Maybe there are 2 solutions:
1. Automatic execution of transactions that will be sent to specific bitcoin addresses after a fixed days of inactivity. Example: if I have 2 family members, I will make wallets for them and add their addresses to my auto execution list. If I die, all of my bitcoins will be sent there. If we think more deeply, we will make paper wallet with birth certificate after birth of child. So, let's think the time is 90 days. If I am inactive for 90 days, all my funds will be sent to my family member's addresses. And if I don't have any address in my wallet, all of my coins will go to the network.
2. Our coins will be re added to the network after specific times, i.e. 100 years. This may solve this problem too: https://news.bitcoin.com/what-happens-bitcoin-miners-all-coins-mined/
Topic: What would happen to your BTC and Alts if you died today? (Read 5984 times)
Yes I have thought of this and have printed out all
locations, passwords and phrases of my currencies
and told my Daughter where it is, she will be able to
work it out i'm sure should I pass away unexpectedly.
It would be a shame for all my research, work and effort
go to waste, someone should get the benefit of that work etc.
locations, passwords and phrases of my currencies
and told my Daughter where it is, she will be able to
work it out i'm sure should I pass away unexpectedly.
It would be a shame for all my research, work and effort
go to waste, someone should get the benefit of that work etc.
My spouse doesn't understand anything to the technical aspect of btc.
But she know it exists.
And she has access to my electrum wallet.
So if I was to die the coins wouldn't be lost even if I bet she would have to ask around to know how to use them ^^
Wow this is cool. I guess everyone should let it know to the spouse or a family member who understands to how to use the electronic technology. As we all often talk about the risk but we neglect one of the most risky element and that is the death or any other uncertain situation to the individual himself. The most risky thing we have is our life as any manufacturing company will give you the guaranty of the product but no one guarantees life…But she know it exists.
And she has access to my electrum wallet.
So if I was to die the coins wouldn't be lost even if I bet she would have to ask around to know how to use them ^^
As I use BitGo and a little Blockchain, some desktop apps but they really don't have much on them. My family -- if they cared much about this money would go ahead and find my secret 16 word code somewhere in my house and they'd use it to cash out and sell through Coinbase.
I know most people probably don't have something like this setup but this is probably the best way to do something like this. Leave your family some sort of instructions so they know what they're doing. It's sad to say but any day on earth could be your last so you always have to be ready for the worst.
My family would get it and sell!
One of the problems with humans is that even if we know that we are going to leave this world behind at some point we always think that is in the future, in a distant future but we never know what could happen to us since there are many things that could happen to us and that will not let us reach that future. I know most people probably don't have something like this setup but this is probably the best way to do something like this. Leave your family some sort of instructions so they know what they're doing. It's sad to say but any day on earth could be your last so you always have to be ready for the worst.
My family would get it and sell!
I have a plan to secure my private keys in the place where only me and my family know so that when I die, they will know where to take it and import the private keys to their wallet. Well, they can be rich thanks to me haha
Although it's a weird question, I'll have to tell everything to my best friend. He will be the only one, knowing everything about my money and stuff like that. In my testament, I will have to leave details about what he is going to know and do to have my btc. It's very odd to write these things because am still alive :p
Really weird indeed but it is happening there is possibility that it will happen to us also. I will do the same, that is to make a manual or instruction how to recover my btc with my seeds. I will give to my closed family members or to a trusted.
In this case you could do a video tutorials to all your heirs explaining what Bitcoin is and how to recover them and convert them to fiat
you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
This is a nice way to let others know the bitcoin.you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
First, you need to explain to them the meaning of bitcoin and then explain the process of claiming your bitcoin if you'll die.
Yes, it's a very good idea of which I'm thinking. I do not want my coins to just disappear after I die.
Although it's a weird question, I'll have to tell everything to my best friend. He will be the only one, knowing everything about my money and stuff like that. In my testament, I will have to leave details about what he is going to know and do to have my btc. It's very odd to write these things because am still alive :p
This is something that has actually been crossing my mind for a while and sometimes I just wished it away and at other times I give it a deep thought and arrive at a simple conclusion that almost everybody in NY household knows I am involved in bitcoin although they are not interested so if anything should happen, all they need to do is to do an intelligent trace analysis of my activities online, arrive at my security measures and my bitcoin is theirs but if they couldn't then its gone forever. I guess Satoshi made allowance for such in his white paper.
