Crptomagma (OP)
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October 27, 2020, 07:19:42 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?
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Charles-Tim
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October 27, 2020, 07:49:52 AM |
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There are many different approaches to this, but I have come to a conclusion about Shamir's secret sharing which can be an effective way to this type of issue. Let us take for example, that you have 4 children, you can use the Shamir's secret sharing cryptographic algorithm to use the seed phrase to generate four secrets, the secret can be set to have 3 shares, which means 3 secrets is enough to reconstruct the seed phrase. You will have to let your 3 children know about this, educated them what bitcoin and cryptocurrencies generally is all about, then give them their own secrets. In case any thing happen to anyone, the three remaining can reconstruct the seed phrase. Also, for more ease of recovery, the shares can be set to 2 instead of three, I'm which only two secrets will be needed to reconstruct the seed phrase or private key.
But, also another approach which is the best is the use of multisig, in which M out of N users can be able to sign a transaction, so out of 3 children, you can set it to 2 children that will be able to sign the transaction, so any of the 2 children will be able to unlock the funds in case of anything. This is one of the best approach, but fathers do not want children to know their assets until they leave the world, but multisig can not offer such, your children will be able to know the assets on the multisig wallet unlike shamir's secret sharing when children will only be able to use the shares to reconstruct the seed phrase or private key, if they are loyal in the family.
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Ludmilla_rose1995
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October 27, 2020, 07:51:37 AM |
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Yes, your bitcoins will be forever left in your wallet if you die today. Maybe you will give your child a private key to pass your bitcoins on to your child. So, if you are dead, your child will inherit your bitcoin and will not be buried in your wallet forever.
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Karartma1
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October 27, 2020, 07:52:08 AM |
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https://medium.com/shiftcrypto/prepare-your-bitcoins-for-your-heirs-dfc537811df2This is a pretty detailed guide which covers most of OP doubts. Surely, whenever we die we no longer have access to our beloved keys: for this reason it is of extreme importance to make sure that somebody we love will be able to access our btc stash. If we do not make sure about this our stash is gone forever.
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mocacinno
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October 27, 2020, 07:53:42 AM Merited by DrG (1), chrisvl (1) |
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If you do nothing at all, your funds will never move after you die. In reality, you're actually taking those unspent outputs out of circulation forever, so you'll be responsible for a tiny increase in bitcoin price... Less supply + equal demand should increase the price ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In my case: I have one daughter. She knows where to find my hardware wallets, she knows the pincode and i've taught her the basics. After I die, she'll be able to spend everything I held my whole life. I tried to make things as simple as possible for her: no hidden messages, no extra encryption, no ssss, just a hardware wallet and the proper gui... Making her jump over hurdles will only decrease the odds she'll actually be able to spend my funds, and i'd rather have her rob me wile i'm still alive than increase the odds she won't be able to spend my holdings after i die.
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palle11
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October 27, 2020, 07:59:01 AM |
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for this reason it is of extreme importance to make sure that somebody we love will be able to access our btc stash. If we do not make sure about this our stash is gone forever.
I will advise this to be the simple solution to what fear op has raised and concern to every body. This is not only bitcoin keys though, it is concerning all cryptocurrency coins. We can let our trusted people know about the blockchain and cryptocurrency for at least the sake of how to unlock our wallets. This will help to ensure that our investment and sweat are not lost to the wallet and blockchain.
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crwth
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October 27, 2020, 07:59:58 AM |
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If you didn't give the key phrases for the wallet, it wouldn't be accessed anymore. It would be part of the void in BTC, lol ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) . It's just easier to leave an instruction or reference to how they would retrieve your BTC. It's best to have it like that and make the instructions secure enough, so no one has access to it other than your children. Those recovery phrases would be the key for them to accessing it. If it's unexpected, maybe there's an unencrypted wallet software used by the person who died, and someone can get access to it. That would really depend on you.
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imstillthebest
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October 27, 2020, 08:04:24 AM |
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Yes, your bitcoins will be forever left in your wallet if you die today.
this sounds scarry . its like a dead body that have never been discovered and didnt bring properly to his last resort . bitcoins that are stuck in a wallet can haunt too ? jk ;") . op you look so worried , do you have lots of bitcoin stored on your wallets ? you should act and do whats best for them . you already have couple of suggestions like giving the keys or other login details to the closest people around you . anyway theres a topic that i have read before where the wallet or the address can send amounts automatically to the set address . why wont they implement same thing where the funds where automatically sent to the set address if no activity was found after some time or based on the time the user have set .
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Buttermellow
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October 27, 2020, 08:18:04 AM |
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Your bitcoin will die with you. No one can get your bitcoin except you yourself. Remember the known phrases? Not your keys not your coins. If ever you are keeping the key yourself and no one has wonder thay you have bitcoin then the bitcoin will die with you.
This is why it should be a good practice not to hold your funds in bitcoin insteas use the bank service that will allow immediately family to get the funds from a deceased family member legally. The banks will allow it to be withdrawn if all requirements will be submitted that include legal actions.
