Upon the death of a bitcoin user.

[Nangiconference]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

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[Nwada001]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

[Churchillvv]

The fact that it's required of us to keep some things private doesn't mean we cannot share some certain level of things with someone who we think we can trust, it's advisable that at least one of all your relatives, sisters, brothers children etc should at least know some things about you incase the unforeseen happens.

There are ways in which you can do that, for me I have wallet where I'm storing some digital assets especially bitcoin and I have told my elder sister that happens to be more closer to me than others that I have so digital assets but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.

Just as nwada001 said instead of your hard work to be considered as donation when it could help your family, then you shouldn't keep everything away from them one person should be able to know your way about.

[Nwada001]

Just as nwada001 said instead of your hard work to be considered as donation when it could help your family, then you shouldn't keep everything away from them one person should be able to know your way about.

I hope you don't get me wrong when I say free donation to other holders; it does not mean that it will be shared among others, but that particular volume being off-market circulation can have a little positive contribution to the price of bitcoin.  
 
Just as millions of dollars worth of bitcoin have been sitting in some wallets for years, there are no outgoing transactions in those wallets. Any form of movement from a wallet holding large amounts like that can trigger a negative market reaction.

[boyptc]

Satoshi said they're like donations to the community.

In terms of the altcoins market, they're like burned already as those bitcoins are gone forever. That's why if you hold some bitcoin, it's up to you whether you'd tell a family member or relative that you own one.

But you know at these times, it's quite dangerous to tell someone that you own and hold bitcoin because they might think of you as someone who's truly rich and bad things can happen to you like being attacked by a wrench or any other worst things possible.

[Assface16678]

If that's the case that no one knew even your family and friends about your assets, then unless the deceased person will leave last will and can also be used by its family or friends but if not, then expect that your assets will just sit in your wallets or where you stored it forever, simple as that, as we know our assets are secured in crypto currency space as no one could access it, so your assets is like a an assets that will maintain the foundation of the community and also can be consider as lost bitcoin or crypto currency. But of course you didn't want your assets to just sit there and do nothing incase you died right? so of course you should prepare a letter or statement where you can give the inheritance of your assets to someone that has knowledge about crypto and of course someone that will make your assets valuable and can make it grow more, or simply donate it.

[Shamm]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

Agree with this mate nothing id permanent in this world even life is temporary so we need to put extra effort and trust to our closet relatives. And about our holdings it better to  have a companion that know about our investment  cause there's a chance that when the investors died and no other people know about his/her investment then his/her money will remain his Wallet forever. And the money will remain untouched.
But there's a positive impact if theres a family member who knows about the money of and investors cause  when the investors died they can use the money to sustain thier needs.

[Natsuu]

Planning for what happens to your Bitcoin investments if something happens to you is definitely important. Unlike regular bank accounts, Bitcoin doesn't have the same system for passing on assets. So it's a good idea to make sure your family knows about your investments and how to access them. You could write down instructions or even designate someone you trust to handle it for them. Put it in you will. Getting advice from a lawyer who knows about Bitcoin and estate planning could also help make sure everything's in order and your family can benefit from your investments if anything happens to you

[PX-Z]

Those money in banks are distributed to debts and taxes of the dead person if there is any, then distributes the remaining to the heirs.
While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.

[SatoPrincess]

There are already a lot of solutions for this. You can choose to tell your spouse or someone you trust where they can find the private key. Though I personally recommend the use of timelocked transaction method. There are many threads on the subject, you can learn a lot from them:
[Tutorial]Making your Bitcoin Inheritable
In what way you’ll inherit Bitcoin to your loved ones?
When Bitcoin Must Be Inherited
Bitcoin inheritance
Leaving Bitcoin as inheritance
https://news.bitcoin.com/death-bitcoin-digital-inheritance/

[MusaMohamed]

Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.

If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are fearful about your death and how your bitcoin will be lost after your death, leave the private key of your bitcoins to your wife/ husband/ children, and make sure you teach them how to recover it from the private key/backup.

You must backup your bitcoin well, and teach them of recovery.

How to back up a seed phrase.

[Maus0728]

If you do that, you'd be charged with embezzlement I think or maybe fraud, that money will stay there no matter, there was this case where a man was homeless for a really long time but when they get to the bank, they were shocked by the fact that he's still getting the social security checks but it just goes through his bank account that he's forgotten, thinking that he might be dead, they still didn't stop sending the money or bothering to check up on it.

In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.

[crwth]

Well, if you understand how Bitcoin works and what the self-custodial thing and possibly with a hardware wallet mean, then you pretty much know how you should handle it. You can set up steps so that if you die, you have a thing that would send the instructions to your loved one and how they can claim it. This would be a great thing to do if ever something to happen. It's best to have backups.

The question is, do you want them to enjoy your wealth in crypto? Then do the steps necessary. I'm not sure how the ETFs work though. That would probably depend on the broker or something.

[rodskee]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

this is why you should not take your bitcoin into grave mate , like we mostly do?
some of our family member have idea and others also have part of our keys to use in
case of sudden death .and you should do the same thing mate or try writing your keys
and leave in your last will testament.

[bitzizzix]

In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.

Perhaps because the OP has not properly studied and understood the drawbacks and risks associated with Bitcoin, including what the OP is worried about. Because Bitcoin actually has many advantages over fiat, banking systems or others if OP really studies and understands it well.
And if the OP has really studied and understood it well then the question asked by the OP will definitely know the answer and what to do before it happens, and anticipate it before it happens. Because there are many ways to overcome this problem, and it all depends on whether we are married or not. To be able to hand it over to someone who can truly be trusted and also has the right to receive the investment they have. And along with the private key and also the initial sentence that you have to give to that person and also a very detailed method on how to do it and also use it.

[CODE200]

Those money in banks are distributed to debts and taxes of the dead person if there is any, then distributes the remaining to the heirs.
While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.

Do they really do that? I thought that they just let it sit there being slowly drained for the fee of storing that money in their bank? Never knew that most banks are not as scummy as I think they are or this is a selected banks thing only and the others are really scummy?

Thankfully that's what I immediately did when I started learning about bitcoin and bitcoin wallet, I learned that it's a bad idea to lose that especially since most of them remind me that if I lose the seedphrase, that I'd be losing everything inside it, that's why I've got it on a piece of paper that's also in my wallet, even went and did an extensive effort of writing instructions just in case I forgot or my loved ones stumble upon it when I'm gone for good.

[YUriy1991]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

Very interesting story, but the first point here after all our achievements in collecting BTC and felt to be the maximum is who we will trust to entrust our special assets in the form of private keys and passwords, so that they can be used by our children and wives we no longer exist like you means.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

I think for others it might be a bit heavy although there are also we hear there are also now many Services and you can turn to a third party custodian who has a good reputation in that regard. But, if for our own children I think it will be different level of trust, especially if we have previously prepared him when he feels mature and we are able to educate with basic education about crypto and the stages in accessing your BTC assets then you hand it over before you die.

[Maus0728]

In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.

Perhaps because the OP has not properly studied and understood the drawbacks and risks associated with Bitcoin, including what the OP is worried about. Because Bitcoin actually has many advantages over fiat, banking systems or others if OP really studies and understands it well.
And if the OP has really studied and understood it well then the question asked by the OP will definitely know the answer and what to do before it happens, and anticipate it before it happens. Because there are many ways to overcome this problem, and it all depends on whether we are married or not. To be able to hand it over to someone who can truly be trusted and also has the right to receive the investment they have. And along with the private key and also the initial sentence that you have to give to that person and also a very detailed method on how to do it and also use it.

Cut OP some slack, it's not like OP has forgotten to read about some world ending or catastrophic knowledge or information that not learning about it would lead OP to something miserable, at the least now OP knows what to do, it's up to how OP would do the things that's needed to be done and the "things" needed to be done are pretty simple anyway so I'm not particularly that mad, it's a good thing that people like OP asks this question, everyone's dreading about death and what happens to their bitcoins or any investment when they face their own mortality, just ask, the answer might be pretty simple.

[retreat]

Bitcoin is a little different, because it is a decentralized system and uses private keys, if your children or wife don't know/know about your investment in Bitcoin and they don't know the private key, then they can't access the Bitcoin in your wallet. However, to overcome this, you can tell them about your private key, you can write it on paper or tell them directly, so that when you die, people you trust can access your assets.

[PrivacyG]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If they can access the location where you stored your Seed, they can simply continue using your Wallet with no extra steps required.  Unlike Banks where you need a chunk of documents to take over the control of the dead relative, Bitcoin needs no documents but the Seed only.

No body else can take your Bitcoins without having your Seed.  So there is no point in fearing the scenario of the Bank manager you mentioned.

On the negative side however.  This also means any body can take your Coins in case you die and you have a bad relative who knows about your holdings or finds the Seed paper after your death and decides to steal it.  Or even a neighbor, if they decide to steal from the house of a dead person.

In other words.  Protect your Seed and make sure that in the unfortunate event of your death only the relatives you want will know where it is.

[Sebas.tian]

That is why is advisable to write down all your personal details that related to your wallets, so that when you die it will not be difficult for your wife or children to have access to your wallets but if you failed to show your children all your details before you die, there is no way anybody can have access to your wallets. But if something like this happen in the bank, the  easiest way for the next of kin to withdraw the money from the bank, there must be an order from the court before bank officials will allow the person to have access to the money in the bank. You have your own choice to make in your digital investment journey, whether you will write all your details down and show them to your wife or husband for future purpose, and I believe, when you die they will have access to your coins without taking any permission from anybody.

