What will happened to bitcoins after one died? - page 7.

michellee

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Quote from: vinz7229 on January 03, 2018, 07:05:15 PM

Quote from: 1NV3ST0NM3 on September 26, 2017, 12:25:26 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.

If you have provided your emails and passwords to your heir or spouse they can access or otherwise they will end up in the blockchain with your private key forever

That's why you need to share everything about your Bitcoin specially to your partner. Cause you can never tell what will happen. It better to be prepare than nothing, so that if ever bad happen at least theirs someone who can manage your Bitcoin.

without telling other people that we have bitcoin, no matter how much the amount, that bitcoin cannot be used by anyone and will still bury with the wallet. but for myself, I will tell my family that I have bitcoin and I will give to them and tell the information to them about how to use bitcoin so they can continue what I did and they can have a better life in the future. gladly, some of my family know that I am involved in bitcoin and they support me and they have their own bitcoin so if something happens to me, I guess they will know what they supposed to do.

Andrej Peiboski

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Data access can be stored safely in a lot of ways, electronic or human: for centuries - still now, of course - people left "last wills" to a notary, for exemple, with sensible information. If you don't completely trust an officer, you can let the info crypted and the pass to your family, that can access only after death.

Choyor

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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.

If a Bitcoin user has an accident and resulted in death, of course all of Bitcoin's property investment assets will disappear, unless the person keeps everything confidential like a phone number, account and password to a child or wife.

vinz7229

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Quote from: 1NV3ST0NM3 on September 26, 2017, 12:25:26 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.

If you have provided your emails and passwords to your heir or spouse they can access or otherwise they will end up in the blockchain with your private key forever

That's why you need to share everything about your Bitcoin specially to your partner. Cause you can never tell what will happen. It better to be prepare than nothing, so that if ever bad happen at least theirs someone who can manage your Bitcoin.

cybersofts

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Quote from: Ayiranorea on September 26, 2017, 11:37:44 AM

If one user keep hold of large volume of bitcoin and if he dies unexpectedly then surely it goes under the lost bitcoin list if none has the private keys to retain and make use of it. So it's better to have a separate record for all such details or need to share the details with the dependents of you.

Yes, that is basically it! If you own some bitcoins and died unexpectedly without given any of your family members your private key you died with your bitcoins. One piece of advice here, if you are putting huge amount of money into bitcoin make sure you give your wallet private key to someone you really trust. e.g. a father, mother, brother, sister, or even a trusted friend.

ModaFuka1994

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When a person dies suddenly, without leaving any e-wallet, private key, JSON file to unlock the e-wallet, then surely the Bitcoin number they own will not be used by anyone. So it's a good idea to back up your information to a safe place where your loved ones can access when you die suddenly and leave no information. It is safest to save the number of coins owned by cold wallet instead of saving it with the hot wallet.

Finestream

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Quote from: Xising on January 03, 2018, 08:40:43 AM

Dying, most of time is an unforeseen event, so bitcoin users need to have someone they trust to have access to their accounts in case they die. Bitcoin is not something physical that you can leave to your loved one and owners will always be anonymous. Or better yet leave all wallets and access keys in a safety deposit box and demand a written agreement that only your loved ones have the right to use it in case you die.

Yes.That's one thing we are ought to do.I personally have my own memory card where i put all my transactions in bitcoin,its wallets and access keys so when i'm gone,my family would find it easy to claim all my hardwork earned bitcoins and use them for their own survival.Of course my partner also had already been aware how to transact all this things.At least with this,my family will still have chances to continue my journey in bitcoin or just keep them for our kids education.

HiringYou

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When the owner of Bitcoin will die then all his hardwork,time and money he earned will be wasted .This is because Bitcoin's are stored in online wallets which are opened by a private key or they work with a pin which only the owner knows .So if the owner will die then no other person will be able to access those wallets.I personally will suggest you to share your private key with a person such as your child , your father , your brother so that after your death your money can be used by your family.You can also keep regular checks on your wallets inorder to assure that your money is not being used unnecessarily.

Xising

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Dying, most of time is an unforeseen event, so bitcoin users need to have someone they trust to have access to their accounts in case they die. Bitcoin is not something physical that you can leave to your loved one and owners will always be anonymous. Or better yet leave all wallets and access keys in a safety deposit box and demand a written agreement that only your loved ones have the right to use it in case you die.

royale143

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Quote from: Ayiranorea on September 26, 2017, 11:37:44 AM

If one user keep hold of large volume of bitcoin and if he dies unexpectedly then surely it goes under the lost bitcoin list if none has the private keys to retain and make use of it. So it's better to have a separate record for all such details or need to share the details with the dependents of you.

I think if the person won't leave any information regarding his holdings, more so information that he has been into the bitcoin market. Then, the coins that he has would just be held in storage until it loses value. We should remember that bitcoin, even if it is the strongest has a market cap, therefore, even if the coins are in storage, it has been already counted as it was released in the market. Thus, the saturation would decrease, but it would render the held coins valueless because it won't be back to the market anymore to circulate.

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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 nothing special will happen to the bitcoin of a individual if he will died. If there is a family member that knew what is the account password and uswr of that person his earned or saved bitcoin will not be waste and can be used by his family so that even if he died he can still help his love ones here in earth. So I suggest to you that you must put some hints on your account or tell one person all about your bitcoin so that in case of emergency there is someone who can access your account.

mifanmuzny

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To simply put the solution is to diversify the BTC wealth among the family members coz u never know..

Palider

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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.

If the bitcoin holder dies and no ine knows about his wallet and private keys, this digital currency would be out of reach forever. Not like in the banks that if the account holder dies, the beneficiary can just show the death certificate and all money on the account of the deceased can be claimed. So for bitcoin holders, we need to think of a way on how we can transfer our private keys keys to someone we trust.

shaun98

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The deceased would have had to entrust their wallet and private key to someone before passing away, or keep it in a safe place and pass it down to someone through a will. However, there have been reports where people die and the Bitcoin cannot be retrieved.

almtu

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I think bitcoin is good to be a legacy to your family especially if you are a parents. Good to leave your bitcoin to your children or wife. To know your account is the great legacy to be their source.

zoom_rich

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Well, if you successfully handed it down to someone else, and then they to someone else, eventually someone down the line is going to mess everything up and those Bitcoins will be lost forever.

w33man

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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 it will still remain on the account of the person who died. Unless of course, he or she left his or her credentials to someone for them to be able to open the account of the deceased person. Also, I think there is a policy for some of the wallets that states the steps of what to do in case of what happens.

heninur

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Everyone who has bitcoins, there should be family members who know the keywords, emails, and all the bitcoin wallets. So later if the owner suddenly died there will be people who continue or dilute the existing bitcoin, so bitcoin is not lost at all.

MairaObergh

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I always believed this is one of the biggest flaws of Bitcoins. Most people don't think about such things. And it's not easy. How does one leave behind their key, and make sure nobody takes it.

What about those scenarios where the kids kill their parents for inheritance.

If you create a will and have to give a lawyer your private keys. All of them, what's to say they won't eventually steal it one day.

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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.

If you die, and you were bot able to entrust ypur private key or password to anyone, your bitcoin on your wallet or cold storage will be useless because no one will not be able to access it. Maybe, it is better to let someone you really trust know what you want to do if ever you will die.

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