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Author Topic: What happens to the coins after your death ?  (Read 2369 times)
Tristan Bieber
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July 02, 2021, 02:25:06 AM
 #81

If you did not tell your family or friends your private key and wallet before your death, there is a high probability that these coins will become dead. I suggest that you can tell someone you trust in advance to manage your wallet after your death , And then entrust all of this to the custodian to open these private key envelopes after you die.
lienfaye
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July 02, 2021, 02:35:26 AM
 #82

If no one has an access in your wallets aside from you then it will stay there forever. Your family cant enjoy what you have left because you're the only one who knows the keys in order to unlock it. Thus if you dont want this to happen, think whom you would like to entrust your crypto just incase.

Worry no more, you'll just need to read these previous topics on how you can create a strategic plan after your death.

What happens to my bitcoin if I die today?
Inheriting Bitcoin
Bitcoin Inheritance Planning
These topics can answer the curiosity you have in your mind about bitcoin after you die.

dificanovi
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July 02, 2021, 12:26:55 PM
 #83

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

This is bound to happen if they don't give the key to the bitcoin wallet to someone or their family. The bitcoins they have will be lost when they experience sudden death so that they do not have time to inherit their bitcoins to the people they trust to hold the bitcoins.
I myself have given the key to my bitcoin wallet to my wife because I am afraid that my bitcoins will be lost if I die.

imstillthebest
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July 02, 2021, 12:47:50 PM
 #84

Quote
We are being taught to keep the keys safe.
yes we are but thats only for the peope that we dont know because they could stole the coins in our wallet but for our family we can exclude them to this rule if you are worrying that your coins will get lost if something bad happens to you but if you have a hate for your family or your family hates you ,
 much better if you keep the keys to your self than your soul wont rest in peace .
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July 02, 2021, 01:03:55 PM
 #85

It truth we have see and heard about the situation whereby a cryptocurrency investor died and his/her crypto holding was not obtainable by her family which could be a lesson for us all but my own idea about my main holding is saving my hardware wallet with private information in safety deposit box which will obtain by my family after I'm late.
Meanwhile, transaction wallet can only be access by myself so the coin there will be lost forever.

randegibran
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July 02, 2021, 08:58:59 PM
 #86

Of course this is not an interesting topic to talk about after our death, of course we have family or relatives and if that happens later then we can give the code to our family who we trust the most.because the coins will also not be lost in our account and can still be continued by our family in the future if he is really interested, or sell it if he doesn't understand the business
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July 03, 2021, 07:48:08 AM
 #87

It’s definitely up to me to decide 100%. I set up a trust and placed a sealed envelope in my lawyer’s safe for delivery to my heirs. My family knows this and knows what to do when I pass. Many people think this is stupid trusting a lawyer, and this response is likely to be rejected. I believe this is a reasonable way to protect my Bitcoin, and I am happy that someone manages my affairs when I can’t.
Obito
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July 03, 2021, 08:42:46 AM
 #88

Put in on the will and have your crypto split into equal in parallel to how many people you want to give your crypto in the unfortunate case of your death. Hire a lawyer and have the necessary information written on paper and put into an envelope and entrust it to your lawyer. To everyone who thinks it's crazy, entrusting it to some other person, lawyers especially the high profile ones have a really big reputation to uphold for them to stoop so low like stealing the bitcoin.
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July 03, 2021, 02:34:02 PM
 #89

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


My simple solution is to just save all your crypto data on a flash disk and give a will to your wife if you die later, but before that you must teach your wife or someone you trust in your will about crypto,

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July 03, 2021, 03:38:19 PM
 #90

Of course this is not an interesting topic to talk about after our death, of course we have family or relatives and if that happens later then we can give the code to our family who we trust the most.because the coins will also not be lost in our account and can still be continued by our family in the future if he is really interested, or sell it if he doesn't understand the business
Talking about our own mortality makes us stronger so I don't really mind the topic because death is inevitable so why worry about it, just do what you love without harming anyone while you are still alive. For me, I would just probably sell all the bitcoins and cryptocurrencies that I have whenever I feel like deaths coming to me and I will just probably do the inheritance in fiat so no hassles.

BTCINVESTOR
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July 03, 2021, 04:27:19 PM
 #91

One thing I like to do is set up a multi-sig wallet from bitaddress.org. Very trusted site. Turn off the internet before you create a wallet though.

