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Author Topic: Inheriting Cryptos  (Read 341 times)
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February 03, 2018, 09:40:12 PM
 #41

it all depends on you, if you want to share the key on the person you love, why not ..
we can inherit all of this. The desire to inherit money is better than inheriting a cripto coin.
This prevents the forgetting of mankind, if forget the key wallet then it is all charred.
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February 04, 2018, 08:15:43 AM
 #42

Indeed,there are several types of coins that are likely to be lost If not in control and transactions rarely done in a long time so that automatically blockchain system can be closed instantly and result in loss of assets later.

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February 04, 2018, 08:42:41 AM
 #43

     I think if you want your family or relatives to inherit your crypto,you need to educate them first about crypto. Then it's up to you if you give to them your password and private key so that they can access into your wallet. Because if ever they can't access into your wallet,those coin will be remain in your wallet and nobody can claim it.

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February 04, 2018, 03:37:55 PM
 #44

It's very simple to let somewhere our access data to crypto, in the unfortunate case we'll pass away.
The real problem is that if your relatives are not in the crypto field and you didn't "train" them, there is the risk that they will find your private keys but they wont have any idea of what to do with them.

The best way is to let a close envelop to a classic notary with all your data access AND detailed instructions about what to do.
At least, this is what I did.
 

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February 04, 2018, 03:52:45 PM
 #45

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

I think there might have been similar threads around, but I can't find it.

This has been a ongoing debate, but for me, its your responsibility on how you plan your cryptos for the future specially as an inheritance. Some says that they write it down, everything. Including private keys and passwords in case something bad has happen to us.

But I don't like to have a (automatic?)mechanism. It should be really up to the person on how he/she is going to transfer it. Personally, I haven't done anything to that effect, but I'm sure my wife will find everything on my laptop. She knows every password that I used and all about my bitcoin activity (trading / investing). Just saying.  Smiley

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February 04, 2018, 03:56:27 PM
 #46

It's very simple to let somewhere our access data to crypto, in the unfortunate case we'll pass away.
The real problem is that if your relatives are not in the crypto field and you didn't "train" them, there is the risk that they will find your private keys but they wont have any idea of what to do with them.

The best way is to let a close envelop to a classic notary with all your data access AND detailed instructions about what to do.
At least, this is what I did.
 

It's true, if the inheritors don't know anything about Crypto-Currency, they will hardly have access to the coins, in this case they would probably have to ask for third party help, what is very dangerous, as they will have no idea about what they are doing, while a third party service can have malicious intentions with your inheritors money.

In a decentralized world the responsability is totally yours, so you did right by letting instructions inside an envelope. Now it's just necessary to make sure this envelope is on a safe place, where strangers can't have access to it.

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February 05, 2018, 07:28:40 AM
 #47

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Its true that for now there is no mehanics for putting and delagating someone into your inheritors but I would want to argue that this can still be in the works for us if we can save out bitcoin wallet we can use it like a time deposit that wehn our children grow up we can hand them our wallets burtsing with cryptocurrency in the hopes that they can start and invest on it the right way
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February 05, 2018, 07:34:20 AM
 #48

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Its true that for now there is no mehanics for putting and delagating someone into your inheritors but I would want to argue that this can still be in the works for us if we can save out bitcoin wallet we can use it like a time deposit that wehn our children grow up we can hand them our wallets burtsing with cryptocurrency in the hopes that they can start and invest on it the right way

I think what we can do is trying to delegate our bitcoin to someone and teach them how to use bitcoin so we could ready when the time comes for us to transfer our bitcoin to them. I am preparing to do this to my other family and I already teach them everything I know about bitcoin so, in the future, I can give all coins to them in someday. but we can use the other way to delegate our bitcoin to them by withdrawing the bitcoin we have and then we can deposit that money to the bank for a long-term so when our child grows up, they are ready to use that money for their own purpose.



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February 05, 2018, 09:14:31 AM
 #49

Although Bitcoin is an asset but it cannot be inherited from generations to generations, since the system recognizes an entity using its identity. However, if you're looking for a general crypto locker, and the gold standard for that used to be TrueCrypt, which, alas, is dead with no clear successor. Else, you need to have at least one back up of each of these wallets. Even if you have back-ups of everything already it’s a good idea to make at least two and store them in different geographical locations. This process can actually be kind of fun on its own and give you a lot more piece of mind if all of your assets aren’t already secure.
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February 05, 2018, 09:35:24 AM
 #50

Cryptocurrency is just  like any other assets like house or landed property and willing it to a beloved one is definitely not a big deal. Just make sure to write where to find your private key or password to your wallet to your next of kin. Another important is to educate him/her about cryptocurrency, to know their worth.And make sure its someone whom you trust not to terminate you just because of your coins. 

 Grin Grin How about just writing a will and including all your details to be given to the person you want it given to after your death. Well, that is in the case that you trust your lawyer and it won't be your lawyer that will kill you first.

