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Author Topic: Bitcoin is private and decentralized, ok but what if someone dies?  (Read 421 times)
molsewid
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April 15, 2021, 02:00:13 PM
 #41


It's not actually the system's fault, it's your brother's fault to keep it secret even to his own family. When it comes to finances, family or trustworthy relatives should have access to your money or you should at least let them know where you were spending your own money, So I think we consider such possibilities like this to avoid getting in a situation like losing your BTC just simply because no one knows about it other than you.
We can't actually blame the person because he already died and we don't know his reason why he kept it from his family and I also believe that he doesn't expect that the unexpected thing would happen to him. Let's just take it as a lesson learned to trust one of the family member, your wife, your eldest son or daughter that you know can already understand the transactions you have in crypto or even make a note and jotted it down all the important details of your account and whatsoever. I do hope that OP can find a way to retrieve his brother's BTC, his family, his children deserves what he has been working in crypto.
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April 15, 2021, 02:11:06 PM
 #42

If the person who owns Bitcoin passed away without any letter or something like last will to his love ones I think those Bitcoins will be lost forever. That is why we are going to give our loved ones an idea on what we are doing and what they are going to do if something bad will happen.

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April 15, 2021, 02:59:03 PM
 #43

If the person who owns Bitcoin passed away without any letter or something like last will to his love ones I think those Bitcoins will be lost forever. That is why we are going to give our loved ones an idea on what we are doing and what they are going to do if something bad will happen.
we don't know when death will come, it would be better if we tell one of our closest relatives (who we believe) that we have cryptocurrency assets, make a will s or similar records regarding your assets in cryptocurrency.

Think of it as inheritance, instead of just staking away in a wallet and no one being able to use it, right?

it would be better if we already have a life partner, husband / wife. share with him related to what you do in the crypto world, invite cooperation and guide him. this will be very fun, you will get a mate and a friend to work with.

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April 15, 2021, 03:09:11 PM
 #44

Sorry to hear that, OP.
There are still a pinch of hope though if he holds those coins in an exchange or an online wallet. You can reach up to support team, but it might take a lot of effort for them to convince that you two are related.
Only thing to worry is if he holds it into a desktop wallet or anything where he holds the private key as that is the only key for you to access his wallet.
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April 15, 2021, 03:37:38 PM
 #45

How did i miss the "BItcoin is Private" part.
Is Bitcoin really private or Public ?

Well,it's actually  a Public network. A true Public Network for that matter. A true Public Network would typically be Opened to the public without much restrictions. Bitcoin is open to all and its principles like permissionless/trustlessness, transparent, censorship resistance etc prove it's Public.
I guess what op meant by private is the keys and other info own by private individuals on the Public Network

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April 15, 2021, 04:31:00 PM
 #46

Give the access to your bitcoin (through private keys or mnemonic seeds) to the person you believe in, deeply love and want to give him or her the inheritance right for your bitcoin.

It can be done in your family. If you are a husband, a father and do love your wife, your children, you will want to give them information to get access to your bitcoin wallet. Just in worst case you suddenly pass by.

Make sure to train them which wallet to use, how to import a bitcoin private key/ mnemonic seed to a wallet. If you don't train them, when you pass by, they can ask someone else and probability to ask bad people is not low.
This is another alternative, many couples whether they are married or not have joint accounts, they have their money pooled together in a single account which both can access, if you have someone like that in your life then this is very easy, you share that information with your loved one and train them on how to recover the coins and even teach them how to make a few transactions and once they are comfortable with it then you know that in the case of something happening to you there is always someone that can recover your coins no matter what.
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April 15, 2021, 04:42:38 PM
 #47

If that happens, or if someone died with possession of bitcoin, it is just luck if he was able to leave his private keys (mostly hard drives) so he can pass his wealth to his family. Unfortunately, I never heard of companies with services with these types of concerns. Haven’t seen any insurance company that is focused on cryptocurrency. Also, a trustee firm where we can file our last will so just in case we die, our family could claim our wealth.

I'm actually hoping that someone will establish the said service. It’s just that right now, it’s not yet very much feasible. Let’s just wait for bitcoin to be massively accepted then we will see these services being offered.

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April 15, 2021, 07:04:14 PM
 #48

Its always sad to think about this things happening but it is inevitable and this feature is somewhat already being researched on. I believe that there was a recent post regarding this and most users engage on it with bright ideas. One idea that was memorable for me was using a wallet that would transfer all your assets into someone you personally know if the balanced is unused or if the account is not opened for at least a year or years. Its a great idea but creating things like this would require the time because it involves great unforeseen assets.

