Topic: What would happen to your BTC and Alts if you died today? - page 8. (Read 6041 times)

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.

Well it's okay for someone you trust to have some sort of knowledge about your holdings.  For example, if you had a paper wallet, that trusted person could know the location of your key (and the location of a decoy key to cover a 5-dollar-wrench attack).

Fortunately lost Bitcoin can result in natural deflation, and deflation decreases the amount that each person holds because people buy/earn less, therefore reducing the losses in future and meaning that since Bitcoin is infinitely divisible it can never all be lost - so losing Bitcoin is only bad for the person that loses it but not for the whole Bitcoin ecosystem.

If you happened to die unexpectedly your bitcoin may or may not be useful depending on how you share the information to access you wallet/s. If you didn't shared it to anyone including your family then it will be useless now if you die, but if you shared it to one of your family members then someone can benefit the bitcoins you just earned.

I never thought about this if no one know my password in my bitcoin wallet no one can access it and no one can use it forever i dont know how i will gonna deal with this problem should i share my password with my family or bitcoin friends?If you just die and your not prepare this can happened to you and all of your bitcoin will be lost.

I have given my family access via the lawyers to my bitcoin addresses and private keys. { I only amended the private keys a bit, and only told

my family about that, so that the lawyers will not be able to steal the coins } I also have information stored in a safe deposit box, so once they

are satisfied that the lawyer can be trusted, then they can feed them with more information to convert BTC to Fiat for them. 

If ever you would die the BTC coins that you have earned may be present here but it will not be recovered if there is o one that will use it. So if that so someone you trust the most knows your password so that if ever you would not be present in this world for so long your BTC will not be useless. The BTC wallet is not exactly a bank account that can be withdraw by your descendants if you would die, so better let someone know your password so it will not be put into vain.

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 ^^

As we will look on the definition of altcoin we can conclude that altcoin serves as choice between trader and helps bitcoin to develop as it becomes an alternative to bitcoin. But if altcoin will die, it may lead to price distress on bitcoin because the demand and the stock may move in an abnormal state. As a choice , it can be develop by decision making so if it happened stability on instability may occur also.

Just hand all your crypto related information to the one you trusted, in your case, your spouse. Don't mind being him/her not fully understand. Put all the ways, directions, procedures on whatever writing tools you preferred and hand that to your spouse. In that way, accessibility is still possible because some information have been handed.

The obvious thing to happen here is, coins will be untouchable if it not be handed. But I think in some of the exchanges, if they saw some account that is not active for a required period of time, they will get the funds and questions will just be asked once the real owner came back. So it's better to store coins from a ledger or any hardware wallet. The coins will remained forever there if no one have an accessed to it.

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?

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

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.

Im also rather young, so I will still be around in 20 years, hopefully bitcoin is 6 figures by then so I can retire, if the rat race doesn't kill me before of course, but i'll stay strong.

The bitcoins are for me, people is just too dumb to understand crypto anytime soon, and I can't be bothered to explain it to them. People are drones, not worth the time. It will eventually become mainstream organically, until then i'll keep enjoying being a pioneer and stacking more cheap coins.

We are too young to talk about it, however, I have completely protected what I have, so if I die, all money will be lost. No one can find and use it.

Never really thought about this, but I am in the same situation and expect that if I were no longer here, any btc or alts that I had would be "lost". Sure, I probably have a backup of a seed somewhere but doubt anyone would realize what it was. I guess it does make sense to store a physical copy or use a hardware device for instances like this. Someone who isn't familiar with bitcoin would still likely have a hard time figuring out what to do with them though.

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)...

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.

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.