What happens with my crypto when I die?

[Nabobs Robi]

When I see that bitcoins have not been affected for more than 5 years on purses, I have the idea that their owners died and did not give their personal keys. I think this is to reduce the supply on the market. it's easy to give all your assets passwords to your child or family. because it can be a family heritage or we can donate to people who can not afford. like a poor man .

[warkop121]

I think you can use the online wallet for it, because the person you provide your personal / confidential data like your email address, password and personal wallet key can access it. We have to make a plan beforehand, we can keep it on the hardware and let it be the one you love. You know we can not predict our future about what will happen, if there is no plan at all with our crypto it will remain as in our wallet.

[justapache]

It's actually depending on where you're storing your Bitcoin. If you're storing them at your cold wallet like an USB then your family could receive it in case it's not protected with password.
If you're leaving in your MEW then you have to pray that your family will find out your private key for that MEW wallet.

[blue_dragon]

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 you died and no one did not know what is your private key then probably your bitcoin will stuck on your wallet and it will not go somewhere. If you tell someone about your private key then they can open and use it.

[yesyes18]

I haven't any plans regarding that as such. But you have a good point though! We really need to assess that aspect and get backups for our funds and assets when we're not around. I suggest maybe if you have some children you start teaching then about these things and get them acquainted with crypto, but shouldn't give then access to funds yet. Maybe when they grow up and you think it's the right time, you can keep your passwords and important files at a trusted lawyer and then he may hand it over to your next of kin when necessary.

[fatmia95]

Interesting post

Your post is boring too

[gonlavy]

We all are mortal and oneday we might die, it’s true. We all know we can’t live for a long time so that we give birth, we keep someone, I mean your child. That can be anyone chosen by you. We can make a way to give them our cryptos. Like time-capsule.

[necromastery]

If you died and no one did not know what is your private key then probably your bitcoin will stuck on your wallet and it will not go somewhere. If you tell someone about your private key then they can open and use it.

Because of that, something does need to be inherited. At least to your trusted friends who understand the crypto. Although later he will use it for himself or give it to your family, at least it will be useful.

[syntac]

When you die of course the crypto you have will disappear but still in the blockchain network and can not be accessed by others and disappear from market circulation. Therefore you should prepare a kind of letter containing all the crypto information and prepare a hard wallet backup to be inherited to a person desired by you.

[Vsamuel]

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.

These are invariably inevitable events which all crypto investors must prep for.
I personally have put in place some contingency plans to secure my funds and make it available to my family after I'm dead. However, I have no plans yet for the other hypothetical situations.

Hence I might lose my funds entirely should any of the above should happen.

[royalfestus]

It depend on every individual and should be properly planned to ensure a safe transition. Its a big asset that can turn to a great fortune for one's descendant. I believe the private keys can be stored and kept on flash drives or paper in a safe place in the house that fire and water cant reach. I also feel in the seeable future its hard copy will be kept in the bank

[rehydrogenated]

Having something terrible happen to me and my family not knowing how to find my seed words has been one of my biggest worries. My particular problem though is also that my family doesn't really know what bitcoin is, and they don't really care. Any detailed instructions I write, I need to write down on paper, but that could get lost in a fire or some such. If I put instructions on my computer or in the cloud, they could be found by a hacker...but more than likely no one in my family would even bother to look lol.

[Aroma92]

I myself have been thinking about this idea for a long time. Indeed, if you consider bitcoin, then the coins will be lost, forgotten, transferred to strange wallets ... And the most interesting is that this only makes bitcoin more and more expensive, since it's getting smaller and smaller!

[assyla]

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

If you died and no one knows what your wallet key then your bitcoin will stuck up on your wallet, which is not a good idea to have, sometimes sharing your keys to one or limited people is a good one so that if there is terrible scenario happen they can easily open it.

[fortnite]

 When you die , everything else will be remain at the world , except you, of course we all know that you are not going to take it with you ,  so maybe if there is chance, you can leave at your friend or at some family member , so he/she can look after your crypto .....

[James ssi~]

Having something terrible happen to me and my family not knowing how to find my seed words has been one of my biggest worries. My particular problem though is also that my family doesn't really know what bitcoin is, and they don't really care. Any detailed instructions I write, I need to write down on paper, but that could get lost in a fire or some such. If I put instructions on my computer or in the cloud, they could be found by a hacker...but more than likely no one in my family would even bother to look lol.

I think one of the best thing to do is secure it, and have a successor or one of your relatives to have a knowledge about bitcoin and to continue your legacy in the world of crypto, that will be your last will and testament for your family.

[muhammedb]

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.

Same question on my mind, if I die today what will happen to my cryptocurrency. But after many think I guess I have the solution to my own aspect, I think will be teaching my young once how to used crypto since I don't have kids yet and secondly I will safe my asset and keep it where they can have access incase anything happens.

[Jackolantern]

don't think about death but be prepared to it because we need to protect our coins from the hackers and anybody who would get it without taking efforts. you need to have some safe place, a wallet for them and let your close person have access

[DunnDy]

At this moment, Bitcoin is anonymous enough that it would be unfeasible for example to entrust your Bitcoins inheritance. Perhaps with the development of cryptocurrencies, it will be possible to connect some of the wallets for crypto, which would allow for the transfer of funds that would be lost. Everything before us remains only for us to wait for the situation to develop.

[Yudai]

 When you die , everything else will be remain at the world , except you, of course we all know that you are not going to take it with you ,  so maybe if there is chance, you can leave at your friend or at some family member , so he/she can look after your crypto .....

I definitely agree with your statement. But if the holder did not leave his/her bitcoin to his/her trusted person, then the crypto will remain and could be consider as ghost money.