What would happen to your BTC and Alts if you died today? - page 3.

ogoowinner

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Quote from: Daniel91 on April 28, 2017, 04:06:37 AM

Very good thing with bitcoin is that my government didn't officially recognize bitcoin as currency or financial assets.
It means that I don't need to mention bitcoin in my last will and my descendants don't need to pay any taxes on bitcoin.
I will just write personal letter to them, explain about bitcoin and give them all info how to access btc wallet.
Hopefully, at that time, btc price will increase much more and they will become rich

Same thing with me. We don't pay taxes for bitcoin in my country. I operate an online wallet. All I have to do is give my family. all my personal information as regards to all my cryptos. But the sad news is, they don't want to hear about bitcoin and alts.

Pearls Before Swine

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One family member knows about my crypto, but honestly if my phone got destroyed there'd be no huge loss. For those who have extensive crypto holdings, making up a will is a very good idea. I'm not there yet myself.

crypted

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Quote from: mocacinno on April 26, 2017, 08:54:46 AM

Quote from: Red_Sanford on April 26, 2017, 08:47:26 AM

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 ?

Same story with my wife, but i'm lucky to have a daughter that finds crypto currency rather interesting. Started her off with some DOGEcoin (since they were really cheap) on an android wallet... Moved up to a self-funded monero coin (thanks smoothie) which she loves and keeps around her room to show off.

Now, i've given her my old ledger HW.1 (bought a new ledger nano S for myself), and i'm paying her in BTC when she does some (very small) chores around the house and when she gets good grades (acutally, i accumulate these earnings untill she has $50, and then i pay her these $50 in one go).

Conclusion: when i die, i hope my kid will know what to do with my ledger nano S (it has a pincode my wife knows btw)...

better hope she will not steal all your btc when she drives off to mexico with some dude

tabas

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Quote from: mornabo on April 28, 2017, 05:48:10 AM

Interesting question. Of course everyone will start thinking about this Lol. Because they will not know when they will die. Certainly a person who has a lot of wealth in bitcoin. Do not want their wealth to disappear when they die. They must prepare this

I don't want to think about this because it's a negative energy and it may happen if you are going to think about it. But okay, if I died then my bitcoins will be part of those bitcoins that are not being recovered because I don't have choice. And my parents and relatives doesn't know about bitcoin that's why if I die, then I will be dead together with my bitcoins.

akamit

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Once I had the same thought.

And I also tried to teach my wife about bitcoin/cryptocurrency. But she was not interested due to complication.
My approach to her was, if I die one day then you have to recover my hard earnings.

I think we all should set a nominee, same as we do while we open a bank account.

I will approach again to her.
And this time I will request my younger brother to learn about bitcoin.

raven7886

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Quote from: FlightyPouch on April 26, 2017, 09:21:10 AM

Quote from: staff_1307 on April 26, 2017, 09:13:10 AM

Yes, the best way out of this is to explain to your family about the existence of Bitcoin.

I think if I die my bitcoins will be left in my wallet forever even I am explaining bitcoin and bitcoin wallet to my family. They don't really know will they do and even get mad at me when I say if I die. I wonder how much will they sell my bitcoins if I gave it to them the day I die?

I guess you need to improve your communication skills, instead of using the word die you should simply tell them “if in case of an emergency I need your help to do it for me”. A little change with picking the words will solve your problem easily. You need to learn a little from the Asian politicians… Wink

Sometimes you need to handle the situation diplomatically instead of being straight forward.

FasTroy

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Quote from: eternalgloom on April 28, 2017, 10:52:35 AM

I always keep my Bitcoin savings in a paper wallet and I leave that paper wallet at my girlfriends place (with whom I've been together for 3 years).
I explained to her how to access the funds, so she may do so if something happens to me.

Might have to write down another small tutorial in case she forgot.

I agree with you, for doing that kind of thing. but what will happen if you and your girlfriend died together in an accident. I think then your bitcoin will be stay in your paper wallet to infinity. In my case, I will share my informations about bitcoin wallet with my parents and brothers to take it when i died.

Kevin77

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Quote from: Kemarit on April 26, 2017, 10:13:25 AM

Quote from: Red_Sanford on April 26, 2017, 08:47:26 AM

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 ?

This is a good thread. It open my mind to what might happen if I don't left my bitcoin to my family. I'll probably write done details instruction on how to access my wallet just in case. I haven't open to my family regarding bitcoin so this might be a good idea to start right now. All my hard work earning/saving bitcoin will put to nothing if I don't have someone know about it and transfer my knowledge. Good candidate is my wife and my youngest kid who is very inclined to technology. We never know what will happened in future so I'm going to transfer all information moving forward.

