When Bitcoin Must Be Inherited - page 4.

DabsPoorVersion

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Quote from: AakZaki on July 12, 2020, 12:18:52 PM

Quote from: Debonaire217 on July 09, 2020, 10:49:49 PM

~snip~
Or maybe, what looks more legal is to have an attorney process the inheritance just like how the usual assets inherited.

Choosing a lawyer to process the inheritance rights of bitcoin holders is indeed a pretty good suggestion. So there will be inheritance rights for someone appointed for a private key that can access the Wallet.

and the inherited private key containing bitcoin will be stored in a bank account, so only those who have inheritance rights can actually open it.

Many other ways you can do, just choose which is the best way to pass down what we have safely.

That could be a good way, doing a legal process to make sure that the heir will really inherit it,

Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

AakZaki

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Quote from: Debonaire217 on July 09, 2020, 10:49:49 PM

~snip~
Or maybe, what looks more legal is to have an attorney process the inheritance just like how the usual assets inherited.

Choosing a lawyer to process the inheritance rights of bitcoin holders is indeed a pretty good suggestion. So there will be inheritance rights for someone appointed for a private key that can access the Wallet.

and the inherited private key containing bitcoin will be stored in a bank account, so only those who have inheritance rights can actually open it.

Many other ways you can do, just choose which is the best way to pass down what we have safely.

gamer4156

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Quote from: Agios on July 09, 2020, 08:23:57 PM

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

The cryptocurrency market is always an uncertain market.
A lot can happen here in a very short time. You can become so rich in a very short time and again you can lose everything here. I will not say that there is no risk, but with Bitcoin I consider myself safe. This is my opinion many may disagree with this.

princesspoppy

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Private keys and phrases are available for a family member to access the bitcoin wallet. I think that is enough to make the bitcoin inheritance be given to that family member. We don't need third parties to do that, that would be very risky and there's a possibility that we may lose such amount of bitcoin. You can just leave those keys and phrases anywhere safe in our house and make instructions or something like a word puzzle for them to find it.

htsy585

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Quote from: Agios on July 09, 2020, 08:23:57 PM

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

For such a feature to surface, it must be done by a centralized exchanges and i think it's a good idea because i've heard lot of story on this topic as when people died, the people closeer to them often tends not to be able to crack open the wallet leading to loss of assets. I believe this will serve as some sort of insurance for crypto holders and traders

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Quote from: Agios on July 09, 2020, 08:23:57 PM

I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

That is not a good idea.
It would be much better If you just teach one or two of your family member, could be your wife or grown up children how to import or access your offline wallet or any wallet that could be accessible with keys and phrases, and they need to find these keys when you're gone. At least that's the very first step to make, then let them know you have Bitcoin.

Entrusting your Bitcoin or alts to a third party to inherit them to your family members doesn't sound safe, specially If none of your family member knew you have it.
Though, the good side of It is, It don't get lost in circulation though It's dormant to the exchange.

Krislaw

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This situation has been discussed so many times on here. And most suggestion users give is to get a lawyer to get a lawyer. Involving a third party isn't a good idea in my opinion as this takes away the purpose of Bitcoin which is decentralization.
Another problem is volatility, asset may become worthless(maybe) at the time of inheritance.
Using wallets that offers such might be a good idea though there's centralisation. Others suggested it but I haven't tried it myself.

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Quote from: RajaJudi on July 11, 2020, 12:46:08 AM

The idea is great but I don't think that is necessary though, I think the owner himself needs to be aware of his status and have some kind of protection/ backup for his Bitcoin. That should and must be the right thing to do with everything especially with this field which involves crypto where you can lose all your assets because you lose your private key and have nothing to backup.
So it's like backing things up, the owner needs to point out the inheritance himself, let the wallets do the more important works.

It is necessary if you want to "fix the world".
We have to assume that some people will never tell anyone that they own Bitcoins and the coins will become lost the moment their owners die. This means that the number of coins in circulation will continue to decreas to the point when there's maybe 10% of the innitial 21 million left. I wouldn't worry about it too much though, unless you care so much about future generations and their access to Bitcoin. IMO, they will find a way or create their own, better version of BTC. Nothing lasts forever.

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Quote from: Eugenar on July 10, 2020, 12:52:11 AM

Quote from: boyptc on July 09, 2020, 09:45:15 PM

Crypto exchange will fix the inheritance for their customers? that's not a good idea IMO.

You can set this on your own and just like what you have said on that report, there are people who have already planned it well. It's a matter of talk and discussion to your closest relative how you can give bitcoin to them as your last will.

Indeed if you are a bitcoin investor, and you have invested a huge amount of money, you should think that you may get die for some other days and your money should be used by you family, you should know how they can access on your account

Teach them some basic knowledge about bitcoin, wallets, and transactions. That will suffice the idea.

Quote from: Axelseseclevz on July 10, 2020, 06:15:42 PM

Quote from: boyptc on July 09, 2020, 09:45:15 PM

Crypto exchange will fix the inheritance for their customers? that's not a good idea imo.

You can set this on your own and just like what you have said on that report, there are people who have already planned it well. It's a matter of talk and discussion to your closest relative how you can give bitcoin to them as your last will.

I agree with you. A person can make his own way on how to bequeath his/her bitcoin without any thirf party involve because it is not a goof idea that you can share your private key and password to others or let's say having a crypto bank and give them all the necessary details about your acount or wallet. It will lead for your fund to lose because someone can access your wallet anytime. Not a good idea.

Having it with a third party isn't really a good idea. But I've heard that there's some exchange or platform, I forgot what country is that which is trying to fix this problem but still, I don't like the idea.

