Bitcoin Forum
December 10, 2016, 12:56:46 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Don't Let Your Bitcoins Die With You! How to give them away after you die  (Read 1619 times)
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 04:32:45 AM
 #1

The Problem: While you are alive it is unwise to give anyone access to your bitcoin wallet, however if you should die unexpectedly (we all go someday), or are otherwise incapacitated; How can you provide access to your wallet for your heirs, ensuring the funds aren't just left inaccessible in your hard drive ?

The solution I propose is to use a service that allows you to schedule an e-mail to be sent at a later date, like  boomeranggmail.com if you have a gmail account, or lettermelater.com. For those using Microsft Outlook check here office.microsoft.com/en-us/outlook-help/delay-or-schedule-sending-e-mail-messages-HP001232817.aspx#BM1.

In the email you could send the passwords needed to access your wallet.dat file. Alternatively you could send the wallet.dat file itself as an attachment(preferably encrypted with password protection).However, I would caution you from sending the wallet.dat file as an attachment without first letting the receiver know your intentions, as some people would be concerned about opening an attachment from someone who is dead!

A major concern though is the danger of e-mails being intercepted and read by other parties. To solve this you could use a personal hint which only that person would know which would provide the password to unencrypt the attached wallet file. Better yet you could use PGP to secure the whole message.

I would suggest scheduling the e-mail to be sent in about a year's time plus another message sent to yourself about a month in advance reminding you to delay the message for another year.

A similar scheme can be used in general to give others access to your digital content that you may not want to share while you are alive.

Anyways let me know what you think  Cheesy
1481374606
Hero Member
*
Offline Offline

Posts: 1481374606

View Profile Personal Message (Offline)

Ignore
1481374606
Reply with quote  #2

1481374606
Report to moderator
1481374606
Hero Member
*
Offline Offline

Posts: 1481374606

View Profile Personal Message (Offline)

Ignore
1481374606
Reply with quote  #2

1481374606
Report to moderator
1481374606
Hero Member
*
Offline Offline

Posts: 1481374606

View Profile Personal Message (Offline)

Ignore
1481374606
Reply with quote  #2

1481374606
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481374606
Hero Member
*
Offline Offline

Posts: 1481374606

View Profile Personal Message (Offline)

Ignore
1481374606
Reply with quote  #2

1481374606
Report to moderator
1481374606
Hero Member
*
Offline Offline

Posts: 1481374606

View Profile Personal Message (Offline)

Ignore
1481374606
Reply with quote  #2

1481374606
Report to moderator
DamienBlack
Jr. Member
*
Offline Offline

Activity: 56


View Profile
July 05, 2011, 04:33:58 AM
 #2

Or you could just put it in your will... like most people do with things they plan on passing on after death.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
imperi
Full Member
***
Offline Offline

Activity: 196


View Profile
July 05, 2011, 04:35:21 AM
 #3

I plan on storing my wallets onto a USB stick, and burying them in the sand on a desert island. I will draw a map to get back to them, using proper cartographic methods. Upon my death, my closest relatives will receive the map along with my other belongings.
wolftaur
Member
**
Offline Offline

Activity: 112


View Profile
July 05, 2011, 04:37:40 AM
 #4

Encrypt the wallet with an extremely secure passphrase, put it on a USB stick, and put that in a safety deposit box and either leave the contents to your intended recipient in your will, or, use delivery on death if the bank has this feature.

Then put the passphrase on another USB stick and give that to the intended recipient.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 04:40:32 AM
 #5

Or you could just put it in your will... like most people do with things they plan on passing on after death.

That is true however that requires giving access to your wallet to someone else while your alive. Another point is that many people using bitcoins are young and haven't felt it necessary to otherwise spend the time and money to draw up a will.
DamienBlack
Jr. Member
*
Offline Offline

Activity: 56


View Profile
July 05, 2011, 04:42:02 AM
 #6

Or you could just put it in your will... like most people do with things they plan on passing on after death.

That is true however that requires giving access to your wallet to someone else while your alive. Another point is that many people using bitcoins are young and haven't felt it necessary to otherwise spend the time and money to draw up a will.

Then I doubt they feel it necessary to set up any other on death system.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
casascius
Mike Caldwell
VIP
Legendary
*
Offline Offline

Activity: 1344


The Casascius 1oz 10BTC Silver Round (w/ Gold B)


View Profile WWW
July 05, 2011, 04:44:04 AM
 #7

Use a Paper Bitcoin Wallet (see my sigline).  Should be pretty straightforward.  Lots of grieving people will understand how to handle a piece of paper and redeem a code, versus trying to follow a script of decryption instructions.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 04:47:19 AM
 #8

Or you could just put it in your will... like most people do with things they plan on passing on after death.

That is true however that requires giving access to your wallet to someone else while your alive. Another point is that many people using bitcoins are young and haven't felt it necessary to otherwise spend the time and money to draw up a will.

Then I doubt they feel it necessary to set up any other on death system.

The reason for not writing a will when young is mostly because they don't have much money, and are generally okay with what they have going to their closest relatives. With bitcoins however if no measures are taken they could be lost forever.
gjy4ygfds
Newbie
*
Offline Offline

Activity: 11


View Profile
July 05, 2011, 10:45:42 AM
 #9

http://www.deadmansswitch.net ?
ben-abuya
Sr. Member
****
Offline Offline

Activity: 323



View Profile WWW
July 05, 2011, 11:39:42 AM
 #10


Actually, this is already built into Bitcoin:

http://forum.bitcoin.org/index.php?topic=5194.msg147032#msg147032

http://lamassubtc.com/
Lamassu Bitcoin Ventures
netrin
Sr. Member
****
Offline Offline

Activity: 322


FirstBits: 168Bc


View Profile
July 05, 2011, 01:12:32 PM
 #11

I understand, the secret key is only about 60 characters long. You could hand write that in a will.

Greenlandic tupilak. Hand carved, traditional cursed bone figures. Sorry, polar bear, walrus and human remains not available for export.
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 03:46:04 PM
 #12


Yup, that's the basic idea, though I don't see any way of configuring when the messages are to be sent with that.
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 04:00:57 PM
 #13

I understand, the secret key is only about 60 characters long. You could hand write that in a will.

That would work, however that requires actually writing up a will. Plus there isn't much legal action you could take against the holder of your will if he decides to spend your bitcoins!
davux
Sr. Member
****
Offline Offline

Activity: 289


Firstbits.com/1davux


View Profile WWW
July 05, 2011, 06:09:24 PM
 #14

There are 2 issues that are specific to bitcoin wallets:
  • you still want to be able to use it while you're alive
  • the wallet must be backed up again after each transaction

So burying it in the desert or leaving it in a secured box won't work.

You would need to be able to send an up-to-date version regularly (daily), so it must be stored online. (Which means you must of course encrypt it.)

The only challenge here is to inform the right person of the password and the URL. Maybe split the information: leave the URL in your last will (the legal one, an automatic email, etc.) and give the password to your friend while you're alive, or the opposite.

1DavuxH9tLqU4c7zvG387aTG4mA7BcRpp2
México (Oaxaca) – France - Leeds
Kasmal
Newbie
*
Offline Offline

Activity: 15


View Profile
July 05, 2011, 07:31:14 PM
 #15

You would need to be able to send an up-to-date version regularly (daily)

If it's your savings wallet that you never touch you don't have to worry about that. Even if it's your wallet used for daily transactions you only have to worry about coins involved in transactions after 100 new keys are generated, see here https://en.bitcoin.it/wiki/Securing_your_wallet#Technical_Background.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!