Yes indeed it is. It has made me think of the situation as well. Like me and you we may have some other friends who had never thought of it before. I do maintain a daily diary and write things in it but not in that much detail.

I am going to write in detail about all my bitcoin and alts that I have, also I am thinking of something to make some visuals of it so it may put ease for my family. I am in continuous plans about these, because I could not make any concrete solution as of now. I believe we will be getting any easy methods/tools for solving these problems.

pfrtlpfmpf

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Quote from: zahra4577 on April 28, 2017, 04:36:09 AM

If I died,all my crypto holdings will be gone because I haven't shared my wallet password with anyone neither do I have written them anywhere.

Same here, but for different reason. My wife is cool and beautiful, and all, but she says: I don´t need no stupid folders on a computer

How to go about that ?

Guess i have to stay alive and spend it all myself. But one thing is for sure, i will buy her a computer, full with folders.
I know, I´m a bad man . . .

eternalgloom

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I always keep my Bitcoin savings in a paper wallet and I leave that paper wallet at my girlfriends place (with whom I've been together for 3 years).
I explained to her how to access the funds, so she may do so if something happens to me.

Might have to write down another small tutorial in case she forgot.

alexsandria

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Quote from: Red_Sanford on April 26, 2017, 08:47:26 AM

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 ?

My family will be the one who will benefit in my btc. I will tell them that I want my money to be used in a way that will help them in many way like business, needs and se funds because I make that btc by my hardwork and I want it to dedicate to my family so that even when I die I can help in my family.

Kousei23

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Quote from: Red_Sanford on April 26, 2017, 08:47:26 AM

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 ?

In my situation my other family member knew about my bitcoin business and as well as my girlfriend. They are the one who will benefit on my left btc or alts. Because they are the one who lnew my account that where I put my income every week/month. And ofcourse I will tell them to ise them in very helpful and good way so that the money I left are very useful even when I died.

leowonderful

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Bitcoin FTW!

Security comes at the cost of nobody else knowing that you have a wallet and the password to such a wallet. On the flip side, security is also degraded if you reveal the password to someone else. I've hidden my password to my wallet in a small locked box somewhere in my house, haven't told anyone where it is but I'll keep the instructions to that hidden as well

mornabo

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Interesting question. Of course everyone will start thinking about this Lol. Because they will not know when they will die. Certainly a person who has a lot of wealth in bitcoin. Do not want their wealth to disappear when they die. They must prepare this

Slow death

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Quote from: Red_Sanford on April 26, 2017, 08:47:26 AM

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 ?

Do not you have people in your family who have computer knowledge?

Look for someone in your family who is reliable and knows how to deal with computers and explain to him about bitcoin, if you die your wife can give your password to that your relative who knows how to move computers to access your wallet and transfer your bitcoins to your country.

You to do something simpler:

Create account in one of those wallets that offer Bitcoin debit cards and transfer all your bitcoin to that wallet, in case of death your wife can use your bitcoin with this Bitcoin debit cards.

Let me tell you something:

If you give your wife Bitcoin debit cards, she'll be interested in bitcoin. Just test

eXpl0sive

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My wife understands the fundamentals of Bitcoin but she has never dealt with wallets. However she knows that I hold some coins. But she doesn't (yet) know where I have stored the private keys.

Your topic is a good reminder for me. I should inform her about the location of my cold wallets / private keys. Once she know this, the rest is just Google in case I'm not around.

zahra4577

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If I tied,all my crypto holdings will be gone because I haven't shared my wallet password with anyone neither do I have written them anywhere.

Daniel91

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Very good thing with bitcoin is that my government didn't officially recognize bitcoin as currency or financial assets.
It means that I don't need to mention bitcoin in my last will and my descendants don't need to pay any taxes on bitcoin.
I will just write personal letter to them, explain about bitcoin and give them all info how to access btc wallet.
Hopefully, at that time, btc price will increase much more and they will become rich

CODE200

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Then my family will benefit that because I have a note inside my wardrobe contains all of my accounts in all site that I handle and they can easily find that because my sister know that and my social media account password is not there so they will benefit it. And the last thing is almost all of my earning now is in the bank so I will not lose some now.

DoublerHunter

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Quote from: thebitcoinkiddo on April 28, 2017, 03:11:15 AM

Try putting it in your death will, and disclose the location of the safe in it with instructions. I'm sure she can figure it out if you're clear enough. Don't use a complicated wallet system, just a code to scan on some site to import your key.

I agree with you, do not use any complicated wallet and make sure that wallet can import private key so if the time comes and you died then they can get your money really easy because they just need to scan the barcode then they can get your bitcoins or altcoins and convert it into cash and use it for their own.

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