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blatchcorn
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October 09, 2021, 05:14:37 PM |
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If you don't tell or give hints about your Bitcoin to any of your family members/relatives and you die, your BTC will be lost forever as no one will have access to your wallet. What i have suggested all of my friends to solve this problem is using a pendrive to write down all the keys of their wallet and how much assets they're holding. This will help his family members to get back all other assets after his death.
Not your keys - Not your coins. BTC is just like gun, the owner is the one holding it. Its because of this feature that I have shared necessary details of my BTC holdings with few of my family members who I trust the most. I read that there are many BTC's abandoned because owners lost the keys or owners are no more in the world. |
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nira09
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October 10, 2021, 06:00:40 AM |
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
If you die and your family doesn't know that you own a digital asset, Be it Bitcoin or Altcoin, then it will be like a hidden treasure without anyone knowing. It won't be able to move and use forever, unless your family or friend accidentally finds your document containing the private key or recovery phrase and he knows how to use it. Then it will be your very valuable inheritance. |
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breathlessz
Member
 Offline
Activity: 770
Merit: 12
Trphy.io
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October 10, 2021, 06:14:31 AM |
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
If you die and your family doesn't know that you own a digital asset, Be it Bitcoin or Altcoin, then it will be like a hidden treasure without anyone knowing. It won't be able to move and use forever, unless your family or friend accidentally finds your document containing the private key or recovery phrase and he knows how to use it. Then it will be your very valuable inheritance. at least informing the closest relatives about the private key that holds our assets is a wiser choice. especially if we are married, of course the money can later be used for the survival of our abandoned family. Of course we don't want our family to be in trouble in terms of the economy, while in fact we still have assets for their lives |
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Lordshiva
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Welcome back 🙏
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October 10, 2021, 10:04:56 AM |
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This is worrying Question if a person die what will be with his Bitcoin. Most of us hide our accounts with our nearest peoples and do not tell about account status account accessibility methods, we should write all these details in our personal diaries that after one death his family can approach to accounts.
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ringgo96
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October 10, 2021, 11:12:05 AM |
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If the bitcoin assets you currently hold do not tell anyone including your family, then your bitcoin assets will be left behind forever if you are dead, but if you want to inherit your assets then all the private keys you have for now tell your wife or your child so that they can enjoy the assets you left behind, for now there are many bitcoins that have been locked and can not be used again maybe it is due to the loss of keys. Personal or other problems.
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Wildwest
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October 10, 2021, 12:12:08 PM |
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This is a problem that we have to solve because bitcoin assets are only private and we cannot use third parties, so in this case if we have a bitcoin asset so large then there is no harm in us telling one of our can trust to tell the private key to unlock our assets if later we leave this world, and for now many bitcoins are left unbeknown to their owners and this will be wasted for good.
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Kodok Bencot
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October 10, 2021, 01:36:37 PM |
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Bitcoin with a private key consisting of 52 characters is very difficult to remember, I wrote a private key in the agenda book which contains a lot of information about accounts payable so that if I die someone will find my bitcoin, bitcoin is a digital asset that we must provide various information to family members we trust.
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Blawpaw
Legendary
Offline
Activity: 1596
Merit: 1027
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October 10, 2021, 02:47:03 PM |
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
Charles-Tim, presented you with two fair enough options to endure your kids will access your funds if you die. However, the fact is that almost every "Bitcoiner" is not prepared and has no clue on how to proceed. If you die today and you haven't told your kids how they can retrieve your coins, the outcome will be most likely that your coins will be tightly locked onto your wallet forever. IMO, I think we should be prepared. We should always share some important passwords with our kids and let them know about cryptos and how everything works. As a safeguard you could stash all the important documents in a suitcase. Over there you can leave clues on how to access your funds. |
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LimLims
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October 10, 2021, 03:01:45 PM |
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This is really an interested topic to discuss upon, but yes the trust is that no one wants to face this scenario.
But as you know, if you don’t have the access to private key, then cannot have access to wallet, same happens here.
If a user dies, then along with him, the coin and wallet too buries with him.
Yes we need to wait for some future time when some new sort of agreement should be made along with the wallet.
If the owner dies, then someone he will be knowing should be able to access the keys.
Soon in future many things are possible.
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Assface16678
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Activity: 1372
Merit: 134
★Bitvest.io★ Play Plinko or Invest!
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October 10, 2021, 06:09:31 PM |
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Still a bitcoin, without its owner. If you didnt give your passcode or write it if this kind of events happen then your btc will be stored in void. No one can touch it unless you gave it to someone who is close or your relatives to be exact. Better for them to use the asset rather than being nothing at all.
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skarais
Legendary
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Activity: 2478
Merit: 2096
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October 10, 2021, 06:32:33 PM |
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Still a bitcoin, without its owner. If you didnt give your passcode or write it if this kind of events happen then your btc will be stored in void. No one can touch it unless you gave it to someone who is close or your relatives to be exact. Better for them to use the asset rather than being nothing at all.