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April 15, 2021, 07:27:43 PM
 #49

Bitcoin is a lovely concept but I feel it failed to include a system that considers the wealth of someone who suddenly dies and inherits his money to his loved ones "Family". I've always thought about this in my head, what happens to my money when I die.
There is such a system "included" with Bitcoin since Satoshi conceived it, it is called "Locktime". Basically it is a feature that gives access to the value of a Bitcoin transaction after a period of time you define. You can send such a transaction to a trusted family member so the BTC become accessible for them after e.g. 1 year. Before the year has passed, you transfer the BTC to another address, so the old Locktime TX becomes invalid - and you simply send a new Locktime transaction from the new address where the Bitcoins are now.

This feature is unfortunately not well known, and the person wanting to use it for inheritance must use it actively. This means, be in contact with his family and/or an attorney who is in charge.

The two big advantages are, however, that 1) it is totally trustless and 2) you can send a Locktime transaction to a wallet which is totally prepared, you don't have to guard keys in vaults or do some "obfuscation" to hide them. Simply install a Bitcoin wallet in the computer of a trusted family member and send the Locktime transactions regularly to it, e.g. each year, or each time you move your BTC.

There is a tutorial from LoyceV: Using Locktime for inheritance planning, backups or gifts. I don't know if there is an easy to use software for that, but definitively there should be one!

It is too late for the OP's particular problem, but I think everybody who holds significant amounts of BTC should know about this possibility. In fact, I am a bit disappointed that it wasn't mentioned in the whole thread.

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April 15, 2021, 07:30:18 PM
 #50


It's not actually the system's fault, it's your brother's fault to keep it secret even to his own family. When it comes to finances, family or trustworthy relatives should have access to your money or you should at least let them know where you were spending your own money, So I think we consider such possibilities like this to avoid getting in a situation like losing your BTC just simply because no one knows about it other than you.
We can't actually blame the person because he already died and we don't know his reason why he kept it from his family and I also believe that he doesn't expect that the unexpected thing would happen to him. Let's just take it as a lesson learned to trust one of the family member, your wife, your eldest son or daughter that you know can already understand the transactions you have in crypto or even make a note and jotted it down all the important details of your account and whatsoever. I do hope that OP can find a way to retrieve his brother's BTC, his family, his children deserves what he has been working in crypto.

Yes, we can't blame him, but we also can't blame bitcoin for being designed the way it is.

It was that man's choice to keep his investment a secret from his wife and kids.

If he had a lot of money and buried it somewhere in the garden, would it be the money's fault or his? Usually people doesn't hide money from closest family.

OP, check your brother's computer. Maybe you will find some hints and traces that can help you get his money. Check if he had accounts on bitcoin exchanges and send them his death certificate. It's possible that they'll reset his passwords and give you access to his accounts. At least you'll know if he held anything there and how much he bought.
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April 15, 2021, 07:36:32 PM
 #51

I guess that just one of the disadvantages when it comes to bitcoin or being decentralized because for sure you can't open it anymore if your dead or your family doesn't know your password or private key.

If you think about it there are people who want centralization like banks because they just don't want to have that responsibility, like for example you lose your password or private key you cant recover that account anymore if it's decentralized but if it's in the bank, you could just call the bank to tell them that you forgot or lose your password and then they could just give you a new one.

So both centralized and decentralized are great but also have their advantages and disadvantages, it just depends on what you want and how are you going to manage it.

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April 15, 2021, 07:40:20 PM
 #52


What if my brother owns 4 or 5 BTC which his kids deserve? we will never know! the kids already got all the heritage out of the bank which is why I said the banks and government are a plus in that kind of issues/problems.

P.S. Most of his money goes into crypto and stocks, which is why the kids and his wife did not get much out of the banks, so with this, I don't know where to go to find out. If someone got an idea pls let me know.


Its not a flaw of bitcoin itself but rather this one talks about being neglected by the owner of the coins itself that if he had able to let them know about his earnings or holdings
then those coins wont really come to waste in case he dies and he should remember that life is just temporary.

We don't know on what would happen tomorrow or in next second because nothing can be known ahead in terms of our own lives.So its not bad to always consider
on setting up things about inherit of holdings.

Try to look for some USB or files on his own pc and you might possibly finding off some hints or accounts that shows on his storage.

R


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Gozie51
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April 15, 2021, 08:40:02 PM
 #53


Bitcoin does not consider this! maybe if I am old I will write my private key for my family, but then again what are the chances that they would understand how to get the money? There are so many people who aren't computer savvy, so even if we go the extra mile of writing the sentence or the key in the well, a good chance that family members will not know how to use it and take it for granted. They don't know how much bitcoin worth and will neglect it, of course, given you wrote a well. What if you didn't?