You can set it up to where you have any number of signers for the coins. So for example, if you decide you trust 3 people to have signatures for the address, choose to make it so 2 of them have to provide keys to unlock the bitcoin.

Of course, you have to trust the people that have keys, but usually this works well with a spouse or trusted family members etc.

Very safe in my opinion. And you can use as many signers that you want. You could say 5 of 9 signers have to simultaneously agree to release the coins as well. There is no limit, I don't think. I think you can even do only 3 of the 9 have to sign.

Math based currencies will supplant all sovereign currencies over time. Buy them now.
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July 03, 2021, 08:28:08 PM
 #92

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 want to give your seed words or your private keys to your family members then there are several ways in which you could deal with this, one is to simply give this information on your will so when you die they have access to your coins, another option is to tell them where the keys are stored and only give them the access to those coins once you die by using your lawyer, and yet another option that exists is that you can use time locked transactions to inherit your coins that way.

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DoublerHunter
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July 03, 2021, 08:50:10 PM
 #93

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 want to give your seed words or your private keys to your family members then there are several ways in which you could deal with this, one is to simply give this information on your will so when you die they have access to your coins, another option is to tell them where the keys are stored and only give them the access to those coins once you die by using your lawyer, and yet another option that exists is that you can use time locked transactions to inherit your coins that way.
^ If no one will access your private key your coins will be lost forever and based on what I have read on the prediction BTC article. Lost BTC has been increased year by year and it will affect upon redusing the entire market circulation. If no one will inherit your coins that will possibly happen to your coin when you died, it becomes useless at all. That is why from the start let your family member oriented basic information of BTC and how it work so that they will have an idea about this.
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July 03, 2021, 09:35:38 PM
 #94

I really want to have a wife who has one profession or at least understands about cryptocurrency because I will trust her wallet access for the future of my wife and my son, there is currently no protection agency in losing wallet access, it explains if we lose access, then lose our assets.

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July 03, 2021, 11:58:40 PM
 #95

After death, if the owner or the user himself failed to give his relatives or the most trusted person he would dare to give access into his accounts, then there is no solution on how someone can ever make handle with his Bitcoin that is left behind his accounts and that will just remain as his untouched assets stored inside his wallet. There are lots of reasons why a certain person will not dare to share his seed phrase and password into someone even to his family but if you will just put it into such scenario, all of your earnings will be useless if no one can be able to make use and experience the benefits of obtaining your Bitcoin. You may at least have one person to know it before it's too late.

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July 04, 2021, 10:17:21 AM
 #96

In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

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July 04, 2021, 11:38:13 AM
 #97

If the owner of the account or wallet get lost or died, the wallet will remains as long as the private key of that account or wallet doesn't passed over their families or friends. The funds and the assets that has been stored in the account will remain the same and nothing will change but if the wallet phrase or private key has been said to a family or loved ones then they will be able to access and use the assets inside the account. That's just the simple logic behind that.



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Tahsin Kabir Kollol
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July 04, 2021, 12:56:34 PM
 #98

For most cryptocurrency holders, it is a common concern to wonder what will happen to the cryptocurrencies stored with him in his sudden death. In this case, it can be said that there is no time for the deceased to worry about the wealth of the world. But if you are worried about your loved ones, then you must trust one of them. Get someone to experience this and give them an idea of how they or they might get it after your death. Since death is always uncertain, be aware of this and take appropriate action at the present time.

MFahad
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July 04, 2021, 01:10:46 PM
 #99

In case a coin owner passes on without passing on the private key, his beneficiaries may find his wallet as it were to realize that they will never pick up get to to the riches interior. To avoid this, the owner essentially must guarantee that somebody gets a duplicate of the private key by composing it down, putting away it on a streak memory drive, or entrusting it with a commercial benefit that oversees them.

We know this but how to ensure that the person whom we sent the private key will not mis-use it while we are still alive ?
Trusting someone even our wife and siblings is difficult at times.









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LimLims
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July 04, 2021, 01:31:44 PM
 #100

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 this is the case op, then along with the dead person, the coins will also be die and lost forever.
The better thing you can do to tackle this thing is that, someone you trust, you love or with whom you have blood relationships and who understands your mentality, tell him/her how to access the Coins.
This is the best possible way to prevent the coin from remaining lost forever.
Hope this helps you Op to contribute on this discussion.
Willing to here more people’s suggestions too.

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