What will happened to bitcoins after one died?

Ondre

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https://i.imgur.com/iwknjIj.png

Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

I think the owner does’nt operate its wallet, i think he has people operating it and they are paid. So there is nothing to worry about, since the owner is wealthy he hired trusted people for this.

chel0

newbie

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Well, basically if the owner of that bitcoin dies and nobody knows any information about that certain wallet account then bitcoin dies with him/her. It is because the account is already inaccessible therefore the bitcoin in there can also be considered as dead.Thus,whatever business or investments we are taking we have to make it sure that anyone within the family must know all the informations/accounts so our loved ones can enjoy it if anything happens to us.It sad but true that we don't own our life, we can't even control it and we do not how long we can stay here on earth, only GOD knows.

evader11

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Hexhash.xyz

Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If you knew already that you have a disease or any illnesses and you feel dying because of this then you must give your private account to your family such as your username, password and key to your wallet so they can access your bitcoin account. You must teach them in working here so they will be the one to follow up your work especially if you do investment, trading and mining so they will know how to do and get it.

Indai24

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Quote from: bib24 on April 22, 2018, 03:49:05 PM

If you never share your account to anyone then unfortunately you met your end so soon, then nobody can access your account therefore it’s good as lost fortune. You need a backup plan in case of emergency; you need to share it to the most trusted person in your life.

I agree with you, we will never know when we're going to die so better to have a back up on everything and aside from giving access to someone whom you trusted the most better also to open up a bank account in all the accumulated savings you've earned from bitcoin with your beneficiaries as well.

bib24

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If you never share your account to anyone then unfortunately you met your end so soon, then nobody can access your account therefore it’s good as lost fortune. You need a backup plan in case of emergency; you need to share it to the most trusted person in your life.

Gandam23

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Quote from: Omega Weapon on April 22, 2018, 03:35:20 PM

Quote from: itod on April 17, 2018, 01:38:09 PM

Quote from: Charisse1229 on September 27, 2017, 08:05:49 PM

Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

Someday bitcoins are lost forever and no one would able to access it, i think for sure is, if you have a bitcoin, you need to exchange it emidiatly to be sure, and your money is save it to a bank, then if you have an emergency you have a money saved.

If you think your money is safe in the bank you may be in for a big surprise. Banks are insured only up to a certain amount against bankruptcy, which happens more often then you think, and are obliged to take your money and give it to the government, which also happens more often then you think. Much safer in your cryptographically protected digital wallet.

Thanks for bringing this up, it's a very common belief that no matter how much money you have in a bank you'll always get it back since the governments back your funds, but what it is going to happen when the government is the one that is facing bankruptcy? They are not going to be able to protect your money especially when you need them the most, this has happened many times just in this decade and it will keep happening, this is why satoshi created bitcoin in the first place to help people to manage their own money and not depend on anyone else.

It will definitely a big loss. Because you can even tell atleast one member of your family that is trusted for you. You can give him or her you provate keys or passwords so that when you died or when youre gone they can use the money for good and you leave a good legacy to your family giving them the wealth that you earn when you are still living.

Omega Weapon

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Quote from: itod on April 17, 2018, 01:38:09 PM

Quote from: Charisse1229 on September 27, 2017, 08:05:49 PM

Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

Someday bitcoins are lost forever and no one would able to access it, i think for sure is, if you have a bitcoin, you need to exchange it emidiatly to be sure, and your money is save it to a bank, then if you have an emergency you have a money saved.

If you think your money is safe in the bank you may be in for a big surprise. Banks are insured only up to a certain amount against bankruptcy, which happens more often then you think, and are obliged to take your money and give it to the government, which also happens more often then you think. Much safer in your cryptographically protected digital wallet.