The worries you are expressing now is because you are alive because a dead man does not worry, he is gone and gone for ever. Therefore, to avoid these kind of worries for the living after the dead was gone is to write a will as the first thing to secure what you have. The worries about family members or trustees not understanding, knowing or have knowledge about bitcoin is inconsequential because when the time comes, there will be the solution on it but if you don't put down a will and die intestate, that is bigger problem. So you need to prepare a will about how your hodlings should be handled. To die testate is to write a will. The thread below also dealing with this kind of topic.
https://bitcointalk.org/index.php?topic=5330324.msg56772859#msg56772859

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April 15, 2021, 09:15:08 PM
 #54

I have a fire safe, actually a floor safe sunk in concrete. If you don't have one, you should get one for those important things, and even stuff that you can replace, but would be a pain, like your automobile certificate of ownership. If you rent, get a portable one, and if you can't trust your roommates, use a safe deposit box.

In my safe I have an envelope with "Bitcoin" written on it. Today, everybody knows what Bitcoin is, and when the safe is opened when you die, your heirs will find the Bitcoin envelope and the will hand it to whoever is the most techie.

In that envelope I have the backup words for the wallet on my phone, another with the backup words for the other wallet that I use for alt-coins, another with the backup words for my Trezor, and several paper wallets with various amounts of Bitcoin. If I haven't spent these when I die, my heirs should be able to extract them, and since it doesn't require paperwork, they can be quietly excluded from any inheritance tax.
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April 15, 2021, 10:59:19 PM
 #55

I think the initial solution is, you save all your data in fashdisk and make a will for it if anything happens in the future, but sometimes we are often negligent and forget to do everything, so while you can still remember do something useful for people who  you will leave

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April 15, 2021, 11:09:56 PM
 #56

Sorry for your loss . It's unfortunate to hear that he was a crypto enthusiast who might have had some assets that can't be accessed since his passing. While Bitcoin solved plenty of financial problems, it has a few downsides of its own. Since everybody can essentially be their own bank, they're tasked with keeping these accounts secured and backed up for majority of the time. The best way to handle situations like this is to make them aware that you've a crypto portfolio and that they should ONLY access it in an event that you're unable to. That's it.
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April 15, 2021, 11:32:11 PM
 #57

Sorry for your loss . It's unfortunate to hear that he was a crypto enthusiast who might have had some assets that can't be accessed since his passing. While Bitcoin solved plenty of financial problems, it has a few downsides of its own. Since everybody can essentially be their own bank, they're tasked with keeping these accounts secured and backed up for majority of the time. The best way to handle situations like this is to make them aware that you've a crypto portfolio and that they should ONLY access it in an event that you're unable to. That's it.
You would really need to let them know if you do want for them to benefit out on what you had left once you die unexpectedly.Life is temporary and anything could happen.
Some people do even put up some will that those things will be opened once they die, some do store up on a ledger and giving out instructions on how to open it.
It is just that friend of his did really forget or intended not to let know his loved ones about his holdings and this is one of the cons if you dont
make out some back up that your loved ones would able to open it out.Its just a matter on how you do mind of the possibilities.

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April 15, 2021, 11:42:56 PM
 #58

I think, for now, the only solution to make sure BTC or other crypto is inherited is just to look ahead and do everything beforehand, and this includes not only showing your relatives where you keep the password and the seed phrase but explaining and showing several times how to use it, exchange, etc. as well.
Don't give up. It's 100% that your brother kept his private key somewhere, look into his notebooks, txt files on the PC, and alike. It would be a pity if this money was lost due to the inability to access the wallet...
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April 15, 2021, 11:49:11 PM
 #59

If we have someone who we really trust, for example, our husband or wife, we can trust them and let them know about the data. And probably we can use the data for our children. In some exchanges, there are also heritage data in which we can get the assets to our children or whoever that we give the data so that the assets can be someone else someday.
However if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.

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April 16, 2021, 03:14:24 PM
 #60

If we have someone who we really trust, for example, our husband or wife, we can trust them and let them know about the data. And probably we can use the data for our children. In some exchanges, there are also heritage data in which we can get the assets to our children or whoever that we give the data so that the assets can be someone else someday.
However if about private wallet, well, if someone dies without anyone other knows about it, the assets may be gone.
Telling a family member about private information about a bitcoin wallet is very simple but I don't think they can easily use it as simple as we do every day because this personal data is constantly updated, from exchange wallets, email accounts to verification, it's a very long cumulative process to get used to such information. So to avoid these situations, we should be more concerned about regular health checks and besides, converting bitcoin into cash and giving information to family, a bank account is easier to access than a bitcoin asset

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