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so98nn
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October 27, 2020, 08:32:37 AM |
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This is fun question and many people do ask it when they first time get struck with it! Well lots of research has already been done on this and according one of the article there are around 4 million bitcoins which are already lost in the time. Nobody knows if they will ever become available for use. They are in the circulation but not used since they are locked out somewhere on the hard-disk, or the biggest holder like Mr. Satoshi has most of it and it's still ambiguous if we will get it or not. Actual Lost Bitcoins in the Time.Lost Bitcoin 1.1 million BTC owned by Satoshi. 7.500 BTC lost by a thrown away harddisk. 1.000 BTC lost by the death of the QuadrigaCX CEO. 533 BTC lost by a Reddit user. 2.100+ BTC are sent to this burn address. This is ridiculously huge amount of money that's stuck. Surely your will be locked out into this pool as well. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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batang_bitcoin
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October 27, 2020, 08:38:16 AM |
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Lost forever. There are millions of bitcoins that were assumed to be lost forever. If you have never told anyone your private keys, it won't move an inch and it will be considered to be gone forever. The reason why we have to tell it to our loved ones is when you think that you can't take it anymore or at least give them instruction and teach them how to recover phrases or the private key of yours. Simple knowledge about recovery will make them use your bitcoin as your last will to them.
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Rent this sig space so that BTC goes to $100k.
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Jating
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October 27, 2020, 08:48:56 AM |
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Obviously it will be lost forever, that's why you need to have some plans or contingency. As the saying goes, you are your own bank, so you need to take care of it and somewhat learn how to recover it in case of death. You can read a medium post here: Letter to Loved Ones: a template for your crypto estate planning. It is an old article, but it is still applicable at this time.
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okala
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October 27, 2020, 08:57:09 AM |
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Despite the fact that there is no provision for third party in the blockchain wallet process there are still known ways in which you can pass on your founds and grant access to your personal wallet and one of those popular way is to reveal your wallet key of back up phrase to your love ones in that way if any thing happen to you they have access to your wallet.
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error08
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October 27, 2020, 08:59:06 AM |
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Yes, your bitcoins will be forever left in your wallet if you die today.
this sounds scarry . its like a dead body that have never been discovered and didnt bring properly to his last resort . ~ What if Satoshi was dead? I hope he is just fine and enjoying his life right now. He possesses the most bitcoin for himself, that estimated Satoshi Nakamoto has more than 1 million bitcoins, claimed as 'lost Satoshi Coins' While we agreed that 'lost bitcoins' make the rest of the coins worth slightly more, there is still a doubt. it is estimated that more than 4 million Bitcoins are lost forever, and there are many stories of how hackers have been trying for years to crack a bitcoin wallet that contains lost bitcoins, which cannot be accessed. Therefore, the Forum Leader (a person in charge) Theymos ever stated to do soft fork to destroy 'Satoshi lost coins' in order to prevent disastrous monetary (bitcoin) inflation. However, Theymos stated he never said any such thing, the idea is not to destroy coins, but to prevent lost and insecure coins from being stolen. > https://bitcointalk.org/index.php?topic=1469099.msg14823504#msg14823504Source: read moreand more
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royalfestus
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October 27, 2020, 09:10:47 AM |
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Bitcoin calls for writing of will to every owner, It is disappointing to know the low rate of writing will even in USA is as low as 60% for Adult. Another important process is the protecting the information to access the asset. I dont support saving such anonymous coin in banks or with any public asset security that is onground. Am still waiting for project idea that can prove their transparency while they secure assets that are transferable to one's progeny or relatives.
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jaresmerel001
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October 27, 2020, 09:25:45 AM |
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Bitcoin gives death a unique challenge. As Bitcoin exist only in virtual form. If you pass away without leaving the private key to anyone, your bitcoins are effectively unavailable to anyone.
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Question123
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October 27, 2020, 09:34:25 AM |
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So you need tell to your family to one who you really trust and give them your information of your account or wallet that having bitcoin incase if the day you die there is someone who open your wallet and sell your bitcoin because it's better to get your family member your money than hold in the wallet forever. But it's hard to trust to family members sometimes because maybe other do wrong thing when you still alive.
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acener
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October 27, 2020, 09:35:09 AM |
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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?
It would be stay on your wallet and nobody could access it or send it. This is also the reason why I let my family know that I am earning through Bitcoin and I have some savings on it so if that time comes they would only need to seek help from someone who have knowledge on how to access it or I would leave some note and guide how to use it. If you want to keep it a secrete to your family you could always create a note or guide on a usd flash drive that would be given to them if something happens to you.
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Darkelf11
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October 27, 2020, 09:42:40 AM |
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You will not lose your bitcoins even if you die though it will not be accessible to your loved ones if the one who knows your private keys is yourself. We are not a fortune teller to predict when we will die so, make sure you are prepared incase of unfortune events like death, you should give those private keys to your trusted family and friends. It will be a waste of all the hardships you had made when you are still alive if your bitcoins will not be used.
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michellee
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October 27, 2020, 10:18:16 AM |
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If you don't tell your family that you have bitcoin, no one will know about that, and they will not be able to use your bitcoin for anything. Your bitcoin will be store in the wallet without anyone who can access the wallet. I hope you can tell your family about bitcoin and how they can access your bitcoin wallet to use it for their own good. If they can achieve success to make more money from your bitcoin, they will thank you, and they will not forget you even if you already died.
Maybe you can teach them about bitcoin, how to use bitcoin, and how to secure the bitcoin in the wallet to know the basic things to use bitcoin. One day, if you die and tell them about your bitcoin, they will use it as your legacy, and they will have the opportunity to continue your plan to grow the bitcoin amount or anything you want to make it.
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