Topic: What would happen to your BTC and Alts if you died today? - page 7. (Read 6041 times)
If I died any moment right now then all my bitcoins and altcoins will be gone since noone in my friends and family knows how to operate bitcoin and earn them. Actually it won't affect much on Bitcoin or any other altcoin since these things commonly happens. For all I know there has been thousands of bitcoin lost due to corrupt data and lost private key.
i haven't bitcoin or altcoin, i don't like to save it.. if i have a bitcoin i will to convert to real money like dollar
i don't like too save bitcoin in wallet because it's not safety
i don't like too save bitcoin in wallet because it's not safety
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 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 ?
I actually thought about this in the past and I think this should be treated seriously. Decent amount of money is stored in my bitcoin wallet (both online and offline) together with some alts. My fiancee is willing to study about cryptocurrency and I'm teaching her about the basic of it. My plan is to provide her the access for those wallets just in case something bad will happen to me. Providing adequate documentation about it would be very helpful so that she will not have any problem in the future. It would be a waste if I died and my loved ones can't access it because they don't know how.
Not really given that too much thought, my wife just rolls her eyes when I talk about coins so I guess I would have to wait until my kid grows up and make sure he knows all about it.
I hope by that time crypto will be common place and the need for me to educate won't exist.
I hope by that time crypto will be common place and the need for me to educate won't exist.
There's an idea here, I wonder if it can be implemented - is there a chance for some sort of legacy transition feature that could be built into the code to ensure that bitcoins are not lost due to death? Or is the security compromise too great for it to be part of the code?
I foresee conventional will writers taking on Bitcoin inheritance... in fact, I wonder if I might start a non-profit idea like this.
I foresee conventional will writers taking on Bitcoin inheritance... in fact, I wonder if I might start a non-profit idea like this.
If you died without someone knowing about your wallet, then absolutely your bitcoin is gone. So its much better to let someone like your wife or brother just someone close to you have the all the necessary steps on how to access your wallet and get your bitcoin and exchange them to fiat
It's will be the end of my bitcoin since I'm taking them into my grave since nobody interest and able to operate bitcoin wallet / exchanger.
I'm live where my goverment still not legalize bitcoin yet so it's difficult for people to know more and want to start invest as well
I can help if you want I'm live where my goverment still not legalize bitcoin yet so it's difficult for people to know more and want to start invest as well
It's will be the end of my bitcoin since I'm taking them into my grave since nobody interest and able to operate bitcoin wallet / exchanger.
I'm live where my goverment still not legalize bitcoin yet so it's difficult for people to know more and want to start invest as well
I'm live where my goverment still not legalize bitcoin yet so it's difficult for people to know more and want to start invest as well
I have bitcoins stored in an wallet and when I am gone, no one else will be able to access them and the can be considered as 'lost', this means the more bitcoins are 'lost', the higher the value of bitcoin will be over time.
Would the price really go up due to these lost bitcoins? How would anyone know they were lost? It could just be assumed they are still stored in a wallet (which they are) and might be spent any day.
Potentially and theoretically the lost bitcoins that are "stuck" in addresses that are lost and inaccessible by anyone does increase the price of bitcoins. For the reason that bitcoins have a set number of coins that can be mined, meaning it will have only a set supply and the demand keeps on increasing. And since bitcoin prices are determined by supply and demand then it is just natural that prices goes up when the supply cannot meet the demands of the users.
I have bitcoins stored in an wallet and when I am gone, no one else will be able to access them and the can be considered as 'lost', this means the more bitcoins are 'lost', the higher the value of bitcoin will be over time.
Would the price really go up due to these lost bitcoins? How would anyone know they were lost? It could just be assumed they are still stored in a wallet (which they are) and might be spent any day.
I told my brother where my hardware wallet is and what to do just in case...
If you have a general intention about what should happen to your bitcoins after your death, there might be a solution to do it, that I have long been wanting to realize but I didn't have the time yet:
Some sort of script / application that you can control from your smartphone in regular intervals using a password.
If this confirmation does not happen anymore within, let's say a year, you could define a payout to somewhere (a friend, spouse, donation, whatever).
What you have to make sure is that the server on which the script is running also does so a year after dying, so maybe a vps or something that can be payed ahead (supposing you have enough trust in your vps provider
).
Advantage of this way would be that you would not have to tell anybody of this ahead.
Some sort of script / application that you can control from your smartphone in regular intervals using a password.
If this confirmation does not happen anymore within, let's say a year, you could define a payout to somewhere (a friend, spouse, donation, whatever).
What you have to make sure is that the server on which the script is running also does so a year after dying, so maybe a vps or something that can be payed ahead (supposing you have enough trust in your vps provider
).Advantage of this way would be that you would not have to tell anybody of this ahead.
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 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 ?
I have the same exact situation with you bud! What I would do is probably also create a detailed note on how to cash out all the money I have stored in bitcoins and also include a note on things they should avoid in dealing with the bitcoins they will be cashing out, like always keep the private key safe, be careful in sending to the correct address and stuff like that.
I guess it will be forever lost. My immediate family does not know how to use bitcoin. I am not that much worried though, I have only a few bitcoins in my possession. If ever there comes a time it reaches a considerable amount, I have to train someone how to access my account.
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 ?
I think i'll have to say the same thing. I haven't thought about this kind of situation(dying) because I don't like talking about this kind of topic but we know everyone will experience it. When the time comes for me the coins that I hold will be stuck/lost too. My older sibling is aware that i'm using bitcoin and slgihtly knows about it but doesn't know how to gain access to my bitcoin wallet. 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 ?
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 ?
I’m in the same situation if I died my family will be unable to recover my coins since they don’t even know I have them, so I’m planning to leave some paperwork detailing how to recover my coins, and I will leave it near my will so it is easy to find and does not get lost. 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 type of experimenting is pretty dangerous because if you left a way to reach your wallet after you then people can get that hole for their benefits. hackers are always finding a vurnability to get into your system and you yourself is giving them the way. although on second thought there is a better system which is called multisigned wallet. you can probably use this it needs some kind of voting(signing) so that a group of people can access that balance.
Just guide your spouse on how to recover all your holdings in one account than she may start learning herself on how to convert them when you will die. If there will be money involved, human being can learn anything to get it. It's not that hard to convert your cryptos to fiat if you are from 1st or 2nd tier countries.
Why not have a clear written letter with all instructions written and store it somewhere safe such as a vault or a safe. This way if ever any of us passed away our entrusted relative will be able to able to use our stored bitcoin. Though they do not know what bitcoin is, leaving then an instruction will do the trick. The instruction must have your private keys and anything related to your wallet, how much is in there in terms of fiat, how will they exchange it to fiat, some information about bitcoin , etc. This way our accumulated bitcoin will never come to waste and be lost forever.
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 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)...
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