What would happen to your BTC and Alts if you died today?

[beerlover]

My spouse doesn't understand anything to the technical aspect of btc.
But she know it exists.
And she has access to my electrum wallet.

So if I was to die the coins wouldn't be lost even if I bet she would have to ask around to know how to use them ^^

Wow this is cool. I guess everyone should let it know to the spouse or a family member who understands to how to use the electronic technology. As we all often talk about the risk but we neglect one of the most risky element and that is the death or any other uncertain situation to the individual himself. The most risky thing we have is our life as any manufacturing company will give you the guaranty of the product but no one guarantees life…

[Celsiuss]

Well, in case i die my bitcoins will/should be available to my family. i don't want my bitcoins to be lost.
i have a hardware wallet and all it needs is 4 digital numeric pin to open, i could simply write down that in a diary and hope someone reads it at some point.

Wouldn't that be insecure, if someone reads it before you die?

[SimmonenY]

Well, I hope my family will take it seriously and won't throw away the details of my wallet. Maybe I'll tell my best friend whom I trust.

[DoublerHunter]

Before i turned 60 yrs old, i think my children are old enough to know and understand what i'm doing with cryptos so i will try to explain it to them to understand it more and i will give them a copy of all my private keys for my bitcoins and alts so if ever i died, they can get benefit to my savings by withdrawing it and selling or exchanging it into fiat.

[ipungadhi]

I might be a little thinking about this. Because only I know about bitcoin in my family. So they will not know my fortune in bitcoin if I die. This will be unfortunate

[dwieyani]

Which I will definitely tell my family about the existence of bitcoin
And how to get the coin.

[wuvdoll]

I have accumulated some Bitcoin and other alts. Most of my holdings are in a single wallet yet I have a few on different platforms and one left on an exchange. I have tried to explain this to my spouse yet there is not a full understanding. If I died I am confident that all of this would not be recovered.

This weeks project is to write an encrypted note detailing where are the holdings are and how to access them. Even with access, the knowledge is not there to be able to convert the holdings to fiat if necessary.

What is your situation ?

Yes, if it is all about a recovery system this is not an issue at all. If your spouse have a little knowledge of using the computer system she can easily recover it and if not then you need to train her how to use a computer. Also make a video of the whole process to how to access to your wallet and get it done with mining and stuff. The video stuff will be very helpful.

[hello_good_sir]

I think that there are already solutions provided for such an possibility, im sure there are websites where you can store some specific data, which is released or sent somewhere after some incident occur: it might be your death or anything else.
Also, you can choose some different solution, such as providing an access to this data to your trusted friend, partner or a family member.
However, to be honest I would never have given data to access my bitcoins to my friend, I just simply do not trust anyone ( except my family ) so hard to give him such a sensitive information.
In my opinion, it is just not worth it to risk your money for something like that.

[doaremon]

When I die all my bitcoins and alts would be lost. Because anyone in my family don't know about it and they don't even have any idea what cryptocurrency is. People can't control their death so they don't know whats the perfect time to discuss about it with their close ones. Share the details with your close people like wife,  son, so they can use them after your departure  

[Rinder]

Well taking into consideration we dont know what may happen with us at the next hours/ day i had made a detailed writing into paper in case i die for some reason, soo my wife/ parents will have all the keys to acess my funds and exchange them to fiat, the only bad thing, is she doesnt know how to get funds out as well how to sell, but she can search youtube there are a lot videos about how to make.

[Ewox]

I never really thought about it since now and I haven't given much thought of what will happen to my BTC's if in any time I would die then I should probably write a letter (old school) and send an email to my daughter explaining to her about bitcoins and etc. Although I have already opened up and explained a little about BTC's so I'm pretty sure it won't get lost.

[hankyulpark]

In most cases, the coins will be lost forever. We need to try to explain the whole concept to someone that we trust and hope that they can do all the steps to recover them. Keep in mind that the process to retrieve the password of a wallet is almost impossible (with the recover phrase) so, don't lose them  

[youdamushi]

My spouse doesn't understand anything to the technical aspect of btc.
But she know it exists.
And she has access to my electrum wallet.