Thanks for bringing this up, it's a very common belief that no matter how much money you have in a bank you'll always get it back since the governments back your funds, but what it is going to happen when the government is the one that is facing bankruptcy? They are not going to be able to protect your money especially when you need them the most, this has happened many times just in this decade and it will keep happening, this is why satoshi created bitcoin in the first place to help people to manage their own money and not depend on anyone else.

tomimarry

newbie

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You can easily transfer it to offspring by stating your password and username in the will

Whitly

sr. member

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I think, that answer is more than obvious, because if the person who was holding bitcoins didn't share private keys with his family or friends, then after his death, bitcoins will just loss and no one will able to spend them. One time I thought about idea "bitcoin as an inheritance", I mean a place, where people can hold their bitcoins, and after death, his family will get info via SMS or mail about how to get access to it.

pragna

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No problem of btc if holding private key , password, username is known by anyone of his family. Exchanger or Wallet will know private key not man. So if any one dies no problem.

Janation

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Quote from: FsJsxy on April 20, 2018, 04:40:33 AM

No one if a person has not left the data from his wallet ... It is a completely decentralized network without central control, no one except you has access to coins.

I think if you just told your wife or husband and your kids that you have your Bitcoin in your PC that will not be a problem. You can just keep a paper somewhere in your house, maybe in your safe and then your family can just use that if something bad happens to you. If you will die and your family or even your friends do not know you have Bitcoin, it will be a goner.

Ikay

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If you're married tell it to your husband or wife and if you have kids tell it to them or if you don't have that just wrote it in a piece of paper then put in the corner where your family can easily see it so you'll not too much worried if someone couldn't get your accumulated bitcoins.

MDLuffy

newbie

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When a person who owns BTC unfortunately unfortunately died, the BTC actually exists, as if without a password, login name, address wallet. It is not possible to convert BTC into real money to use, so one advice for you is to copy the password, and related stuff so that if later unfortunately missed your relatives still have usable

wasaisi

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If the person holding the bitcoin dies and leaves no clue about bitcoin it seems to be gone forever. So as a better preparation you save like a privacy key to your closest family, that's better. Like you leave your treasure.

FsJsxy

member

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No one if a person has not left the data from his wallet ... It is a completely decentralized network without central control, no one except you has access to coins.

romeo23

newbie

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The same things that happen to the rest of someone’s money when they die. Bitcoins aren't magic.Most people leave a will. That clearly sets out where all your property goes when you die.If you don't have a will, the following people will receive your money. All of it goes to the top person, unless they die, then it all goes to the next person down, and so on:

Your spouse/children (50/50 split, then split among children).

Parents (split between them).

Siblings (split among them).

Grandparents (split 50/50 between both sets of grandparents).

The government gets your money if you have no living relatives or a will.

itod

legendary

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^ Will code for Bitcoins

Quote from: Charisse1229 on September 27, 2017, 08:05:49 PM

Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

Someday bitcoins are lost forever and no one would able to access it, i think for sure is, if you have a bitcoin, you need to exchange it emidiatly to be sure, and your money is save it to a bank, then if you have an emergency you have a money saved.

If you think your money is safe in the bank you may be in for a big surprise. Banks are insured only up to a certain amount against bankruptcy, which happens more often then you think, and are obliged to take your money and give it to the government, which also happens more often then you think. Much safer in your cryptographically protected digital wallet.

webdevmastery

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Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

Bitcoin will obviously become to waste and the cryptocurrency you are holding will not circulate in the market, if you knew that you are near death then the best thing to do is just pass your coins to another person or sell it immediately in the market.

xSkylarx

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Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

I think that it will just stock in wallets of the holder which is really a disadvantage if no one will know our private keys. It is better that we'll have somebody to share our private keys with. We better share it with a person whom we trust so much so that if this case happens, our family could get our earnings and it will benefit them as well.

so98nn

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Quote from: bytethecoin on September 26, 2017, 10:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

Its very important that you must share your password, private keys and seeds of your wallets with the person you trust the most so that they can take advantage of your money after you in case of their financial need.But keep in mind that bitcoin is prone to theft easily if someone has access to your wallets. Keep your family members aware about it through saving them in mails and phone otherwise they will be lying in cold storage permanently.

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