The statistics of death is; one out of one always dies. As a matter of facts, each passing day is a step closer to our graves. Some of us do not want to hear anything about death now. Most of us don’t want to die now. However, I believe %80 of dead people didn’t die because they wanted to die. Death usually takes us unawares. Since we are all going to die someday, it is always a wise decision to consider death in all our lives' activities.
The thread “what would happen to your Btc and Alts if you died today” was shared on bitcointalk.org and I think it would be useful to share similar post here as well. Because from feedback there, it is obvious so many people who have cryptocurrencies are not thinking towards that direction.
cryptocurrencies are real money
Have you ever thought about what would happen to all your possessions if you died? It is also time to start thinking about what would happen to your Cryptocurrencies if you died because it is also a part of your possessions.
I have accumulated some fractions of Bitcoin and a few Steem. I have never thought about what would happen to them if I died. If I died today, my entire cryptos would be missing. No one will be inherited, not because I have not tried to tell my family about it, but because they are not interested to know or have anything to do with it.
I want to ask you this; Are you in the same situation as myself? Do you have a family member who has constantly shown no interest when you try to educate him/her on Cryptos?
What is the next thing to do if no one close to you is interested in knowing about your activities with Cryptocurrencies?
Possible solutions
Here is a solution someone posted on the thread.
“I have all of my seed phrases, 2fa restoration numbers and passwords saved in Google Drive. Google, although I hate them, will be around forever. I have saved this in the cloud because if my house were to burn down, everything would be lost. Now I am not confident in the security of Google Drive so it is in a folder that is encrypted with Cryptomator. This is an open source program that works with both Drive and Dropbox”
However, if you have relatives that have interest in learning about cryptocurrencies, then it is time to start teaching them more about it and giving them hints on access to your coins should anything happen to you.
Since Cryptocurrency is a form of money and treasure we did some kind of work to earn, all the institutions hosting our coins should make a provision that will enable our loved ones have easy access/inheritance to it when we pass-away.
It would be great if you drop a comment on how you have made provisions for your Cryptocurrencies to be inherited if you die as this might be helpful to someone out here.
Of course, you are not going to die today. This is just a reminder of the inevitable. Have A Great Weekend! Reference: bitcointalk.org
None of my family are interested, when I talk about it they switch off so I don't know what would happen when I die
Same issue with me. Thanks for your comment @karenb54
Its scary there's so much to do. @ogoowinner
I agree with @karenb54. It's really scary
I have been given loads of advice how to do it but it still scares me, I know I will mess up
My wife is the master.
That's a very wise Thing. Thanks for your contribution @hilarski.
In my case it is easy, @trevor.george got me in here, helps with my posts,and told me where to hide all the password stuff. If he forgets I can watch from on high and laugh at him. It is a very good thought though, a lot of potential money bei g lost is not good.
You're not allowed to die you old bugger!
You'll be Steeming on forever!
I get that. @trevor.george would be the one to inherit all of then lol! Thanks for the comment and humor @len.george
While in the RNZAF we worked out that if we could live to be 150 years old we would break the pention board. I am only half way there. By the time Trevor gets my, by then, millions of steem he will be to old to spend them
Lol! That's a funny comment. You don't even know who will die first.
Life is a bugger like that, get out of bed and wham you're gone. Stay in bed and drown.
What a choice, but 5 heart attacks later and I can still find the keys most of the time. Sometimes they move, you aim at one letter and when you go to press it, it has moved and something else is in its place.
If nothing else, have a To Be Opened In The Event Of My Death envelope in your safe deposit box with instructions, private keys, passwords, etc.
i think we shared the same story @preparedwpmbat
That's a great Idea. However, we do not know when we'll die. Have you done that already? Thanks for the comment @preparedwombat
Good post and something to think about.
I keep all info on all my online accounts from Email to crypto wallets on flash drive and a paper backup. I do not keep any of that information on line.
Good idea @chromiumone. however, is there anyone that knows about it?
Yes, two copies on flash drive.
My brother has one and a very good friend has the other, both are encrypted and pass worded with me holding the pass words and encryption keys. In the event that something happens to me the family lawyer will send the codes and keys to the flash drives to the holders.
ill save all my passwords and acccounts in my cellphone..and who ever is the first to access my accounts..he or she will be the lucky one to be the owner of all ofmy cryptos.Finders keepers..=)
Lol! that's a lucky bait. Thanks for the contribution @iamkunaning
Interesting.. Thanks for posing the question.