So if I was to die the coins wouldn't be lost even if I bet she would have to ask around to know how to use them ^^

Wow this is cool. I guess everyone should let it know to the spouse or a family member who understands to how to use the electronic technology. As we all often talk about the risk but we neglect one of the most risky element and that is the death or any other uncertain situation to the individual himself. The most risky thing we have is our life as any manufacturing company will give you the guaranty of the product but no one guarantees life…

Yeah it's not very complicated
I mean explaining them how it works would be pretty complicated and troublesome for sure
But just giving them the keys to your wallets is easy.

And if they need it one day they'll sure find out how it works ^^

[lemonade09]

Actually i already though about this and my solution is you need to tell or teach someone in your family to become a bitcoin user's so that he will know that if you died he or she know that you have a bitcoin account. But still the privacy or security was not solve if he cant open your bitcoin wallet he cant use your bitcoin so in your computer leave a save file or a note.

[BeGoods]

My spouse doesn't understand anything to the technical aspect of btc.
But she know it exists.
And she has access to my electrum wallet.

So if I was to die the coins wouldn't be lost even if I bet she would have to ask around to know how to use them ^^

Wow this is cool. I guess everyone should let it know to the spouse or a family member who understands to how to use the electronic technology. As we all often talk about the risk but we neglect one of the most risky element and that is the death or any other uncertain situation to the individual himself. The most risky thing we have is our life as any manufacturing company will give you the guaranty of the product but no one guarantees life…

How to give password to my family if they do not understand bitcoin yet. That's why I'm not ready to die lol
Because if I die of course there is no heir of my bitcoin

[poplolnman]

In most cases, the coins will be lost forever. We need to try to explain the whole concept to someone that we trust and hope that they can do all the steps to recover them. Keep in mind that the process to retrieve the password of a wallet is almost impossible (with the recover phrase) so, don't lose them  

not everyone who able to do that. we all have different condition , sometimes you are a lonely man have no close friend , no family and nothing just you. and yeah i believe too that few case someone have an anticipation about bitcoin backup in case they died. we can assume it's would just disappeared forever.

[South Park]

I have accumulated some Bitcoin and other alts. Most of my holdings are in a single wallet yet I have a few on different platforms and one left on an exchange. I have tried to explain this to my spouse yet there is not a full understanding. If I died I am confident that all of this would not be recovered.

This weeks project is to write an encrypted note detailing where are the holdings are and how to access them. Even with access, the knowledge is not there to be able to convert the holdings to fiat if necessary.

What is your situation ?

Same story with my wife, but i'm lucky to have a daughter that finds crypto currency rather interesting. Started her off with some DOGEcoin (since they were really cheap) on an android wallet... Moved up to a self-funded monero coin (thanks smoothie) which she loves and keeps around her room to show off.

Now, i've given her my old ledger HW.1 (bought a new ledger nano S for myself), and i'm paying her in BTC when she does some (very small) chores around the house and when she gets good grades (acutally, i accumulate these earnings untill she has $50, and then i pay her these $50 in one go).

Conclusion: when i die, i hope my kid will know what to do with my ledger nano S (it has a pincode my wife knows btw)...

This is a fantastic idea, I don’t have kids but I'm saving this comment for future reference so when I have kids I know how to teach them about crypto currencies in a way that is meaningful to them and prepare them to know what to do in case something bad happened to me.

[DarkIT]

Well, I do not know, maybe it will just disappear, or lodge in my wallet.
Nobody really understands about bitcoin in my house. Can be said, I tried my own make money on the internet, so maybe jtu will only remain on the wallet that I have.

[hardtime]

As I use BitGo and a little Blockchain, some desktop apps but they really don't have much on them. My family -- if they cared much about this money would go ahead and find my secret 16 word code somewhere in my house and they'd use it to cash out and sell through Coinbase.

I know most people probably don't have something like this setup but this is probably the best way to do something like this. Leave your family some sort of instructions so they know what they're doing. It's sad to say but any day on earth could be your last so you always have to be ready for the worst.

My family would get it and sell!

[KuromaYoichi]

Uhh, in my case i have a little sister who i've introduced bitcoin to. She understand and using it aswell. If i died, i believe she can recovered it as i wrote my private key in my diary and she knows about it aswell. The only problem if there's some alt remaining on exchanger so maybe i'll write my portofolio in the diary aswell.