What will happen to bitcoin in our wallet when we die

[manselr]

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).

With BIP38 you can encrypt your paper wallets, it's easy and safe to store Bitcoins long term that way, even tho im too lazy to move my funds from my software wallet. It's been years like this and I never had any problem. I think as long as you keep your computer clean and you keep backups in a couple HDDs in case one fails it will be enough.

[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).

With BIP38 you can encrypt your paper wallets, it's easy and safe to store Bitcoins long term that way, even tho im too lazy to move my funds from my software wallet. It's been years like this and I never had any problem. I think as long as you keep your computer clean and you keep backups in a couple HDDs in case one fails it will be enough.

Any item you password protect will be in risk of being lost.
A simple concussion can make you forget even simple passwords.
For long time storage, you need to "back up" your brian.

[Derrike]

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).

With BIP38 you can encrypt your paper wallets, it's easy and safe to store Bitcoins long term that way, even tho im too lazy to move my funds from my software wallet. It's been years like this and I never had any problem. I think as long as you keep your computer clean and you keep backups in a couple HDDs in case one fails it will be enough.

Any item you password protect will be in risk of being lost.
A simple concussion can make you forget even simple passwords.
For long time storage, you need to "back up" your brian.

or just write your password with a pen in a diary and leave it in your locker or in a safe place at your house.

[gripflierGO]

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

Exactly, that is an great idea, you need to make aware to your near and dear ones that you are holding certain amount of bitcoins with you, and you can put all your wallet passwords into a will, So you don't have fear of loosing your password when you are alive, as your will and the passwords would be accessible only after you die 

[QuintLeo]

 what will happen to our bitcoin when we die?

 Unless you set up some way for someone else to access your wallet, it will just poof for all practical purposes. NOT recoverable.

 

 ... UNLESS ....


 You leave your wallet running and someone manages to hack it after you die but before the machine the wallet is running on shuts down.

[Hopalong]

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).

With BIP38 you can encrypt your paper wallets, it's easy and safe to store Bitcoins long term that way, even tho im too lazy to move my funds from my software wallet. It's been years like this and I never had any problem. I think as long as you keep your computer clean and you keep backups in a couple HDDs in case one fails it will be enough.

Any item you password protect will be in risk of being lost.
A simple concussion can make you forget even simple passwords.
For long time storage, you need to "back up" your brian.

or just write your password with a pen in a diary and leave it in your locker or in a safe place at your house.

The middle of the living room table is probably the safest place. No burglar will look there. A locker or a safe is opened in seconds.

[Litejavichu]

That is now thinking Mark Karpeles

Tomorrow I will go to the lawyer..... I'll order for shitcoin as "coincreator". ANN do here with a nice ICO to make a lovely funeral (with orchestra)

[Scamalert]

The middle of the living room table is probably the safest place. No burglar will look there. A locker or a safe is opened in seconds.

That is so true.

Before bitcoin become main stream, the stand burgular would not even know how a private key look like.
You can carve the raw key it in the wood on the backside of the table, would proberly be more safe than any digital solution anybody can come up with.

[umaOuma]

My family can acsess my wallet on desktop because I write all the passwords and private keys in one file.  

And if you safe your bitcoin in online wallet, I think before you die you can tell how to accses your bitcoin in online wallet.  

Yes it is better to share details with the people whom we trust, and who can take care of our hard earned bitcoins even if we die, I have already started my son to educate on bitcoins and he is also keen to learn new things, but yet I haven't shared my passwords with him, but would surely do in coming time, as If I die, he can take care of my bitcoins.

[b-trading]

Just put your private key on a secure place and also put the explanation you wrote about how to redeem private key and how to convert it to fiat money and then tell your familly where your private key is been

[stromma44]

I have always thought on giving my email password to someone else (from there, they could easily retrieve my other passwords, including Coinbase), but I still have no one I trust enough to do that  . While I am young yet, I have always thought that I won't live too much.

Besides trusting a given person, I would need to pick someone who can properly handle a computer... so, my older family members do not seem like a valid option.

As of today, my (cents of) BTC would be lost forever.

I always wonder if someone I met online already died and I never got to know  .

That's true. The person with whom you share your details should be trustworthy and he or she should be from your family only. When it comes money or bitcoins cannot afford to trust any outsiders.

