What happens with my crypto when I die?

[P60]

The risk of loosing crypto when you die can be reduce by letting someone in your family knows your private key. Can be your wife or husband, anyone in your family that you realyy trust.

When you die, your cryptocurrency will stuck in your wallet unless your family has an access on it. Thus, your family can have it or continue to hold it for you.

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[ansarose1]

I prefer to let know my wallet address to my loveones, whenever i die, my crypto in wallet is still used and get by my loveones, and by that they can used it and hipefully they can get it or withdraw it with knowledge upon getting crypto.

[pltgksl]

You have to teach BTC world to someone because of heritage of your btc

[MommyElsa]

It will keep it that way,  nobody will be able to access your wallet unless you will share it with your family. It is better to share your important details with your wife or husband to let them do the things and process what is needed  when your gone.

[green_fish]

If you don't tell your cryptocurrency wallet to the person you trust the most, you have accidentally passed away, and your cryptocurrency disappears!
So we need to tell the wallet to the most trusted people to prevent some accidents from happening!

[Astermony]

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.

Yes I agree. You should transfer your account to any member of your family and orient them how to use the crypto currency. By this way you can make sure that even if you gone there is a person that will continue what you have started.

[fairyvibes]

It always pays to have a back up plan incase you die,  but make sure it is someone you trust with the money and they wont just blow it on useless shit.

[Altf4]

If I will not die from accident , but dying through sickness, maybe I can lay to my trusted member of the family all the details about bitcoin, passwords , private keys and other things needed to activate your investment, give this all informations before I will die so that it will not be waste for your investment.

[yoshua27]

if you die then bitcoin you have can not be sent to others unless others know your account data and password

[DainSLane]

When i die i see to it that all the information of my assets are all in my computer all the password and how to transact my crypto currency into exchanger site, so that all my assets in crypto will be useful to my family and to their future.

[luigidosado]

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 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?

There's not much law that covers about your digital assets specially your crypto account since most of governments still does not support it. But by common law if you want to make sure that your digital assets are secured, first, you must at least have a back-up copy for your hard wallet or cold storage. In this way, you can secure your account even if something unexpected happen to it. In terms of death, you might consider sharing to your family your account, have them a copy of your documents together with the password so that they will be able to access all your digital assets.

[engrlodi]

Well your cryptocurrencies will stay on your wallet and it will be stack there until the bitcoin die (if bitcoin dies). Unless you will give your private key to your family or friends then the cryptocurrency will sell of your loved ones and they will enjoy it. It can be useful to your family and it can help by your family. You can't bring your cryptocurrencies in heaven so that you can give your wallet address to your family.

[Zainal-baguz]

if I die I will make the crypto I have for my family's inheritance. and so on I will use for good charity like for donation to poor people and place of worship and good place according to my religion .

[Suketlapangan]

if I die, surely the digital money will disappear just like that, because the death of someone no one knows, far before I need a very trustworthy family openness, about where and how I get and save money, so the heirs can continue it .

[jovs]

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.

[crycur]

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 )

[kr105]

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.

[manfredmann]

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.

[wolfdragon]

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.

[DoublerHunter]

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.