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Author Topic: What happens with my crypto when I die?  (Read 2564 times)
jovs
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July 29, 2018, 03:56:37 AM
 #781

It will certainly store on the blockchain system and could be mined by miners or somehow store forever without possible transaction. So it is best to have a trusted person specifically your family or your love ones to some how know how to manage you account on some unfortunate events might happen in the future.

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July 29, 2018, 04:20:00 AM
 #782

This is a reason why banks and other institutions will start introducing Bitcoin accounts soon. They might charge a small fee but like fiat money it will have some laws around it for probate/inheritance. (and the govt can also tax it of course Smiley)
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July 29, 2018, 04:33:36 AM
 #783

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.


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manfredmann
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July 29, 2018, 04:40:49 AM
 #784

Yes that maybe a good idea that if someone will going to lose their crypto it should be rewarded and transferred to another account. HOwever the problem is that the digital wallet address has no name of the individual who uses it. Another thing is that digital wallet could only be open by the owner so how will be the transfer to happen? This is block chain and everything we do here is anonymous and the account is secured by the owner itself and not with the team developer.

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July 29, 2018, 05:52:55 AM
 #785

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.

Well, I have not plan it now but maybe in the next coming months. It is really needed to tell all our assets to some of our trusted family members so that whatever may happen our tokens are secured.
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July 29, 2018, 06:36:21 AM
 #786

In death or a severe coma what will happen to our cryptos. Investing in the crypto market is a great risk and if we want to bequeath what we have earned, we must first give the necessary information to a few people we trust from our family. Personally, i did it this way.
I already prepared myself for this kind of scenarios and like you did, i also created a notebook which has the simple guide that they can use in order to track my cryptocurrencies where they can decide if they will continue working on cryptocurrency or they will turn it into cash by selling it on the market and getting the cash.

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July 29, 2018, 06:47:53 AM
 #787

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 lawyers, 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 such a product. But again I realy do think it should be built decentralized and trustless.

UPDATE 2: What do you think of a smart wallet that can release the money to a specified address (inheritant) if the primary owner does not log in for 1 year?

Your crypto will die with you.  This is sounds like a death metal song title.  LOL.  Yeah this is one of a problem about crypto, because we have to keep private key private, like people said trust nobody.
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July 29, 2018, 06:54:23 AM
 #788

I do not see a fundamental difference between access to the Bank account and access to the wallet where the cryptocurrency is stored. Both can be foolishly lost. Similarly, all this is easily transmitted when necessary.

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July 29, 2018, 06:55:56 AM
 #789

I want to put your hardware wallet safe to your family, so is a good way, if you suddenly died, so your family can be extracted by your hardware wallet to go out of your digital currency assets.

Not all death comes naturally.I will inform my  family about btc so that when the sudden death come,they already know btc.
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July 29, 2018, 07:14:28 AM
 #790

I suppose it will be stored on your wallet where do you leave it, before somebody will hack your wallet or other option you can give the passwords to your family or friend who would be able to withdraw money and give it to your.

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July 29, 2018, 07:14:54 AM
 #791

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 lawyers, 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 such a product. But again I realy do think it should be built decentralized and trustless.

UPDATE 2: What do you think of a smart wallet that can release the money to a specified address (inheritant) if the primary owner does not log in for 1 year?

It is like, "What happens to my house when I die?", right? So first of all, I assume that you definitely need to share it to your family. Needless to say it, but it is true. Do not be greedy and selfish to your family.
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July 29, 2018, 07:18:56 AM
 #792

You already know what will happen to it if no other person has access to your private key, pass phrase or login details except you. Its a permanent and forever loss when even the developer cant have access to.
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July 29, 2018, 07:21:35 AM
 #793


It is like, "What happens to my house when I die?", right? So first of all, I assume that you definitely need to share it to your family. Needless to say it, but it is true. Do not be greedy and selfish to your family.
If all could be planned, but when death comes suddenly and never anyone know. We haven't had a chance to tell all of the assets of our crypto wallet or exchanger. I think all of that will be lost if a family of no one knowing access to crypto.

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July 29, 2018, 07:33:14 AM
 #794

If you die without a plan then its your own fault. The safest way is to keep all crypto on a hardware wallet and then have a copy of the seed locked away in a safety security box in a bank or something, then leave a will to access to whomever you chosse

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July 29, 2018, 07:35:22 AM
 #795

if your family dont have any knowledge about crypto currency and also dont know about your wallet's  private key. then your assets is hidden treasure for them. and that treasure can not be recover without private key. so its better to educate to family about crypto currency and tell them to where u kept your private key.  or  before u die make a note about your wallet  n key n mention instruction how to use it.
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July 29, 2018, 07:49:49 AM
 #796

I guess it depends, if you leave instructions, passwords, email account info, in a will, trust, or with family, sure its attainable. If not, then its the same as if you lost your private key, it's gone. I use encrypted excel files with everything saved on password protected thumb drives (seperate copies) with family, and two additional ones in my possesion. Don't leave in a bank deposit box.
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July 29, 2018, 07:56:19 AM
 #797

Your Crypto won’t know you’re dead. So they’ll just wait patiently, living undisturbed on the block chain. Incurring value.

4 years after you pass, you will be worth billions. But not one will ever know...
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July 29, 2018, 07:59:50 AM
 #798

You crypto too die along with you since you the only one with  your private key and no other people can get it to withdraw your  coins.
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July 29, 2018, 08:02:42 AM
 #799

Perhaps there's nothing to do and if a few years have passed the cost of your hold is incredible,
yet it's best to put all your wallet information right when your family discovers it or you can let them know whether you go method how to profit for not having the capacity to work
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July 29, 2018, 08:14:43 AM
 #800


Of course before you get lost in the cryptocurrency field you need to point it out to your friends, cousins or family because they just benefit from being able to keep the cryptocurrency started.

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