Upon the death of a bitcoin user.

[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.