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Author Topic: In event of your death  (Read 5579 times)
Rinder
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MatrixCoin - Creating Bright Future Together


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June 27, 2017, 11:24:27 AM
#61

Its a hard decision but you  will need to trust someone, otherwise you should exchange your bitcoins to fiat, i do believe the easy way is to print your account details as well recovery keys, and maybe let those into paper as well a dvd, this way i do believe your money will be safe.


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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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June 27, 2017, 11:29:12 AM
#62

I had already mentioned this in another thread:

https://bitcointalk.org/index.php?topic=1984456.msg19797383#msg19797383

But it is scary. Imagine some Bitcoin millionaire with thousands of coins suddenly passing away. No one else knows about the private keys and all the coins will be lost for ever. It is tragic, as that money could have been used to educate thousands of children, or to provide food for hungry people.

Lost coins decrease supply so that could help increase the price, on the other hand. Depends if they're considered temporarily lost or forever lost.

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Verify - The Future Of Reputation


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June 27, 2017, 11:41:24 AM
#63

In that case I guess you better make a last will testament which is so powerful but I guess it is consulted with the lawyer. But it is more secure if you do it that way. But if you really do not want it is better if you just put in memo or diary you details of your accounts your password, private keys since you do not trust anyone who is more powerful than your relatives.
But better not think about that much we need to look for good future and we need to see how bitcoin will grow in the future we do not to die so soon.

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I bit, therefore I am


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June 27, 2017, 11:46:40 AM
#64

I'm emphasizing legacy over profit.   One of the point is that it is a collectors item.   If I had a wealthy uncle that left me bitcoins, it would be awesome receiving a physical coin.  Like getting a rare valuable 1960 rookie card.  You can't decide if you should keep it or cash it out.   It's an effective way to be remembered.

And this is the emphasis many fail to understand about Bitcoin, sometimes. Legacy... leaving something meaningful behind for future generations. That is a concept I strongly believe in, and one I would like to think even Bitcoin creators possibly had. Perhaps all they wanted was to be remembered. And yeah, I'd like to be remembered nicely by a few people after my death:)

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June 27, 2017, 11:56:30 AM
#65

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?

What you can do? Just teach them about bitcoins, let them have the access to your private keys and web wallet accounts. And tell them the reality that in case you will be gone too long, they can use the money stored there for their studies and other important things.

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🔥⭐ RatI.CO | Pre-ICO: 20th Sep |


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June 27, 2017, 12:53:54 PM
#66

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?

Get some trusted friends if your siblings didn't care at all and save all your private keys on external disk such like FD or HD and then give them trust to tell your nieces and nephews if they already reach good age to understand bitcoin along with the external disk.

Above method only success at very low rate chance because to much shit people in this world.
Of course you can tell them(your nieces and nephews) directly when they're grow enough and you're still alive.   

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June 27, 2017, 09:22:30 PM
#67

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?
Maybe Bitcoin is getting famous something discover in bitcoin is like that after your death trusted friends like Facebook to access your bitcoins after you.It will make bitcoin even more powerful.Because bitcoin is getting more famous day by day or if it is not discover then we should allowed our private key to our trust one's.

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June 27, 2017, 09:54:43 PM
#68

I see some of you point out lawyers but how can I trust a lawyer when the subject is bitcoin? I can't trust a damn lawyer for my bitcoin.

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June 27, 2017, 09:59:05 PM
#69

I haven't thought about this but I never would trust my bitcoins to some lawyer. The greed level of the majority of the persons is at the highest nowadays. I will only let know about my bitcoins to my family and nothing else so they would know what to do if I were to die. Really a good reminder as death can cheat us all.




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June 28, 2017, 12:45:53 AM
#70

This is actually something important to think about.  I'd assume that as the cryptocurrency market matures, there will be options for beneficiaries in some way or another.

For now, you can make a video and put it on a usb stick, on how to recover and utilize your Bitcoin account, and have that usb stick in a safe, with it listed as your niece or nephew on your will.

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June 28, 2017, 12:51:42 AM
#71

This is actually something important to think about.  I'd assume that as the cryptocurrency market matures, there will be options for beneficiaries in some way or another.

For now, you can make a video and put it on a usb stick, on how to recover and utilize your Bitcoin account, and have that usb stick in a safe, with it listed as your niece or nephew on your will.

Or just accept the fact that you are the only one who knows your keys. And if it is offline its really hard to teach just anyone who is new to btc to entrust your keys. I would agree on a video but it is just better to write passwords on a piece of paper then hide it a place where it is not hidden but also not a place where everyone will be looking for it like the ceiling fan. Because there is a good chance that people you trust will find it because it is in an unconventional ways.


