What happens with my crypto when I die?

[SvonioneFromMangoCoinz]

After you die, your assets are still there but the value may increase or decrease based on the market price. You need someone to inherit the property if you die

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[eann014]

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.

Yes, we need someone can trust to take care of our investment in bitcoin cause we don't know what happen tomorrow to our life in case of emergency they know what to do in your investment.

That's true, you need a trusted one if ever something happens to you especially if you have a lot of big amount of your bitcoin or altcoins as well. You can share your private keys with someone you think is trusted, like your wife/husband or your son/daughter. That you think they can also give some importance of what you have worked.

[poletando]

this is the answer of your question
* death... obviously ( if you don't give your private key into your family, your bitcoin and other cryptocurrency gone)
* house burns down along with hard wallet (I think it will gone)
* one can accidently loose his cold storage or hard wallet (it will be gone too)

[lotwele]

Just share your password and wallet details with a family person and you will be fine. They can then easily transfer your crypto after you die.

[tushin4]

  nothing will happens with your Crypto when you will die. just give the responsibility of your Crypto to a trusted person who will never break your trust. again you can give the responsibility of your all Bitcoin to your Dear son.

[lhea056]

I was actually working on taking down notes or keeping all of my records from data accounts , password and anything that is related to crypto so I can inherit my currencies to my children or my beloved family . I will give everything to the next generation which is my children who will continue my work and the opportunity to earn more from it

[vakie1]

Your cryptocurrencies are still in the internet.
It depends on you if you have person that will inherit your bitcoin like someone that you really trust so if you did that then your bitcoins will not just die and it will continue its life from a new bitcoin user which is the person that you trusted to inherit your bitcoin.

[sneeze11]

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.

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I think it will be forgotten because no one can open it if you you don't tell anyone. For me it's better to tell someone that is important to your life about your bitcoin so that if you die there's someone that will handle it.

[eipeng]

When i die, My Crypto will handed to my family. I told my sister that all my assets in crypto is in this. I also create a guide how to open all of it. I also teach her about Cryptocurrencies so she can learn more about it.

[ordeath]

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 I was about to die tomorrow,  I think I would go to the lawyer and give him the envelope with my private keys and all the things needed to have an access to my funds, and then I would officially leave that as heritage for my children.

[arzunpathak]

You're very generous and futuristic. Stay blessed, touching words.

[POM]

I usually stay here in try to read as much as i can including all posts from everyone. I think it really helps to improve your info about the crypto market. Now this topic is also one of that i liked to read most. Nice words.
For me, probably my bro will take my everything when i die, lol.

[letstalkbitcoin2]

i think a will well spared out with vital information about wallets details including private key with a trusted solicitor will address the case of death and for fire and losses of gadgets, a back up will be an alternative to recovering wallet infromation.

[lespahten]

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.

The best way I know is to explain family members about Bitcoin and giving them a basic idea of what Bitcoin is all about and how Bitcoin transaction works. If you have high amount of Bitcoins then you can prepare a legal will and distribute your Bitcoins to your family members in  a legal way to avoid any disputes. Maintaining multiple backup copies is always recommended.

[ballexplorer]

There are many ways to keep your bitcoins or other coins safe. I do not count the individual options here.

But the question is, how will my heirs benefit if I die?

I would deposit my wallet data or my private keys securely with a notary. I would mention the notary and the reason for filing in my will.

So my heirs can use the coins. The coins will not be put on ice forever.

[vvaswert]

I think your sons or daughters will be the one whos responsible of your cryptocurrencies. Or you can give your wallet password to someone who you trust like your wife, mother, father.

[Mystogan915]

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.

My suggestion here is to share your access in crypto, or passwords, private key to your family or special someone, because when you die your crypto coins, wallets will be nothing because no one knows what is the private key of your wallet and etc. That is my suggestion because mine my special someone knows all my private keys and passwords in crypto related.

[aces777]

Your crypto will go to whoever you leave it to but if you do not leave it to anyone and no one else has the private keys to your wallet then your cryptos will be lost forever. It is good to list your cryptos along with your other assets to be left to a kin and the private keys, passwords and any other information associated with the account will be passed to them

[JavaScriptlk]

I think there are many ways  to keep things for future purpose, you should have someone so close to you that knows where you keep your things even if they don't know about crypto....So, you should share the password with at least one  person.

[gwaps012]

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 you have to centralize this to some sort of a cryptobank that insures your cryptocurrency in case of apparent death. This should be done to prevent losses in the system. Bitcoins are already small in supply, so why reduce it even further, right?

Or in the other hand you can use a successor for that, maybe one of your family members will be willing to continue your crypto career, giving this opportunity to your family to have a continues prosperous life, I think it is more practical on that way, also controlling what you have and gaining from it is two advantages of having a successor.