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Author Topic: What happens to the coins after your death ?  (Read 2366 times)
tiCeR
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August 10, 2021, 01:01:27 PM
 #241

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this  Huh

Now I don’t have neither a spouse nor children, but when I get married and have children, I will make them learn all the seed phrases and passwords, and I will leave them my cold wallets and all accounts, of course. I suppose that my children will be familiar with Bitcoin, blockchain technologies and all innovations, so they will know what to do with this digital heritage.
What about when this happens when the person doesn't have a spouse and children as you just mentioned, does that mean that they should not share with any other family outside their spouse and children? In the end, it still comes down to whether you see anyone around you as a trusted person that you can share such kind of information with, if not, it will all still go to waist.
I'm sure everyone has a trusted person, maybe even an outsider, not from family like close friends, even they can be trusted more like family, so those who have to be trusted don't have to be family.

I would be very careful with anyone and in a best case scenario it is a friend who in relation to your crypto wealth earns enough wealth himself or herself to not be tempted to ultimately betray you. If your best friend is known to be in (financial) trouble, with all due respect it might still not be the perfect decision to entrust him with keys to your cryptocurrency wealth.

I wouldn't do that if I were you. Even brothers, sisters, and wives can do things you won't expect they would. If you are healthy or do not expect to die sooner like you have plenty of enemies trying to get you just keep your private keys and seed with you. I can see the logic that anyone could die any moment, probably won't wake up the next morning but at least give it to someone you know you can trust.

Having kids is a lot difficult actually. You don't know who to trust and if the ones you trust will also take care of your kids. A less bitchy sister I guess will help.




I know the chances are low, but you could also survive an accident and not remember where you put your private keys. I think you should have back up of some kind that represents an interface between you and your wealth that also involves a bit of trust. There is no way around it. The only way to eliminate that risk is to bear the other risk to really take it all with you into the grave. That would be sad, even from a social standpoint. You could also give your wealth to people in need instead of taking it with you into the grave.

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August 11, 2021, 09:19:33 PM
 #242

I am trying to figure out the best way to give that information to my loved ones, without giving them the information first before I die. Is it cheap to rent out spaces where you can store notebooks with passwords on it. I don't even think these kinds of establishments exist. Put everything in a notebook and then just leave it in a pile of your personal documents, waiting for them to see once you are gone. I think that is they only way. Specify that it is cryptocurrency so they should find someone with the knowhow and retrieve those coins.
You can rent space in a safe deposit box in a bank and put important papers there, however there is one big problem and that is that many governments have the ability to open those boxes without notifying you or asking for any legal order, which means that if the bank in which you have that information is investigated by the government for some reason those people could steal your coins and there is nothing that you can do to protect yourself from that kind of attack.

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August 11, 2021, 09:32:06 PM
 #243

I am trying to figure out the best way to give that information to my loved ones, without giving them the information first before I die. Is it cheap to rent out spaces where you can store notebooks with passwords on it. I don't even think these kinds of establishments exist. Put everything in a notebook and then just leave it in a pile of your personal documents, waiting for them to see once you are gone. I think that is they only way. Specify that it is cryptocurrency so they should find someone with the knowhow and retrieve those coins.
You can rent space in a safe deposit box in a bank and put important papers there, however there is one big problem and that is that many governments have the ability to open those boxes without notifying you or asking for any legal order, which means that if the bank in which you have that information is investigated by the government for some reason those people could steal your coins and there is nothing that you can do to protect yourself from that kind of attack.
Its one of the things that do really boggles up my mind when you do entrusted those things into a bank because if possible problem occurs then it might really result into those confiscation of assets
and would really be putting it on problems into those papers or whatever things you had left on that deposit box.

You wouldnt know on what would happen into next days because situations like this could really happen unexpectedly.You cant really trust up any institutions or services out there about
storing up important belongings of a certain person specially if government would really be making decision.

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August 11, 2021, 09:46:19 PM
 #244

My coins will be lost I do not have any plans to put them into a will or allow anyone access to my Bitcoin. I can not trust any one enough to put something in place in case I die. I wish there was a trustless way of doing this but I do not think there is and I won't trust any one even if they are close friends.
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August 11, 2021, 10:08:32 PM
 #245

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.

