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Author Topic: Bitcoin Holders dying  (Read 2826 times)
Restmand
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October 24, 2017, 01:05:09 AM
 #61

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 a good idea if Bitcoin have automated script method which ask the holder if he was still alive. That is the best idea to put in Bitcoin also give the love ones the access to its Bitcoin with his permission. If you die in a accident you money that you save will be wasted if your family cant access your Bitcoin or inherit your Bitcoin because you died. Also its no a good thing that your savings will not use by you or your family its just a big waste if it is not going to used.

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Xenrise
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October 24, 2017, 01:14:12 AM
 #62

That is why we have emails in which it acts like a storage in storing your private keys, passwords and etc. And you should let your trusted love ones have those passwords.

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October 24, 2017, 01:16:44 AM
 #63

Kind of sad to think of this happening to anyone. You being gone and your next of kin knows nothing of the wealth you have gathered and it just sits there for all eternity. I've heard stories that there were some BTCs bought way back in 2013~2014 that got lost due to people dying or losing passwords and stuff. Thank you for bringing this up. I'll be making plans now. That automated 1-year proof-of-life check seems plausible. But I would reduce the time to around 2-3 months for more frequent checks and faster resolution once needed.

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October 24, 2017, 01:55:04 AM
 #64

I have mine in a ledger so i don't worry that much, my wife just have to plug it in my laptop and then type in my password then it's all hers.  Grin Anyway, I always keep my ledger in a safe place.

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October 24, 2017, 02:09:39 AM
 #65

basically what are you talking about is true. when the bitcoin wallet holder is dying/ die. then no other than that person is gain access to that person wallet. better scribble some in a paper than save in safest place around  Smiley so your dearest still can gain access to your wallet for the future  Smiley

Ararbermas
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October 24, 2017, 02:20:30 AM
 #66

To avoid that problem we should make some backup in case in emergency like what op talking. All of the important things that have access to your funds must be in the safe place let your family knows about it . Teach them also how to manage your account early to avoid that issue. It may cost a huge lost if there's now one knows about it . Also if your wallet has a large amount of btc.
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October 24, 2017, 02:56:34 AM
 #67

I know only one service who carrying this situation. Not sure if I can spell the name of the company. But for the scripts and other automated actions there are some legal problems. How will they declare this gift if there are no documents about that? It is not so simple as it seems. You may write it in your testament and it may help but no guarantees.

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CryptosapienZA
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October 24, 2017, 03:18:18 AM
 #68

A few months ago I posed this question to bitcoiners. I recieved very interesting responses. However what was apparent was that most are not prepared for the own death even though death is the destiny of all of us living beings. Perhaps you can go though this thread and you cab get a lot of ideas on how to prepare so that your coins are not lost forever. https://bitcointalk.org/index.php?topic=1983410.msg19747666#msg19747666

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October 24, 2017, 03:23:25 AM
 #69

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

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October 24, 2017, 03:46:41 AM
 #70

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)

This certainly happens and the actual bitcoin number will decrease, and its value will increase. If it is stored on the hard drive then that will be the end but it is stored on the web wallet then it still exists.
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October 24, 2017, 03:55:41 AM
 #71

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)

Of course you need to make sure your survivors have access to private keys, etc., in a secure manner.

However, it is also very important that they understand how to access your Bitcoin or other crypto assets and how to transfer them or convert to fiat.

Any instructions that you provide you should keep updated as technology evolves and/or your crypto holdings diversify.  Consider providing them with contact information for a trusted friend that can help them take possession of the assets.

Of course, if your survivors understand crypto, then your job is easier.  But at this point we are the trailblazers, most do not understand cryptocurrency.  That will change in time, but one never knows which day will be our last.

coinbd
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October 24, 2017, 04:00:48 AM
 #72

Those Bitcoin can not actually be permanently accessed, yet those who do not know what the private is, which means that if there are all the same situation then Bitcoin will probably die. When we are in sufficient quantity, we always think about the probability of such situation.
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October 24, 2017, 04:07:10 AM
 #73

Well i don't think this would happen if a person knows he's dying already. Of course these will be measures to be made to pass on all assets to family members. The thing is, you don't really give out your password and all wallet codes to other people, including your family if you're not thinking about dying yet. It just won't cross your mind.
mevmike
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October 24, 2017, 04:18:05 AM
 #74

i have all my private keys in all of my crypto coins on several flash drives.
and all of them in a secured place.
and there is other persons whom i trusted the details about its presence.
therefore i am not that worried if ever i passed away (hopefully not now LOL)
i will still be able to leave my earning to people i loved.
Cheesy

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October 24, 2017, 04:20:30 AM
 #75

I don't think so that bitcoin holder is dying but according to my opinion this is totally wrong. because bitcoin holding is very profitable way of investing in bitcoin. because the rate of bitcoin is mostly increasing and when they keep their coin for more time then they will get enough money by selling their coins because at that time the rate will most probably increased enough from the present rate.

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October 24, 2017, 04:30:53 AM
 #76

back up your coins bro and then secure it to someone you trust . Maybe to your family, just in case that something bad happen you'll know that everything you've worked for is in good hands and quite usable.

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October 24, 2017, 04:33:48 AM
 #77

I don't think so that bitcoin holder is dying but according to my opinion this is totally wrong. because bitcoin holding is very profitable way of investing in bitcoin. because the rate of bitcoin is mostly increasing and when they keep their coin for more time then they will get enough money by selling their coins because at that time the rate will most probably increased enough from the present rate.

I am still alive though along with several of my good friends and their families Smiley It is still good and I think I will only stop holding and just selling when the price of bitcoin reaches to $10000 each Smiley

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October 24, 2017, 04:39:16 AM
 #78

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)

Your point is valid but Bitcoins users are not dumb, sensible users have plans and wayouts to deal with such a situation. I am not married yet so I have already shared my details about bitcoin earnigs with my brother and there will be no problem for him to access it after my death but not before then.


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orions.belt19
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October 24, 2017, 04:46:34 AM
 #79

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.

This would be preferable and a better method so that your bitcoins won't get lost forever however what would happen if you forget to confirm that you are alive? Then that would pose another problem and you may lose your bitcoins because of that. Also, I think that the beneficiaries should know enough about crypto and bitcoin to be able to recover the bitcoin holdings. Just getting to recover it would be useless if they do not know how to utilize it. That would be useless and they may misuse the bitcoins. However, this may be the best possible solution out there in the event of a death.

If a bitcoin user were to die without leaving it to anyone, then it would just probably get lost forever. It's going to be a waste.
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October 24, 2017, 04:58:17 AM
 #80

I think thats wrong for me bitcoin holders for now is get rich now and altcoins holders for get busted for now because all altcoins go down example neo,eth,omg and bcc i think this comming November to December bitcoin is going up again and january to october all coins again will get back for the same price again.

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