[Kakmakr]

You have to make provisions in your "Will" to direct your family to the information regarding your Bitcoin stash.

You have to tell them where it is stored, what the pass phrases are to recover the wallets and also passwords and private keys to stored coins.

I suggest leaving clues in your "Will" that only your family will understand and not just to say where anybody can retrieve it.  

[Danydee]

If you have backups of your wallets and accounts in a bank volt for example, you heirs could legally accès it after your death !

[Nangiconference]

Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.


If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.



Your family can only submit request  to a bank when they are aware of your deposits, they must have known about your savings with that bank. In the case where they are not aware of your deposits with any said bank, they can submit request. If they know about your deposits they can submit request.

[Cryptomultiplier]

Bitcoin is not gold or a precious metal or a tangible asset that can be discovered from its hidden place after some years have past. It is a digital currency and it's high time we ask questions and act like it's a currency.
The ETF approval isn't just a name that was thought out to come become an initiative for BTC interested parties. Other fiat currencies have ETFs too that can be traded on even wall street.

I think when Bitcoins get forgotten or abandoned for so many years in a wallet, it remains so and dies with the individual unless it gets hacked into or the key phrases get discovered. If it were left forgotten in an exchange wallet, it's a different ball game altogether as it is not your keys, not your coins.
Also, how do you explain large whale investors that have left their portfolio dormant with big investment for years and then sudden they just move it around or liquidate the asset either for diversification and reinvestment or to agitate or affect the market trend.

[Abu-Naim]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

Banks usually demand for next of kin because of issues like death and dismissal of the account owner so that they can contact the next of kin when the need arises, and when the bank account owner is dead, the next of kin and other family relatives can submit his death certificate to the bank and gain access to all the money in the account after following due process.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Bitcoin when hold in your personal wallet can be accessed if you shared your private key to any of your relatives or friend, but if you did not share your private key with anybody, your Bitcoin is gone forever.

However, if you save them in an exchange wallet, if your device is still active and someone can have access to your phone password, they might access your exchanges on your phone and can probably get access to your coins.

[BITDV]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

I think most of people bit worry about this, so this is a common problems. If you are not really worry if someone know your investment and how to work with that, so you can inform everything, ofcourse "someone" in term of something related with your family and you want him to take.

If you re not doing this, so it will lost forever.

[Stepstowealth]

Will it be lost or is it good to entrust someone incase I'm no longer there?

You're lucky and will only be lucky if you have someone in this category who you can trust with your bitcoins should in case you die. Trust is very expensive, someone who you trust today may disappoint you tomorrow.
Trusting someone with your Bitcoin to take over and use it whenever you die means you have to give them access or an idea of where your key phrase is so that they can gain access to your wallet in the case of your death.

[kentrolla]

Unfortunately there is nothing much which can be done unless you have shared the credentials with your trusted family member at your own risk because if one person happens to die unless someone is aware of credentials no one can access the funds and it will be there just like that and you may call it as a donation as well. But when it comes to traditional investments their heir can legally claim it and that's not the case with Bitcoin.

[uneng]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Yes, if you don't share your keys with someone, your money will be lost once you are death and no access to your Bitcoin wallets will exist anymore, what means your coins will belong to a vast portion of Bitcoins which are already lost forever on the network, since they belong to early investors who didn't care at all about their investments, consequently losing access to their wallets. If you don't want that to happen to you, make sure to talk to your family about your investment in Bitcoin and how they can use your funds in case you can't do this by yourself anymore.

Many people fear doing this, because they don't trust anyone besides themselves in this world, so even the family is out of question for them to share their secrets to. If it's not you case, and you have beloved people who you want to support through your patrimony once you are gone, you don't have to worry about that. Go ahead and teach them everything they have to know in order to deal with BTC online, besides sharing your secret keys with them as well.

Or you can deposit your secret keys data inside a vault of something like this, allowing family members to open it only after your death.

[Rockstarguy]

if you know someone who has usdt or btc asset that passed on, visit www.bitretrieval.com with their mail or login. they will help you recover their asset.

I don't know how true is this but I know this is the strategy scammmers use in collecting money from people, they claim they can recover your stollen bitcoin,  and they also claim to help people to gain back their bitcoin in a wallet they can't have access to their wallet by misplacing their seedphrase. When you meet them for this they will demand some amount of money from you bit by bit, by the time you spend all this money just to get back your bitcoin they might have gotten enough money from you.

When people don't have access to their wallet they shouldn't bother about it looking for who will help them recover their wallet back because trying to look for someone to help in claiming bitcoin back is just a strategy for you to get scam and lose your hard earned money .

[CryptoHeadlineNews]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

According to coingape.com, I'm made to understand that over 7.8 million Bitcoin is said to have been lost over time since the existence of Bitcoin, which amount to almost $484 billion, and as such there is a high tendency, majority of those people whose coin among the lost ones are people who probably may have died, and yet nobody aware they had such fund in BTC, or probably may be aware but not have access to it's private key, and those who may have lost access to their wallet due to improper storage and protection of their private keys, hence, in which ever way it is, thats why as a Bitcoin hodler, it's always wise to have a trusted family member or friend know about our Bitcoin investment, so that if in case we are no more, they could still have access to our funds.

[TheUltraElite]

This is one part of bitcoin that is not similar to banks. In banks you can nominate a kin who will inherit in case of the former owners demise.

Hence for bitcoin we have to take the upper hand ourselves by entrusting our next of kin with the ability to access our coins and spend them as per the need. Possibly add in how to keep their secure too.

LoyceV also created this topic, do check it out:

Using Locktime for inheritance planning, backups or gifts

[Smack That Ace]

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.

[sokani]

~

If you're well off financially and can afford to pay for a deposit box, then get one and store your seed phrase. Also, leave a note of your bitcoin investment for your lawyer to disclose to your family in the event of your passing. If you don't have the financial capacity to rent a deposit box, then you've to trust a family member close to you with your seed phrase. If you fail to do this and you kick the bucket, your bitcoin will be lost forever, except someone accidentally stumbles on your seed phrase.

[0t3p0t]

First things first is that you should atleast educate one trusted member of your family or loved ones to be able to have an idea about the basics of your investments. We all know that death is inevitable and therefore we need someone who will inherit our wealth in Bitcoin and other crypto and then you may also write a note or last will and testament be it holographic. If we are not doing this then funds will be lost forever. That is the only way we can help your family's next generations if you have that huge amount of holdings. Regardless of value as long as it can help our family we should have to pass it to them as money is useless for us anymore when we are dead.

[Nrcewker]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you really love your family and want them to inherit your Bitcoins, then it’s alright to tell atleast one member of your family about your investment. If you love your wife the most, then it’s best to tell her about the investments that you have made, and if possible share the pass key of your wallet with her. If by any chance, anything happens to you then they can use those money from your investment to leave a good life. This the best thing that anyone can do for this type of situation.

[GideonGono]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This topic has been discussed so many times in this forum.
If you don't have anyone who knows about your private key or doesn't know how to access your wallet then the amount of crypto in that wallet would be considered as loss, there are so many wallets out there that their owner forgot or doesn't have an access to their wallet anymore.
We don't know how many of those loss wallets are from the deceased.
If you want your family to enjoy your money or crypto after you are gone then leave your keys to them and a tutorial on how to access and convert it into fiat so that they could use it.

[Zlantann]

I don't know how true is this but I know this is the strategy scammmers use in collecting money from people, they claim they can recover your stollen bitcoin,  and they also claim to help people to gain back their bitcoin in a wallet they can't have access to their wallet by misplacing their seedphrase. When you meet them for this they will demand some amount of money from you bit by bit, by the time you spend all this money just to get back your bitcoin they might have gotten enough money from you.

I checked the website and they claim to use cutting-edge GPUs to perform a brute force on seed phrase but the client must have access to the wallet files and know the password. I don't know how truthful or effective this service is but I know that brute force could be used to guess seed phrases and sometimes the attack might be successful. The client would have to get some legal backup to ensure that he is not scammed or ripped off of his coins.

When people don't have access to their wallet they shouldn't bother about it looking for who will help them recover their wallet back because trying to look for someone to help in claiming bitcoin back is just a strategy for you to get scam and lose your hard earned money .

Such kind of scam is very popular on different online platforms. They will come with guarantees that the coin can be recovered. The next phase will be to ask for non-refundable services fees which might end up bringing no positive result.

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.

Maybe such an individual is not on good terms with family members. They may have treated him badly and he doesn't want anything he owns to be transferred to them. But he can also consider willing his coin to charities through a lawyer. I know it I difficult to trust someone but you have to trust people if you don't want your coin to be a contribution to the Bitcoin ecosystem.

[coolcoinz]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

You literally say it yourself that it's bad if the family can't access your wealth after your death, but then you say that they don't know about your investment. This is what actually doesn't make sense, not the fact that bitcoin works the way bitcoin works. Then you proceed to ask us if it should stay that way or maybe you should tell someone... Are you kidding me?

The short answer is yes, you should tell the person you want to inherit bitcoin after your death. It's really that simple! For instance, I have a daughter and when she's old enough to understand bitcoin she'll get all the information needed to access it. It's really up to you if you tell people or not, but my advice is that you should tell at least one person.

[SamReomo]

If no one knows about someone's investment in Bitcoin and that someone dies then no one will be able to get the Bitcoin which the investors bought, but if the investor has kept those Bitcoin in his personal wallet and left a keynote about it the private keys and seed phrase then his loved ones could access and sell those Bitcoin.

