Bitcoin Forum

what will happen if someone die who own bitcoin? is their any rules for beneficiary or anything that can help?

Wallet details may taken over by anyone who is most trusted by the wallet owner or else that fund will be stagnated to one place for long year without accessed by anyone. I do not know where do you sit and think this question buddy. LOL
When the bitcoin holded in one place, this will give the big potential and demand to that concern coin holded in one place. Simply thought circulation will be reduced.

Bitcoin is treated like intellectual property. And currently, intellectual property carries some of the same laws as real and personal property. There are vested interests and heirs.

As long as the crypto or bitcoin is tied to a physical piece of property, like a hard drive, computer, hardware wallet, paper wallet, or some kind of physical holding -- then it can be fought over by lawyers in inheritance cases. Because you're fighting over that physical property versus the bitcoin inside. That's how a court would see it anyway :).

Why fight over the bitcoin, if there are no laws yet about them, when you can fight over the paper wallet it's on.

if ever someone dies who owns a lot of bitcoin.. then for me itll be as good as nothing.. not unless if he or she shares her or his account.especially the password or somthing like that. but why talking dying here when we all wanted to earn and live happier.. :)

Need some good more informative comments through respected elder member as i at the moment i am also not cleared about the assets which owners has left it without any prior information or permission.

Well, if this owner is not the creator of the bitcoin himself, then he probably someone from his family will say in advance that they have it and how to use them) and if not then I think they will just lie on the purse) by the time the fraudsters get there accidentally) interest Ask)

That's the full responsibility of the deceased person (while he was still alive of course). If that person didn't share his private keys with anyone, those Bitcoins are just lost.
It's always a good idea to give your closed loved ones a way to access your crypto assets if something were to happen.

I'm not completely sure about this, but it could also be possible to arrange something through a notary, but I have no idea how safe this is.

If he/she didn’t provide any detail before death to anyone those coin will be lost forever, there is no wayout to get them back. That’s why everyone should provide some details to their most trusted persons so in case of any emergency or death the trusted persons will have access to their funds.

Most of the online web based wallets only need password and identifier/email to access bitcoin stored there and same goes for exchanges.
Sometime if you want to withdraw huge amount of money from the exchange, than additional verification document might be asked which can be scanned by family member and sent to them.

Haven't seen any terms regarding this in exchanges TOS though..

If the owner of the bitcoin dies then the money he kept in the wallet die with him.To access the wallet you need a code. Wallet able to crack impossible. If this person has provided for such a situation and took into account all the risks, then this code he can trust someone from close. Or relatives whom he trusts as himself.There are hardware wallets. This is a device that stores secret keys, it easily fits in your pocket.By inserting it into a computer it works as an offline computer.Secret keys are not uploaded to the Internet. At the same time, bitcoins are in a cold storage. If the Trustee uses such a device, he will have access to money..

I don't think there is a nominee kind of thing in this forum.
Yes, but if anyone dies who owe a lot of bitcoins, then that will be a serious misery for  the dying one and his dear ones.
Maybe they could have earned a huge amount of that.

Did you happen to sign some paper indicating a beneficiary in case of your death? not!

Does the wallet have any of your actual contact and do they have a lawyer who can go to the home of people who have funds and are inactive for months to know what happened and help? I think not! That's why we need regulation.

The theme you posted is something very complex for the cryptp world and will probably be a headache even for regulators


No


If you have someone reliable, then tell this person your password, private keys and email.

Hi,

There is no rule. If you die, there are roughly two options:

- Either you told about your bitcoin, wallet, password and so on to any of your relatives. Then, since all is anonymous such person can use your bitcoin, sell them or hold.

- Either you told nobody and kept your secure phrase for yourself. Then your bitcoin are "lost". Well, they are on a wallet but nobody can use it.

So... Well telling somebody abuout all that seems pretty accurate to me!

That is a possible course of action but it  may be not applicable for everyone. Not everyone has a person he can unconditionally trust.

But you may first divide the secret into two or three parts (no single part is enough to get to bitcoins), engrave them on pieces of steel or copper (too make them more longlasting), and have them deposited in places accessible by a few (not one!)  trusted people after you die. In this scenario you minimize the chances that you will be cheated by any single (trusted) person.

To be protected agains theft or burglary, make a backup of those metal pieces and have them hidden in some other locations.

I know it may sound paranoid and hard to execute, but it really would protect you and your heirs against any reasonably possible events.

The supply will be reduced forever.
And the Price will increase crazy.
It's just like you lost your own bitcoin wallet, password, etc. And you have no clue about it. Those amount will disappear permanently.
I hope no one will fall in that case.  ;D ;D ;D

If you have own wallet so you only access your wallet. Suppose you are die in suddenly no one is access your wallet so you should save your private keys in your desktop this is the best way because you or your family members only access your desktop it is right way to protect and save the Bitcoin.

The bitcoins and altcoins that he have will possibly be there forever when the owner doesn't give the private key to the person he trust with it. Even if he has huge amount of bitcoin in his account as long as he didnt give the private key to his spouse and kids it will be forever in his wallet.