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Author Topic: In event of your death  (Read 5666 times)
IamHigh
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July 21, 2017, 10:05:08 PM
 #141

I did not even think about it, because it's too early. I think when this time comes to this, we will already develop some reliable way to transfer bitcoins after death.

Me either, we don't know until when we will be alive. But we must not think about this situation because it only brings negativity to yourself. As myself, I will just teach them on how to cash out bitcoin and that's all. But it's up to them if they will learn on how to keep my bitcoins but we really can't tell on how this is going to happen.
Personally I think it is important to teach them to keep the bitcoins, most of the time when someone gets money from a deceased familiar they spend it in something useless, so it is important to teach those that are going to receive our estate that when we pass away there are some things that is better to keep so they get even richer in the future, and one of those things is bitcoin.

Forget all about it. We have two options. Find a lawyer that will sign a contract with you and have an access to your wallet in case of your death. The other one is that giving your wallet info to one of the family members.

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July 21, 2017, 10:07:26 PM
 #142

Maybe if you have a very good friend you can trust him/her, while your nephews grow up.
Maybe friends are good options. But dont you think that it will be better if you trust a member of your family? Like your wife or your kids or even your parents. It is not very hard to teach them about bitcoin and the cryptocurrency

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July 21, 2017, 10:21:33 PM
 #143

I'm actually completely unprepared for death. I have no will or anything, but I'm still young and my parents are alive, so I haven't inherited anything yet. I'll start worrying about it when I have a significant wealth and/or a family of my own. If I died now there wouldn't be anybody who could put my coins to a good use, as my parents have more than enough to live out their final years and they're too old to start traveling or move to a new house. Life is so short...

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July 21, 2017, 10:54:50 PM
 #144

Look for a very good friend to trust with, while your other options grow up.
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July 22, 2017, 06:52:16 AM
 #145

There are various legal ways to set this up in there are so various software ways to set this up. You can set up smart contracts that cover the event of a death. You can also set up legal contracts to cover the event of a death. Very simple the easiest way to do it would be a legal route where you seal the password in a file and that file cannot be opened by anyone except for the attorney at the time of death.

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July 23, 2017, 03:22:38 PM
 #146

This has been really eyeopening. Atleast it looks like I am not the only one who is totally unprepared should death knock on my door. I am in the process of making proper arrangements. Thank you for the suggestions!

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July 23, 2017, 03:39:43 PM
 #147

This has been really eyeopening. Atleast it looks like I am not the only one who is totally unprepared should death knock on my door. I am in the process of making proper arrangements. Thank you for the suggestions!
I'm even a bit confused, because you do not think about your death quite young enough. But the fact is that it happens to come very unexpectedly and if you think about it, you probably need to make some preparations. It is even possible to write a will.

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July 23, 2017, 03:43:27 PM
 #148

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
In case of dying all of my private keys are in my one USB and I have a note in that I guess and that will be their access to my money and I hope they will know it because I am only one in the family that know about the bitcoin so I think they figure it out soon.

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July 23, 2017, 04:24:17 PM
 #149

Maybe if you have a very good friend you can trust him/her, while your nephews grow up.
Maybe friends are good options. But dont you think that it will be better if you trust a member of your family? Like your wife or your kids or even your parents. It is not very hard to teach them about bitcoin and the cryptocurrency

I think a real friend is someone you can trust, however, there are many things that can happen. The friendship is beautiful, but it often comes with the traitor. This betrayal hurts you more than anything, so do not choose the wrong person.

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July 23, 2017, 04:47:06 PM
 #150

I myself never thought of it that way. I also don't have anyone right now whom i can give my private keys or make him/her understand that what is bitcoin and how it works and how you can use my money if i die (Hope that doesn't happen soon). Lets hope we don't die until we do something for this, and if we die before that, our coins will stay in our wallets forever unless someone hack into our wallets and take them out.