I'm not sure about Bitcoin that's kept in custodial wallets of the exchanges, but I believe if someone has kept his/her Bitcoin in those custodial wallets and he/she dies then his/her family members may get access to those funds after exchange's team verify them. However, I don't know much about it, so it would be hard to say anything with 100% accuracy.

[Fivestar4everMVP]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This is a topic or subject that have been discussed on this forum some time in the past, and on several occasions as well, but all the same, it's still a very valid thing to discuss regardless.

Investing in crypto is actually more private than keeping money in the bank, and if the relatives of a dead person can not claim the money their dead relative left in the bank simply because they don't know that the relative have an account with such bank, then its also very possible that same thing can be and may have happened even here in crypto amongst bitcoin investors who have passed on without entrusting their bitcoin wallet private keys or seed phrase to a trusted loved one.

For us that are still alive, we know not when death will come, people die through various unexpected means, like through an accident, sudden cardiac arrest, sleeping and no waking up, sudden overdose of drugs, food poisoning and so on.
It is actually very important for us to consider this things and disclose our crypto investments details to someone we love and trust, mostly a relative to family member, like I myself have started showing my wife some of my crypto holdings, where I hold them, but have not actually started showing her how to gain access to the funds just incase anything happens to me, this I actually plan to do in no long distant time from now, possibly after this coming bull run.

This is a very hard move or thing for some of us to do, but it's actually a very important step that ensures that if any thing happens and we are no more, all the wealth we have gathered in crypto won't be a waste.

[Mahanton]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

When it comes to Bitcoin then it would be always that suggestible that you would really be needing to share up those PK or seeds into one of your family so that incase you would pass away then you would really be having that kind of problem on which those coins would really be lost in void if you wont really be tending to share it up or no ones knows those keys and this is why it would really be that relevant that you would be
needing to share up at least or putting up on a will or tell your wife something about it. I do understand that there would really be be those kind of hesitance specially when sharing up those keys because of
non permitted access or would be losing up funds or would be touched up.

This is why we would really be hesitating on this case on which even myself would really be having that kind of hesitance on sharing it up while im still
alive. 

[Faisal2202]

Then share your investments and how much BTC you have in your holding to your brothers or sisters, or parents, or any trusted person, it's not possible that you won't have a trusted person in your life, if not then what's good in giving your funds to your family so that they can enjoy them ( I am saying this just in case). I have told my brother about my investment but did not share the seed phrase with him, as I have encrypted the seed phrase and written it on a book, and placed it somewhere safe, if anyone finds it, won't decrypt it as I use a simple but effective way to encrypt it.

Now the problem is if I died instantly or due to some accident (which I wish not to), how I will be able to share the key to that encrypted seed, I hope I will get a chance to share the key if not, then I have to share the key with my siblings at last. As I also don't want my money to get wasted.

[Cookdata]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

I think Banks has a duration of years account that has been left dormant to be investigate, it's not the responsibility of the bank to used or touch the money but to contact the real owner of the accounts and if the person is no longer alive, there is a legal way in which the family can claim the money, any bank that eat customers money is a thief and a criminal.

As for Bitcoin, there has been a lot of debate and with the responses I have seen, passing of Bitcoin is subjective. There is no way that I will hold Bitcoin forever but the one I have now is not for sale but I don't know what can happen tomorrow as death don't give anyone a warning and what I have done is that I let my dad knows about my Bitcoin, he doesn't understand how internet work that much but he has learn to keep safe items for more than 20 years that even we the children don't have access to nor the outsider. About trust, I trust him more than even the way I trust myself. So that doesn't bother me and I advice you to do the same but definitely shouldn't be a woman, not your girlfriend nor your wife, not your mum too because they are very emotional and can do the least you expect.

[Wexnident]

~

Wait, don't banks usually just keep holding on to the money or put it towards some sort of unclaimed fund so that they can keep track of it? And only after a specific couple of years could they release it not towards their employees but instead towards charities and whatnot? Employees taking it is... idk, just sounds bs. Banks ain't that unregulated after all.

Anyway, on the Bitcoin thing, just leave a will. Create or find a method where your keys/phrases are revealed to your family when you pass away. Maybe leave it in an encrypted file inside your PC or something and add info about it to your will (that's like the most basic one afaik, not really anything that secure).

[Nothingtodo]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If a bitcoin investor does not share his wallet with his relatives, then after his death, his invested wallet will be lost forever or remain in a state where no one can use his bitcoins. There are hundreds of such Bitcoin wallets where even though there are many Bitcoins, the Bitcoins of those wallets remain unused until now only due to the absence of the owner. At some point these wallets will be considered dead wallets or lost wallets and the circulating supply will decrease from the total Bitcoin supply.

[The Cryptovator]

For me, I wrote down all the cryptographic credentials on a physical notebook. In the event of my death, they can get access to my funds. For that, I have to teach someone from my family about crypto. So I did it, which means my family members can access the funds in case any accident happens to me. There is a matter of trust, of course. So I have to trust someone, and I have to secure my notebook in my way. I don't see any other alternative right now to secure my funds for my next generation. 

[South Park]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Remember, you are your own bank, so it is up to you to set a way for your relatives to retrieve your bitcoin in the case of your death, how can this be done is up to each person to decide, with the easiest set up being to give another person access to your private keys or seed words, an arrangement that carries its own fair share of risks as the other person could steal your bitcoin, or you could instead create a more elaborate retrieval method, but then you create the risk that your family members may be unable to get your coins if you make the method too complicated for them.

[harapan]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you're that worried about the security of your wealth when you pass on,just look out to someone who you can gladly entrust this stuffs into and put them in charge.Because if you eventually dies,banks will use money to pay off any debts to creditors you owe, and any remaining cash will go towards your beneficiaries who will either be people you've chosen.

It's actually a good idea to recruit someone,maybe a sibling or it must be someone that you trust with your savings,investment and financial statements to be precise.
If you're that worried,then make sure to document this things for easy access and clarification I think that would help.

[Darker45]

The problem with bank savings is that others can have access to them. It can't be otherwise. With Bitcoin, you have the option to take full ownership and control over your finances. This is in absolute terms. In which case, your Bitcoin may die with you.

It has pros and cons, of course. There will be compromises, but Bitcoin's philosophy is leaning toward giving its users full freedom and control over their money. So, it may sound unfair that nobody else could make use of your Bitcoin when you die, but that's the only way for anybody to have full ownership.

The good thing, however, if you don't like that is that you can grant other people access to your Bitcoin. The disadvantage, however, just like with bank savings, is that others may dip their hands in your wallet without your permission.

[pinggoki]

For me, I wrote down all the cryptographic credentials on a physical notebook. In the event of my death, they can get access to my funds. For that, I have to teach someone from my family about crypto. So I did it, which means my family members can access the funds in case any accident happens to me. There is a matter of trust, of course. So I have to trust someone, and I have to secure my notebook in my way. I don't see any other alternative right now to secure my funds for my next generation.

That's what I did too although the part where I teach them about how to use crypto, I haven't done it yet. I'm still too young to really worry about my mortality and so far I'm fine. Hopefully I would be telling them how to do it but right now, it's not the time, they know about the notebook though but I hide it so it's not going to be lost or anything like that. I also added in the notebook the reason for why that notebook exists, that way, they're not going to be problematic about what to do with it in the case that I'm gone. It's a good thing too that death has been a consideration for me after all this time because it's a therapeutic thing to do.

[Vinaa77]

For me, I wrote down all the cryptographic credentials on a physical notebook. In the event of my death, they can get access to my funds. For that, I have to teach someone from my family about crypto. So I did it, which means my family members can access the funds in case any accident happens to me. There is a matter of trust, of course. So I have to trust someone, and I have to secure my notebook in my way. I don't see any other alternative right now to secure my funds for my next generation.

That's what I did too although the part where I teach them about how to use crypto, I haven't done it yet. I'm still too young to really worry about my mortality and so far I'm fine. Hopefully I would be telling them how to do it but right now, it's not the time, they know about the notebook though but I hide it so it's not going to be lost or anything like that. I also added in the notebook the reason for why that notebook exists, that way, they're not going to be problematic about what to do with it in the case that I'm gone. It's a good thing too that death has been a consideration for me after all this time because it's a therapeutic thing to do.

If we are aware of this of course we will prepare ourselves and do things as you say, even though we are too young to worry about death, I think there is no harm in recording and teaching the family we can entrust this to, because if we don't teach them so I think when something happens of course the assets we have no one can use and this is very detrimental to us who have been collecting for a long time but cannot use them.

[Z390]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

Is there really anyone we can trust this day when it comes to money? Mothers betraying their sons because of money, spouses are going after killers for contracts because of money, there are so many evil things happening in this world today and I have lost my sense of trust in anyone.

It depends on the family and people around you, as for me I don't have anyone, my parents are very old and I can't even trust my siblings, there are many things that have happened and mostly because of money, the lack of money will make people break their trusts, they are ready to take advantage of anyone around them, including their love ones.

Sorry mate, I can't entrust my Bitcoin to anyone, unless my children, and now that I don't have any child yet, I will keep using my Bitcoin as my financial freedom until I have a child of my own, I hope my child grows up into a good human being, or else my bitcoin will be lost forever in my wallet.

[MusaMohamed]

Is there really anyone we can trust this day when it comes to money?

Sorry mate, I can't entrust my Bitcoin to anyone, unless my children, and now that I don't have any child yet, I will keep using my Bitcoin as my financial freedom until I have a child of my own, I hope my child grows up into a good human being, or else my bitcoin will be lost forever in my wallet.

