enough IMO.

btcton

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I don't have a system set up ATM, but a good way to go about doing it would be to either have a paper wallet locked up or a multi-sig wallet. I would probably go for the former, but I don't have much to worry about right now.

Cryddit

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I have a safe deposit box. It contains (part of) my key. If I die, the bank will give my wife a key to it. While I am not dead, they won't. My wife has the other part of the key in her files.

Blazr

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Quote from: SaltySpitoon on April 04, 2015, 09:37:46 PM

I've got an elaborate scavenger hunt set up in case something happens to me, so a buddy can get access to my coins, but only if I'm out of the picture, be that dead/jail/etc. I also have it specified that my BTC go to my sister, however he gets a commision for helping her get the BTC since shes not very techsavvy.

Interesting. How can you guarantee that your buddy can only access the funds when you are dead?

SaltySpitoon

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Welcome to the SaltySpitoon, how Tough are ya?

I've got an elaborate scavenger hunt set up in case something happens to me, so a buddy can get access to my coins, but only if I'm out of the picture, be that dead/jail/etc. I also have it specified that my BTC go to my sister, however he gets a commision for helping her get the BTC since shes not very techsavvy.

Blazr

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Quote from: bigasic on April 04, 2015, 09:25:53 PM

Ive printed out the private keys and put in a bank with other things that will be given to my children, ive already taught one child how bitcoin works, etc. But my wife as the same info and knowledge, I would want my loved ones to have them. they wont do me any good, lol....

This is a reasonably good way to do this. One could store a wallet backup encrypted with a key belonging to the loved one in a bank vault. Any crooked DEA agent with a warrant would not be able to access the funds as it would be encrypted. One risk is that the bank might give the backup to the loved one earlier than expected, perhaps via social engineering - maybe even a fraudster could use social engineering to gain access or maybe a rogue bank employee. Or perhaps the bank refuses to give it to the loved one, in some countries/circumstances it can take years of legal battles to get access to vaults that contain wills etc. While this is a step in the right direction, I still think there is a better way to do this with cryptography where we aren't relying on banks (remind you of anything Cheesy

).

bigasic

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Ive printed out the private keys and put in a bank with other things that will be given to my children, ive already taught one child how bitcoin works, etc. But my wife as the same info and knowledge, I would want my loved ones to have them. they wont do me any good, lol....

--Encrypted--

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hee-ho.

Quote from: Josef27 on April 04, 2015, 09:07:00 PM

"Son, could you manage my bitcoin for me after I passing away?"

I don't have kid, but decided to have it soon Grin

be sure not to give your private keys to him too soon. Tongue

or you might come home one day and finds out that there was a big party. Grin

Blazr

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Quote from: Pushtheghost on April 04, 2015, 09:06:23 PM

If you're storing a sizeable fund long-term in Bitcoin then yes you're probably going to need a way to hand that over to your friends or family when you pass on. Sounds like the ideal use of a paper wallet to me.

An unencrypted paper wallet sounds like a great find for an opportunist burglar.

bitcoinwallet.id

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Never thought of this... But if only he have the access of the address and if he don't tell the others the access, then the coins is like burnt. That's why Bitcoin is precious as the supply will decrease because of this.

Blazr

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Quote from: Blackbird0 on April 04, 2015, 09:03:18 PM

Ultimately it's a trade-off between short-term personal security and long-term financial planning.

If you give a password, private key, whatever, to a third party, that's obviously a risk that your data or wallet addresses will be accessed without your consent. Similarly, in the United States, the government can compel a third party to give up the information as well. On the other hand, you die, and your BTC is in a password protected wallet and you haven't told anyone, you're screwed. I haven't read of any sort of solution to this kind of problem.

nLockTime can be used to create a transaction that cannot be spent for a period of time. I am thinking that it may be possible to make a system that will allow a loved one to access your funds when you haven't used your wallet in X years. I am curious to know if anyone has put any thought into this. Giving up the password isn't the best way to do this as there is no easy way to remove the persons access at a later date if you change your mind (what if they try and kill you?!) and there is no audit trail, so if money is stolen it's a he-said she-said situation.

Josef27

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"Son, could you manage my bitcoin for me after I passing away?"

I don't have kid, but decided to have it soon Grin

Pushtheghost

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If you're storing a sizeable fund long-term in Bitcoin then yes you're probably going to need a way to hand that over to your friends or family when you pass on. Sounds like the ideal use of a paper wallet to me.

--Encrypted--

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hee-ho.

Quote from: Blazr on April 04, 2015, 08:59:36 PM

What will happen to your Bitcoins when you die, will they be lost forever?

I feel that this is something that is overlooked by most Bitcoin users.

Do any of you have a system in place to allow loved-ones to access your funds when you pass on? please share the details in this thread.

nope. when I die my bitcoins also goes to the grave.
I had my buddy to hold my private key as a precaution, but he have no interest in bitcoins at the moment.
yeah, I know some people think of that as stupid

Blackbird0

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Ultimately it's a trade-off between short-term personal security and long-term financial planning.

If you give a password, private key, whatever, to a third party, that's obviously a risk that your data or wallet addresses will be accessed without your consent. Similarly, in the United States, the government can compel a third party to give up the information as well. On the other hand, you die, and your BTC is in a password protected wallet and you haven't told anyone, you're screwed. I haven't read of any sort of solution to this kind of problem.

Blazr

hero member

Activity: 882

Merit: 1006

What will happen to your Bitcoins when you die, will they be lost forever?

I feel that this is something that is overlooked by most Bitcoin users.

Do any of you have a system in place to allow loved-ones to access your funds when you pass on? What is the best way to do this? please share your wisdom in this thread.

Topic: What will happen to your Bitcoins when you die? - page 3. (Read 2414 times)