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Author Topic: What happens with my crypto when I die?  (Read 2564 times)
Ranly123
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March 07, 2018, 02:11:49 PM
 #21

Silly question right? Smiley
Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?


UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at layers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of a such product. But again I realy do think it should be built decentralized and trustless.

When wallets are lost like your hard wallets or your cold storage then your crypto will be floating in the air like nobody cares what it was. Though in the case of death most probably you can have your last testament and give your wallets and passwords to someone you entrusted your wealth before you die so that your family will benefit on that crypto and your earnings.

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March 07, 2018, 02:15:52 PM
 #22

Have your information somewhere where family can find it. Better still, why not share with a trusted someone? They cannot go behind your back with this.

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March 07, 2018, 02:17:42 PM
 #23

Make a plan to have a hardware wallet to transfer the crypto to the dependents or beneficials.
If not, you will die with your bitcoin alone.

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March 07, 2018, 02:20:47 PM
 #24

Silly question right? Smiley
Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?


UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at layers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of a such product. But again I realy do think it should be built decentralized and trustless.
Yes, you can use your wallet only through the keys, take out your encrypted currency, and when you die, your family doesn't know the key, then your COINS will be kept in your wallet. You can tell your family your keys.
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March 07, 2018, 02:27:23 PM
 #25

Silly question right? Smiley
Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?


UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at layers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of a such product. But again I realy do think it should be built decentralized and trustless.

        Your a bank of your own wealth in terms of bitcoin or cryptocurrency in general. You are the only one who makes secure with your wallet. If you think what gonna happen your bitcoin if you die,i think you should told your loveones about your bitcoin private key and password or write it in a piece of paper then secure it  in a place that someday your family can find it.For more security,make a lot of copies of your password and private key then scattered it in a secured place so that if one copy will lost you have an extra copy.
         
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March 08, 2018, 04:19:51 AM
 #26

maybe there's nothing to do and if some years have passed the price of your hold is great, but it's best to put all your wallet info just as soon as your family finds it or you can tell them if you go procedure how to make money for not being able to work


I guess it is too hard to predict the time when we are going to die, don't you think? There are different ways on how people die, slowly or instantly. So, there is nothing we can do if we die and our family doesn't even know where our cryptocurrency is, and the cryptocurrency of yours would remain in this world because you can't bring it on the others side and trade, lol.

   
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March 08, 2018, 04:25:53 AM
 #27

This was already been asked if what happens with our crypto with this situation. We have to make a plans ahead of time, we can save it in a hardware and just let it know one of your love ones. You know we can't foretell our future's of what's gonna happen, if no plan at all with our crypto it will just stay as is in our wallet.


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March 09, 2018, 08:26:46 PM
 #28

nice topic; at least right now there are a lot of transaction who were lost maybe either for a basic error like wrong typing an adress of a wallet. Is really hard to find a decentralized solution for solve these problems, but i'm pretty sure there are some dev who works on it
thanks, yes in principle I thought about 4 pieces total. But look, if the secret you want to safeguard is a backup wordlist for your hardware wallet, then it is perfectly enough to have it divided into 2 pieces of steel with engraved information and have a working hardware wallet device as pieces number 3 and 4.

And you are absolutely right about the trust factor. But again, you could store one of the pieces in a safe and have a code for your safe deposited with your will in a sealed envelope with your lawyer. That way, neither your family nor the lawyer has all the info required.

Options are unlimited. The important thing is to have it thought-over really well and make sure, that your family is aware about your scheme.

When wallets are lost like your hard wallets or your cold storage then your crypto will be floating in the air like nobody cares what it was. Though in the case of death most probably you can have your last testament and give your wallets and passwords to someone you entrusted your wealth before you die so that your family will benefit on that crypto and your earnings.


A decentralized solution to program a transaction event is the smart contract. The issue is that all info is completely transparent, so should you want to encode personal info it instantly becomes public.
A solution would be separation of transaction data and sensitive info (heirs data, personal data) so that personal data could not be linked to the account and thus make it loose anonymity.

But is it necessary to have personal data on the blockchain if one (inheritant) could simply gain access to the main account if the donator hasn`t been logged in for lets say 1 year? Looks somehow similar to current lawyer solution  (with death certificate being issued and some law stuff completed takes somee time) only no third party included.

However by using this type of account for everyday transactions you and youre family are kind of secure from the day you start to use it and dont have to postpone infinitely the awkward moment of making that will and communicating everybody or going to a lawyer. 

What drawbacks do you see?
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March 09, 2018, 08:48:23 PM
 #29

if you don't trust other people and share you BTC with someone then why do you care what will happen to your Bitcoins when you will be dead in the first place?
Maybe I am selfish, but my coffin won't have pockets to keep bitcoins there, I have no intention to take them to the grave.
If you are blessed with people you can trust, then why don't you share a copy of your wallet with them?

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Mpamaegbu
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March 10, 2018, 03:25:10 AM
 #30


* house burns down along with hard wallet

I am cocksure the above will catch the attention of all those who think saving information on hardware is a guarantee for everlasting safety. I also know some people have their secret stuff written out on papers and kept in their rooms. Of course a fire outbreak can occur and all will vanish within minutes. This has really got me thinking too.