If you don't have anyone to trust at the moment, prepare yourself that you will need to enjoy your life with your Bitcoin investment. You invest to live and to enjoy your life so if you have noone to inherit your bitcoins, you will need to have plan to use your money by taking profit.

To leave your bitcoin to someone, you have two ways. A first one is leaving your Bitcoin private keys, wallet mnemonic seeds to that person. Another way is to use time lock and two methods have pros and cons.

I agree with you that it's hard to trust any person but if you have a person you love, at least you can trust him, her if you afford to lose your bitcoin. It's not bad if  you let him/ her know about 20% of your bitcoin in a wallet you create for that purpose only.

[btc78]

People usually name a beneficiary for when they die so that it will be transferred to them. I think many banks require for their clients to name a relative or usually their spouse so that when they die it will be transferred to them. Cryptocurrency is also the same way but since its decentralized you cannot transfer it to anyone unless you actually give the seed phrase to someone

[shield132]

I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

As far as I know, when someone dies, this information is sent to the government, then the government tells the bank about the accident and the bank closes the account and then only family members can claim money. I don't think random bank manager can claim funds like it's nothing, it's illegal.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you have Bitcoins on centralized exchange, no one can predict what will happen if nobody from family knows about it because as far as I know, crypto exchanges aren't in touch with governments the way banks are.
If you have Bitcoins in your private wallet like Electrum, Sparrow or Trezor, Ledger, then there is no way to claim these coins because your relatives need to know private keys. If you securely stored private keys and no one knows about them, then your coins will be lost coins and no one will ever claim them.

[Z_MBFM]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

To open a bank account the customer has to provide a nomine document and when the owner of the account dies then all the money in the account is given to the nomine. However, Bitcoin is completely dependent on the wallet key, in this case whoever has the wallet key will be able to control all the bitcoins in the wallet. so in this case if someone invests in bitcoins but doesn't give that bitcoin wallet key to his family then those bitcoins will stay like that for life and no one can use them. and then, despite their great value, they will remain valueless to family members

[target]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

To open a bank account the customer has to provide a nomine document and when the owner of the account dies then all the money in the account is given to the nomine. However, Bitcoin is completely dependent on the wallet key, in this case whoever has the wallet key will be able to control all the bitcoins in the wallet. so in this case if someone invests in bitcoins but doesn't give that bitcoin wallet key to his family then those bitcoins will stay like that for life and no one can use them. and then, despite their great value, they will remain valueless to family members

Maybe just hand the keys to your trusted family member or tell them to find the keys in your safe deposit box when you die. Thats it. I'm sure they know what keys or seed phrase looks like when they see one.

You just can't tell who will takeover your house when the tragedy comes, however. If your evil brother-in-law comes snatching the key to the safety box, then your kids are doomed.

[Peanutswar]

In banks your relatives can get the assets you have if and only if they are part of the inheritance of course its the person gives the right to have dependents on his accounts most of them acknowledge those upon creating an account to make sure if there are any case related on this might happen. In terms of Bitcoin we want to keep ourselves anonymous and if you are afraid that if death come and you don't want to waste your bitcoin you can easily inherit your bitcoin so one of your dependents must know the access to your wallet, you can seek a lawyer with that so they can only access those and of course someone knows really how to operate those seeds and import to make sure they will get their BTC.

[fat buddah]

Well, you can save your seed phrase so it can be passed after your death. Or pass it before that to your relatives whom you want to get your BTC. I suppose there are also many ways to do this, but I couldn't come up with them, I don't have such plans anyway.

[Smack That Ace]

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.

Maybe such an individual is not on good terms with family members. They may have treated him badly and he doesn't want anything he owns to be transferred to them. But he can also consider willing his coin to charities through a lawyer. I know it I difficult to trust someone but you have to trust people if you don't want your coin to be a contribution to the Bitcoin ecosystem.

I don't believe there is anyone in this world who doesn't have trustworthy people around, except homeless people, but homeless people certainly won't invest in bitcoin. If not our parents, then what about our wives and children? We don't even need our children and they are not trustworthy?

I don't know what unmarried people think when they don't want to share anything related to bitcoin with their relatives. But I am a married person and everything I do from investing to working hard every day is for the future of my children. Surely at any cost I will leave everything to them because it is more than our lives.

You have a point there, and if someone doesn't have family, they should find a way to donate those bitcoins instead of dying with them, which is really a huge waste while so many people in the world are in need of help.

[Pi-network314159]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

What you have said is nothing but the truth, the way banks behaves this days, it show that they don't care about people welfare anymore or how the family of the deceased will survive after the demis of the original person, or who will function as a next of kin. most at time the bankers will deprive you access to your father property even when they know you are in right position to acees it. All because they use the fund of the deasesd to do business in the bank. We should really be careful. When ever a man is becoming advance, there Is a need for him to show his or her assets to his next of kin, the vital information needed sothat even when such person is not alive anymore, it will not be hard for such person to know what to do or not or even what his father have left for him.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

You can only teach your family or your next of kin about cryptocurrency and how it works, and keeps your seed phrase somewhere that they can not assess it now. Or you can give them clue of how or where you kept it. you can even entrust it to your lawyer and tell your family members the total number of bitcoin you bought, so that if anything should happen, your lawyer will have to release the pass phrase for them. And if they check it and it's not complete, they will have to hold the lawyer responsible because you have already revealed it to your family.

[gabbie2010]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

It depends on individual ownership or hodler of Bitcoin some people are fond of hiding their assets to close relatives probably just to remain anonymous or don't want to reveal their net worth, however those ones after their demise that means their Bitcoin would remain in their wallet untouch and remain save without any owner I am.sure such that of situations is existing somewhere, I believe it a good idea and ideal to reveal ones assets to a close relative this would enable the relative to continue with keeping the asset or spend it after the owner demise though all these assertions is based on trust between the owner of the asset and their relative.

[SOKO-DEKE]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Death is a natural part of life, and although we may not always plan for it, it can happen at any time. It's important for everybody who has invested in Bitcoin to think about what will happen to their money in the event of your death. This entails making arrangements for the management of your Bitcoin holdings after your passing. Making sure the person you choose to inherit your Bitcoin knows where to  your private keys are hidden which are required for accessing and transferring your assets, is an important part of this planning.

Nonetheless, since your private keys provide complete access to your Bitcoin holdings, giving them to someone else demands a great degree of trust. Many people are reluctant to provide this information since they do not have a reliable person in their lives. An alternative in these situations is to make arrangements with a legal representative, such a lawyer, to hold certain documents that contain details about the private keys. This guarantees that, in the event of your death, your Bitcoin investment will be handled appropriately and transmitted in accordance with your desires.

[Pe55iMySTiC]

∞take with no profit

[Asuspawer09]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If that is going to be the case then you need to inform them about your investment, there is no way around it, unlike banks which have all the records of your information. You could easily set a beneficiary or could have something like a will in case you die, probably put your spouse as your beneficiary so that in case something happens you always going to have that peace of mind that they are going to access your savings in you die.

There was no way that you could access someone's wallet and just hope that they are dead already, just because there were no transactions what so ever, if you could access that then you were probably a hacker, but it wasn't going to be that easy, most of the lost Bitcoin is already lost unless someone has some kind of leads or information that is going to help access that account.

It's a little different on Cryptocurrency or Bitcoin since it is a decentralized thing, there is no such thing as this beneficiary unless you're going to open it to custodial wallets that have this kind of policy on it, But since most of us are probably using secured wallet, where only you can open it unless you gave someone access to it. Just like what I said there was no way around it, but to tell them about your investment, personally what I do is put everything that is needed in a notebook that I could give to someone in my family, everything is written there its like a password manager, they already have a good hint that I have a pretty good amount of investment on cryptocurrency but they have no idea where it was unless they are going to see the notebook. I just say that everything that is needed is in that notebook in case something happens.

[livingfree]

Well, you can save your seed phrase so it can be passed after your death. Or pass it before that to your relatives whom you want to get your BTC. I suppose there are also many ways to do this, but I couldn't come up with them, I don't have such plans anyway.

There are, I don't also have plans yet but I have given the idea to my family on what I've written on the piece of paper and why I am taking care of it.

I've told them that when I die, they can take it and do some research but never give it to anybody that will say that they're going to help them.

They should be the one to retrieve and do the importing of it to the wallet that they will be able to find as genuine to access my wallet.

[Stable090]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

In a family, at least you should have one person which you are suppose to trust with your secret, either your wife or your children, you should tell at least one of them about your financial life, they should know places where you are having money, and some vital informations which they are suppose to know. If you don’t tell them places where you are having money, incase if anything happens to you, then your money will waste or it might end up turning into other people’s money, and if it’s bitcoin, then your bitcoin is going to be wasted.

If you are holding bitcoin, make sure you educate someone close to you about bitcoin, tell them where your private key is stored, incase if anything happens to you, the person will head straight to where you store your private key, and your family members will be able to make use of the money.

[Mr.suevie]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

That's probably a choice and decision you would take yourself because Bitcoin is all about privacy and id you feel sad about you leaving your coins for no one to claim when you are no more then the choice and decision lies upon your hand because you will be the one to think if you can actually disclose your finances for the said person wishing to claim the wealth when you are dead. Telling someone about your earning or wealth is a personal choice because I believe there are some enthusiast that would still leave their coins without telling anyone.

[DubemIfedigbo001]

but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.

