What will happen to bitcoin in our wallet when we die

[fryarminer]

If it's a brain wallet you can take it with you 

[1715488533]

1715488533

[adzino]

If your loved ones have access to your coins or at least you let them know how to access your wallet or something that will help them to get hold of your coins, you coins will be passed on them after your death.

But if they can access your wallet or has no idea about your coins, they probably going to be lost forever.

[regtrade]

The bitcoin is then free to roam the web and frolic in the forums as nature intended

[talkbitcoin]

If we are having bank account with our name on that, and suddenly we die, what happens to our bank account then? Here's a guide to help you figure out where the money from a bank account goes after death so that you can make an informed decision about what you want to do in http://www.huffingtonpost.com/mybanktracker/what-happens-to-your-bank_b_4860213.html

And then, what will happen to our bitcoin when we die?

we should all make our wills and put our cold wallet passwords and private keys inside it just in case something happened so that all that money wont be lost

[d4n13]

I have a list of important passwords stored away in a safe for when I die.  This includes my coinbase account.   I will add my multibit password to the list too.  Thanks for bringing this up.

Same thing here....

If you leave no instruction on how to retrieve your coins in your will, they die when you die.

[Derrike]

Nothing happens to those coins stored in your wallet, unless someone spends those coins.
You should tell your family members about the password(if you have any) and also teach them how to use Bitcoin.
I've written all my passwords of all my wallets and my btc accounts in a diary(the retro way). 

[Falconer]

think bitcoin like as your precious treasure ; you must back up your private keys in the stronghold ; after your death your children will got them..

Then how your children know about bitcoin?

What will happen to your fiat when you die? If you tell your relatives or friends about all your wealth, they can get it. If not, it is probably lost. Same way, if you don't tell about your Bitcoins to another person, it is probably lost. If not, there is a chance for recovery. The difference between fiat stored in banks and Bitcoins stored in your wallet is that your close relatives can take your fiat money legally but to recover Bitcoins stored in an encrypted wallet/device, you need to tell the password to them or they will have to proceed with a brute-force attack.

Thats why introducing bitcoin to people around us is important. Its okay if we only have few bucks in our wallet, but what if there are thousands bucks or above then.

[bitcoinmasterlord]

If we are having bank account with our name on that, and suddenly we die, what happens to our bank account then? Here's a guide to help you figure out where the money from a bank account goes after death so that you can make an informed decision about what you want to do in http://www.huffingtonpost.com/mybanktracker/what-happens-to-your-bank_b_4860213.html

And then, what will happen to our bitcoin when we die?

It's completely up to you. You need to make sure that your coins are safe and reach the destination they should. So there are different ways to reach that. Simply think a bit about it and you might get some ideas.

[Hopalong]

Nobody is going to profitt from my death. Cold storage forever....

[Hazir]

Actually having bitcoin is better than bank account in case of death. With bank account your family would have to go through formalities and bank can even snatch some part of your money.
With bitcoin everything is simple. If you trust your family and want them to have your bitcoin after your death you just share bitcoin wallet password with them. If not... well your coins die with you.

[crazyjack]

Nobody is going to profitt from my death. Cold storage forever....

Theoretically if everyone who owns btc would do that what are you suggesting, the whole concept of btc environment would fall, there would be no trades, no buying, no selling, so nothing at all. Currencies are meant to go from one hand to another hand.

[cafucafucafu]

And this proves that you cant be your own bank.

[bitcoinmasterlord]

Actually having bitcoin is better than bank account in case of death. With bank account your family would have to go through formalities and bank can even snatch some part of your money.
With bitcoin everything is simple. If you trust your family and want them to have your bitcoin after your death you just share bitcoin wallet password with them. If not... well your coins die with you.

The problem is everyone thinks he can trust, lets say, his own wife. The reality shows that wifes not seldom leave and often enough the poor man left behind did not have a clue about what is going on. Not every person is smart enough to see the little hints that show that something will change or show the true character.