I use the above method too but I also back up on the internet via email (don't even think of guessing the address) through codes I choose which normally take another set of codes to understand them.


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March 10, 2018, 08:52:54 AM
 #31

For me, if I would die, I wouldnt let my Bitcoins die. I would be writing it in a piece of paper and secure it in a place where they will be able to find it after im gone. Big or small amount can help, and besides what would you do with bitcoin? you cant use it in the other life
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March 10, 2018, 09:21:15 AM
 #32

The moment you decide to jump into the Crypto business  you automatically turn yourself into a great thinker.
Security is a very big problem when it comes to Crypto
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March 10, 2018, 09:53:30 AM
 #33

One of the core ideas behind the creation of bitcoin is its decentralized nature and the fact that you are your own bank, any idea or project that wants to safeguard or keeps your wallet or keys for you on your behalf in case of death etc betrays the logic behind the creation of bitcoin. In the end how you make sure you dont loose your coins depends on you either you put it in your will or give a trusted third party and hope your trust is not betrayed in both cases.

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March 10, 2018, 09:57:57 AM
 #34

It is your own storage and if no one knows your keys and password then it's loss forever and will remain in the wallet forever. That is why it is recommendable to make a hardware files of it like printing in a paper, or let you family know that your involve in crypto business so they can access your account, let them know your password, pins, emails etc.

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March 10, 2018, 10:53:45 AM
 #35

This was already been asked if what happens with our crypto with this situation. We have to make a plans ahead of time, we can save it in a hardware and just let it know one of your love ones. You know we can't foretell our future's of what's gonna happen, if no plan at all with our crypto it will just stay as is in our wallet.
Indeed the future is not predictable no one knows what will happen in bitcoin, but as much as we an see the present market condition of bitcoin is the clear that bitcoin is not going to end ever, increasing demand of bitcoin can decide the life for bitcoin, it is not going to die if you die so it is good to share about the bitcoin wallet with your family trust worthy person, so that it will be protect your bitcoin to be wasted and you will be relax that you have something useful left behind for your family.

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March 10, 2018, 11:01:12 AM
 #36

That's a good question. I think everyone needs to take care of it during his lifetime. Keep them in a very safe place and in case of unforeseen circumstances, someone from relatives had access to them.

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March 10, 2018, 12:45:54 PM
 #37

One of the core ideas behind the creation of bitcoin is its decentralized nature and the fact that you are your own bank, any idea or project that wants to safeguard or keeps your wallet or keys for you on your behalf in case of death etc betrays the logic behind the creation of bitcoin. In the end how you make sure you dont loose your coins depends on you either you put it in your will or give a trusted third party and hope your trust is not betrayed in both cases.

1/ As you correctly stated, the core is in decentralization. This means that a centralized wallet compromises the benefits of crypto while a decentralized one i simply a tool to ease your life. When talking of bitcoin there is no possibility of coding smth decentralized but on ethereum you can.
2/ Involving a trusted party is against the logic of crypto, it is trustless interactions that crypto is aiming to achieve.

The moment you decide to jump into the Crypto business  you automatically turn yourself into a great thinker.
Security is a very big problem when it comes to Crypto

Mistakes are not alowed in crypto that is why you must put your most valuable organ to work Smiley
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March 10, 2018, 02:43:05 PM
 #38

this is not a silly question i think, a good question.
your crypto will remain there if the owner death.
except the owner decide to share the private key to the others.

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March 10, 2018, 03:15:38 PM
 #39

No one knows or can estimate the number of BTC lost and that can't be used anymore because of the death of their owners.

To avoid loosing your money after your death you can hire a lawyer to take the required measures and make sure that one of your relatives gets that money.
You can also tell one of your friends that you trust about your private keys and tell him what to do when you are no longer able to access your wallets.

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March 10, 2018, 03:32:38 PM
 #40

Silly question right? Smiley
Unless there is a backup method or heritage system it obviously vanishes for eternity, but the point was to discover methods that you are aware for avoiding such risks.

Well, it's not a risk, it's a certainty, but there are other risks of losing access to the crypto account aswell.
Some like:
* death... obviously
* house burns down along with hard wallet
* one can accidently loose his cold storage or hard wallet
* maybe other you figure out and I add them

So, what storage do you use to ensure your savings, or what do you think would be the best solution to overcome these risks?


UPDATE: I started this discusion because I can't see a decentralized solution for that, most of the centralized ones are largely known (wills at layers, online wallets and so on) but do not meet the security criteria as still imply a trusted party. Better simply handover the private key directly to the inheritant IMO.

What I want to determine is if it IS realy a concern for the comunity or not, and if yes than we can contribute all together to the creation of a such product. But again I realy do think it should be built decentralized and trustless.
I dont know what to do if thats really happen. but all I can say,maybe at first it is better already to say it to my family members about the accounts that I used and all the informations about it so that they know what to do if thats happen to me and teach them what to do because we dont know the time we die.and I think thats the better way.

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