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cryptojac17
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October 05, 2017, 09:46:41 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 owns bitcoin died he/she must state in his /her will every information needed to open btc account..and leave it to his/her lawyer as persons life seems so unpredictable.. This is a brilliant question since BTC is anonymous and confidential in forms only you who own the account wallet knows the passwords this is not like some other investment that you can assign somebody as dependents that can claim legally your asset in case you pass away since BTC is decentralized system there is no law concerning on this matter.in order that you can hand down your asset to your family or love one’s it is just mutual trust to the person or persons whom you believed you can rely on to leave all information regarding password, account name, and other necessary information. |
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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Pivo
Legendary
 Offline
Activity: 1876
Merit: 1000
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October 05, 2017, 09:50:34 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
I think he needs someone which could explain it better and teach those who will inherit it in case he will die or either way he can create a video with him explaining it step by step while the Attorney has the will as how will they distribute the inheritance. |
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TheUltraElite
Legendary
Offline
Activity: 2870
Merit: 1221
Call your grandparents and tell them you love them
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October 05, 2017, 09:56:24 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Bitcoin is not owned by anyone. The number of bitcoin belonging to a specific address is accessible only to the person who possess the private key or seed words. If the owner of such a private key dies without having kept and backup for their successors to access it then the coins are lost forever in the blockchain and are not retrievable. Thus one should keep a backup with proper instructions for their successors to use their bitcoins after their death - Otherwise they are lost. |
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Sled
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October 05, 2017, 10:10:34 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Bitcoin is not owned by anyone. The number of bitcoin belonging to a specific address is accessible only to the person who possess the private key or seed words. If the owner of such a private key dies without having kept and backup for their successors to access it then the coins are lost forever in the blockchain and are not retrievable. Thus one should keep a backup with proper instructions for their successors to use their bitcoins after their death - Otherwise they are lost. Indeed, that is what we need to do in order to make sure that everything will be going okay even we are in the end at of our life and need to leave the world. Bitcoin is a very complicated thing for a person who is not educated about it so it is better to make back ups and put some instructions on it so if something goes wrong then they can still use it. |
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mbelosto
Member
Offline
Activity: 60
Merit: 10
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October 05, 2017, 10:21:32 AM |
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interesting, so at some point no more BTC will be mined and a lot will start to go out of use
so the rate should increase and after some time the amount of currency may decrease so much (stay at unused wallets) that it will become unusable ...
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Coffee135
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October 05, 2017, 10:29:11 AM |
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I understand those people who care about their savings in bitcoins in case of a sudden death. But why leave bitcoins in legacy? If your heirs do not recognize bitcoins, then it won't do them any good. If the heirs know what is bitcoins and how to use them it is more convenient to give them in managing their accounts in advance.
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lordquanta
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October 05, 2017, 10:40:24 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 owns bitcoin died he/she must state in his /her will every information needed to open btc account..and leave it to his/her lawyer as persons life seems so unpredictable.. This is a brilliant question since BTC is anonymous and confidential in forms only you who own the account wallet knows the passwords this is not like some other investment that you can assign somebody as dependents that can claim legally your asset in case you pass away since BTC is decentralized system there is no law concerning on this matter.in order that you can hand down your asset to your family or love one’s it is just mutual trust to the person or persons whom you believed you can rely on to leave all information regarding password, account name, and other necessary information. Another way would be to store the bitcoins in hardware wallet and keys required to open it should be stored in the vault or locker. I mean both the hardware wallet and keys should be stored there. And keys to access that particular vault should be granted to the person you wanted to. This way no one will know what is inside the locker is. and desired person only gets to know what is left for him or her. One needs to make sure that detailed instructions should be written on piece of paper or in any other form available for intended person to retrieve those coins when needed. When secret is shared with more than one person, it no longer remains a secret. Thus above mentioned way is more useful. |
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Fundalini
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October 05, 2017, 11:40:51 AM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
Those bitcoins are good as gone if no one knew the private keys to his/her wallet. To avoid such incidents where the owner suddenly dies, it would be wise to have a cold storage and somehow instruct someone to open it only in the right time. |
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machinek20
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October 05, 2017, 12:00:09 PM |
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If the owner dont leave the password or private key, then the bitcoin will stuck forever and can be consider gone because the account dont have any reset password feature
And it can be included in the will if that person want to give it to someone, give the password or private key to the person that you trusted and give the wallet id to the person that you want to give
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kpcian
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October 05, 2017, 12:48:30 PM |
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Bitcoin is very secured platform for every users, so that if you don't have the password then how can you withdraw your Bitcoin. so that if some one passes away without giving her or his password then those amount of Bitcoin will not be explored. so it will be worthless and stuck.