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July 25, 2017, 03:04:08 PM
 #151

Every investment instrument has it's own different kinds of risk, and this topic is one of which when investing in Bitcoin. However, just like the other investment instruments, this risk can also be managed in order to minimize the overall risk of your investment. An example for you to minimize the risk of the situation is by having a bank that would secure your access to your wallet. Yes, I agree that you can not just trust a lawyer with the details because they can easily cash out your Bitcoins and run away with it. But with banks, you will sign a contract and as a well established bank, they will follow the contract and only give access to your details to the heirs that you will provide them. So be careful in the bank of your choice, make sure it is a big one or the top bank in your country in order to secure your details from being leaked.

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July 25, 2017, 04:48:16 PM
 #152

Before I die, I will give all to my child. But before giving it to me I have to teach what bitcoin it is to my own child.

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July 25, 2017, 05:16:55 PM
 #153

Look for a very good friend to trust with, while your other options grow up.
There will be option create by bitcoin soon. So we should not need a trusted friend after all this option will improve everything. So we can give our bitcoin permission after death to other. But as you talked about a good friend. Why should not be a family friend because family is closer and trusted than a friend instead giving address to friend we should give to our family members.
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July 25, 2017, 05:21:58 PM
 #154

1.just make a paper wallets of all your crypto assets, print it and store it in bank vault
2. write a little manual about crypto
3.tell your families that you have a certain amount of cash or gold in the vault


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July 25, 2017, 05:56:44 PM
 #155

If you experience death whether you will do the same with others, other people will do a testament to children or inheritance, This is a good way to pass bitcoins as an inheritance item without simply revealing the private key to the handler.

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July 27, 2017, 03:04:54 PM
 #156

Every investment instrument has it's own different kinds of risk, and this topic is one of which when investing in Bitcoin. However, just like the other investment instruments, this risk can also be managed in order to minimize the overall risk of your investment. An example for you to minimize the risk of the situation is by having a bank that would secure your access to your wallet. Yes, I agree that you can not just trust a lawyer with the details because they can easily cash out your Bitcoins and run away with it. But with banks, you will sign a contract and as a well established bank, they will follow the contract and only give access to your details to the heirs that you will provide them. So be careful in the bank of your choice, make sure it is a big one or the top bank in your country in order to secure your details from being leaked.
yes you are right and I am strongly agree with you that everything in this world has some risk and the same way bitcoin also facing a kind of risk and there is nothing new in it but I think our life does not have any guaranty so how can we say that we will earn good money even without any risk bitcoin is a currency in which the chance of earning is bigger than the chance of loss.



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CryptosapienZA
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July 27, 2017, 03:14:10 PM
 #157

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
In case of dying all of my private keys are in my one USB and I have a note in that I guess and that will be their access to my money and I hope they will know it because I am only one in the family that know about the bitcoin so I think they figure it out soon.

This is a brilliant idea.  Unfortunately due to the fact that Bitcoin transactions are not reversible is my main reason I dont have a lawyer I trust not to steal my little accumulated wealth. This suggestion is very convenient. I think I will separate the assets, one half in usb and the rest in paper wallet. Thank you!

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July 27, 2017, 11:07:29 PM
 #158

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?



That is very easy. Before you die just in case make a letter. If that happens it will be delivered to one of your siblings. Tell them its a huge amount of money and explain everything on that letter on what they need to do. Or marry someone before everything's too late so it's much better that your children will inherit all of that profits.
Nope it is not easy at all, you say before you die, but what if you die suddenly, like in an accident then your coins are going to be lost, and if you reveal your private keys to someone then they are the owners of the coins, so like you see this is not an easy matter at all, since someone could steal the private key from the person you gave it to and then rob you and leave you with nothing.

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Chikitita2004
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August 07, 2017, 07:04:57 PM
 #159

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?

Another option can be, put everything in a secret place. Records of all your private keys, records of all your bank accounts and properties and written testaments that if something happens to you, what's been written in your testament will be binding, and secure them in a safest place you think is and secure a trusted individual also or a lawyer and have them sign with the third or fourth party for the agreement. So the lawyer could not run away with it by himself.

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August 07, 2017, 07:51:56 PM
 #160

My friend why will you be thinking of death at this prime age of your life, even God assured us in his world that with long life he will satisfy us. So why thinking who will inherit ur bitcoin wallet when you die.
Have you thought of the life ahead of you ur beautiful wife, your lovely kids. Pls work on your mindset and inrase death from your dictionary.

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