Trusting might mean losing your coins at lifetime.

Only saying... Reality is risky

[BillyBobZorton]

If we are having bank account with our name on that, and suddenly we die, what happens to our bank account then? Here's a guide to help you figure out where the money from a bank account goes after death so that you can make an informed decision about what you want to do in http://www.huffingtonpost.com/mybanktracker/what-happens-to-your-bank_b_4860213.html

And then, what will happen to our bitcoin when we die?

People that don't store their passwords for their loved-ones to find if they die, will have their Bitcoins vanished. They will allways be in the blockchain, yet never spendable. You reminded me to explain it to my wife (again) Encryption isnt really her thing

The good thing about Bitcoins vanishing if no one else can ever access them is they simply shrink the total supply and therefore make existing Bitcoins more valuable, since those "vanished" Bitcoins are effectively the same as forever-holders.

[Jeremycoin]

I have a list of important passwords stored away in a safe for when I die.  This includes my coinbase account.   I will add my multibit password to the list too.  Thanks for bringing this up.

Well, by telling this thing. You've just revealed your secret, so when you die someone will discover your treasure.

[Shattered]

Some really great points being made in this thread and i appreciate the OP for creating it.
This is a topic that needs to be out there discussed, since everyone will have to deal with death eventually.

This subject got me thinking....wouldnt it be nice if you could purchase life insurance payable in bitcoin?

If im able to short term plan for my own death, i will liquidate all my fiat into BTC in an effort to minimize greedy banker fees or taxes being sucked away in my families time of sadness.

[BitcoinPenny]

If we are having bank account with our name on that, and suddenly we die, what happens to our bank account then? Here's a guide to help you figure out where the money from a bank account goes after death so that you can make an informed decision about what you want to do in http://www.huffingtonpost.com/mybanktracker/what-happens-to-your-bank_b_4860213.html

And then, what will happen to our bitcoin when we die?

I'm broke. Problem solved.

Regards,
Me

[Possum577]

I have a list of important passwords stored away in a safe for when I die.  This includes my coinbase account.   I will add my multibit password to the list too.  Thanks for bringing this up.

It would be useless if your passwords just be laid in your safe, non bitcoin user cant understand it  

Have you ever used Coinbase or similar bitcoin banks? It's really easy and I'm sure all people younger than use will be able to navigate the "old school" technology we use today...a username and password, access to the wallet, then directing the wall to pay the coins out to a fiat account or another wallet is REALLY simple. Coinbase probably has the process in their FAQ section.

What the hard part will for those using Coinbase is how to get past the 2 factor authentication. If the next of kin don't have the guy's phone, they can't verify their access to the account. SO, in a will or something the account holder should leave instructions on what to do, how to do it. And at worst, the next of kin could probably provide a death certificate to Coinbase and eventually get their hands on the bitcoin.

The general principle behind Bitcoin's use is that it is pretty easy!

[GriffinHeart]

Depends on what you do with it. You do what you want with your bitcoin, so as you die what you make of your bitcoin shall be.

[Scamalert]

If we are having bank account with our name on that, and suddenly we die, what happens to our bank account then? Here's a guide to help you figure out where the money from a bank account goes after death so that you can make an informed decision about what you want to do in http://www.huffingtonpost.com/mybanktracker/what-happens-to-your-bank_b_4860213.html

And then, what will happen to our bitcoin when we die?

That depend on how you store them. Anybody storing all their bitcoins under one private key or wallet type is not too cleaver.
A good mix of paper wallet, digital wallet is always to prefer. The paper wallet can offcause be spend by relatives.
It is a good idea to place all your password in an encrpted file, leave them on a USB drive(s) that would be find by your relatives, next ot the encrypted file you leave a password hint which is likely only close relatives can guess, or find. E.g. chiled hood streetname + name of first pet. This password does not need to be too strong, since the encrypted file will never be online, just to make sure that you will have enough time to change your pass words in case a burglar steals the UBS drive(s).