Thank you for your comment @phillycheeze
Interesting subject. Not sure there is a fool proof way to solve this - the biggest issue is how to make sure you non tech savvy family members can have access to these things after you are gone.
Thanks for your comment @thecryptofiend. That's a big issue we all need to find a solution to.
i just did,the lady from my Geo-location😍
The steems,bitcoins and Alts live on,they become part of the system!
My brother @oluwaleolaide, thanks for your comment.
You are most welcome
I really ought to do something about this. The only substantial crypto I have is in Steem. I need a way to pass on my keys to someone if anything happens to me. There's also all my other on-line accounts, but most have no financial value.
I use Lastpass for most keys. There may be ways to make that available to others, but it has to be done securely.
I've heard that there's a lot of Bitcoin that is considered lost as people lost their wallets or keys.
We all really need to do something now we have the time to do so. Thanks for your @steevc
There are lots of people that was joining in on Bitcoin in the start just for the funcies. Since it took a while before it actually took of, some people that was mining in the beginning wasn't really careful and lost their wallets on reinstallations and hard drive crashes.
If/when some of these cryptos like bitcoin, steem, etc go way up in price, i bet then they "suddenly" become more interested👍
Use hardware and/or paper wallets and keep the recovery phrases in multiple physical locations for geographic redundancy.
Purposefully try to restore your wallet using the recovery phrase so that you are confident that it will work! If you copied down your private key or recovery phrase incorrectly, you'll be screwed later on when you really need it. And that's a Darwin-award-worthy mistake.
Thanks for your contribution @cognoscere
None of my family are the least bit interested. Maybe we can name someone in the Steem community to pass on our value to in case we don't use our account for an extended period of time. (This person need not be publicly disclosed)
That's a great idea. There should be a provision for next of kin here. Thanks for the comment @lightsplasher
Very good point to make!
Thank you @papa-papper
A note in the goldfilled safe.
Thanks for your comment @allyouneedtoknow
Keeping Bitcoins in clients like Electrum, that you can restore with a 12 phrase key, are one way to keep the coins to relatives since you store it somewhere at home and your relatives will either find it or you tell them about it and they can worry about it once the day are there. All they need is to download the software and punch in the words.
Other clients, that doesn't have this mechanism, are more troublesome. Like with Steemit you have to keep your admin access token available for them to read once the day are there.
You can store these items on password protectors like LastPass or a web drive with encryption, but you somewhere have to be able to write down a set of ways to access these and how to decrypt them. It can be troublesome since you don't want to have that laying around unsafe.
Optimally would be to have family and/or relatives that are interested and know what to do once the day is there. They don't have access, but they know how to get it.
I think it's as important to talk to your family and relatives about this as what you think about organ donations after you die.
That's a very good idea @sc-steemit. Thanks for you contribution. The issue here is that most of them are not interested in having anything to do with cryptos.
Stay vigilant and always think several steps ahead. Very important in life. Good post.
Yea, it's always good to think several steps ahead. Thanks for the nice comment @thejohalfiles.
Data Inheritance with https://www.securesafe.com
Thanks @emilhoch
The thought has been running through my mind daily and I have been working on getting all of the info in one place with easy follow instruction as the task will be consuming.
For the thought to be running through mind, means you think steps ahead of time. Good thinking @bitshares101. Thanks for your comment.
This is really interesting, I think we should create a document that contains all critical information and one day we die. that document will be sent to the people you want that will have all the info.
That's exactly the right thing to do. Nice comment @pedramcode. Thanks.
I never thought about it! Thanks for bringing it up.
You are welcome @brian-rhodes. I saw your recent introduction, though you've been since last year. welcome to blogging on steemit.
Hi. My first post here on Steemit. 😁
I have BTC and just recently put a little into Ethereum. The latter is where I hope the solution is.
A possible application is in the actioning of certain tasks as specified within a 'contract' Last will and Testament. Paying out to recipients upon the meeting of certain criteria.
It would require of course that these recipients would need to have a working receiving wallet application.
I don't remember where I came across the idea or even know if it is definitely something that could be watertight but I do know that Ethereum contracts are guaranteed.
Anyone out there have any links, ref or further knowledge or thoughts?
@ashridge100, welcome to steemit.
Thank you. @ogoowinner