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Blazr (OP)
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April 05, 2015, 01:59:36 AM |
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What will happen to your Bitcoins when you die, will they be lost forever?
I feel that this is something that is overlooked by most Bitcoin users.
Do any of you have a system in place to allow loved-ones to access your funds when you pass on? What is the best way to do this? please share your wisdom in this thread.
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Blackbird0
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April 05, 2015, 02:03:18 AM |
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Ultimately it's a trade-off between short-term personal security and long-term financial planning.
If you give a password, private key, whatever, to a third party, that's obviously a risk that your data or wallet addresses will be accessed without your consent. Similarly, in the United States, the government can compel a third party to give up the information as well. On the other hand, you die, and your BTC is in a password protected wallet and you haven't told anyone, you're screwed. I haven't read of any sort of solution to this kind of problem.
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--Encrypted--
Copper Member
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hee-ho.
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April 05, 2015, 02:05:33 AM |
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What will happen to your Bitcoins when you die, will they be lost forever?
I feel that this is something that is overlooked by most Bitcoin users.
Do any of you have a system in place to allow loved-ones to access your funds when you pass on? please share the details in this thread.
nope. when I die my bitcoins also goes to the grave. I had my buddy to hold my private key as a precaution, but he have no interest in bitcoins at the moment. yeah, I know some people think of that as stupid |
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Pushtheghost
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April 05, 2015, 02:06:23 AM |
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If you're storing a sizeable fund long-term in Bitcoin then yes you're probably going to need a way to hand that over to your friends or family when you pass on. Sounds like the ideal use of a paper wallet to me.
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Josef27
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April 05, 2015, 02:07:00 AM |
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"Son, could you manage my bitcoin for me after I passing away?" I don't have kid, but decided to have it soon  |
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Blazr (OP)
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April 05, 2015, 02:07:13 AM |
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Ultimately it's a trade-off between short-term personal security and long-term financial planning.
If you give a password, private key, whatever, to a third party, that's obviously a risk that your data or wallet addresses will be accessed without your consent. Similarly, in the United States, the government can compel a third party to give up the information as well. On the other hand, you die, and your BTC is in a password protected wallet and you haven't told anyone, you're screwed. I haven't read of any sort of solution to this kind of problem.
nLockTime can be used to create a transaction that cannot be spent for a period of time. I am thinking that it may be possible to make a system that will allow a loved one to access your funds when you haven't used your wallet in X years. I am curious to know if anyone has put any thought into this. Giving up the password isn't the best way to do this as there is no easy way to remove the persons access at a later date if you change your mind (what if they try and kill you?!) and there is no audit trail, so if money is stolen it's a he-said she-said situation. |
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bitcoinwallet.id
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April 05, 2015, 02:07:48 AM |
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Never thought of this... But if only he have the access of the address and if he don't tell the others the access, then the coins is like burnt. That's why Bitcoin is precious as the supply will decrease because of this.
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Blazr (OP)
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April 05, 2015, 02:08:29 AM |
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If you're storing a sizeable fund long-term in Bitcoin then yes you're probably going to need a way to hand that over to your friends or family when you pass on. Sounds like the ideal use of a paper wallet to me. An unencrypted paper wallet sounds like a great find for an opportunist burglar. |
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--Encrypted--
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hee-ho.
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April 05, 2015, 02:10:08 AM |
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"Son, could you manage my bitcoin for me after I passing away?" I don't have kid, but decided to have it soon be sure not to give your private keys to him too soon.  or you might come home one day and finds out that there was a big party. |
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bigasic
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April 05, 2015, 02:25:53 AM |
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Ive printed out the private keys and put in a bank with other things that will be given to my children, ive already taught one child how bitcoin works, etc. But my wife as the same info and knowledge, I would want my loved ones to have them. they wont do me any good, lol....
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Blazr (OP)
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April 05, 2015, 02:33:04 AM |
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Ive printed out the private keys and put in a bank with other things that will be given to my children, ive already taught one child how bitcoin works, etc. But my wife as the same info and knowledge, I would want my loved ones to have them. they wont do me any good, lol....