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June 28, 2017, 01:12:44 AM
#72

I haven't thought about this but I never would trust my bitcoins to some lawyer. The greed level of the majority of the persons is at the highest nowadays. I will only let know about my bitcoins to my family and nothing else so they would know what to do if I were to die. Really a good reminder as death can cheat us all.

Bitcoin is about removing the middleman; removing the need for a trusted third-party? So why would you depend on a lawyer to make sure that your bitcoins get to your loved ones? Just find a way to safely transfer your private keys.

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June 28, 2017, 01:18:58 AM
#73

For me this topic is like me having a life insurance that I need to have a beneficiary who I can truly trust. I think it's not hard to disclose all the information to my family because I truly trust and believe in them. Maybe I just need to explain what are cryptocurrencies first so they could really understand that it must be valued and kept secure.



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June 28, 2017, 01:45:55 AM
#74

I think what you should do if something worst happens to you, all you have to do is tell all you do and what you have for your family or family so that everything that is done is not in vain. And useful For your family, and you should tell how to access your source of income or your property source, tell how to use it and melt it in its original form, it may be something that has to be done to prevent the worst thing happening to you

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June 28, 2017, 09:43:47 AM
#75

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?
I currently have no provisions set in the case of my death. I am relatively young but anything can happen at anytime, so it is always smart to have a plan if anything does happen. I plan on making some kind of provision soon and I will be doing it with my lawyer. I am happy to do it with my lawyer as there will be legal documentation to go with the whole process which means that they lawyer can't run off with your money unless he wants to get caught by the police. It is similar to making a will. I really don't see why you are not willing to do it with your lawyer as that is the safest option you have, friends can always turn against you and you won't be able to do anything about it.

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June 28, 2017, 10:29:02 AM
#76

This is actually something important to think about.  I'd assume that as the cryptocurrency market matures, there will be options for beneficiaries in some way or another.

For now, you can make a video and put it on a usb stick, on how to recover and utilize your Bitcoin account, and have that usb stick in a safe, with it listed as your niece or nephew on your will.

In case of death, you must make a will. And in the will to write a password and all other identification data. I think this is the most reliable option.
The problem is that people do not think about death. And death happens suddenly

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June 28, 2017, 11:25:43 AM
#77

How young was your niece and nephew?  And how young are you?  You are actually thinking about your death when you are actually starting your life.  But penny wise, yes, we will die and we will lost all the possession we have.  Maybe if your niece and nephew already studying maybe you can teach them how to earn bitcoin or what bitcoin is.  Then tell them that you will give them some inheritance.  Or if you are not really sure about bitcoin, maybe encashed it and transfer to a bank. 

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June 28, 2017, 11:40:36 AM
#78

How young was your niece and nephew?  And how young are you?  You are actually thinking about your death when you are actually starting your life.  But penny wise, yes, we will die and we will lost all the possession we have.  Maybe if your niece and nephew already studying maybe you can teach them how to earn bitcoin or what bitcoin is.  Then tell them that you will give them some inheritance.  Or if you are not really sure about bitcoin, maybe encashed it and transfer to a bank. 
I don't think that converting it into fiat is a good idea because the possibility of earning more money in the long term will get lose because the possibility of price increase in bitcoin is still high for these incoming years and i think that just converting it into fiat will unable them to earn and have a great asset on their young investment portfolio. I think it is better if he will just explain it to his niece and nephew on what is bitcoin first and try to find out if they are worth it to give inheritance to them.

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June 28, 2017, 04:42:00 PM
#79

I think if your niece is young and not yet understand about bitcoin.
You have to write a will for your nephew that contains what you want to teach your nephew.
And that will your nephew will understand about your relics for himself

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June 29, 2017, 03:12:02 AM
#80

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?
I currently have no provisions set in the case of my death. I am relatively young but anything can happen at anytime, so it is always smart to have a plan if anything does happen. I plan on making some kind of provision soon and I will be doing it with my lawyer. I am happy to do it with my lawyer as there will be legal documentation to go with the whole process which means that they lawyer can't run off with your money unless he wants to get caught by the police. It is similar to making a will. I really don't see why you are not willing to do it with your lawyer as that is the safest option you have, friends can always turn against you and you won't be able to do anything about it.

Well it really depends on the amount of BTC we're talking about. If you give your lawyer access to 100BTC, he will look it up and see it's currently a nice amount of money. Maybe not enough to screw you, but he will not forget. Then in some years BTC is at 10000$ or more, the lawyer is tired of his job, he might think he can retire in a South American country with your BTC...

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