What Happens to One's Bitcoin if Death Occurs?

[romero121]

Yes, doing so the owner can easily divide the holdings between number of people who he wish to give. Even without accessing the wallet it is possible to know the holdings within the wallet. Inherits can view the holdings, divide it between them and use the private key for transaction purpose. This is simple and it is also easier way to safeguard the private key, being short none thinks it as private key.

But, let's just say, for instance, one of the key holders was to be met with an accident, won't the key be permanently lost then? Maybe create a method where the key would be given completely when one of the two (or more) holders were to die? Or is there a better way to circumvent that? In that case wouldn't it be better to let a third party manage an encoded key, and leave maybe a program that could decode the key to the owners. When the time comes, the third party would split the code to how many people there are so that even if one (or more) are gone, they'd still get the full key to access the wallet.

Owner have the complete key. There can be very rare instance of owner and the inheriting person die on a same day. In such case a third party involvement will be more effective.

If the owner haven't died, but one of the person who holds part of the key dies. By that situation owner has the complete control over the funds and he can once again share the private key.

[kotajikikox]

Financial Analyst has advised the following:

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.

2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.

3) Include your crypto investments in a will.

4) Use wallets that have inheritance plans.

5) Seek advice from cryto inheritance firms.

The conclusion is keep your Bitcoin secure, but accessible.


https://www.death.io/what-happens-to-your-cryptocurrency-after-you-die/

All points are valid , but we cannot blame others why they keep saving their funds on their own because of the risk that their funds will be stolen and i use to be one of that until one of my friends died with his private keys  and now the crypto was gone and cannot be taken by His wife and child .
Now i learn my lesson and had some strategy how my family may get my coins in scenario like this.

[rodskee]

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

Does that mean you've shared the private keys with your wife and kid or you've shared part of the key with your wife and part of the key with your kid. So that in case of unexpected death one cannot take control of the entire holdings. Both needs to mutually agree and only then the wallet will be accessible. I don't know in what aspect you mentioned the word "share". However this gave me think of a better way to keep the private key safe in case there are two kids person to share ones holding.

part of the key mate , though I know that if my wife will try to take it all he can easily ask my Son to get the other part but why do i care? as I am doing all of these for them so either they will plan taking the funds from me? for what i care because that is already theirs , but of course I know my wife and son will never do this as i always explain to them that all of my effort and risks here is for their future and their studies in case of death that unexpected .
this is also what i planned before investing time and funds here in crypto.

[FanEagle]

Depends on where it is. In our nation we do have laws that say that exchanges do have to give that money to the widow or kids or whoever is the closest. So, just like when you have money in the bank, you die and then whoever inherits your money in the bank is given that amount.

My grandfather died around 15 years ago, and he had a bit of cash in the bank, not a lot but enough for the funeral expenses at least, he basically paid for his own funeral which is sad in a way, but a gesture after death in a sweet kind of way as well. Bank just wired that to my mother's account instead, and was a quick process. Same with crypto as well for exchanges. At least like that in my nation.

[jaberwock]

I had been saving Cryptocurrencies for my children and wife  so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

Yeah, letting your loved ones or your family have access to the private keys to your wallet is definitely the best bet here. That way in case there happens to be any situation at all they will be able to have access to the wallet without much difficulties.

I do get people who keep saying that they can’t trust anyone at all to hold the private keys to their wallet and not even their family or loved ones, before you can arrive to that decision you must have made sure that anyone you’re giving it to is someone that you can truly trust .

[Emitdama]

In reference to the fourth point that you have made about using wallets that has an inheritance plan, that goes against the belief that most people have that they are meant to be making use of a wallet that is decentralized. Although I do know that there are people who would be comfortable with making use of a centralized wallet, like people who are making use of Coinbase wallet and other similar wallets.

But, remember that making use of a wallet where you don’t have your private keys means that you’re not the one that owns your coins. And so far I don’t think that I have seen a wallet that has inheritance plans.

[Ale88]

Nobody wants to die, but death is inevitable and sometimes unpredictable. I had a friend that was robbed and killed. His family couldn't have access to his Bitcoin account because nobody knew his password or even his email. It became extremely difficult because the armed robbers stole his laptop and phone. Currently his wife and son are suffering because he invested heavily on cryptocurrencies.

Data analyst believe that only one in four people share thier password with others. They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.

Financial Analyst has advised the following:

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.

2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.

3) Include your crypto investments in a will.

4) Use wallets that have inheritance plans.

5) Seek advice from cryto inheritance firms.

The conclusion is keep your Bitcoin secure, but accessible.

I agree that many people don't think about the consequences for their families in case something would happen to them. At the same time choosing the right person to explain how it works is not an easy choice, you must absolutely be 100% sure because money can really bring people to do things they would never do under normal circumstances.

[kamilah147]

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

[xSkylarx]

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

I agree that it is acceptable to be prepared now. As long as you give it to your beloved, who is the most trustworthy, everything will be fine. The majority of recommendations with this are to store it in a hardware wallet and to inform a trusted friend or family member of the location and method of opening it in an emergency. I'm not sure if there are any new things that could be used to serve as a will and testament, but I'm confident that there are law firms that are willing to take on these types of matters. If you have a large amount of bitcoin and then suddenly die, it would be extremely painful for you and for your family.

[Myleschetty]

Data analyst believe that only one in four people share thier password with others.

