When Bitcoin Must Be Inherited

[glowing10]

It’s better to share the details with close family members so that once you are not their others can make use of it and can sell and get the money as they would require money at that point of time. So, either can share with siblings/spouse/children/relatives or whoever is close to you and needs to know so you can let them know to take care of it when you are not their around.

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[concept2]

Actually, if you can make a reasonable email which provides information about your relatives and proof of identity, there is a high chance you can inherit those crypto available on an exchange or a wallet. But I guess if you want others to use your coins if you pass away, you just simply write a testament that includes your account name, email address, password as well as 2FA authenticator and all the information that is necessary. And remember to give them instruction on how to use cryptocurrencies. There are still many people unfamiliar with this new technologies.

[ololajulo]

One of the better ideas that I've discovered so far is the use of multisig.

A 2-of-4 multisig is set up for the user. 2 of the key is held by the owner while one of the key is given to the heir and the other is included inside one of the clause of the will. That way, the heir cannot access the funds without the key being released from the will. There are several services that does this for you for a small fee.

It is a very good development to prevent the massive loss of bitcoin while the asset could be transferred to ones progeny but how many projects are looking into this, most project wants to create their coin and mop the bitcoin and ethereum order in the trade. There few concern to this security and integrity of transfer of asset.

[Alucard1]

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

There are some wallets that cannot be passed unless the owner of it gives the password of his account to other but still cannot change the accounts identity. If the mass adaptation occurs, these kind of system should be fixed right a way or else the Bitcoin of the user dies without expecting it will be hurried under the sea and no one can access on it that might end up being a trash on crypto economy. Mass adaptation is really getting closer so we should really make ourselves ready for it.

[DevilSlayer]

As of now, I do not have any reasons for me to tell my private keys and password to acces my different portfolio and my wallets to my family or relatives because for me it is careless decision. You may have misconception but it is not that I do not trust my family, I'm just afraid that they may use it in not good ways. I know that we humans have not information about when we will die and it is the reason why I have now plan to write my private keys and password and I will keep it in my cabinet.

[bitbunnny]

It’s better to share the details with close family members so that once you are not their others can make use of it and can sell and get the money as they would require money at that point of time. So, either can share with siblings/spouse/children/relatives or whoever is close to you and needs to know so you can let them know to take care of it when you are not their around.

One of the solutions is to save all relevant data about your Bitcoin wallet in some external memory, like USB and store it somwhere safe like bank vault or something. Of course, your family members need to know that information and how to get it in case that something happens to owner or there is need for inheritance.

[kayvie]

One of the solutions is to save all relevant data about your Bitcoin wallet in some external memory, like USB and store it somwhere safe like bank vault or something. Of course, your family members need to know that information and how to get it in case that something happens to owner or there is need for inheritance.

Or maybe in the google drive. Of course, the account that will be used is the account that was not being used in any online activity to keep it safe but the details were shared to someone dear to you. This is what I was doing right now, and I am sure that if ever that there is something bad happen to me, my bitcoin will be inherited to the person I trusted.

[crustycrab666]

As of now, I do not have any reasons for me to tell my private keys and password to acces my different portfolio and my wallets to my family or relatives because for me it is careless decision. You may have misconception but it is not that I do not trust my family, I'm just afraid that they may use it in not good ways. I know that we humans have not information about when we will die and it is the reason why I have now plan to write my private keys and password and I will keep it in my cabinet.

If in your family no one understands the use of cryptocurrency, then the key access you leave will not function optimally. Start educating one of the people you are closest to and trust, teach the cryptocurrency ecosystem, so that when you really "go" then there is one person who can use it well. It will function more optimally.

I share everything with my wife, I teach her about many things related to what I do in the crypto world. So, one day I "go" first, I feel calm because my wife already knows what she must do. We also keep all important notes related to the wallet in a book.

[Kelvinid]

As of now, I do not have any reasons for me to tell my private keys and password to acces my different portfolio and my wallets to my family or relatives because for me it is careless decision. You may have misconception but it is not that I do not trust my family, I'm just afraid that they may use it in not good ways. I know that we humans have not information about when we will die and it is the reason why I have now plan to write my private keys and password and I will keep it in my cabinet.

It was your decision, sometimes we can't fully give trust to our family for some reason. And not also because they are your family or our relatives we can entrust everything we have but crypto is different, careless hands will cause damages.

And for me, I'll do the same. Only I give them some hints and overview of what is crypto and how it does, may exposing them is good to help but handling our private keys and password is a little bit sensitive. We need to be more careful because a single mistake is very regrettable and we already know what will happen next.

[Savemore]

As of now, I do not have any reasons for me to tell my private keys and password to acces my different portfolio and my wallets to my family or relatives because for me it is careless decision. You may have misconception but it is not that I do not trust my family, I'm just afraid that they may use it in not good ways. I know that we humans have not information about when we will die and it is the reason why I have now plan to write my private keys and password and I will keep it in my cabinet.

If in your family no one understands the use of cryptocurrency, then the key access you leave will not function optimally. Start educating one of the people you are closest to and trust, teach the cryptocurrency ecosystem, so that when you really "go" then there is one person who can use it well. It will function more optimally.

I share everything with my wife, I teach her about many things related to what I do in the crypto world. So, one day I "go" first, I feel calm because my wife already knows what she must do. We also keep all important notes related to the wallet in a book.

