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Charisse1229
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September 28, 2017, 01:05:49 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Someday bitcoins are lost forever and no one would able to access it, i think for sure is, if you have a bitcoin, you need to exchange it emidiatly to be sure, and your money is save it to a bank, then if you have an emergency you have a money saved. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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mrcash02
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September 28, 2017, 02:20:44 AM |
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If he dies and no one knows about its private key, then all he have done will be wasted because it will be forever gone. So to those who have a lot of bitcoins there, you should let someone know who you really trust the mostn. about your private key and everything you are concerned about to so that he will know what to do about if unexpected things happened to you
This ^ This is why it is of utmost importance, even if you have a relatively small amount of Bitcoin today (like 0.5 or lower) to write a will and inform your relatives about it. Not every one obviously, but whomever you plan to give the BTC should you die must know how to upload private keys to access the Bitcoin and you should also teach them how to exchange it for other cryptos and USD. Yes, everyone should have at least someone on their life that they could left the Bitcoin in case of death or in case of an accident that this person can't access his wallet, so he needs someone to do it for him. I think there isn't problem to share the private keys/passwords with someone very trustful, principally if this one is a relative or your parent. That is the only solution possible for this, otherwise the Bitcoins will be lost forever and no one will have the chance to enjoy it. |
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cola-jere
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September 28, 2017, 02:24:36 AM |
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If the priv keys or wallets were not passed down, it will be lost FOREVER!
Make secured encrypted USB backups and let your loved ones know where it is placed at home + in a safety deposit box in a bank.
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nicosey
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September 28, 2017, 03:02:30 AM |
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This is a valid argument for still needing banks  |
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nesty
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September 28, 2017, 03:16:03 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Well if someone died He/She should secure the security of the wallets and give it to the people or family that he will entrust his coins. He should write down or keep on the USB all the username, password, wallet address, private keys etc. to be able to access by his family or anyone whom he wanted to give the bitcoins. |
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entrepmind23
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September 28, 2017, 03:25:45 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
It will just be in the wallet if the family or relatives don't have access to the wallet and it would just be added to the coins that will be lost forever. If you have a significant amount of coins then it would be better to teach someone in your family how to use it because we never know what the future will be so you better be ready and have a separate record of your wallets and private keys so that in case something happens, they will know how to access your accounts. You can give a copy of it in your lawyer and then to some trusted family or friend. You better have multiple copies of it because once you have no records of it then it is lost. Unlike when you have money in the bank or other properties then your heir can get it through the process of law but in bitcoin, if you don't have keys then you don't own it. |
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949miner
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Stake & Vote or Become a IoTeX Delegate!
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September 28, 2017, 03:27:57 AM |
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Then those coins would be freezed for the eternity, if nobody had access to your wallet then nobody is going to be able to open it and spending your bitcoins, so if you die, then your bitcoins are going to follow you anywhere. But i think it would be good if before someone's die, left the private key to their children, so those bitcoins will be in movement and they would not be quiet in that wallet forever.
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Astvile
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September 28, 2017, 03:34:35 AM |
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Bitcoins will still remain in the wallet if no one has acces into its wallet besides the owner who will be dead,no changes or transaction will happen if the user will be dead and no one will go inside its wallet
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grayhound
Newbie
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Activity: 47
Merit: 0
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September 28, 2017, 03:36:20 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
If someone will die and has a lot of bitcoin he should atleast saved all the important datas to access all his wallets for safe keeping and entrust it to his hairs kids, brother and sister or any person whom he wanted to leave all his assets. If he died and he did not secure and entrust all the necessary details the bitcoin cannot be used by the people whom he wanted to give it. So better yet keep all the security and entrust to the people whom you think will be your successor. |
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Yuhee
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September 28, 2017, 05:56:34 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
If someone will die and has a lot of bitcoin he should atleast saved all the important datas to access all his wallets for safe keeping and entrust it to his hairs kids, brother and sister or any person whom he wanted to leave all his assets. If he died and he did not secure and entrust all the necessary details the bitcoin cannot be used by the people whom he wanted to give it. So better yet keep all the security and entrust to the people whom you think will be your successor. The same as bitcoin, death cant be predicted, what if a rich wallet owner just died unexpectedly? So it would just be lost in his wallet. And leave to his predecessors how to hack the wallet. It is just not easy to divulge where we put all our passkeys to just anyone. Because from what i see, btc assets can't just easily be tracked because of many codes and any verification in any wallet especially in a private wallet. Because for me i tend to have many wallets and not just store it on one wallet because of some risks. |
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michellee
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September 28, 2017, 08:29:30 AM |
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Bitcoins will still remain in the wallet if no one has acces into its wallet besides the owner who will be dead,no changes or transaction will happen if the user will be dead and no one will go inside its wallet
as long as there are no other people know the private keys then the bitcoin will still in the wallet. unless before he died, he tells someone or his family that he own bitcoin and tells the keys, then that person can have access to use the bitcoin from him. the bitcoin will not be use and can not be move because we don't have anything, we can only see the amount in the wallet. |
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Karen23
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September 28, 2017, 09:04:02 AM |
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The bitcoin would remain in the wallet forever. If no one know the private key no one could get their hands on that bitcoin and that would be lost forever.
