What happens with my crypto when I die?

[masonmason]

I figure you can utilizing on the web wallet for it, since individuals who you give your private/mystery information like email address, secret word and private key of you wallet can get to it.  that way you get to pass your cryptos to the next of kin, or else they will lay idle i your wallet forever

[Inkdatar]

Your crypto will stay as is in your wallet since we do not know when is our time end. You have to make a definite plan as where to store your crypto. Make a statement that your love ones will know about your assets indicating the procedures on how they can get their wealth from your cryptos.

[stayeduptolate]

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.

Your cryptos will be loss when you will die. Bitcoin is sustainable crypto currency and it never dies and we all that cryptos physical form does not exist so it can’t be spoiled even, it just keep on circulating from person to person, who so ever owns crypto, keeps it with protection say in the wallet with password and if you dies without letting know your password to anyone then it will be lost forever.

[kcirnhoj15]

This is the hardest thing of situation how about we keep a lots of money then we die accidentally? Are we just gonna left our money stocks forever? I should inform my brothers and sister in early before it was late but, until I live in this world i would not give them permission to access my money. That is my rule

[blue_id69]

Btw I mind it too hahah. Backup methods will need a lot of changes in the technology itself. This is a trustless system, which needs the intervention of the person holding bitcoins. No one else should be involved. The hardest part of crypto currency is listing of pin and crypto wallet information. So better to take precautions at owns end, probably make a process documentation for recovery and put it in your legal will. I will advice people to at least share their secret pin with their wife or child to avoid a big mistake when someone dies ,so that your crypto currency will not be a wast to your family when you die.

[Piranha1]

if before i die the btc still very valuable i will tell my privacy to my sun/daughter!

All the necessary things that are needed should be put into a proper storage. Members of the family like your wife and children should know the passwords and maybe you should make instructions on how this works. Let them know the importance of it.

[pjr77]

take care that your relatives get access to your wallet or specify the data in the will, otherwise your crypto-currencies will disappear after your death

[MUSFIKAR]

Yes you can use the online wallet for it, because the person you provide personal or confidential data such as email address, password, and personal wallet key can access it. This way do not worry if you lose your hardware wallet and may have an accident or another problem. The best way I know is to explain family members about Bitcoin and give them a basic idea of what is Bitcoin and how it works.

[cutehoof]

you're you own bank here so you need to have a contingency plan, tell someone you trust about your coins and wallet or give a confidential piece of paper to a lawyer to reveal to your loved ones when you die, so they can "inherit"

[baho11]

It would be nice if someone created a service to store wallets in case of unexpected loss of wallet, etc. It would be great if you could go and restore access to the wallet. Or, for example, your relatives after your death could get the savings bitcoin

[ucingucingan]

nothing happens to your cryptocurrency after you die if you do not pass the username and password to your heir, I suggest that you give your wallet username and password to your heirs so that if something unwanted happens to you the cryptocurrency that you have can be used by your heirs

[vachellie]

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.

Nothing you can do, your wallet will buried and no one will have that.
Just telling your wallet username and password to family before you dies.

[Valer4ik]

The last month has shown how much the mood of market participants depends on the reliability and security of their savings. The course bitkoina twice in the last month collapsed, and the first and second time the reaction of players was delayed. Apparently, this is due to a reassessment of risks and getting rid of a digital coin before the situation becomes clearer

[Xising]

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.

Since it is stored in your wallet or via other means, then I think that it would just be counted as one in circulation, but won't be in the circulation anymore because you will not be entering the said coins in transactions, and thus, won't be part of the system. That may be a negative because it will still be part of the coins counted in circulation, and since each coin, including Bitcoin has a market cap, then the amount of circulating coin would be less than what's on paper.

[kukurikapu]

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.

It depends whether you are sharing your wealth to your family or you are too selfish.

[cryptoplanet]

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

[rivildis]

If you have shared the details of your investment with a relative, there is nothing to worry. They can transfer those crypto to their wallet after your death.

[royalfamily1000]

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.

If the person will the cryptocurrency they own is still very safe as long as the private key to open the account is already give to a trusted family members.

[cold beer]

at some point you might consider deciding to share the key with someone important. Until then you will be serene and peace of mind.

[Cryptrx]

You have to have a contingency plan even in death, my sibling has my wallet keys so I'm safe.