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xvids
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October 05, 2017, 12:51:45 PM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
I think you should just have to save your wallet's password or the offline wallets that you are using to hold your bitcoin, And give it to someone you want to use it or the person you want to have it. |
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BigBall
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October 05, 2017, 12:58:48 PM |
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This is main reason why I remember my bitcoin wallet password on my laptop always,also email password.If I diea somebody will be easy able to cashout my bitcoin or wait until it grow more.I have really good antivirus,I know how to not be hacked and I am not scared.
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faceoff97
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October 05, 2017, 01:10:00 PM |
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The truth is, once all the private informations were not revealed and cannot be retrieved, the bitcoin stored will be out of the flow. It will be considered as burned bitcoin. Bitcoins which are out of the flow is one factor which causes the bitcoin value do increase. Every year, there were large volume of bitcoin recorded that was out of the flow. For you to be able to secure and keep your bitcoin from being wasted, try to keep the private information to another storage which close related someone can access it in a specific time. Loss bitcoin is really advantage for other users, thus for you to keep it away from losing forever, make a wise storage of all the most important information about your bitcoin.
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btcjocan
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October 05, 2017, 02:13:13 PM |
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The truth is, once all the private informations were not revealed and cannot be retrieved, the bitcoin stored will be out of the flow. It will be considered as burned bitcoin. Bitcoins which are out of the flow is one factor which causes the bitcoin value do increase. Every year, there were large volume of bitcoin recorded that was out of the flow. For you to be able to secure and keep your bitcoin from being wasted, try to keep the private information to another storage which close related someone can access it in a specific time. Loss bitcoin is really advantage for other users, thus for you to keep it away from losing forever, make a wise storage of all the most important information about your bitcoin.
It may have an advantage but it also has disadvantages if you keep the information of your bitcoin in your family because they cannot access your account when you die. So, if that's the case, it's better to tell your family ahead of time that you had a bitcoin account and you will going to reveal it through the papers that you will put in a secret place that only your trusted child or let's just say members of the family would be able to access and will have it in the future. |
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Almat
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October 05, 2017, 02:31:57 PM |
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Unfortunately, they are lost forever. Most people write their seeds or private keys on pieces of paper though, so some might be retrievable. I wish there was a way to recover coins that have been out of circulation, but such a backdoor would surely have consequences on security. It's also worth noting that, the lower the supply, the more value Bitcoin could potentially have.
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paul00
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October 06, 2017, 11:10:33 PM |
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This is a vey interesting topic. I don't have the actual answer for this but i am curious of what will really happen when a bitcoin owner died. In my opinion, the bitcoin of the died person can still be continued by someone who knows his or her access on bitcoin. I have this opinion since personally i have someone who knows my access of account in bitcoin. However if the case is not like mine then i think his/her account and money would still be on his wallet and maybe the admin of this website has somebody monitorung each accounts and one thr account has been inactive for certain period of time they would just purge the account and have the money as their profit.
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layoutph
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October 06, 2017, 11:31:26 PM |
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If you have a huge BTC amount, and you didnt share the private keys and password to your loveones, and you died unexpectedly.. That BTC is lost forever. Mch better talk to your lawyer and family about your lastwill. Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
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Mikasa77
Member
Offline
Activity: 140
Merit: 10
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October 06, 2017, 11:31:52 PM |
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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
I think the person who will die will give all of his/her accounts and wallets to the person he wants to manage it. In that way, even the person already died, his/her account will still be working but the bitcoin and money that will be earn, will be given to the person who manages it. It is either his/her family, relatives, or close friends. |
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Sled
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October 07, 2017, 12:08:49 AM |
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If you have a huge BTC amount, and you didnt share the private keys and password to your loveones, and you died unexpectedly.. That BTC is lost forever. Mch better talk to your lawyer and family about your lastwill. Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.
If you will not share your ideas and the secrets of your bitcoin to your loved ones then it will be hard for you to be comfortable that if you will die then your loved ones will get the bitcoins. It is better to assess to a lawyer and ask for some agreement that if you will die then he will give the instructions that you made for them in order to get the bitcoins. |
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cryptoivan85
Newbie
Offline
Activity: 12
Merit: 0
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October 07, 2017, 01:25:04 PM |
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My family knows about my investments and they know I have "bitcoins in my computer"
A few months ago I burned a dvd with my wallet.dat and a txt file with very detailed instructions. Including all my online wallets and exchange accounts login details. With that they will be able to access all my coins and sell them for local currency. Or that's what I hope. If they don't understand my very detailed instructions, then they don't deserve my bitcoins LOL
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