This is a reasonably good way to do this. One could store a wallet backup encrypted with a key belonging to the loved one in a bank vault. Any crooked DEA agent with a warrant would not be able to access the funds as it would be encrypted. One risk is that the bank might give the backup to the loved one earlier than expected, perhaps via social engineering - maybe even a fraudster could use social engineering to gain access or maybe a rogue bank employee. Or perhaps the bank refuses to give it to the loved one, in some countries/circumstances it can take years of legal battles to get access to vaults that contain wills etc. While this is a step in the right direction, I still think there is a better way to do this with cryptography where we aren't relying on banks (remind you of anything  ). |
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SaltySpitoon
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Welcome to the SaltySpitoon, how Tough are ya?
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April 05, 2015, 02:37:46 AM |
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I've got an elaborate scavenger hunt set up in case something happens to me, so a buddy can get access to my coins, but only if I'm out of the picture, be that dead/jail/etc. I also have it specified that my BTC go to my sister, however he gets a commision for helping her get the BTC since shes not very techsavvy.
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Blazr (OP)
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April 05, 2015, 02:44:19 AM |
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I've got an elaborate scavenger hunt set up in case something happens to me, so a buddy can get access to my coins, but only if I'm out of the picture, be that dead/jail/etc. I also have it specified that my BTC go to my sister, however he gets a commision for helping her get the BTC since shes not very techsavvy.
Interesting. How can you guarantee that your buddy can only access the funds when you are dead? |
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Cryddit
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April 05, 2015, 02:45:19 AM |
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I have a safe deposit box. It contains (part of) my key. If I die, the bank will give my wife a key to it. While I am not dead, they won't. My wife has the other part of the key in her files.
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btcton
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April 05, 2015, 02:49:07 AM |
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I don't have a system set up ATM, but a good way to go about doing it would be to either have a paper wallet locked up or a multi-sig wallet. I would probably go for the former, but I don't have much to worry about right now.
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The signature campaign posters adding useless redundant fluff to their posts to reach their minimum word count are lowering my IQ.
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Blazr (OP)
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April 05, 2015, 02:49:58 AM |
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I have a safe deposit box. It contains (part of) my key. If I die, the bank will give my wife a key to it. While I am not dead, they won't. My wife has the other part of the key in her files.
Did you just literally split the string in two? that is a bad idea, if this was an electrum seed, then the person would only need to crack 64bits to gain access. This is very easy to do, the Bitcoin network can crack a 64bit key in just 1 minute 40 seconds. Be careful! both your bank and your wife have full access to your funds. Problem is they will also give it to a crooked DEA agent with a warrant. Also there can be legal issues when it comes to accessing vaults, it is quite common, it could mean that your family will have to battle it out in court for a number of years to access the vault. It's a pretty good solution, but not good enough IMO. |
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ipbo
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April 05, 2015, 02:54:33 AM |
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Me and my bitcoins will never be separated till death do us part.hahaha,
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needFREElunch
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Hi
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April 05, 2015, 02:55:09 AM |
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I have never thought about what I will do but hopefully that is a long time a way so I will have a while to think about it. I guess it would have to be a way where there is no possible way of the person they are going to, to access them when you are alive.
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--Encrypted--
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hee-ho.
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April 05, 2015, 02:57:40 AM |
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Me and my bitcoins will never be separated till death do us part.hahaha,
well, the question here is actually "what would happen to your bitcoins when death do you part", not "how long will you hold on to your bitcoins" |
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Cryddit
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April 05, 2015, 03:11:46 AM |
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I have a safe deposit box. It contains (part of) my key. If I die, the bank will give my wife a key to it. While I am not dead, they won't. My wife has the other part of the key in her files.
Did you just literally split the string in two? No. They are keysplits. The thing in the deposit box and the thing in my wife's files need to be combined in a very particular way in order to yield a key that would open my bitcoin wallet. It is a procedure she knows how to do. |
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