Upon the death of a bitcoin user.

[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.