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Quote from: RajaJudi on July 11, 2020, 12:46:08 AM

The idea is great but I don't think that is necessary though, I think the owner himself needs to be aware of his status and have some kind of protection/ backup for his Bitcoin.

It's an obligation that the owner/user needs to know while dealing
with this investment currency, he needs to observe every necessary
protections.

Quote from: RajaJudi on July 11, 2020, 12:46:08 AM

That should and must be the right thing to do with everything especially with this field which involves crypto where you can lose all your assets because you lose your private key and have nothing to backup.

It's the first thing in mind that needs to established once you started
dealing with bitcoin/crypto, everything should be in place so whatever
happens you are well prepared.

Quote from: RajaJudi on July 11, 2020, 12:46:08 AM

So it's like backing things up, the owner needs to point out the inheritance himself, let the wallets do the more important works.

That's right, everything should be done accordingly for future references.

RajaJudi

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Less is more

The idea is great but I don't think that is necessary though, I think the owner himself needs to be aware of his status and have some kind of protection/ backup for his Bitcoin. That should and must be the right thing to do with everything especially with this field which involves crypto where you can lose all your assets because you lose your private key and have nothing to backup.
So it's like backing things up, the owner needs to point out the inheritance himself, let the wallets do the more important works.

dothebeats

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Uhh no, I don't think a third-party service is necessary in passing on some crypto heirloom when one can easily divulge such sensitive information to their family if they know that their time here is nearing its end. I actually left hints about my crypto stash to my family and how to find and access it should I ever pass away unexpectedly. In that way, the only thing I'd ever do is to leave more clues to point them in the right direction into unlocking my wallet and using those coins for their good. No third-party intervention needed, plus the risk of losing the coins due to some theft or hack is close to none.

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Quote from: The cure on July 10, 2020, 07:08:24 PM

If you're planning to inherit your bitcoin to your family or close friends or relatives, then you might teach them earlier and educate them all about bitcoin.Just in case the time comes,they know what to do with and will not lost you hard-earned bitcoin.

That is what we should do if we want to give the bitcoin to our family or someone we trust. We can teach them the basics of using bitcoin so they can use it after we died. We should tell how they can solve the problem if they confuse about something related to bitcoin because they can get that experience in the future. And if we don't tell them, they will not find a way to solve the problem, and they can not continue what they do. We need to tell them many things about using bitcoin because that can make them understand the bitcoin function in their life.

carlisle1

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Quote from: Agios on July 09, 2020, 08:23:57 PM

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

There was this App that comes across my wall one time and made me interested to read and check

https://inftech.io/

It seems that the team allows us to KeepSafe our crypto asset specially if we are looking for something that we can put our asset as inheritance .

You can check guys and might get your interest as well,I am not with the team i just find it worth a read.

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Quote from: 20kevin20 on July 10, 2020, 08:21:45 AM

Quote from: Darker45 on July 10, 2020, 08:00:47 AM

A bank deposit box is, quite frankly, a good idea although it sounds a little bit awkward considering that Bitcoin is trying to empower every single individual to be his/her own bank. But why not? Admittedly, humans are poor safe-keepers. Until and unless they learn to grow responsible over their private keys, seeds, PINs, or even their funds themselves, a bank sounds a nice option.

I find it silly that people pay other entities to store their values. Poor safe-keeping comes mostly from laziness as most people do not research properly.

That has been going on since time immemorial.

As to poor safe-keeping, laziness is one of the main reasons. There are several others. One of which is the fact that you are always a prey. Another is that a lot of people are simply incompetent safe-keepers. They even keep on losing their phones where a lot of vital information are kept. How could you make such a person a bank to himself/herself?

Quote from: Lucius on July 10, 2020, 08:30:33 AM

Quote from: Darker45 on July 10, 2020, 08:00:47 AM

A bank deposit box is, quite frankly, a good idea although it sounds a little bit awkward considering that Bitcoin is trying to empower every single individual to be his/her own bank.

~snip~

There seem to be as many ways to keep everything safe as to lose them.

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What's been stated in the OP is the reality that is taking place with the bitcoin users around the world. Only 23% of the crypto assets getting inherited is all because of the trust factors and it's digital presence. Even if some company takes over to provide support on inheriting the assets to the close ones, it can't be trusted completely. Because a single key gives access to ownership the entire assets.

Good is to create awareness on how to make bitcoin usable when the person holding it face sudden death. Myself has filed each and every recovery phrase and detailed how wallets need to be accessed.

MCobian

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I prefer to inherited the Bitcoin that I have by manual, which is to directly tell people we believe how to access my wallets. Simple and
not complicated, if you have to use inherited features more risky. Even since the beginning of collecting Bitcoin,I have planned everything.
By teaching my family.

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Quote from: Agios on July 09, 2020, 08:23:57 PM

I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

It is not necessary, just include your crypto details in your will and testament, that works just fine, no need for innovation when something works just fine, what might be bnetter to focus on is the insurance of your cryptocurrency in the case that they got stolen or something, like how credit card works where you can freeze the usage of it if it is involved in a fraud or it got stolen.

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Quote from: Agios on July 09, 2020, 08:23:57 PM

I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

I don't think that I'll agree with this statement.

It would be just better if you will just teach somebody in your family the basics of crypto like selling, buying, storing, transferring, how to access crypto etc. In that way if your time will come, just give your private keys to your whoever will inherit your coins and he/she will have access into it already. This is what I'm planning to do in the future. Teaching my kids and others the basics of crypto.

The cure

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If you're planning to inherit your bitcoin to your family or close friends or relatives, then you might teach them earlier and educate them all about bitcoin.Just in case the time comes,they know what to do with and will not lost you hard-earned bitcoin.

Topic: When Bitcoin Must Be Inherited - page 4. (Read 992 times)