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Author Topic: If you die, what will happen with your coins?  (Read 3827 times)
aitorp6
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October 13, 2017, 07:53:54 AM
 #1

Hi there

I have been thinking about this for a while and I have seen the same question in the Spanish thread. So, if you die do you have a plan to give you currencies to your relatives?

This is mu strategy: I have copied the paper wallets in a usb key, compressed with a password. The usb key contains a file with the instructions to guess the password (you have to know me in person). This usb has been put in my house, in the drawer, with some clothes. So if anything happens suddenly to me, I hope that my family, one day, will remove my clothes off and the usb will appear.    If the follow the instructions the will keep all the money.


Any other ideas?

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CarlOrff
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October 13, 2017, 08:20:35 AM
 #2

Hi there

I have been thinking about this for a while and I have seen the same question in the Spanish thread. So, if you die do you have a plan to give you currencies to your relatives?

This is mu strategy: I have copied the paper wallets in a usb key, compressed with a password. The usb key contains a file with the instructions to guess the password (you have to know me in person). This usb has been put in my house, in the drawer, with some clothes. So if anything happens suddenly to me, I hope that my family, one day, will remove my clothes off and the usb will appear.    If the follow the instructions the will keep all the money.


Any other ideas?
Very simple : coin owner is the private key owner.
No taxes to give yours privates keyx to the person you want : in your family... or not.
That is freedom, even after your death :-).

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October 13, 2017, 08:43:10 AM
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So if anything happens suddenly to me, I hope that my family, one day, will remove my clothes off and the usb will appear.    If the follow the instructions the will keep all the money.

Quite risky!
I have many usb sticks, external hd:s and some computers. I would not count on my family to actually have time to go through every usb stick they find. I certainly do not.

Why not just tell them, that you have bitcoins, and that there is a hidden USB to look for.... Or give more specific instructions.
Or store a copy in a bank safety box or something.

Nice idea to encrypt it with something that only persons who know you can access  Smiley

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October 13, 2017, 09:24:58 AM
 #4

If I die nothing will happen my coins. They will stay on the blockchain, just like they have always been and always will be. Same as your coins and every other of those 21 million Bitcoins.
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October 13, 2017, 09:36:18 AM
 #5

I would say it just as with fiat money. However instead of someone being able to find it physically you will have to leave them the private key or they will not be able to recover your coins.
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October 13, 2017, 09:39:57 AM
 #6

If I die nothing will happen my coins. They will stay on the blockchain, just like they have always been and always will be. Same as your coins and every other of those 21 million Bitcoins.

Have you read the OP? I doubt.


BTT. OP I think what you did is great. Actually I going to do something similar Grin
Thanks for the idea.

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October 13, 2017, 10:33:48 AM
 #7

If I die soon, a trusted friend will know how to get to my coins. If I die later, I want to make a treasure hunt type of thing for my family (or whomever I decide to join) and get them to solve things in order to get the seed words.  Grin

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October 13, 2017, 11:46:59 AM
 #8

I suppose your coins will be frozen if there won't be anybody who know your private key. Technically it means that coin supply will be reduced = price will grow.

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October 13, 2017, 12:13:43 PM
 #9

Hi there

I have been thinking about this for a while and I have seen the same question in the Spanish thread. So, if you die do you have a plan to give you currencies to your relatives?

This is mu strategy: I have copied the paper wallets in a usb key, compressed with a password. The usb key contains a file with the instructions to guess the password (you have to know me in person). This usb has been put in my house, in the drawer, with some clothes. So if anything happens suddenly to me, I hope that my family, one day, will remove my clothes off and the usb will appear.    If the follow the instructions the will keep all the money.


Any other ideas?

or you can tell them all about the information about your coins and what should they do to get that. because if anyone get lose that usb key, it will lose all your coins in out of no where. so you better to tell them mostly your family that you want you to give your coin. i think thats a great idea.

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October 13, 2017, 12:52:57 PM
 #10

My girlfriend has the passphrase though she's still unsure as to what it really does. I'm very open to her since she's the only family I have left around me so whatever happens, she'd still receive something from me when I'm gone. We're not that rich, she can still work, but whatever happens to me, she can just recover the wallet and sell it if she wants. I'm also slowly teaching her about the coin just in case the inevitable happens too early, so I know she'd do good.

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October 13, 2017, 03:35:07 PM
 #11

Leave specific instructions is the best way to insure that your family gets access to your coins. Almost like a Will, you have to leave private key written down with directions and store it in a safe place.
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October 13, 2017, 03:49:44 PM
 #12

Ensuring your relatives have access to the private keys is a quite difficult task. While your idea is good, as others have pointed out there is no guarantee they will actually know that the USB flash drive has bitcoins.


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October 13, 2017, 05:37:05 PM
 #13

What will happen if you die without anyone having access to your private keys? Your bitcoin will be lost forever.

Personally, I have one brother and one sister. So just so the funds would go to a family member when I die, I'd probably give the first half of my wallet seed to my brother, and the second half of my wallet seed to my sister. The only issue with this is you definitely need to trust them to not steal you bitcoin while you're still alive.

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October 13, 2017, 05:40:26 PM
 #14

I would say it just as with fiat money. However instead of someone being able to find it physically you will have to leave them the private key or they will not be able to recover your coins.

I have informed to the close by about the bitcoin and how where it. So they are aware about it. You should be telling your spouse, parents or relatives, friends about it so that atleast they are aware and whom you can trust it. So that atleast those can be used and not get wasted.

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October 13, 2017, 07:38:46 PM
 #15

Hi there

I have been thinking about this for a while and I have seen the same question in the Spanish thread. So, if you die do you have a plan to give you currencies to your relatives?

This is mu strategy: I have copied the paper wallets in a usb key, compressed with a password. The usb key contains a file with the instructions to guess the password (you have to know me in person). This usb has been put in my house, in the drawer, with some clothes. So if anything happens suddenly to me, I hope that my family, one day, will remove my clothes off and the usb will appear.    If the follow the instructions the will keep all the money.


Any other ideas?

Make sure you either have a will, layout out who gets what and doing it in an appropriate way, ie getting it notarized, making sure someone has a copy, ect.  Another option is making sure your immediate family (wife, kids, mom, dad, brothers) know where to look and the steps needed to be taken in order to access the funds if something were to happen.

Its good that people are talking about this, as it is important.
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October 13, 2017, 08:43:20 PM
 #16

It's recommended to setup a system so that if something did happen to you, then you would have someone who could transfer the funds to a relative or friend. It's basically  will and you can set it up exactly how you would with other currencies or valuables.

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October 13, 2017, 10:17:11 PM
 #17

If you did not tell your private key to anyone, you would just loose all coins, as nobody will get access to them.
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October 13, 2017, 10:58:13 PM
 #18

The good part is, if the price of cryptocurrencies continues going up, the Bitcoins you store will be worth much more for your family.


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October 13, 2017, 11:52:58 PM
 #19

Because of this I'll think of a way for my two kids to inherit my coins  Grin Thank you for that suggestion but I'll probably just tell my kids that I have stored something for them when I am gone and probably teach my eldest how to retrieve those coins if something happens.

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October 13, 2017, 11:59:43 PM
 #20

I've been thinking about this too. I usually have the keys of my coins in a safe place in my house. If anything were to happen to me I would hope my family would look at it and inherit whatever is left. Now I think about it, I should probably add instructions on how to use it now I think about it. Grin

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