What happens with my crypto when I die?

[winterblues]

Least of my problems after I die.

[StarLucas]

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...

[steelzeppelin]

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.

[MisterStylish]

This is exactly why im interested in platforms like WISH They have a platform that you can set your coins up like a trust. So you can pass your coins down to friends or family.

[jayveerastrullo]

That could be one of the badest thing to happen aside from being hacked or you forgot your password. The best way to do is go get a friend that you can trust with your btc or a relative to hold your acc if you die.

[sapnu]

Silly question right?
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.

That's a question many has been asking for a long time already. We all know how hard it is to earn bitcoin so after earning plenty, we should make sure that someone in our family knows how to access our account so if ever something unfortunate happens, all that we've worked for will be recieved by the right people and will not turn into nonsense.

[dragontigear]

That does not sound silly at all! Sometimes, I myself think that something bad happen to me, what happen to my asset. Because with crypto, you save your money in your own wallet, in case you won't tell anyone about it, or don't have a plan. Then those crypto will be in your wallet forever. So at least find some one you can trust to entrust your asset. But if death is about aging, then who know will those crypto will last until then.

Even people will die their invested crypto will continue to rise thats why you need to have atleast one family member that  you can trust to ensure a good turn over of your asset to your family.

[Tomborneque_1102]

It actually depends on how are you going to prepare or what strategy are you going to do with your crypto in case you die. the best way is don't be selfish, you have to entrust your crypto to someone who is close to you just like your loved one or one member of your family. teach that person how to access your wallet and how to continue what you have started.

[Et Hereum]

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.

[Aing]

When you die without a contingency plan, then you're screwed!

I've read about a Medium article about a year ago about a solution for this. Is it a good solution though? You decide. I'll edit my post with the link after I find it.

EDIT: Here it is: https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4

Somehow after i read this, it's truly helpful. Maybe the procedure we have to follow is quite troublesome, but if the result is very rational and good enough. So I guess we can use this solution. Just read the link above, it's very good.

[millionaireshs]

Silly question right?
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 think it sounds a new project to build. Hopefully as time goes by there will be websites that are offering these kind of security measurements so that we can be more confident about our information given that it was very important and very confidential.  What we can only do is to use the existing materials to secure our needed informations.

[Aryadwipanggah]

death did not come to suspect while we have an asset in crypto, my advice is better you start now telling all passwords that can log into your crypto account to your heir to anticipate things that are not in want so that our crypto can still be in use by our heirs when you are dead

[Surge_Dev]

I think it is up to you to decide what to do with it. the best way to share your codes with relatives before you die and they will use money or invest coins in real estate, this is the best way to save them i think

[m.mendoza]

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

maybe you can pass it to your next generation and if you hold it for a year the value might gets higher, but no one knows when will be the good timing or perfect timing for us to sell or buy. we should be patience in every transaction we have. we must be thankful also what value right now is because without this we cant support our family even just a quite small amount.

[DoublerHunter]

If there is no other person around your connections that knows the information that you have in cryptocurrency like private key and other sensitive information then there will be no use for your cryptocurrency anymore because they will not be able to get it or use it if you die because they don't have the private key or even the back up phrase.

[Viranz]

If you do not prepare your wallet data like in notepad, maybe it will be gone forever because only you have access to the wallet.

[odpadnik]

Least of my problems after I die.

Made me laugh  Thanks!

But, it may be a serious issue. I actually knew a guy (past tense) that had a bunch of cash in a bank, hidden away from his family... Took em like 15 years to find out, that he was hiding it.

So, if you have anybody you trust, make sure they can get a copy of your wallet after you visit the other end of the blockchain?

[retnoanjani]

If there is no other person around your connections that knows the information that you have in cryptocurrency like private key and other sensitive information then there will be no use for your cryptocurrency anymore because they will not be able to get it or use it if you die because they don't have the private key or even the back up phrase.

So do not let that happen, especially if the value of the asset continues to grow. So make a kind of will of ownership of your assets, of course, in ways to access the wallet. Sharing with family can be the best solution.

[Larva14]

Silly question right?
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.

There are almost infinite possibilities that can result in losing your bitcoin account like the cold wallet so an alternative for this is the cloud or online wallet. Or the best way I can see to resolve this issue is to have a partner in this industry who you can trust and knows enough to manage it if unfortunate things happen. It can be a family, a friend who will never betray you, or a love one may be.

[Baby Dragon]

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

That's good decision you make cause if you tell them about your investment I think your relatives give thanks to you. I think it is big help for them and make a request to them to continue your investment in bitcoin cause bitcoin give them good income, and if you die it will remember you cause you are the one that give them a good life in the future.