This is still the same thing with not telling her about it at all. Now what if something happens to you before the so called as time goes on you envisaged to further enlighten her on your holdings and how to benefit from it?. Your holdings will also be a contribution to the bitcoin network. On my  own side, I encrypted my seed phrases and I've enlightened my younger brother on how to decrypt it and transfer my holdings to an exchange and sell using P2P method.
Now, the location of my encrypted seed phrases is only known by my younger sister, so that none of them benefits from my holdings alone without consulting the other. That way, I've given them the full power over my holdings in the event of my death or serious invalidity.

[Lanatsa]

but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.

This is still the same thing with not telling her about it at all. Now what if something happens to you before the so called as time goes on you envisaged to further enlighten her on your holdings and how to benefit from it?. Your holdings will also be a contribution to the bitcoin network. On my  own side, I encrypted my seed phrases and I've enlightened my younger brother on how to decrypt it and transfer my holdings to an exchange and sell using P2P method.
Now, the location of my encrypted seed phrases is only known by my younger sister, so that none of them benefits from my holdings alone without consulting the other. That way, I've given them the full power over my holdings in the event of my death or serious invalidity.

Thats a good initiative but this is something that wont really be guarantieng that those brother or sister of yours wont really be able to have some agreement or chitchats on trying out to access given out with those combinations. Im not really that trying out to question about being trustworthy but we do know that possibilities is there and this is why you cant really be able to make yourself that too confident that those funds
wont really be accessed out. I do agree into some points above that even trusting up your own wife could really be still that raising up some questions and doubts that you would really be sharing it out.

But come to think that we've been all doing this stuff for our family on which it would really be just that such a waste if those coins would really be lost in void on the time that you would pass away.
So it would really be just that depending on you whether you wouldnt really be having no trust or would really be trusting it up for the benefit of your own family.
It would really be just that a waste if you die without someone knowing about your funds been saving up in crypto form.

[Furious 7]

That's why honesty is so important.
I said I'm currently an investor and I'm in bitcoin but no one knows the seed I'm using in my wallet and no one knows how much total assets I have because I'm just giving the big picture but that doesn't mean in this case I won't disclose it because I will disclose it when the time comes to the successor that I will appoint later.

Honestly, something like this is actually very risky and backfires when we don't give the seeds we have and when something unwanted happens to me then indeed the bitcoins that I collect will definitely not be owned by anyone but I minimize several ways such as giving certain access especially to my wife who already knows where the seed storage is that I use for a bitcoin storage wallet but that must be done when you really trust the person and until now I don't have any anxiety because I trust my partner and even if there are some unwanted things that happen including death then I will be a little calmer.

[Ben Barubal]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

       When it's a situation like that and you're the one in that situation where you don't want to end up doing nothing for the family that's important to you, you should tell at least one of those private things that you haven't told him just in case the opportunity comes that something unexpected happens to you, especially if you know that you have a large total asset of Bitcoin or other cryptocurrencies that also have a good value in the market similar to that of Bitcoin.

      Because if you don't do this, those who have worked hard for several years in this field of the business industry will just be buried in the pit. I really intend to tell my wife what I am doing by holding crypto assets that I am saving for her and my son's future.

[Zoomic]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

None is actually safe between keeping your wallet details to yourself and telling someone who will claim your investment in case of death. You cannot be sure that the person you are giving out your private information about your Bitcoin wallet and other investments is 100% trustworthy. If what becomes of your investment after death bothers you so much,  then disclose this details to someone or even two persons so they can claim your investments incase of death.

but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.

This is still the same thing with not telling her about it at all. Now what if something happens to you before the so called as time goes on you envisaged to further enlighten her on your holdings and how to benefit from it?. Your holdings will also be a contribution to the bitcoin network. On my  own side, I encrypted my seed phrases and I've enlightened my younger brother on how to decrypt it and transfer my holdings to an exchange and sell using P2P method.
Now, the location of my encrypted seed phrases is only known by my younger sister, so that none of them benefits from my holdings alone without consulting the other. That way, I've given them the full power over my holdings in the event of my death or serious invalidity.

Thats a good initiative but this is something that wont really be guarantieng that those brother or sister of yours wont really be able to have some agreement or chitchats on trying out to access given out with those combinations. Im not really that trying out to question about being trustworthy but we do know that possibilities is there and this is why you cant really be able to make yourself that too confident that those funds
wont really be accessed out. I do agree into some points above that even trusting up your own wife could really be still that raising up some questions and doubts that you would really be sharing it out.

But come to think that we've been all doing this stuff for our family on which it would really be just that such a waste if those coins would really be lost in void on the time that you would pass away.
So it would really be just that depending on you whether you wouldnt really be having no trust or would really be trusting it up for the benefit of your own family.
It would really be just that a waste if you die without someone knowing about your funds been saving up in crypto form.

This is just the perfect idea. Imagine your family suffering when there is wealth somewhere no one knows how to access.  Rather than let the Bitcoins waste , it is better family members claim them and this is why one or two trusted persons should be given the necessary information. Diclosing your wallet details to third parties is a risk but it is still necessary to plan for death too.

[serjent05]

It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

In case where the Bitcoin holder dies, no one can move his holdings unless he entrusted the private key to other people he trusted.  Unlike you story about bank manager who are able to move a dormant account's asset, no one can access a person's Bitcoin holdings if no one knew about the seed phrase or private key of the said wallet address.

So if you are worry about your family not enjoying the wealth you accumulated in a form of BT @OP,  It is better to be prepared and leave hints and clues on how to access your wealth when you are gone, if you do not want them to know about it when you are alive.  It is a bit complicated but for your plan to work you need to trust some people.  It is the risk that is needed so that  Bitcoin wealth will not go to waste and become idle in the system when unexpectedly the owner of the said holdings dies.

Well, you can save your seed phrase so it can be passed after your death. Or pass it before that to your relatives whom you want to get your BTC. I suppose there are also many ways to do this, but I couldn't come up with them, I don't have such plans anyway.

There are, I don't also have plans yet but I have given the idea to my family on what I've written on the piece of paper and why I am taking care of it.

I've told them that when I die, they can take it and do some research but never give it to anybody that will say that they're going to help them.

They should be the one to retrieve and do the importing of it to the wallet that they will be able to find as genuine to access my wallet.

Yeah, the person who should know must be one of the immediate family, it is better to trust people within a family than people outside the family where the possibility of stealing the Bitcoin entrusted to them is highly possible.

[NotATether]

Well, you can save your seed phrase so it can be passed after your death. Or pass it before that to your relatives whom you want to get your BTC. I suppose there are also many ways to do this, but I couldn't come up with them, I don't have such plans anyway.

You can literally pass on the seed phrases in your will and make sure you tell your relative(s) where it is.

On-chain passing-the-torch style transactions are also possible as others pointed out, but you want your dead man's switch to be failsafe and work properly the first time.

[kryptqnick]

In case of banks, you can make an inheritance letter, so that the bank knows who to contact and who gets your assets. In case of Bitcoin, you'd normally be storing your coins in a non-custodial wallet, so there's nobody to notify to make those arrangements (centralized storage may offer inheritance services, but centralized storage of Bitcoin is generally frowned upon here). I believe that making personal arrangements is a good idea. That can be a scheduled message that you reschedule if you say alive, or simply sharing access with someone you love and trust.

[taufik123]

-snip-
That can be a scheduled message that you reschedule if you say alive, or simply sharing access with someone you love and trust.

Various access to loved ones, this is the first I did with my wife.
Even he knows the key code of my smartphone everything.

I just need to educate how to use it.
I've even made a note of what needs to be opened, and it's very important to do.

We will not know when we will die, in easy age or old age, it is still God's secret.
But creating a crypto record or legacy that must certainly be known to the people we care about is necessary to do.
Sometimes people are too skeptical, never trust anyone so that the crypto assets he collects cannot be opened and will never be able to.

[Franctoshi]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

This kind of discussion has some time in the past discussed something relating to this topic,  In fact, this is something necessary for every Bitcoiner to make provision of how our wealth in Bitcoin would be, should we have a case of death of the Holder because it's certain that no one would live forever, so letting one of your close confidants' wife, daughter, son, brother, sister and just to mention a few know of your Bitcoin holdings and how to get access to it in a situation like this is something that needs to be done.

[milewilda]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

This kind of discussion has some time in the past discussed something relating to this topic,  In fact, this is something necessary for every Bitcoiner to make provision of how our wealth in Bitcoin would be, should we have a case of death of the Holder because it's certain that no one would live forever, so letting one of your close confidants' wife, daughter, son, brother, sister and just to mention a few know of your Bitcoin holdings and how to get access to it in a situation like this is something that needs to be done.

But how it should be done? This would really be the primary problem that you would be having in mind as a Bitcoin holder or even holding some altcoins on your portfolio which is really that tends to be hold up for long term.

If you do really try to read up on some people comments that they cant really just that able to trust up their wife when it comes to this manner on which they would really be having that hesitance that those coins
would really be accessed in due time or simply not on the right time since they've been aware or wary about into those stuffs that you've been saving up. This is why there would really be individuals who would really be
keeping it as a secret as much as they could because they do know the risks on having that unpermitted kind of access.

Once private keys been exposed then we do know that anyone could really be able to access such wallet and if this one is really that intented for future holds then this is something
that brings out that potential danger.

[AnonBitCoiner]

One should share his financial matters with someone in family as it is necessary that if he forget about his investment and keys then another person will help him to memorise personal information.

If someone is not sharing about bitcoin investment with others then it means that he Don't want to talk about his wealth with others so there is no right of others to get access to bitcoin after the holder's death.

