What happens to my bitcoin if I die today?

[peterpanda]

As we  are storing bitcoin for our children, we should learn them how to operate it. Otherwise, our bitcoin will remain in our wallet. Personally, I will teach my children how to access in my wallet and functions of it.

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[Nellayar]

This is what I am thinking about. When I die, what happens to my bitcoin earned in trading and signature campaigns. Well, in order for me to solve this. I printed already my private keys and stored them where my mother knew. I told her the place where my keys to be found. But the problem is, she is not techy savvy because old people has gaps when it comes to technology (aside from jet cash). Well, it does not matter because I said to her that my money is stored in my keys.

[VortecxZ]

the importance of maintaining the relationship between your family, tell them what you do, what you keep, how it works, give that knowledge to your child or wife, if you are married, because we all don't know when disaster will overtake us

[Swopon]

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.

Wow, the idea is good. If I missed giving any reference or phrase to someone else then none can access my wallet. Nobody can know when his or her death will come. So still there has not a proper solution yet. The simple way is to maintain a friendly relationship with the family and then it can be said to them. Children and wife or husband is the most known and important for us who care to me and you. So it can be stored in a place that you can say to them to discover after your death.

[bitcoin31]

As we  are storing bitcoin for our children, we should learn them how to operate it. Otherwise, our bitcoin will remain in our wallet. Personally, I will teach my children how to access in my wallet and functions of it.

It is really important atleast one of your family members knows bitcoin and also know all your details in bitcoin world even the password or the key of your wallet to make sure your hardwork will be useless if you die today and no one can access your wallet. Or maybe you can give them a letter that all information is there and tell them once you die that the time they open it.

[Alucard1]

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 happens to you they have access to your wallet.

That's true, it is better if there is someone you love who knows about your seed so if ever something bad happens to you, they can still access to your funds. Imagine if you die and you have a huge amount of money on your wallet, if ever no one knows how to access your wallet then all this money will just be wasted, it will stay on your wallet forever and no one knows how to access it, even your love ones and family. You should always think about any possible things and secure the future of your family.

[sapnu]

It's gone. That is actually one of the reasons why you should tell at least one member of your family which you trust the most about your wallets and investments. So that your money will not go to waste when you die, we hope not but we are all going to. It's completely gone when you die and no one really knows your wallet password and everything that has money on it. Maybe you should save it into a private folder in your computer or mobile device so that when you pass away there's one member who can open that file or folder containing important account and wallet password.

[blckhawk]

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

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.

Yeah, that same goes for me I would rather to rob by someone whom I can entrust my Bitcoin stash to than it to go into waste for nothing. I mean, all of my years of earning and procuring Bitcoin would be just in vain if I coudn't even use it so better if someone on my family would have it and make them use of it. Though I haven't share my seed yet but once they got accessed on my password storage it wouldn't be that difficult because everything they should know was in there.

[samputin]

This isn't the first time that this question crossed my mind. That's why I made sure that my younger siblings know how to access my wallet just in case. I already told them about it and even my account here in bitcointalk is known to them.

My parents know about it as well but just a bit of information about btc. They're not technologically inclined so the technical infos are laid down to my brothers. The only problem is that, they tend to forget things I told them from a long time ago so I remind them occasionally and I'll also print the key to my wallet.

I'm not hoping to die today but we never know. It's still better that someone close to us knows about our bitcoin so that our efforts won't go to waste.

[grandpix]

The amount of bitcoins in this situation is probably not small today, many people unexpectedly of sudden and they can't share information with their family and relatives. Those who hold a lot of bitcoins, they should share with one of their closest family members, this helps their loved one and this amount of bitcoins isn't lost unfortunately.

[Oshosondy]

The amount of bitcoins in this situation is probably not small today, many people unexpectedly of sudden and they can't share information with their family and relatives. Those who hold a lot of bitcoins, they should share with one of their closest family members, this helps their loved one and this amount of bitcoins isn't lost unfortunately.