Yes it is good idea to share and to teach them the concept of cryptocurrencies and how to use it. My wallet have bitcoins and some altcoins and I also told them that when there is bad thing happens to me, just open the vault in my room and they will see my private keys around it. We should have copy of our private keys and store it in a safe place for us to ensure that our family can use it whenever there is something wrong happen to us.

[Assface16678]

Crypto exchange will fix the inheritance for their customers? that's not a good idea imo.

You can set this on your own and just like what you have said on that report, there are people who have already planned it well. It's a matter of talk and discussion to your closest relative how you can give bitcoin to them as your last will.

I think this is not a good idea too because it's like a hassle for this kind of features again for the development team of the exchanges and also the aim of their platform is to have the word "Exchange" or "Trade" they don't want to be a time capsule for everyone just want to store their funds and wait for the one who will open the account and inherit all of those funds because all of the responsibility of keeping those are in the user only you don't need to have to get more problematic because of this kind of action.

Also, it is not good storing your funds to the exchange because it takes a lot of trouble what if they want to close the platform so there are no rules about it according to them because they always take a not before leaving to the world of exchange and also for sure there is a time an allotment for those who want to get their fund, better to store those into the safe wallet or better withdraw your funds and cash it out immediately no problem to the user at the same time to the developer team.

[boyptc]

Crypto exchange will fix the inheritance for their customers? that's not a good idea imo.

You can set this on your own and just like what you have said on that report, there are people who have already planned it well. It's a matter of talk and discussion to your closest relative how you can give bitcoin to them as your last will.

I think this is not a good idea too because it's like a hassle for this kind of features again for the development team of the exchanges and also the aim of their platform is to have the word "Exchange" or "Trade" they don't want to be a time capsule for everyone just want to store their funds and wait for the one who will open the account and inherit all of those funds because all of the responsibility of keeping those are in the user only you don't need to have to get more problematic because of this kind of action.

Also, it is not good storing your funds to the exchange because it takes a lot of trouble what if they want to close the platform so there are no rules about it according to them because they always take a not before leaving to the world of exchange and also for sure there is a time an allotment for those who want to get their fund, better to store those into the safe wallet or better withdraw your funds and cash it out immediately no problem to the user at the same time to the developer team.

It is not a good idea.

We can't entrust our funds to the exchanges which shall be inherited by any of our children or relatives or whoever we want to give it. There are too many factors to consider that we shouldn't consider doing it if the time comes they will start offering such service.

[radjie]

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

This will be a big problem if there is an application service or site regarding the heir to a personal Bitcoin wallet holder in the future, even though the linked site is fully trustworthy and can store our security keywords, it will not guarantee 100% safe, because it is very likely that it will invite more scammers to create similar fake sites or can even invite more hackers to be able to crack security keywords

[junnar1968]

Based on my research. Bitcoins are stored in a virtual wallet. A separate “private key” allows the owner access to the wallet's contents. If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside.

[BITCOIN4X]

This will be a big problem if there is an application service or site regarding the heir to a personal Bitcoin wallet holder in the future, even though the linked site is fully trustworthy and can store our security keywords, it will not guarantee 100% safe, because it is very likely that it will invite more scammers to create similar fake sites or can even invite more hackers to be able to crack security keywords

Not many user agree with this idea being developed. There is no guarantee of security if the private key of our asset are held by someone else. Small amount may not be a problem, but if there are enough asset, it will increase the risk of loss on the part of the owner. There are simpler ways if someone want to inherit asset to his family after death, and one of them is a private lawyer.

[CucakRowo]

Based on my research. Bitcoins are stored in a virtual wallet. A separate “private key” allows the owner access to the wallet's contents. If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside.

Let me correct it. It is not "based on my research". That sentences are completely wrong. You should say this : "Based on Cointelegraph article research" (& i did some cyrillic works).. bla bla bla

[VanityWallets2015]

This will be a big problem if there is an application service or site regarding the heir to a personal Bitcoin wallet holder in the future, even though the linked site is fully trustworthy and can store our security keywords, it will not guarantee 100% safe, because it is very likely that it will invite more scammers to create similar fake sites or can even invite more hackers to be able to crack security keywords

Not many user agree with this idea being developed. There is no guarantee of security if the private key of our asset are held by someone else. Small amount may not be a problem, but if there are enough asset, it will increase the risk of loss on the part of the owner. There are simpler ways if someone want to inherit asset to his family after death, and one of them is a private lawyer.

This topic is something that I haven’t really thought about and I am glad that I get to read people’s opinion.
I see the point that this could become a new way for scammers to form schemes and it is not really guaranteed. I think that a lawyer is a good idea.
But won’t there be any issue that Bitcoin is not part of the government regulation but will be took care by a person of the law? Anyway it’s just a wild thought.

[0nline]

BTCBTCOver the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.

[ichi]

We can accomplish that without giving our private data to an outsider, rather than depending on a unified association to deal with the passing on our legacy, we ought to do that without anyone's help by getting our friends and family engaged with the business we're into. On the off chance that you don't instruct them and make them experience passionate feelings for the innovation, they're probably going to auction every one of your coins on the off chance that they get their hands on them when you're no more. Rather than keeping them as home in spite of the fact that trade not many to deal with dire necessities. Teach your cherished one on bitcoin.

[Francis Freeman]

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

Not here to shill and I don't own it but I think Safe Haven are developing something called Inhereti which solves this very purpose.it's kind of a digital will that you pass on.
Have a look at the details on how it works though as I haven't read it in depth.