In cryptocurrency verse, it never security advise sharing crypto wallet information with people. We have seen a friend that killed his friend because of his crypto portfolio.

They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.

Honestly, it's hard to get the correct number of BTC lost due to owner disappearance or wallet information lost.
Wait, this reminds me of the Quadriga exchange situation. Does anyone know the updated news about the crypto that disappeared after the exchange CEO was pronounced dead?

[owlcatz]

Does anyone know the updated news about the crypto that disappeared after the exchange CEO was pronounced dead?

https://www.youtube.com/watch?v=-dpHT_4PJG4

[Quidat]

The advice you gave is true, death is indeed a human obligation. I've done it myself, although I'm still relatively young, but anticipation is the most important thing I do. at least the treasures we have can still be felt by our families later. I agree with what you provided in this thread.

Securing on things that you are striving to accumulate for the sake of your family's future then it shouldn't be come to waste which means it would be just part of your initiative
on securing it out and could be accessed by them whenever you do pass away thats why you should be mindful on how you would introduce it to them even with the basics..
As long those keys or phrases wont be exposed out whatever method you would be using then it should be fine.

[suzanne5223]

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.

If you don't want to die untimely, this is never a good option but you can have 3 spread wallets one will be for your family, saving, and emergency/want wallet.

2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.

I still prefer the safety deposit box.

3) Include your crypto investments in a will.

We have seen a situation where a good person goes bad when huge money is involved. What makes you think the law in charge of the will won't attack you after knowing your portfolio balance.

The conclusion is keep your Bitcoin secure, but accessible.

Meanwhile, 80% of everything you said will lead to the vulnerability of the wallet holder's life. 

[peter0425]

Financial Analyst has advised the following:

1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment.

2) Write it and keep it in a safe. Although it's risky but at least it's more preferable.

3) Include your crypto investments in a will.

4) Use wallets that have inheritance plans.

5) Seek advice from cryto inheritance firms.

The conclusion is keep your Bitcoin secure, but accessible.


https://www.death.io/what-happens-to-your-cryptocurrency-after-you-die/

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

[molsewid]

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

Yes it is and as I can remember how many times this thing are mentioned I think I can't count it in hands, maybe some are not exactly same how this question was asked but it is the same thing that was asked. Well, I think there's nothing wrong of keep talking about this thing because if we are all aware there's a lot of newbies in our community right now and they should be know this thing also. And let's keep in practice to save our password or passcode written down in a notebook and can be secured while also slowly informing one of your trusted family members about your asset.

[rodskee]

I had been saving Cryptocurrencies for my children and wife  so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

Yeah, letting your loved ones or your family have access to the private keys to your wallet is definitely the best bet here. That way in case there happens to be any situation at all they will be able to have access to the wallet without much difficulties.

because I am working and investing for them so I believe that no matter what they do in those funds i  kept saving is at least under their decisions because no matter what? it is actually their funds and not mine already.

I do get people who keep saying that they can’t trust anyone at all to hold the private keys to their wallet and not even their family or loved ones, before you can arrive to that decision you must have made sure that anyone you’re giving it to is someone that you can truly trust .

but they must also remember that what they wanted to happen is upon their discretion and no one will make them gain if ever they died .

[MinMan]

I had been saving Cryptocurrencies for my children and wife  so yeah I did all the precautionary measures as I also assume this may come to everyone .

My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.

That’s right, there are lots of scam in the crypto-currency market and everyone who is into this has to be very careful. If you’re not sure of something, it is always the best decision that you avoid them instead of going further, because you can end up losing your money.

Most times people tend to fall for all these scams because they are greedy and scammers know that people are greedy that’s why they always make promises that are so good to be true, and most people wouldn’t see that, because their mind is on what they are about to gain and not what the project actually is.

[coinism]

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

You and all those who have taken necessary steps for handing over crypto to your next of kin in case you die have done a good job. I am too lazy for this stuff, even knowing that my all hard work willl be lost if I die and my family dont have necessary details to access the crypto. Sooner or later we all have to die one day, make sure we do necessary backups for your crypto.

[SirLancelot]

These things had already mentioned in this forum several times , we had been advised to at least let someone or have a concrete plans for your crypto in situation like this as we are not holding our life.

i am ready for this and had taken some measures to at least when time comes my family will benefits from all my hardness here in crypto market.

Yes it is and as I can remember how many times this thing are mentioned I think I can't count it in hands, maybe some are not exactly same how this question was asked but it is the same thing that was asked. Well, I think there's nothing wrong of keep talking about this thing because if we are all aware there's a lot of newbies in our community right now and they should be know this thing also. And let's keep in practice to save our password or passcode written down in a notebook and can be secured while also slowly informing one of your trusted family members about your asset.

What is written in the notebook can fade over time, more if it gets wet and damaged. It was not recommend storing phrases or passwords there but you should use some sturdy materials like steel or aluminum. You shouldn't wait for more time before you inform the person that you want to trust your coins because the clock is ticking and we don't know what can happen next.

You just want to make sure that they are really trusted because some family members are only good at you when they know that you are involved in cryptos because anyone knows now that crypto is trillion dollar business and they think everyone that is involved with it are rich.

[Ebede]

If you die and your seed phrase is not were to be found to your family member is known that your Bitcoin will remain in your wallet till infinity and any time bitcoin is increasing your Bitcoin will increase in your wallet, that is why is good to have documents of every of your wallet, Incase of death