As for me I have share all my details with my sister, who was totally unaware about the bitcoins but now she is also involved in it and she can very well take care of my bitcoins even if I die soon 

[faridkifly]

i think when we die
all of our bitcoin will be in our wallet and stat there until judgement day hahahaha

[Cryptopher]

It depends on your arrangements.

Essentially what happens when to the coins within your wallet is no different to what would happen today if you had simply lost access.

For now, I assume that I am the only one with access to my wallet as I haven't actively shared any details with anybody else. I would imagine that the majority of Bitcoin wallet holders are in the same position.

[wadili89]

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?

with bank you family use that money which you had in your bank before death or you have some other options like donations etc this is what happend with banks accounts after death where i live and ofcourse your bitcoin wallet have password if anyone know the password they can use the coin if not they will rest their forever

[Aswan]

Why give a password or private key to anyone? It's just unsafe... Bitcoin offers another way to do this, the nTimeLock feature.

While you should have only a few Coins on wallets for everyday use (and for those few its fine if close ones know the password, since not a whole lot can be stolen), you could have your main stash in a Wallet with a secure password only you know.
Now you create an nTimeLock Tx which becomes valid in a year to an address and give said address plus its private key to your close ones together with the nTimeLock transaction. If you die now, they can, when the Tx becomes valid (with 1 year), get the funds. If the Tx gets stole, you move your coins in your main stash and create another nTimeLock Tx, making the initial one useless. Same goes if you dont want that person to get your Coins in case you die anymore.

This has many advantages other approaches don't have , e.g. if people raid your safe while you are not home, they won't get your Password or your private key. Also, laws regarding heritage that might require some portion of the money to be given to certain people simply cannot be enforced that way, since there is no way to get to the actual wallet.
This is a nice example of something that is only possible with a currency like bitcoin and will never be an option with a centralized currency.

[jonald_fyookball]

well there are methods, deadman switches, or multisig, you leave one key with your wife and one with executor of your estate who gives the second key to the wife and then she can get the funds.  this assumes there won't be collusion between your wife and your lawyer.

[gentlemand]

By the time I'm dead we'll be able to upload our minds into a wonderful virtual world so I'll still be needing my coins. The rest of my relatives are minted anyway so they can whistle for it.

[madonnino]

maybe you should leave a statement with the private keys but it would be hard to understand for someone that doesnt know even what bitcoin is

Once someone Find private key stored whit An explicit refer to bitcoin is not so hard,  i need to just Google it.

[Mickeyb]

It depends on your arrangements.

Essentially what happens when to the coins within your wallet is no different to what would happen today if you had simply lost access.

For now, I assume that I am the only one with access to my wallet as I haven't actively shared any details with anybody else. I would imagine that the majority of Bitcoin wallet holders are in the same position.

Yes this is my situation as well. I still haven't shared my private keys with anyone, even though my wife knows that I am in Bitcoin and how many I have and what they are worth. So I guess if something was to happen to me, God forbid, that she would manage with the help of someone.

Now this is what everybody should think of for the future, and to be honest, even I haven't thought enough about it. I guess I am too busy accumulating at the moment to think about this very important stuff!

[SebastianJu]

Why give a password or private key to anyone? It's just unsafe... Bitcoin offers another way to do this, the nTimeLock feature.

While you should have only a few Coins on wallets for everyday use (and for those few its fine if close ones know the password, since not a whole lot can be stolen), you could have your main stash in a Wallet with a secure password only you know.
Now you create an nTimeLock Tx which becomes valid in a year to an address and give said address plus its private key to your close ones together with the nTimeLock transaction. If you die now, they can, when the Tx becomes valid (with 1 year), get the funds. If the Tx gets stole, you move your coins in your main stash and create another nTimeLock Tx, making the initial one useless. Same goes if you dont want that person to get your Coins in case you die anymore.

This has many advantages other approaches don't have , e.g. if people raid your safe while you are not home, they won't get your Password or your private key. Also, laws regarding heritage that might require some portion of the money to be given to certain people simply cannot be enforced that way, since there is no way to get to the actual wallet.
This is a nice example of something that is only possible with a currency like bitcoin and will never be an option with a centralized currency.

Doesnt that flag work with a multisig address? So when you use it then you yourself could not access the coins too as long as im not mistaken. So i dont know how you will move the coins.