Crypto After Death?

[Noobaru]

An interesting question. It's a problem, because as you said, only the dead owner has the access to the private key. One solution could be a timer, which demands a user to somehow refresh his wallet yearly or monthly (if it has substantial funds) in order to have further access to it. If he can't do it, he is presumably dead and the private key goes through the blockchain to the entitled person (the delivery of it is problematic), that he specified upon wallet creation. Sure, there are problems with kidnapping or being stranded on a lonely island, lol. But at least funds go to the person, that you trust the most.

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[nelson4lov]

Damn! That's a breathtaking question from OP. You just hit the nail on the head. In recent times, I've been thinking about life lately and I just realized should something happen to me in the next future (God forbid, by the way) that, how would my family have access to personal and exchange wallets? I wish there's somewhere I can store a self triggered note with all my private keys and password.

[Kelvinovie2]

An interesting question. It's a problem, because as you said, only the dead owner has the access to the private key. One solution could be a timer, which demands a user to somehow refresh his wallet yearly or monthly (if it has substantial funds) in order to have further access to it. If he can't do it, he is presumably dead and the private key goes through the blockchain to the entitled person (the delivery of it is problematic), that he specified upon wallet creation. Sure, there are problems with kidnapping or being stranded on a lonely island, lol. But at least funds go to the person, that you trust the most.

Your idea is quite nice, but you have said it all, because everything that has advantage comes with disadvantage as well, just like in insurance company where people would wanna cheat the company when they pledge life insurance, someone can just plot your kidnap and after time exult he/she gets all your funds lol.

[louisBSAS]

Damn! That's a breathtaking question from OP. You just hit the nail on the head. In recent times, I've been thinking about life lately and I just realized should something happen to me in the next future (God forbid, by the way) that, how would my family have access to personal and exchange wallets? I wish there's somewhere I can store a self triggered note with all my private keys and password.

Knock tattoos with private keys on your body. This will help relatives to access your wallets.

[EdenHazard]

You can provide private keys to access the wallet of the person you trust, such as a wife and you can make a secret document or and elfish when you will die later. Indeed, if someone does not have a private key to access a wallet, then the cryptocurrency in the wallet can never be taken. The decentralized system in cryptocurrency was designed as such, the system gives full rights to people those who use it, in contrast to centralized systems such as banks, they trust a party to manage other people's assets.

[crenfrosck]

Well, this is a situation I have not imagined yet  . I am totally sure there is always a way to keep your private keys for your kids etc. Leave it in your last will and there will be no problem. On the other hand, there are circumstances which cause a surprising death of a person. Therefore I would advise telling your family members "hey, you know, if something crazy happens, you can always find a solution in this box." It is an empty space on the market from which has no one came with a solution yet. We never know what is waiting for us tomorrow and we should be prepared even for this scenario.

[Qiuyue201]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

And then it can be considered as a lost coin. remember no one can access it and that means the amounts of token will always in that wallet. this case has already happened with bitcoin. It will decrease the total supply of bitcoin because any lost coin with various reasons can't be opened again.

[cchub]

Do you need to worry about it now? Yes. So do something now. Invest with caution and give your family copies using Shamir Secret Sharing or some web of trust protocol.

[VPScreator]

I did not think about it, but still my best friend is also engaged in crypto-currencies and he understands this no worse than me, so if I die, he will be able to withdraw money and give it to my family.

[jrrsparkles]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

If the owner of the wallet is no more or he lost his private key to the wallet means then the funds will stuck into that wallet forever since it is impossible to retrie the informations from the blockchain network so it is important to save our private kets in the manual format and let our family members to access it when we died.

[SuiMikira]

Nothing will happen, the coin will be at the wallet forever and it become useless because no one can use it.

[darkangel020716]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

Pretty obvious, it will stay on that wallet forever, as long as therei s no one knows that persons private key it will remain untouchable.but for me this kind of idea is un necessary, because i all i want to do is to make money for my family needs, and when the time come for me to rest forever, i will tell to my wife all the information about it before i die, all informations from the start for her to understand easily this crypto and she can get my money outside crypto, or if she wants to continue my journey.

[Desscount]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

in other words no one can access it other than the wallet developer.
yes, that's what will happen. but it is very small in probability, so crypto or altcoin will never move again from the wallet.

[Black Coffee]

I had anticipated this by storing all the data such as the wallet address and private key into the flash disk and printing it into a paper. I have saved all the exchange account data there and this has been prepared if one day I experience something bad.

[tsaroz]

I have too always wondered about that. Unlike other asset and cash, it's invisible and no one would be there to look for the owner. Its something like buried treasure, if you didn't properly shared where you hid it, it would be lost forever. And unlike treasures no one would able to find it by any luck.
Saying so, a large amount of bitcoin and crypto are already lost by losing it's owner and it would be best to share your knowledge of funds to your immediate relatives or partners.

[rosezionjohn]

Unless there's a documentation of those private keys and phrases, those coins/tokens are as good as gone. I am not sure but I think there's a project that's planning to deal with this kind of situation.

[Enzos]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

If it's a lightweight wallet, then the relatives of the dead can definitely get it, right? These relatives only need to know the payment password. If there is no light wallet and no private key, then these assets may be equivalent to being frozen. Until one day, someone can open this wallet, or it will always exist. Everyone can see it, but can't move it.

[gatilocoin]

Have you ever wondered what will happen to your cryptocurrency when you die, for those holding huge funds, what have you put in place to make sure your kids or family benefit from your crypto savings.
This is quite fascinating because if you know someone with huge crypto savings and he gave up the ghost, I wonder how such families would benefit from his savings since he alone has the private key to his/her wallet.
I guess this is one reason some user still prefer banking Institutions, because they made provision for next of kin unlike crypto.
So my question is what happen to those crypto when the owner of such wallet is no more and no one has access to such wallet?

I remember in 2017 I saw ico, which solved this problem, but they did not collect enough money.

[acidburn14]

That is similar to putting your money in the bank without someone knowing it. If you accidentally died then those crypto that you are holding will be stock in your wallet. If just in case in the near future I will be holding a lot of crypto's then i will make a letter like last will of testament for my family to inherit it.

[Kelvinovie2]

You know most exchange site and wallet has put in so much security measures just to secure our wallet from preying eyes. From phone verification, to email, to pk, to 2fa and even recovery questions and all, some of us use like all security measures, I think cases like this it's gonna be very difficult to share details to even family.