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Qartersa
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September 28, 2017, 09:23:01 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
The bitcoins will be lost if the private keys are irretrievable. Since privatekeys is next to impossible (by today's standards) to be generated, then there is no way anyone can ever retrieve those bitcoins in the wallet. If it would be in a will then the best thing to do is print the private key or the mnemonics on a document separate from the will. Place it in a security deposit box and probably that would be placed in the will. |
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clip123
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Merit: 10
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September 28, 2017, 09:31:51 AM |
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This is interesting topic. One has to leave copies of private keys and educate the person on how to transfer Bitcoin. Otherwise what good the keys serve if person is unable to make sense of them.
If one passes away unexpectedly then that BTC is lost forever. So we can say that as amount BTC decreases due to lost keys and demand being same, the price of BTC will increase.
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xaviervilla
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September 28, 2017, 09:43:20 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
They need to leave all email passwords, phone numbers, all related Bitcoin wallets. Because if they do not let the family know, then the Bitcoin number will be lost. Bitcoin is not the same as gold or bank deposit, it does not identify the account owner or the family account holder. It just password and lock, email, phone number .... The f with this question? Lol. Obviously it will be gone forever. Unless someone stumbles on the diseased owner’s things amd find some private keys in one storage. Or if one of his family and friends find it. Because crypto currencies have no banks. You are your own bank when it comes to crypto currencies. So better get a lawyer to know where you hold your possesions to make sure your family gets what you have when you die. |
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Seansky
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September 28, 2017, 09:54:01 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
If one wants to transfer ownership of his/her bitcoin to someone when he/she dies, just simply open a vault in the bank. Then put the private keys in the bank's vault in form of paper or anything where private key can be inscribed. After that make a last will stating that the owner of the vault would like to pass the things inside his vault to a certain person. That way, it will go to the one whom he/she wanted to pass the btc on to when it's original holder dies. |
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Mpamaegbu
Legendary
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Activity: 2674
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Once a man, twice a child!
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September 28, 2017, 11:09:21 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
This scenario you painted is already happening. People are dying intestate and some are likely holding one cryptocurrency or the other. This is the obvious reason the 21million estimated total Bitcoin supply can never actually be in circulation. Many are already lost as at the moment. And yes it is good to leave vital information to a next of kin of wallet IDs, password and any stuff that can ensure smooth transfer once owner dies. |
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MMysterious
Sr. Member
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Activity: 972
Merit: 255
Bear season or just the beginning
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September 28, 2017, 11:12:43 AM |
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I have thought about this for a very long time and I decided to do it old school, leave a will or a note and place it somewhere wherein the only person that will only be able to access it is my direct descendant like my kid and will be able to get the note after they reach a certain age. Wrote all the necessary and important information so no one will be able to access it.
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Lieldoryn
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September 28, 2017, 11:32:17 AM |
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Access bitcoin does not require any additional information if known code. If you have a large amount of coins that you can't be sure of anybody. Known cases when inheritance is a war between relatives. May be it makes sense to rent a banking cell? The Bank will admit to it only those whom you designate in the will.
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Schuyler
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September 28, 2017, 02:06:36 PM |
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Life is too short and we are all going to die. As long as you are still alive just make sure to find your trusted beneficiary. The main risk in this plan is human error. The Bitcoins can only be pass on to the beneficiary if all the wallet pieces come together. If even one person loses theirs, not of them will be able to collect the Bitcoin.
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