Even if you put all your back-up passwords and accounts in your google drive your wife won't benefit anything at the time of your death
One thing she does realize is that it is an investment. Something that shouldn't be touched unless there is an emergency. There are life insurance policies for the time of death. I have told my child that hopefully she will inherit everything and will be able to pass it on to her children. Wealth is an accumulation of assets over time. I am a holdr and have instilled this in my financial training of my daughter. Passive income is king but appreciation is a great second place.
I have explained bitcoin to my wife many times over and she already knows a thing or two about cashing out and converting to fiat. She was pleasantly surprised when we converted our bitcoin into fiat and withdrew it from a local ATM without using any card. I guess my bitcoin (however small they may be) are pretty much in good hands if I suffer an untimely death. Knock on wood.
Even if you put all your back-up passwords and accounts in your google drive your wife won't benefit anything at the time of your death because she does not fully understand Bitcoin, or even how to convert it to Fiat which is a basic thing to do. If your wife does not fully understand Bitcoin atleast try to teach her converting Bitcoin into Fiat in which all people are comfortable. Teach her the basic operations of the Bitcoin wallet from how to access it to converting Bitcoin to Fiat. I hope this helps.
I agree with you, teach how to use bitcoin and how to convert it into cash and i think it is best to just use paper wallet because it is easy to manage and easy to withdraw plus it is very secured because it is an offline wallet. Just explain how the things work and how to convert bitcoin then it will help your family to use your hard earned money when you died.
Even if you put all your back-up passwords and accounts in your google drive your wife won't benefit anything at the time of your death because she does not fully understand Bitcoin, or even how to convert it to Fiat which is a basic thing to do. If your wife does not fully understand Bitcoin atleast try to teach her converting Bitcoin into Fiat in which all people are comfortable. Teach her the basic operations of the Bitcoin wallet from how to access it to converting Bitcoin to Fiat. I hope this helps.
In this case you could do a video tutorials to all your heirs explaining what Bitcoin is and how to recover them and convert them to fiat
you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
This is a nice way to let others know the bitcoin.you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
First, you need to explain to them the meaning of bitcoin and then explain the process of claiming your bitcoin if you'll die.
Yes, it's a very good idea of which I'm thinking. I do not want my coins to just disappear after I die.
I store my mnemonics and paper wallets in safe with code to it hidden somewhere in house. There are also instructions printed how to claim BTC and sell them. Without my dad dying that he was curious into BTC, I won't had ever 25 BTC without his death. But in this problem, we had Bitcoin Core installed on his laptop with pretty simple password that no one knowed it but I guessed it. It was only matter of minutes.
If I die today, all my bitcoin and alts will be lost too. The alts and bitcoin that I have on an exchange will probably be used by the exchange eventually I guess, once they see an account being unused for so long. And the ones I have in my wallet will also just stay there as I have not told anyone about it, and no one knows the keys or passwords.
And secondly know one I know, knows of the crypto currencies and the world of bitcoin.
So you raised I valuable point, I guess we all should tell some people who we can trust about these things, especially if we have some decent amount of bitcoin or alt that will be valuable in the real world.
Loss can be prevented if you are ready with it. For better, it should be saved in notebook so that no password is need for your relatives to get your wealth in bitcoin if you have. However, if an incedent occured where in you didn't expect that you will die(let's just hope it won't happen) and you don't even prepared for that, your money won't get recovered since bitcoin is decentralized and there is no identity verification need to acess it but the email and password only. And secondly know one I know, knows of the crypto currencies and the world of bitcoin.
So you raised I valuable point, I guess we all should tell some people who we can trust about these things, especially if we have some decent amount of bitcoin or alt that will be valuable in the real world.