If bitcoin holder dies without sharing keys and information with others then nobody will be able to take benefit from such investment and that bitcoin will be lost and will never recover back.

[synchronym]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

It's normal that you are worried about what will happen to my bitcoins but in my opinion you work in bitcoins definitely your closest in your family may be your children your brother wife someone you should inform about bitcoins someone you trust there is no guarantee of human life any  Whatever happens in time, you can alternatively give someone in your family a minimal understanding of Bitcoin so that they can manage Bitcoin in your absence. But if you can tell someone in your family about Bitcoin then surely they can work well in Bitcoin in your generation so there is nothing to be disappointed. Of course you have to prepare in advance that if you are not about Bitcoin then your next generation will be able to carry Bitcoin forward.

[livingfree]

There are, I don't also have plans yet but I have given the idea to my family on what I've written on the piece of paper and why I am taking care of it.

I've told them that when I die, they can take it and do some research but never give it to anybody that will say that they're going to help them.

They should be the one to retrieve and do the importing of it to the wallet that they will be able to find as genuine to access my wallet.

Yeah, the person who should know must be one of the immediate family, it is better to trust people within a family than people outside the family where the possibility of stealing the Bitcoin entrusted to them is highly possible.

That's true.

Even if we've got close friends, the immediate family should be the priority. I don't know how your family affairs is but at the end of the day, they're the closest relative that you can lean on.

Whether they're going to enjoy your wealth or not as long as it's not going to someone else who's randomly checking you. But at least with them, you're in the close bloodline.

[Ale88]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

I mean, if you have some asset, it doesn't matter whether it's bitcoin, stocks, gold, you name it, and you don't tell anyone you have it and then you die, whose fault is it? You should always leave some instructions if you don't want to tell your family what you own while you're alive. Prepare a document, a will, whatever you want, explaining what you own and how to retrieve it without being scammed.

[Benedictare]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

[arhipova]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

Do not trust anyone accept parents and spouse. In some cases , even spouse betrays trust after death so still that is not 100% full proof.

[davis196]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If nobody knows your wallet password and private keys, the Bitcoins in your wallet will stay there forever(unless someone hacks the wallet, which is highly unlikely to happen). I don't recommend sharing your wallet info with your relatives. They might reveal this information to somebody, who has bad intentions. Perhaps the best option would be to sell a part of those BTC for fiat money and buy life insurance for yourself.
The bank manager story seems weird to me. A bank manager cannot have access to the bank accounts of anyone. I hope that the relatives and heirs of those dead account owners will sue the bank manager for a hefty amount of money.

[Essential10]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

In the case of the deceased in the country where I live, the banks in that country are regulated and as per the government law - if the account holder has a nominee in the account of a bank or financial institution, then that nominee can withdraw the money from the bank and the nominated nominee of the deceased will own the money. But according to the current law the heirs of the deceased will get the money equally.
 Many of us who work with Bitcoin are worried about what will happen to their Bitcoin. I think the closest family members are your parents, wife and children. Yes it is true that we can die at any moment, so to protect your Bitcoins must give proper knowledge about Bitcoin matters to someone in your family. If you die, later family members can use  your bitcoins. I don't think it would be a bad decision to tell your family about Bitcoin.

[bobbybkk]

I would say open a safety box with a reputable bank in your name, best the same bank where you have your bank account. Create a folder with detailed instructions about Bitcoin and the details needed to access your Bitcoins and place it in the safety box.

So in case of your demise whoeever will inherit your stuff will likely get access to this safety box too and has all information to use the Bitcoins.

In case your "family" decides to go to war about who gets how much of your Bitcoins that will not bother you in your grave. At least your Bitcoins are not completely lost and you don"t need to tell anyone about them before your die....

[zabzob]

Cypherock is about to launch an "Estate Recovery" feature for their X1 hardware wallet that they claim solves the problem of non-custodial inheritance. It uses Shamir backup to split the key backup into 5 parts kept on 5 separate cards, any 2 of which can sign transactions.  You give 1 of those cards to the beneficiary (or 1 each to the beneficiaries--you can distribute separate wallets to multiple people) and use the wallet desktop client to create an encrypted message that includes the location of one (or more) of the other 4 cards, then upload the encrypted message to the cypherock server. Then Cypherock begins emailing you at regular intervals (you can choose the frequency), and if you don't respond to an email for 30 days they email the encrypted message to the beneficiary, which they're able to decrypt with their card. That gives them the location of the second card, which they can retrieve, then use with the first card to access the crypto.

That summary leaves out some details, but there's a description of how it works on their blog at https://www.cypherock.com/blogs/cypherock-cover

Of course no system is ever 100% secure/private, but this one could be effective in some cases, at least for as long as the company stays in business. If their servers shut down before you die, hopefully there will be more options by then!

[CryptSafe]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

OP, your assets are  transferable to your next of kin if you wish to.  As a smart investor, wisdom demands that you have a particular person that you are confident in to take control of your assets. Just like the traditional pattern or method where a will is written for a transfer of inheritance, the same is applicable here if you want it so. You can save your keys somewhere accessible after you are no more, but they should be kept confidential so as not to raise an alarm for a man hunt by your children or loved ones.

With respect to a manager taking over your assets when you are no more, it depends if he or she has an idea what is inside the safe where you have kept it, but you should let your lawyer know what you did if you can trust and confine in your lawyer to help protect such sensitive information  for yourself.

[TheUltraElite]

Not going into the trust/dont trust the spouse debate, but I feel LoyceV's system is pretty good or you can just teach your family members how to access and use a bitcoin wallet right away so by the time you are old enough, you can easily pass on your money to their wallets and rest easy.

I dont see much issue here, just that we have to do most of this on our own unlike in banks where there are nominees.

And please stop with the "I dont trust my wife" debate, its offtopic.

[peter0425]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

Do not trust anyone accept parents and spouse. In some cases , even spouse betrays trust after death so still that is not 100% full proof.

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

[Rockstarguy]

One should share his financial matters with someone in family as it is necessary that if he forget about his investment and keys then another person will help him to memorise personal information.

If someone is not sharing about bitcoin investment with others then it means that he Don't want to talk about his wealth with others so there is no right of others to get access to bitcoin after the holder's death.

If bitcoin holder dies without sharing keys and information with others then nobody will be able to take benefit from such investment and that bitcoin will be lost and will never recover back.

Sometimes you don't blame people for not opening up to anyone arround them about their financial investment, the reason for this decision sometimes could be because the people around them can't be trusted. It is not everyone one that has people that are trusted and people who are good in managing finance  that is why they would prefer to keep their investment to themselves because it can be risky telling family members about it which can lead to something bad.

I think it is important while people are alive investing they should find away which somebody can get access to their assets just incase anything happens to them because you can never predict what live has for you in the future. Life is all about planning, when one is life their are plans that can be made if anything happens in the future family members will get to know.

[batang_bitcoin]

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

[rodskee]

~

If you're well off financially and can afford to pay for a deposit box, then get one and store your seed phrase. Also, leave a note of your bitcoin investment for your lawyer to disclose to your family in the event of your passing. If you don't have the financial capacity to rent a deposit box, then you've to trust a family member close to you with your seed phrase. If you fail to do this and you kick the bucket, your bitcoin will be lost forever, except someone accidentally stumbles on your seed phrase.

if you are capable of renting deposit box and will tell this to your lawyer? then the chance of your
lawyer will be the one to take your bitcoin from you   if there are someone that you can trust in? that
 is your immediate family because at least if they are the one who took your bitcoin from you? at least
those people is what deserves your funds in long term.

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

that is also my point in the first place , because if there are someone that has the rights to
benefits from our funds those are our family.

[Yukyzu]

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

When we have invested in Bitcoin, of course we have to tell the people closest to us or our partners about the investment we are making, because we never know the life we live and when death will happen to us and enjoy the results of what we invest. of course this is very important after we try hard to collect Bitcoin if we stop ourselves and don't enjoy the results of the hard work we have done of course this is very stupid, yes we must be able to set a target price if we want to sell some of the assets we have have and when the target is achieved then we will be able to enjoy the results of the hard work we have done.

When we make the assets we own as an inheritance to the family, we must be able to give them knowledge about Bitcoin so that they can use these assets and it would be even better if they could continue the investment that we have carried out previously, of course this will be very beneficial for them in the future.

[Fara Chan]

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

In simple terms, when someone dies, it means that all worldly affairs have been terminated with people who are still alive in this world, including their own family. So that's why it's important to always be open with our partners in the family and with family members who we consider important so that they can take and use what we have saved and worked for all this time in the world so that there is no need for lawyers or the like to take care of all the assets we have. get it while we are still alive in this world, mate.

[YOSHIE]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Many users tell about their Bitcoin assets, especially to their families, for example: wife/husband/children for those who are married and have children or their parents for those who are not married.

You can write things related to your Bitcoin assets on paper, such as passwords, emails, 2FA codes, exchanges, wallets and so on, you can store them in a box or put them in a cupboard/safe, That way, if you die, of course your family can access your Bitcoin assets.

Note: teach them first how Bitcoin, wallets, exchanges work, so that they don't experience problems in moving your Bitcoin assets, don't forget to register your family on one of the crypto exchanges you trust that operates locally.

With the methods I said above, I'm sure you no longer need to worry about the bitcoin assets you have, if you die, they will empty them all.

[Nothingtodo]

Everyone has to die. No one can live forever on this earth. But those of us who will leave the property must give it to our relatives such as mother, father, brother, sister, wife and children who are close relatives. Exactly the same will be the case with Bitcoin. Before death, of course we will transfer our Bitcoin wallet left behind to our next of kin and they can use the Bitcoin left behind after my death.