Without the private key, the bitcoin are not yours. In fact, a lot of people forget the private key of their bitcoin wallet because maybe bitcoin wasn't as valuable as it is now. They don't back up anything and that make them lose access to the wallet so the bitcoin will be frozen on the blockchain irreversibly. From the experiences of others, we can learn that for whatever type of asset you currently have, you should think about having a trusted heir in case you die. Not only bitcoin but we should already have a private key backup of any asset in crypto whether it has been inherited or secured somewhere. But it's down to each individual user whether they are willing to own an heir to the asset they have in crypto right now as I'm sure not all of us will. |
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v3liana
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October 11, 2021, 01:17:50 AM |
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This is going to be a huge issue. Now, with banks, most everything is recorded and can be easily located and processed in probate. There are going to be lots of people with Bitcoin that die and that coin will never be recovered. Especially younger people without estate plans who die prematurely.
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osasshem
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October 11, 2021, 03:21:00 AM |
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This is actually true, if you don't share nor pass across your details to your children or loved ones, nobody will and can ever make use or access your wallet. This is made so for you to be in charge of your own security, and no one to be held responsible for any mismanagement of your key/mnemonics or phrase. But it is also a nature amongst people all around the world, that something they know is very important and of a great use/information, it's being kept or passed on like a treasure, untill you figure out what it stands for, you can't make use of it, but the child having known from small that you have being in such a business, then a trace for the treasure will start, and they always gets the treasure when the time comes, so long as it it kept.
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rozak
Sr. Member
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Activity: 1960
Merit: 273
★Bitvest.io★ Play Plinko or Invest!
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October 11, 2021, 04:09:58 AM |
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This is going to be a huge issue. Now, with banks, most everything is recorded and can be easily located and processed in probate. There are going to be lots of people with Bitcoin that die and that coin will never be recovered. Especially younger people without estate plans who die prematurely.
therefore we need to back up all wallet data and exchange accounts that we use for trading. I mean, giving access to people closest to us, such as wives or children, who we can tell about the system and how to manage the assets we store. procedurally, when you still have email access and security, you can still recover it. but if what happens is when the wallet that we use to store BTC no one knows about it, of course, it will be very difficult. no one will certainly be able to access our BTC. |
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Patigi
Jr. Member
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Activity: 476
Merit: 3
Trident Protocol | Simple «buy-hold-earn» system!
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October 21, 2021, 08:31:40 PM |
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It all depend on you. your Bitcoin can be manage by your closest people like brother, sister or your trusted friend who you share your secret with,can also have your private key and other information about your wallets by writing it on diary so they can use it for whatever you want them to use it for after you die or your Bitcoin remain in your wallet forever because nobody will have access to it, If you did not share information about your wallet with anybody. Many people could have die with their Bitcoin because they refuse to write down the details about their wallet, especially youth of nowadays.
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Mahanton
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October 21, 2021, 08:55:09 PM |
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It all depend on you. your Bitcoin can be manage by your closest people like brother, sister or your trusted friend who you share your secret with,can also have your private key and other information about your wallets by writing it on diary so they can use it for whatever you want them to use it for after you die or your Bitcoin remain in your wallet forever because nobody will have access to it, If you did not share information about your wallet with anybody. Many people could have die with their Bitcoin because they refuse to write down the details about their wallet, especially youth of nowadays.
Cant really deny that sharing up valuable informations like keys or seeds into someone even just with your loved ones then you cant totally be sure on the safety on to those assets inside. thats why majority of crypto enthusiast or being involved is not really making such step or move to secure out first their holdings speaking with death possible situations. Some people do talk about time-lock and some people do talk about setting up some will.Well, those things could really be done but of course you should know the risk. |
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GubiMixa1292
Member
Offline
Activity: 137
Merit: 10
⚽️⚽️FIFA Fan Battle Toke
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October 21, 2021, 09:48:22 PM |
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
I think if you don't tell your family or your wife about the amount of BTC you are holding and the same code of the wallet, I am sure that the BTC will forever disappear and no one can find it. that's why i always tell my family about the BTC i own and keep the seed code in usb.I told my family about this so that when I die my family will find my BTC holdings |
⚽️⚽️FIFA Fan Battle Token (FFB)⚽️⚽️
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Quidat
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October 21, 2021, 10:23:29 PM |
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Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
I think if you don't tell your family or your wife about the amount of BTC you are holding and the same code of the wallet, I am sure that the BTC will forever disappear and no one can find it. that's why i always tell my family about the BTC i own and keep the seed code in usb.I told my family about this so that when I die my family will find my BTC holdings Im gradually letting my wife and my kids to know about crypto even with just the basics so that at least they do able to pull the funds insider whenever i die because it would really be such a waste of coins if those would be lost forever just because you hadnt tell them or totally had forgotten.We dont own our lives and anytime we could possibly die thats why its just right that you should share up things.Dont let that selfishness inside you would overcome because i do really understand on why some people doesnt really like to share up their keys on their wives. hehehe |
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NicNacCoin
Sr. Member
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Activity: 1288
Merit: 451
Sugars.zone | DatingFi - Earn for Posting
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October 21, 2021, 10:36:47 PM |
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If you die today, your bitcoin will remain in your account. And that bitcoin you pass on to someone in your family so they can use it later.I left all my bitcoin and account information to my brother. If an accident happens to me, you can use it for my family later.
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Alisha-k
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Activity: 840
Merit: 23
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October 21, 2021, 10:39:01 PM |
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The truth is, it will be lost forever and yes, your loved ones wouldn't benefit from it if you don't give them the privilege to....
This is why it is of great necessity to make future plans, let a loved one know of the details of your BTC that way, your coin doesn't remain in your wallet forever..
No time is too late to let them know about it cause we know not what the next mins holds.
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