If I die today, all my bitcoin and alts will be lost too. The alts and bitcoin that I have on an exchange will probably be used by the exchange eventually I guess, once they see an account being unused for so long. And the ones I have in my wallet will also just stay there as I have not told anyone about it, and no one knows the keys or passwords.
And secondly know one I know, knows of the crypto currencies and the world of bitcoin.
So you raised I valuable point, I guess we all should tell some people who we can trust about these things, especially if we have some decent amount of bitcoin or alt that will be valuable in the real world.
And secondly know one I know, knows of the crypto currencies and the world of bitcoin.
So you raised I valuable point, I guess we all should tell some people who we can trust about these things, especially if we have some decent amount of bitcoin or alt that will be valuable in the real world.
In this case you could do a video tutorials to all your heirs explaining what Bitcoin is and how to recover them and convert them to fiat
you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
This is a nice way to let others know the bitcoin.you should explain to them that Bitcoin is a huge assets without tax,in this way all your coins will not be lost and your heirs can benefit.
First, you need to explain to them the meaning of bitcoin and then explain the process of claiming your bitcoin if you'll die.
If i die today which is highly unlikely i will loose some of the coins but i have written everything in details and have already informed my wife about what i am doing online and she already knows about bitcoin.But i have written a detailed note on how to recover the private keys and stuffs like that,just in case something happens to me.
I have accumulated some Bitcoin and other alts. Most of my holdings are in a single wallet yet I have a few on different platforms and one left on an exchange. I have tried to explain this to my spouse yet there is not a full understanding. If I died I am confident that all of this would not be recovered.
This weeks project is to write an encrypted note detailing where are the holdings are and how to access them. Even with access, the knowledge is not there to be able to convert the holdings to fiat if necessary.
What is your situation ?
*Edit* I have added "today" to the subject line of the post because we are all going to die.
Many people responded stating that if they knew they were going to die soon or when they are 60 etc. they would.... You do not know when you are going to die! I had a serious accident not too long ago that almost killed me and I am not old, not even what I would call middle aged.
Many people also said they have hardware wallets, paper wallets ... Do you have backups outside of your home ?
My Solution
I have all of my seed phrases, 2fa restoration numbers and passwords saved in Google Drive. Google, although I hate them, will be around forever. I have saved this in the cloud because if my house were to burn down, everything would be lost. Now I am not confident in the security of Google Drive so it is in a folder that is encrypted with Cryptomator. This is an open source program that works with both Drive and Dropbox.I am also going to make a video showing how to restore the wallet using the seed phrase and also how to restore the 2fa to the google authenticate. Along with a detailed list on what coins I have and where they are located. This list I will update each time I purchase a new coin.
I have accumulated some Bitcoin and other alts. Most of my holdings are in a single wallet yet I have a few on different platforms and one left on an exchange. I have tried to explain this to my spouse yet there is not a full understanding. If I died I am confident that all of this would not be recovered. This weeks project is to write an encrypted note detailing where are the holdings are and how to access them. Even with access, the knowledge is not there to be able to convert the holdings to fiat if necessary.
What is your situation ?
*Edit* I have added "today" to the subject line of the post because we are all going to die.
Many people responded stating that if they knew they were going to die soon or when they are 60 etc. they would.... You do not know when you are going to die! I had a serious accident not too long ago that almost killed me and I am not old, not even what I would call middle aged.
Many people also said they have hardware wallets, paper wallets ... Do you have backups outside of your home ?
My Solution
I have all of my seed phrases, 2fa restoration numbers and passwords saved in Google Drive. Google, although I hate them, will be around forever. I have saved this in the cloud because if my house were to burn down, everything would be lost. Now I am not confident in the security of Google Drive so it is in a folder that is encrypted with Cryptomator. This is an open source program that works with both Drive and Dropbox.I am also going to make a video showing how to restore the wallet using the seed phrase and also how to restore the 2fa to the google authenticate. Along with a detailed list on what coins I have and where they are located. This list I will update each time I purchase a new coin.
- this is totally true, if any of your loved ones doesn't know everything about in bitcoin, all your accumulated bitcoin and altcoins will be stock only to their wallets. But if your loved ones knows the procedure to encash it there will be no problem at all for sure.
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