[Razmirraz]

Something that is considered confidential does not mean we cannot share the Seed Phrase with the people we trust most, this decision needs to be made so that family members can enjoy the wealth you have accumulated so far. There are many ways you can do so that your assets are not frozen forever in your wallet. Before a scary incident happens, you must first entrust someone to be your heir when something bad happens to you. If your goal is to collect money to make your family happy, then never think of them as strangers who cannot enjoy the wealth you have accumulated while you are still alive.

[batang_bitcoin]

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

that is also my point in the first place , because if there are someone that has the rights to
benefits from our funds those are our family.

Yeah, if you don't trust your family then you probably have good friends that you want to prosper too but this is a rare situation.

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

When we have invested in Bitcoin, of course we have to tell the people closest to us or our partners about the investment we are making, because we never know the life we live and when death will happen to us and enjoy the results of what we invest. of course this is very important after we try hard to collect Bitcoin if we stop ourselves and don't enjoy the results of the hard work we have done of course this is very stupid, yes we must be able to set a target price if we want to sell some of the assets we have have and when the target is achieved then we will be able to enjoy the results of the hard work we have done.

When we make the assets we own as an inheritance to the family, we must be able to give them knowledge about Bitcoin so that they can use these assets and it would be even better if they could continue the investment that we have carried out previously, of course this will be very beneficial for them in the future.

Teaching them will take time and those that will want to learn is because they are truly interested. But when you have just told them that they want to learn because you've got inheritance to leave, you make some conditions on your own and that's a case that you would handle depending on how they treated you.

[darkangel11]

Making sure your coins are accessible after death isn't that difficult, but you'll need to trust someone. If you don't trust anyone, maybe it's better to, as they say, donate to the community by making sure the coins are lost after your death and subsequently decreasing the number of coins in circulation. We will all indirectly benefit from it.
How to make coins accessible? For instance if you have 3 children, you can give each of them a part of your seed phrase. They will have to get together to redeem the money and if one of them dies before you, you'll simply divide that dead child's seed into parts and give each to your remaining children. You can also leave a part of it to a lawyer that you trust and kids will have to get in touch with him and do everything legally after your death.

[kawetsriyanto]

Something that is considered confidential does not mean we cannot share the Seed Phrase with the people we trust most, this decision needs to be made so that family members can enjoy the wealth you have accumulated so far. There are many ways you can do so that your assets are not frozen forever in your wallet. Before a scary incident happens, you must first entrust someone to be your heir when something bad happens to you. If your goal is to collect money to make your family happy, then never think of them as strangers who cannot enjoy the wealth you have accumulated while you are still alive.

Indeed. When we have assets, we need to let our closest person to know it. We don't know how long we live, the death is a must but no one knows it. That's why it is needed to share the password or the key phrase of our assets to someone. I also have done it, I shared it with my wife. Then, I also wanted to share it to my son if his age is enough to understand it.

I think our purposes are the same. We have assets to gain money for our family, specifically for the future of our kids. As it is assets, it mostly for a long term holding, including Bitcoin. It is a must to share the necessary information related to the Bitcoin assets. If no one knows it, the Bitcoin will be locked on the wallets if we die in the future.

[ChiBitCTy]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

No bank manager in any legitimate country or company will simply withdraw the funds  because someone passes away and they aren't claimed. There are procedures for this, and they will tend to simply be put in some sort of escrow account that will for a long while.  The lesson here is everyone should have a will established with clear and proper instruction dictating where all assets are to go and how to access them.

[oktana]

It doesn’t work the same with Bitcoin. With the traditional banks they have access to your money. But with bitcoin, no one has access to your funds except you. So if you died, there nothing that can be done, unless you left clues or explicitly gave your family members your private key or mnemonic phase. There have been some topics that discuss how we can prepare for such tragic events, you can check for them and see what you can learn around it.

[Vincom]

No bank manager in any legitimate country or company will simply withdraw the funds  because someone passes away and they aren't claimed. There are procedures for this, and they will tend to simply be put in some sort of escrow account that will for a long while.  The lesson here is everyone should have a will established with clear and proper instruction dictating where all assets are to go and how to access them.

In the traditional market: if there is no will, the assets of the deceased are usually divided among the beneficiaries according to the law. Banks often cooperate and support when there are sufficient certificates from the family of the deceased.

In the crypto market: I think the same can be done if crypto is considered an asset in that country. The only problem is: we cannot access crypto assets without the private key of the deceased. This will continue to be a problem that we will need to solve in the future after having a legal framework for crypto. Crypto asset management and private key management services can be created to serve the purpose of inheritance.

[yazher]

Depends on what kind of family you have, you can just simply tell them about it and entrust it when you feel like you won't gonna reach more days anymore. But if you have some kinds of families that cannot be trusted just like we witnessed on other people, then you can just make some codes and make it light they looking for treasure just to make them inherit your bitcoins because with that kind of family you have, you can't just trust them your keys. After all, the next time you find it, it's already gone and they already spent it without you even realizing it.

[Belarge]

Everyone has to die. No one can live forever on this earth. But those of us who will leave the property must give it to our relatives such as mother, father, brother, sister, wife and children who are close relatives. Exactly the same will be the case with Bitcoin. Before death, of course we will transfer our Bitcoin wallet left behind to our next of kin and they can use the Bitcoin left behind after my death.

Death have pave path for new generations, people die everyday and new ones are born into the real world. Nobody have the capacity to change this but just respect and work according to nature. Bitcoin will remained but the investors and traders will pass away, atleast that have been one of the tragic moments we hoped never come, but we're humans and nature must take place. Death is inevitable and we all know that one day, we will die and life goes on. That's a repeated actions that's circulated in the real world.

[JunaidAzizi]

There is a slight difference between Bitcoin and the money in the bank. If a person let's suppose has an account and dies and no one knows about this account then the bank utilizes his account just like you said in your post but in the case of Bitcoin if someone has a wallet that has some bitcoins and no one knows then after his death that Bitcoin will be useless for the whole life in a sense no one can approach the wallet. So if you have some bitcoins and you are worried about it then you need to find a person in your family or friends whom you can trust blindly, tell him about your investment and other things so if something happens then he can claim it on your behalf or at least he can tell your family about your bitcoins and investments.

[Outhue]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If Bitcoin holder died and lost access to the bitcoin it favors other Bitcoin investors, the asset doesnt really go to waste, it helps the scarcity of Bitcoin but with banks its a different story.

Even if the spouse go ahead and tries to claim the money that belongs to the deceased the bank can deny them all possibilities, unless the spouse are big people in the society, they will have to hire a lawyer and spend some money doing so too.

If I had to choose I would prefer to hold Bitcoin and if I died I would either take the supply off the Bitcoin Max supply or give it to someone very close to me, I will never leave any significant amount in my bank account.

[red4slash]

Depends on what kind of family you have, you can just simply tell them about it and entrust it when you feel like you won't gonna reach more days anymore. But if you have some kinds of families that cannot be trusted just like we witnessed on other people, then you can just make some codes and make it light they looking for treasure just to make them inherit your bitcoins because with that kind of family you have, you can't just trust them your keys. After all, the next time you find it, it's already gone and they already spent it without you even realizing it.

In the end, it all depends on the family that we trust too in the end considering the current conditions, the choice is only to find who we want to trust from the family and I think from all the families we have, of course there must be some that we trust to be used as a future source so that the bitcoin we have does not die with its owner. 

It will be risky if you entrust the seed or private key to someone else even though it is family but on the other hand still something like that is the answer if you really want bitcoin to remain safe and still be maintained even though someday we are gone.

[alexforneus]

I guess that my husband know my ledger pin, so, it's up to him how to use my assets after my death. Any other form of sharing post death requires custody

[DeathAngel]

It’s certainly something to think about, you do not want your loved ones to be unable to access your Bitcoin if you die. You can use multisig with trusted people who don’t know each other. Tell your loved ones who those people are & upon your death they can contact them & then be able to access the Bitcoin. Failing that it’s pretty simple to leave private keys in a safe at your home & put the code to the safe in your will or something. There are many ways, get inventive.

[Baki202]

Making sure your coins are accessible after death isn't that difficult, but you'll need to trust someone. If you don't trust anyone, maybe it's better to, as they say, donate to the community by making sure the coins are lost after your death and subsequently decreasing the number of coins in circulation. We will all indirectly benefit from it.
How to make coins accessible? For instance if you have 3 children, you can give each of them a part of your seed phrase. They will have to get together to redeem the money and if one of them dies before you, you'll simply divide that dead child's seed into parts and give each to your remaining children. You can also leave a part of it to a lawyer that you trust and kids will have to get in touch with him and do everything legally after your death.

Most people are always uncomfortable with sharing the details of there assets with others We know there might be risk or even people asking for money if they show you the amount of money you hold in your wallet but even at that, your family members still need to be aware, because death is not something that we can avoid and when it happens and your family is not aware, then the whole asset will go to waste and even the dead will not rest. if they don't have access to it, they wont be able to donate it to the community.  sharing the seed phrase is a good idea but what is the person is not married. That will be the challenge.

There should be one trusted person that you can entrust your seed phrase to in your family, and if eventually I am married, i will rather share it with my children than with my wife because, according to the stories I have heard, some women can actually be very terrible, they might just sweep everything, thinking that the money should be for the raising of the children, She will spend the money on her life style, and who we entrust matters a lot.

