When Bitcoin Must Be Inherited

[Sanugarid]

~snip~
Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

The easiest way can indeed be done like that. But everyone's mind, everyone's circumstances may be different and need help by a third party to pass on the inheritance in the form of a private key to someone who has already been chosen.

Using  3rd party service for a circumstance like this may vary, we have different of way of living so some of us may not want or do not afford what it takes to use it. Why do we need to think so much about it? this also should be a matter of an amount, why do you need a jigsaw like puzzle for 0.00001btc. Now if you know your family well then you won't be needing any help of this kind of service in the future, if ever, you can just leave it open to them just before you die.

The family is the first person to know all this, because we don't know when we will die and leave this cryptocurrency asset.

Just leave voice record then!

[electronicash]

a person with good morale and judgement can turn stupid in minutes after having a wallet with more than $1M so entrusting BTC to someone that he would give it to your kid or wife may not be a good idea. hard to trust 3rd party to do that even if there is a eye biometrics system that only your kid or wife's eye can unlock the BTC. one thing that you might just have to do before dying is to train any of your kid who is interested to learn all the stuff.

[FlightyPouch]

This is very interesting question. It seems that everything is simple. You just need to transfer files and private keys on USB flash drive and give it to your relatives and that’s all. But on the other hand, if a person passes away suddenly, then in this situation your accumulations will sink into oblivion and there is no way to access them.

Im thinking about this and accidents are a surprise so we never know when will it happen. My plan is to just say it to my partner so she will be using something in the future. It might give her some wrong ideas but I will just explain that she needs to know it now. Other than that, I could just add it in my last will and testament.

[7788bitcoin]

This is very interesting question. It seems that everything is simple. You just need to transfer files and private keys on USB flash drive and give it to your relatives and that’s all. But on the other hand, if a person passes away suddenly, then in this situation your accumulations will sink into oblivion and there is no way to access them.

If you are not a loner then you will be providing all those information to your relatives especially the close ones and that is how i manage things even though i am not having a huge stash of coins right now my partner and my parents are aware of my cryptocurrency craze for years and hence they knows where to search if i perish suddenly.

[jerry0]

Isn't where you put the seed the most important thing?  I mean if you put the seed in say two different bank safes... well, you need the other phrase in the other bank etc.  If you keep it at home, well couldn't fire or theft easily make this a huge issue?  I heard about crytosteel so that protects against fires?  But where do you hide it... or is it in plain site?

[Kez1817]

I think you need to educate your family member about bitcoin so that it will not difficult for them to inherit bitcoin or any crypto wealth that you have in your wallet if ever you past away. It's so simple,isn't it? No need third party to store or to entrust your wallet password and private key.

[JuLy_A]

You can inherit bitcoin without any help, simply by giving your access to your wife, children, or to whom you want to leave them. If you make a controlling authority, then it will not be quite in the style of bitcoin, since it's not supposed be controlled from one place.

[rezakurnia66]

This thread makes me think again! It is true that we need heirs because the assets are very valuable. I will try that to accept the inheritance of course people we can trust. Children and wives are the closest people and from now on we provide this information, in order to learn about the technology of Bitcoin.

About crypto wallets that provide inherited features, the security, of course, the first priority. This inherited person is in control because they have private keys. From this moment on we begin to think about our successors. We can introduce this technology to people we believe because one day it can be useful to them.

[Reatim]

I think we just need to give understanding to access the wallet and other things related to cryptocurrency to people of the house or the closest people like our own family, when they have been introduced about cryptoworld then furthermore I just need to make note of passwords, private keys etc. stored in hardware and or other tools for storage and that is a simple way we can do it early so that the assets we leave behind when we die can still be accessed by people we already trust.

There is an advice from a friend in past to write a note having every details from passwords,private keys and even mnemonic words .

then Put them all attached in your last will and testament.

That is one of the safest way to inherit our crypto assets.

But i believe that there is one project in past that gives cryptonians have an option to keep safe their currencies in unexpected deaths.

try to check this
https://inftech.io/

Though i am not connected in that company ,i just wanna share for others to check.

[ufaiz50]

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.

It can be done, if there is an organization engaged in that field, some sort of insurance maybe? I'm very surprised by the number of bitcoins that can't be accessed, and where people can find out the bitcoins that can't be accessed. Is there a separate site for that information or information about the features of bitcoin that can be accessed. does anyone want to share this information?

Back again about institutions that move to provide inheritance rights from a bitcoin assets. Like only lawyers, that surahs or assets can be inherited in a way that complies with applicable law in the country. Maybe this will be a good breakthrough for the government to look further about cryptocurrency.

[Vatimins]

     Seems pointless at first thought but if you think about it thoroughly, the idea turns put to be quite great. I mean, the issue is real enough for everyone who owns any type of crypto currency. Since no one knows when and how they would die, it would be pretty amazing to have apps that grants family members or specific people chosen by the owner him/herself just in case some accidents happen.

     On the other hand though, the owner of the coins can brief their chosen person in advance about crypto currencies and all then be done with it so the owner can be put at ease and not worry where his/her hard earned crypto currencies would end up when he/she dies tomorrow or the day after. The only thing about this though is that it truly is quite risky in many ways.

     Or just leave everything to the lawyers and let them do their job. That is, if the owner of the coins has one or can afford one.