I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this  Huh
Im storing my keys or seedphrases into several number of USB's or backups with have some notepad on it and telling those information or instructions on how to access my coins in case i die.

I would let them know first that if ever i do pass away those USB's should really be opened but i havent told them that there are fortune inside it and since i dont earn that much or save significant amount

but still that would be a good amount that could give out some good life or savings.We dont hold our own lives this is why we should be prepared at least.
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August 11, 2021, 10:16:44 PM
 #246

Coins will not be lost or die.  even if we die, so the coins will forever be in our wallet.  It is important to take small notes and teach our children about crypto.  Then give the private key to them to be inherited.
We must teach our children about cryptocurrency, so that after our death our children can use the cryptocurrency we left behind.  That's why I'm my cryptocurrency I will write down all the passwords in the notebook and leave them among the children.

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August 11, 2021, 11:15:12 PM
 #247

My coins will be lost I do not have any plans to put them into a will or allow anyone access to my Bitcoin. I can not trust any one enough to put something in place in case I die. I wish there was a trustless way of doing this but I do not think there is and I won't trust any one even if they are close friends.
Already we've got more few millions of Bitcoin sitting idle on different addresses and can't be retrieved, because those are lost. What you do adds to that and it doesn't contribute anything to the network, so good is to register for a vault and secure your private keys on it. If something happens to you, those things on the vault will be given to the name you've added as nominee on registration.

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August 11, 2021, 11:44:37 PM
 #248

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.
I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this  Huh

If you do not share your private phrase or private key with your family, your Bitcoins will be encrypted in a specific digital block of the system forever. No one has the ability to control them without your private key. It's best to keep your private key hidden and go with some clues to help your family recover them after your death.

Also, if you use an exchange service or store your Bitcoin in a custodial wallet, there is a famous saying "Not your keys not your coin".

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August 11, 2021, 11:47:55 PM
 #249

coins will not be anything, I think right now if you have bitcoin assets you have to tell your wife or children so that they can become assets for them in the future. if we don't tell anyone, the assets are useless
Death never comes in human life, a person can die at any time. So if you have entered the world of cryptocurrency, all your documents will be among your relatives whom you value the most Believers can be handed over to him. If he has some knowledge in the world of cryptocurrency, he will be able to recover the property you left behind.
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August 12, 2021, 01:20:14 AM
 #250

coins will not be anything, I think right now if you have bitcoin assets you have to tell your wife or children so that they can become assets for them in the future. if we don't tell anyone, the assets are useless
assuring someone will benefits from your crypto assets, because we cannot tell what will happen in the future , there might be accident or something that can make our life gone so let our love one has an access to it at least after we died .
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August 12, 2021, 02:25:33 AM
 #251

In most of the cases when the person dies, his crypto would become useless if his family member do not know about his keys.
I do not usually tell my password or keys to anyone and i know majority of the people don't do this. We are being taught to keep the keys safe.
No one think that one day he will die and in that case, his family won't be able to use those savings (bitcoin/crypto) if they don't know the keys.
Also people won't like to share keys with siblings or wife because they can misuse them . So what could be the solution to this  Huh

If you do not share your private phrase or private key with your family, your Bitcoins will be encrypted in a specific digital block of the system forever. No one has the ability to control them without your private key. It's best to keep your private key hidden and go with some clues to help your family recover them after your death.

Also, if you use an exchange service or store your Bitcoin in a custodial wallet, there is a famous saying "Not your keys not your coin".

But when you think about it, I am sure that only a minority of people involved with cryptocurrencies has prepared a sophisticated emergency plan such that after an unexpected death the family or whoever has a real chance to retrieve all digital assets with ease. When you are into crypto for a long time and you hoarded coins from all those different networks out there, perhaps possess a multitude of wallets, you know what I am talking about. That requires effort on your behalf to also keep that up to date, to store it in structured and organized ways and to also take care of it frequently as if you were expecting to die in an unexpected way. Not many people do that.                 

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