[JoyMarsha]

If you tell no one about your bitcoin holding, the chances are there that it will be gone forever without any trace, the same way that people lose their money when they are not alive and they don't tell their family members about their bank savings, which is a very terrible mistake for one to think of, after having their money or Bitcoin saved for long and none of their family member will have a control of it.

To avoid such a scenario of your family not knowing where your crypto assets are kept, tell a close family member where they can get your seed phrase in case the unexpected happens since we don't know when death comes knocking at our door. It is better to be prepared on time so that our family members won't be kept in the dark about our crypto holdings.

[Zanab247]

This is the reason many people are storing their money in BTC , so that when they die, it will be easy for their Love ones to claim their BTC through all their details and it will be successful.

But if something like that happen in the bank and the bank officials is aware that the owner of the account is dead, it will be difficult for you to claim all those assets immediately if you are the Next of kins, than to force you to pass through court before the assets can be release to you.

If you know, you have never write down your seeds phrase of your wallets you store your BTC, I will advise you to do that so that your wife and children can have access to your BTC when you die, and without your seeds phrase or password on your wallets, nobody can have access to your BTC.

[Mushai]

Watched a video about this topic a few days ago:  https://www.youtube.com/watch?v=ujpsWBbPUpk

They talk with the co-founder of casa.io. The have an inheritance service https://casa.io/inheritance so that if you die your family can get access to your bitcoins.

[NewRanger]

Everyone has to die. No one can live forever on this earth. But those of us who will leave the property must give it to our relatives such as mother, father, brother, sister, wife and children who are close relatives. Exactly the same will be the case with Bitcoin. Before death, of course we will transfer our Bitcoin wallet left behind to our next of kin and they can use the Bitcoin left behind after my death.

I think this needs to be a form of responsibility and concern for the interests of our family even after we leave and I think before that comes in advance it must be planned if it is totality as well as in carrying out the investment model that we plan must be short, medium, and long term.

Maybe the options can be different too, it can be earlier or by leaving a clear note both instructions about our Bitcoin ownership and the stages of how to access it in the appropriate will or legal document so that it can be used by our children and wives to continue our family's life and livelihood after we leave, and one more thing, don't forget to share the portion of the value according to propriety to our heirs so that it is in accordance with our wishes.

[Argoo]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This is one of the biggest problems in using cryptocurrency. The confidentiality and anonymity of cryptocurrency is both its advantage and disadvantage. Our nature is such that we rarely take steps in the event of our death, especially if we are not of advanced age. Therefore, we must take care of such a situation in advance, or act at our own peril and risk. But no matter what we do, a lot of cryptocurrency will disappear forever due to the death of their last owners.

[SlowPP]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

I have come realize that you utter a word of wisdom that I have seen and read in this article forum,you are man of wisdom,no matter what you do in this world there's must be someone you can entrust with your savings or any another business you do outside .alot of people died while no one  none his or her relatives or family members can claim is property cause he or she didn't entrust any of it to them , that's how it may remain unclaimed.

[Uhwuchukwu53]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Op wisdom is profitable to direct, as human no matter how secretive some one may be there must be a person in which he confide with some vital information, it could be your wife if married, or one of your children or a family member. unlike fiat banking they have next of king it's left for you to create some relationship with any one who you trusted among your blood related and let them know your investment Incase of necessity, you can go as far of showing the person your investment partners in the system who you know or begin to Carry him or her along in the line of investment to gain knowledge should any unforseen circumstances occurred.

If truely your investment is for the benefits of your family, you can't leave them to be ignorant of your investment they should be aware but have restrictions as much your alive and till have control over it they won't trespass if it's the trusted one of the family you engage on the investment.

[Mrbluntzy]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

You must not allow your self to grow old and die without telling at least one person that you so much trust about your investment. It is not bady to tell at least one person about your investment. You can not loss trust for all your family relatives and you can not trust all of them but there is always one person among them you can trust.  If you don't also want to trust anyone, then keep a trace for them to have access when you are no more.

[Issa56]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

It’s your choice to entrust someone, but if you are entrusting someone, make sure it’s someone you trust. If you want your family member’s to enjoy your wealth, then you have to get someone which you trust and let them know where you hide your private key, in case if anything happens to you, then the person will be able to locate your private key, and your family members will be able to have access to your bitcoin, and they will do what so ever they want with it. If you don’t know anyone that’s knowledgeable about bitcoin, then you just have to get someone you trust, then teach the person about bitcoin.

[Nothingtodo]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

My or your death will be a completely sudden matter because neither you nor I will know when anyone will die. But before death, my or your investment must be told to a relative who can spend the investment left by me or you after my death for my family. Moreover, if you or I do not disclose the investment before my or your death, the investment will be lost forever.

[Mpamaegbu]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This is one of the reasons I don't advocate complete, "keep it a secret" thing when it comes to Bitcoin hodling. There has to be someone close to us who should know we're actively involved in Bitcoin investment. We don't have to tell them what we're worth but leave little clues as to where to look in case of our demise to recover hodling or most of them, especially if one keeps several wallets or other altcoins. Let's not keep acting like hodling Bitcoin or cryptos should be a cult type of thing. Even with cults, people still know those who belong in them.

[GigaBit]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

There are wide differences between the traditional banking system and Bitcoin. If money is kept in a bank and it is not transacted for a long time then it becomes dormant. But there the nominee details are kept with each customer at the time of account opening. The amount will be paid to the nominee when he/she claims it. In this case, the bank can find the bank holder only if it wishes. But when a person keeps his money in Bitcoin, he has access to all the protections for it. If he feels like it, he can leave his private keys with someone of his own. So that after his death the nominated person can withdraw his money. Bitcoin's system is more transparent than the traditional banking system. Here everything is done according to one's desire.




Investing in Bitcoin offers more benefits than a customer would get in the traditional banking system.

# Since Bitcoin is a decentralized currency with no regulator, an investor's money will not be affected by any central administration.

# Depositing money in traditional banking system takes a percentage as charge of the money but in Bitcoin does not have that scope.

# Transfer of money in traditional bank system is time consuming especially money transfer from one country to another country is quite time consuming. But Bitcoin money transfer can be done easily without any third party and money can be received from anywhere in the world with in a moment.

# The biggest disadvantage in the traditional banking system is that your money is left with someone else that means the ownership is with a third party, but keeping money in Bitcoin keeps your money with you, which is the safest.

[EarnOnVictor]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This is worse in the crypto world. If traditional bank accounts could remain dormant with huge money trapped inside, how much more is a cryptocurrency that many will not even know you have them talkless of having access to them? It got worse in my country a few years ago when the government wanted to move all the money in dormant accounts of some certain period to itself believing the people who had them were either no more or got the money through illicit means. It wasn't until people shouted in their heads that they stopped that ignoble plan. There are many bank managers who would have known some illicit flows through which the people responsible are now dead as well, they will be making some illegal withdrawals from such accounts, and this is not even uncommon anymore.

Now, think of it, someone has a huge crypto asset in a non-custodial wallet and the person died an unplanned death, that money is automatically lost and will not even be useful to anyone. The custodial arrangement is not left out of it as well, though this arrangement will allow the company to have access to the money, but it will still deprive the family and friends of the owner unless they have access to it through passcodes.

And I do not know how they will lay claim to it even if they know of the money with exchanges like Binance. It is even more difficult since they are not in the same country.

[Mate2237]

Banks normally fill the space of next of kin and probably Banks didn't inform the next kind when the account holders died. And in Bank even illiterate persons can still be the next of kin and withdraw the funds when the person (holder ) is no more. And in the crypto world, if your want to give your private keys to someone, the person must have the basic knowledge about bitcoin and other cryptocurrency, So that when the hodler died the intrusted person can continue from where he stopped. And even if he wants to withdraw, there will be no too much barrier to make the transaction.

Don't use someone that is not in good term with you to be the next of kin of your assets.

[YUriy1991]

Banks normally fill the space of next of kin and probably Banks didn't inform the next kind when the account holders died. And in Bank even illiterate persons can still be the next of kin and withdraw the funds when the person (holder ) is no more. And in the crypto world, if your want to give your private keys to someone, the person must have the basic knowledge about bitcoin and other cryptocurrency, So that when the hodler died the intrusted person can continue from where he stopped. And even if he wants to withdraw, there will be no too much barrier to make the transaction.

In my opinion, everyone who already has a large BTC possession must have had special preparations because it is impossible that it was not prepared beforehand.

Don't use someone that is not in good term with you to be the next of kin of your assets.

Agree. For the above is a condition where participation does not exist at all and it also indirectly becomes an important point that must be considered. Yes. Looking for an honest one nowadays is difficult, especially what is entrusted is an asset whose value is quite fantastic if cashed even though it is only 1 btc, especially if it is tens or even thousands BTC.

[In_cu_bent]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Bitcoins unlike money and assets saved in banks, are left in the customer's wallet in the case of demise over a long time without been claimed by anybody who does not have the user's logins. Most users leave their Bitcoins for years, with the mindset of it to appreciate immensely.
Thus, the case of user's demise is similar to keeping bitcoins for years without withdrawal.

[Fiasem20]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Everything we do in this crypto space amount to security,first we should be security concious.Before you think of disclosing your private key incase of your dismissal it should be someone you trust most,it could be your wife,child or your close relation.Like let me speak for myself,every member of my nuclear family knows I'm into bitcoin investment,but I haven't disclosed my private key to any of my family member, it's not like I don't have any of my family member I trust but I'm always positive,how would I sow and not reap I'll definitely reap from my holding so I'll say Op always learn to be positive.