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Author Topic: Bitcoin Holders dying  (Read 2826 times)
jsn999
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October 23, 2017, 02:21:33 PM
 #1

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)
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October 23, 2017, 02:35:36 PM
 #2

If you are worried, tell your tusted loved ones you have some bitcoins and leave instructions on how to retrieve them
mjglqw
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October 23, 2017, 02:43:47 PM
 #3

When you die without anyone having access to your privatekeys, then your bitcoin is simply lost, causing probably a slight deflation depending on how much you've actually lost.

I've read a clever solution on Reddit in the past.
Quote
Automated script method:
Have a script that will ask you every year whether you're still alive. If you confirm that you're alive, nothing happens.
If you don't confirm, and after enough retry attempts, then it will automatically send emails to all your beneficiaries with instructions on how to claim your bitcoin holdings.
If you're interested in this scripted mechanism, let me know. I can give you more details.

Not sure on what the possible drawbacks of that method is, but I gotta admit it's a pretty creative and clever solution.

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October 23, 2017, 02:44:26 PM
 #4

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Where have you seen this?  Grin
Most of those involved with crypto are those who have some technical understanding and if they have significant holdings in BTC rest assured that they have made arrangements about how to deal with their holdings post death.
Most people have backups of wallets hidden/encrypted and even copies of their encryptions in case they forget etc.
I wouldn't worry too much about it. Even if they do manage to 'lose the coins' look at it positively. It means there are fewer coins available (lower circulating supply) so your BTC would be worth more.

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October 23, 2017, 02:47:16 PM
 #5

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


That's probably going to be the reason for Bitcoin dying. When this current generation dies it's highly unlikely many had plans for it to move to their next to kin.
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October 23, 2017, 02:51:09 PM
 #6

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)

If all bitcoin holders do really fail to pass up those bitcoin holdings to their loved ones then those bitcoin cant really be accessed forever yet those private keys hasnt been known which means if all do have the same situation then bitcoin would possibly die.This is why when we are holding sufficient amounts we should really always think up on the probability on this kind of situation.

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stompix
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October 23, 2017, 02:51:50 PM
 #7

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Do you specialize in providing burial services?

How do you know bitcoin holders are missing and where have you seen this?
Furthermore how do you know they haven't told their relatives "not survivors" (this's ain't Lost) the passwords for their stash?

This is just stupid, a stupid assumption backed by assumptions all written in poor English.

Give me one single example of a bitcoin holder that has died and his family can't access his coins.
A selfie with you near his deathbed, because you claim you have seen them yourself, would also be helpful.


sunno330
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October 23, 2017, 03:02:41 PM
 #8

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Those post is given for knowing about this. Yes, you will lost your bitcoin if someone hack your wallet/password.
No, bitcoin don't going, not missing. It has on live. More over some people are curious about this.So people posting this know about the correct news.

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October 23, 2017, 03:03:17 PM
 #9

I have prepared it, my wife and my son I try to teach what is bitcoin, I do not want to happen noise due to loss of Bitcoin, all it takes full trust to my wife and son because Bitcoin is no form just need a password, and email address ..

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Coffee135
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October 23, 2017, 03:03:23 PM
 #10

I think anything difficult will not be releasing a few coins to replace lost. But why do it? First, the end production will not be soon. Secondly the number of lost coins cannot create a critical mass in order that it might be a hindrance. Thirdly the more lost coins the more will our coins.
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October 23, 2017, 03:10:37 PM
 #11

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Its true, this could be a massive issue. But this problem has persisted for decades in the precious metals markets. It is prudent for people to leave the proper steps to those who would inherit their money. Steps need to be proactively taken so your funds are not lost forever.

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October 23, 2017, 03:12:56 PM
 #12

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Do you specialize in providing burial services?

How do you know bitcoin holders are missing and where have you seen this?
Furthermore how do you know they haven't told their relatives "not survivors" (this's ain't Lost) the passwords for their stash?

This is just stupid, a stupid assumption backed by assumptions all written in poor English.

Give me one single example of a bitcoin holder that has died and his family can't access his coins.
A selfie with you near his deathbed, because you claim you have seen them yourself, would also be helpful.


OMG Welcome to the forum.

Let me put it another way because your grasp of the English language does not allow you to work out my simple sentences.

It is not beyond the realms of possibilty that holder(s) of Bitcoin will die.

Secondly, amongst those holders there is the possibility that when they die, they have not made provision for the transfer of their Bitcoin to next of kin, loved ones etc.


Hope that clarifies matters
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October 23, 2017, 03:13:19 PM
 #13

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.

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October 23, 2017, 03:21:32 PM
 #14

Make a note that is stored safely, and you can give it to the person closest to you, do not let your hard work lost in vain. may be useful for people we care about.

LoyalCoin
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October 23, 2017, 03:22:18 PM
 #15

Yes if you haven't shared your private key or password of your bitcoin wallet with any of your relatives than when you will die all your bitcoin will be inaccessible.

Alternatively you can open a locker account in any local bank near by you, store private key/wallet passwords/paper wallet in that locker and write your relatives name in your will who will get access to those locker after your demise.

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October 23, 2017, 03:36:42 PM
 #16

If you are worried, tell your tusted loved ones you have some bitcoins and leave instructions on how to retrieve them


That is real greed in some way when people just over protect what they have due to issue of trust. A colleague did mention in a Platform that one should if possible, write out all details about one's access to the wallets and keep it as a WILL later to be given to one's beloved/children. Bitcoin is an asset and shouldn't be taken for granted. As one is acquiring more and more, documentation is very key. It is worthless to garner wealth only to be lost due to carelessness and stinginess!

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October 23, 2017, 03:37:07 PM
 #17

why not just leave instructions on a testament?
It seems secure to me, I think ...
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October 23, 2017, 03:46:17 PM
 #18

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.
yeah right we need to make sure that its not only us who knew about our wallet information so if ever things happen to us they can still have access
and still can continue our access, better to teach them in a proper place than being sorry after, bitcoin will continue as long as holders knows what to
do from their investment.


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October 23, 2017, 03:51:35 PM
 #19

If someone die his coin forfeited but always you can give your id etc your wife or children in testament

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October 23, 2017, 03:52:05 PM
 #20

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.
yeah right we need to make sure that its not only us who knew about our wallet information so if ever things happen to us they can still have access
and still can continue our access, better to teach them in a proper place than being sorry after, bitcoin will continue as long as holders knows what to
do from their investment.
Perhaps creating a last will before dying, including in it the recovery seed and doing a little education for your family will solve the issue.

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