You have said it well, it can even happen in a way you can give them access codes, so when something happens, only what to do is to input the code and have the private key to a wallet, the private key can be used on another new wallet, and the whole fund will appear and be able to spend, this is one of the best way to make sure bitcoin is passed to hire. Letting your family know about bitcoin in general will help, if they know about it, they will be able to access the coin easy if anything happens, they will even be the one giving you better advice which you can find interesting.

[xSkylarx]

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's locked up there forever. That's the beauty of bitcoin wallets, only you can have access to it as long as you don't tell anyone the information of your wallet. It would be a waste but if it's not a big percentage of the total supply then it doesn't matter if it will be there forever. If you are a whale, you should write it on a paper, keep it and entrust someone before you pass away.

[Wawa2013]

If someone dies and owns a large amount of Bitcoin, without leaving any clues, of course the Bitcoin that is owned will be stored in
the wallet forever. If that is the case it will be very unfortunate, the Bitcoin that we have should be inherited. From now on we should
have prepared if this happened to us, I suggest making a testament that our family can easily find from now on. Or it should be open
from now on to the people closest to us about the Bitcoin we have.

[BryanJohn]

in my opinion you should try using Tomorrow's Inheritance app, it will allow you to enter your cryptocurrency as an investment asset, similar to a more traditional investment account. This means that your coins will be transferred into your revocable living trust upon the execution of your Will.

[Benefactor]

That is the reason bitcoin is so not quite the same as fiat cash that anyone can stroll into your home and pick and begin utilizing it. On the off chance that you pass on today and you neglect to unveil your bitcoin postage information subtleties to your kids know the manner in which they can approach your coins in your wallet. On the off chance that you kick the bucket without uncover them to your youngsters pass on likewise in light of the fact that no one can approach your private location.

[Anyobsss]

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's locked up there forever. That's the beauty of bitcoin wallets, only you can have access to it as long as you don't tell anyone the information of your wallet. It would be a waste but if it's not a big percentage of the total supply then it doesn't matter if it will be there forever. If you are a whale, you should write it on a paper, keep it and entrust someone before you pass away.

Yeah, if you're the only one who knows it. After you die, it will be stuck there forever. It's like you burned the token since no one will benefit from it.

Wouldnt that benefit bitcoin, if a whale dies? since it will decrease the circulating supply. You know, the law of supply and demand? if there's a low supply there would be more demand and it will result in a price increase.

[Wallflower28]

The best thing we should do is to create a encrypted message together with our relatives (if we have a lot of bitcoins store in our wallet). This encrypted message contains the information kept such as private keys. We can email it to their addresses in a specific period of time in future. Now, if they are interested to know the message, they must use decrypting tools to decrypt the data stored in the email.

[ReiMomo]

I guess this is not the first time that this topic has been discussed, and there are lots of suggestions and ideas were given.

Bitcoins for me is the same as with the other treasure that a person can have and securing it is really necessary and if someone who owns bitcoin and suddenly died and he didn't provide the key to others then the bitcoin will remain secret forever and no one will benefit from it that is why we still need to look for someone whom we really trust and think is the right to inherit our bitcoins and give them the key like our own kids anyway everything we have aside from bitcoin still they are the legal inheritor of everything we own.

It's only our responsibility to teach our kids how to value the things they will inherit from us including bitcoins because even law couldn't break the key to our bitcoin wallet so IMO better to give it as early as possible beside if they will not give value on it then it will be their loss and not us anymore.

[Innocant]

The amount of bitcoins in this situation is probably not small today, many people unexpectedly of sudden and they can't share information with their family and relatives. Those who hold a lot of bitcoins, they should share with one of their closest family members, this helps their loved one and this amount of bitcoins isn't lost unfortunately.

Well if you have a closest friend or relatives must better to tell them of you have in crypto if you really think you are going to die today. Because you cannot bring your bitcoin in heaven or hell or whatever you goes. And it was better idea that we need to share if the time come for us or maybe to teach them in how to earn crypto actually it was not to late for us to share of what we experience in crypto currency.

[vaultman]

I recently read an article about the use of quantum computers soon. The power of such a computer will be enough to guess the wallet password in the shortest possible time. I think in the future it will be possible to use this kind of service to regain control over your cryptocurrency assets.