I actually recently came up with an idea of opening up a vault in a bank, and then having all my private keys, username and passwords written out and then keeping there, while my next of kin will be able to have access to it incase anything happens to me. Hopefully that should work. I may even combine it with the will thing anyway.
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February 05, 2018, 10:55:16 AM
 #51

We are so used to trust a central authority that it's difficult to understand that in a decentralized world we need to rely on ourselves and to take our responsibilities. It's not difficult to find a way to leave data access and instructions to our loved ones.
Actually, is something mandatory!
If you let money in a bank, your heirs can prove their right. In bitcoin this won't be possible.
So, think about it. Now. May be, tomorrow could be too late...

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February 05, 2018, 12:15:16 PM
 #52

Well bitcoin for example, is consider legal tender in Japan so I do think that Japanese citizens should inherit their family bitcoins. the problem in my opinion, is that even if they are entitled to inherit the bitcoins from a decease member of their family, if that person didn't told anyone where he would store his private keys, or seed, or something like that, then those coins would be lost forever. Maybe they could put their seed on a will, but I'm not sure they could trust a lawyer with that information. I think it will be very hard to solve those problems with crypto.

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February 05, 2018, 12:29:28 PM
 #53

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Aaaaaand that's a little and forgotten point about how cryptos are deflacionary. They sure can be lost forever with someone dies without give the means to theyr loved ones withdraw the cryptos
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February 06, 2018, 11:06:06 PM
 #54

There is no special problem in letting data access and instructions somewhere. And you can make this in complete safety.
Of course, if you don't take any precautions you money will be lost forever.
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February 07, 2018, 03:36:15 AM
 #55

Unfortunately, there is no such thing as inheritance in Cryptos. It should be done in person or by providing the details to the person who will inherit all your cryptos. We also need to undergo the hassle of teaching of teaching them how to convert crypto to cash. If their mind can keep up, we can also teach them how to trade. Crypto inheritance can also be prone to hackers so lets inform them how wild things can go in the crypto world.

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February 07, 2018, 04:21:33 AM
 #56

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

If you have a huge stash then better be in the safe side now and hire a lawyer that will be able to pass on your keys to your loved ones in case something happens. You may also choose to teach some of your family members now how to use bitcoin and access it because we never know what the future will be. It's better to be safe than sorry and what if you are their breadwinner and they don't have anyone to rely on so it is important that they know what to do in case. Maybe in the future someone would be able to do something for those coins that are inaccessible.

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February 07, 2018, 05:40:36 AM
 #57

If you have big holdings anywhere online, a gambling site, a crypto account, a bank account people don't know about, at the very least you need to leave the information for your loved ones to find and recover them if something happens to you.
You have your point because every time you indulge yourself into this kind of negotiation its kinda business already if you hold it means you take a risk for the the earnings. Cryptocurrencies is a useful for all especially to your family, in that form you can benefit a lot.
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February 07, 2018, 07:48:40 AM
 #58

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

your problem is quite simple yet substantial, you could just simply give your password and security numbers to your trusted beneficiary, in case your beneficiary are not capable of doing bitcoin transaction due to his or her age, means he is still a minor, you can hire a lawyer to instruct him to make the legal transfer of your documents, basically it is the same as transferring wealth to your loved ones when they reach full capacity to receive such inheritance. dont make your bitcoin life so complicated though.

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February 07, 2018, 09:06:25 AM
 #59

We need to start understanding the difference between a decentralised system and a centralised one. Bitcoin is simple, if you want someone to have access to your coins when the inevitable should happen, give them everything they will need to make that happen without holding back any information. Its not fiat where you get to supply your next of kin that would be contacted for your resources. Lets just learn that we cannot get everything we need at one point.
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February 07, 2018, 10:01:16 AM
 #60

... If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

You are focusing on the downside. If coins are irrevocably lost that actually increases the
value of all the coins that are still in circulation. You could even view dying with your coins
as a contribution to the cause of your fellow Bitcoin holders.

There are estimations that more than 4-5 million Bitcoin are effectively lost or
unaccessible, which would imply that the actual available supply of Bitcoin is
effectively only 16M BTC instead of 21M BTC if all coins will be mined in the future.

Besides, I think that it is inevitable that methods will emerge that allow you
to safely pass on your cryptocurrency holdings to your children or your loved ones.
Lol. Please! Do you know how much some children will be cursing their dad or mum even after death now, knowing maybe they had some huge number of bitcoin stashed somewhere and not even knowing how to access it while they are just struggling to make a living when they could be living a better life ? A lot has been lost with people now, and sure it may be good for the holders, but honestly, it is not fair to the loved ones.

I once say a meme of a wife crying and saying something like 'he has a lot of money in crypto world, but I do not even know how to access them ? What if he dies ?' I want to believe this is something a lot of people in the crypto world are already having at the back of their mind already and also making moves to make sure that what they have worked all these while for will not end up being useless once they get out of this world.
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