[pawanjain]

This is the sole reason why our loved ones betray us. Greed has become so worse these days that even siblings can kill each other for money.
Not only siblings but even children kill their parents for their inheritance. So we wouldn't want our loved ones harm us for the precious crypto we are inheriting to them.

Besides that, unless and until we ourselves don't find a way to inherit the crypto by making a will or making a secret riddle to crack the inherited crypto , it would require a third party to inherit the crypto which is against it's peer to peer payments and decentralization.

[Blackrain13]

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.

Agree with you,much better to talk your family or closest relative on how they can access your account,password and private key if ever your gone.But i think making a testament earlier with the third party like attorney is not a good idea. What if you teach your family member about bitcoin and how to use it so that they already have knowledge in bitcoin or other cypto currency,they already have knowledge on how to access a wallet and if you  suddenly disappear or gone they will find your account ,password and private in your things easily.

[sayulita]

a person with good morale and judgement can turn stupid in minutes after having a wallet with more than $1M so entrusting BTC to someone that he would give it to your kid or wife may not be a good idea. hard to trust 3rd party to do that even if there is a eye biometrics system that only your kid or wife's eye can unlock the BTC. one thing that you might just have to do before dying is to train any of your kid who is interested to learn all the stuff.

Kids aren't interested to learn this kind of stuff to be honest about finance and decentralized money n all, they just want to play Minecraft these days. So I guess it is up to you to make this boring subject interesting to your kid and teach him from early days of his life as interest will definitely grow with time and he will start looking into these kind of things by himself and then you can drop the bomb of $1M btc on him. But beware he can do anything in order to get these coins, so after disclosing your secret you would also have to sleep with one eye open.

[justdimin]

You don’t really need an exchange to handle this for you. If you have a safe in your house you can just put the keys on papers and store them in your safe just as you do with paper money. I believe that majority of those that has a safe in their house, their families are aware of it. You can then keep the key to your safe in a place that your family can access it in your room.

If something happens, they can go to where the keys to the safe is kept and then take the key to unlock the safe and have access to your crypto private keys that are stored in your safe. That way they have access to your cryptocurrency. But this depends on your situation, I do see some people that say they don’t really trust anyone in their family, so try to plan accordingly.

P.S: I don’t see why you shouldn’t trust your family members. If you don’t trust your family, then it doesn’t make any sense. Try to fix any problem you’re having with them. Your choice tho'.

[adzino]

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.

Such feature will only be available in a centralized system. If you want a crypto exchange or a wallet to provide that feature, you will have to provide the keys to them so that they can pass it on. That mean you are handing over your coins to them (by giving your key). I don't see any other way over here.
The only way you can do this is to trust them with your keys (but then again, this means you no longer own the key), or give some hints or store something somewhere they will eventually look at after you pass away.

[uneng]

But this depends on your situation, I do see some people that say they don’t really trust anyone in their family, so try to plan accordingly.

P.S: I don’t see why you shouldn’t trust your family members. If you don’t trust your family, then it doesn’t make any sense. Try to fix any problem you’re having with them. Your choice tho'.

Yes, actually it can happen. It's well known some husbands don't trust their wives, some wives don't trust their husbands and some parents can't trust their children for different reasons, then to store private keys somewhere their families know how to reach to it can be risky.
On these cases some centralization is needed and I see no problem since the holder thinks it's the best way to solve the situation. The implementation on exchanges is a valid idea, but for now it can be done by depositing the private keys at a bank account, for an example (of course with assurance).

[tourist2079]

Castoid services are facing growing demand for cryptocurrency inheritance services. This problem was not raised before the Covid-19 pandemic, but now investors want to guarantee the transfer of the accumulated cryptocurrency. Inheritance rights are transferred by cryptocentric services, they are valid after death established by the state, or they use smart contracts. Oracles obtain information about the death of the key holder from medical databases and state registries by issuing an NFT token in ERC 721 format to the heirs. Access to the multisignature or the original phrase, which is located in a decentralized storage, is opened. I read that Casa Hodl and Unchained Capital have announced this issue.

[AakZaki]

~snip~. Now if you know your family well then you won't be needing any help of this kind of service in the future, if ever, you can just leave it open to them just before you die.

the best option is to tell the immediate family. Because close relatives know about us. Services such as third parties are only an option if they do not have good relations with the family because they are related to several problems.

Just leave voice record then!

Today's sound recording is too old-fashioned. making video recordings more interesting for now, more information can be shared via video.

[Yatsan]

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.

It is good to think that you can be able to pass your Bitcoin holdings into the next generation as part of your last will or inheritance for them to have a benefit on the future.

There is no really in need of any crypto exchange or wallet that have feature like what you were thinking of because it will just make things complicated. Why in need to do that when you can instantly state it into your family or into the one you have a full trust with. If you are really worry about how you can be able to make your Bitcoins be inherited into your family if ever you already pass away, then you must start educating your family or closest relative about Bitcoin so that they would be educated on how they can have an access into your assets. That would be the best thing to do instead of relying or depending into any exchange. Just left a written or printed note where your private keys or password is in there and let them know where it is once it is really time for them to have it. Just simple as that. With that knowing you have let them know what Bitcoin is and how they can make use into it and how they can access it, you don't have to worry anymore on how can you be able to inherit your Bitcoins to them.