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Author Topic: Bitcoin is decentralized technology, But what if someone dies?  (Read 949 times)

Offline Rehan Zakir

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Bitcoin is a very unique concept but I feel it failed to include a system that considers the wealth of someone who suddenly dies and inherits his money to his loved ones "Family". I've always thought about this in my mind, what happens to my money when I die.

The idea in writing my private key or long word sentence in a well is a method but is not efficient.

Because young people like many of us think we're going to live forever and we don't normally write wells, let's be honest here. Think about banks and real-life situation, here many of us hate the centralization and how government work on things, however, there is some benefit to what they do. When a person dies there's a system that automatically inherits all of your assets and money to your kids.

Bitcoin does not consider this maybe if I am old I will write my private key for my family, but then again what are the chances that they would understand how to get the money? There are so many people who aren't computer savvy, so even if we go the extra mile of writing the sentence or the key in the well, a good chance that family members will not know how to use it and take it for granted. They don't know how much bitcoin worth and will neglect it, of course, given you wrote a well. What if you didn't?

Now, why did I bring this up? My brother who is one year older than me, he's only 40 when he died in a car accident last year. He talks nonstop about bitcoin and crypto so this indicates to me that he was investing. We don't know how much he owns, where he owns it, and how to give it back to his kids as heritage. His kids deserve to get that money but it's gone forever I'm assuming? so don't you think this is unfair, as I said bitcoin has a flaw that needs to be fixed in that sense.

What if my brother owns 2 or 3 BTC which his kids deserve? we will never know! the kids already got all the heritage out of the bank which is why I said the banks and government are a plus in that kind of issues/problems.

P.S. Most of his money goes into crypto and stocks, which is why the kids and his wife did not get much out of the banks, so with this, I don't know where to go to find out. If someone got an idea pls let me know.

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #1 on: July 26, 2021, 09:13:39 AM »
Well, perhaps this is one of the side effects of decentralization, anonymity and cryptocurrency privacy. It is hardly possible to investigate accurately, but they say that access to about 6-7 million bitcoins has already been lost forever. There are many reasons for this, and one of them is the death of their holders, who did not take measures in advance so that the information about the private keys of their wallets became known to their heirs. It all depends on ourselves. This is one of the features of cryptocurrency.

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Offline marcsymons

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #2 on: July 26, 2021, 02:50:09 PM »
Sadly, they are gone forever. Even if a live person forgot or lost their wallet number, they are not aware of their coins. So I think the best possible course of action is to have some directions for those you leave behind to recover your cryptocurrency or give them a reasonable plan on what to do with it.

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #3 on: July 28, 2021, 04:05:53 PM »
The peculiarity of cryptocurrency lies in the fact that we are fully responsible for the safety of our cryptocurrency, for our possible mistakes and even for our premature death, if we do not take the necessary measures so that after our death people close to us have access to the secret keys of our wallets ... If, regarding the common currency of states, a path has long been established for the transfer of the money left to the heirs, then the cryptocurrency is just beginning to enter our life and here the generally accepted measures are not enough. Therefore, we ourselves must provide backup options for events, including in the event of our death.

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Offline UNIVERSE

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #4 on: July 28, 2021, 11:39:30 PM »
If we don't prepare all that we have in Bitcoin in the future, it may be lost forever if no one knows about this. That is why if we are willing to, we can prepare to face every possibility about what next happens to us.
I personally allow my wife to know about the assets and also the keys, and of course, it is sure enough to use the heritage feature sin some exchanges for my children.

Offline Suma Islam

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #5 on: July 29, 2021, 01:10:21 PM »
Bitcoin is a decentralized technology, but what happens when someone dies. I don't understand this sentence. I will try to find out what is meant by this statement from the senior brothers of this forum. Help me find out if anyone has the right idea about this. Being new to Furab, I could not acquire much knowledge about this forum. I would like to acquire knowledge about this forum by getting to know from the senior brothers of this forum.

Offline Anonylz

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #6 on: July 29, 2021, 01:45:15 PM »
Sadly, they are gone forever. Even if a live person forgot or lost their wallet number, they are not aware of their coins. So I think the best possible course of action is to have some directions for those you leave behind to recover your cryptocurrency or give them a reasonable plan on what to do with it.
I think issues like this have been discussed before and it is highly recommended that we somehow leave information for our family that should take over our cryptocurrencies whenever there is an issue like death cos it will certainly happen. Also even if we don't leave them a directive on how to spend it, they will spend it in a way that will be most beneficial to them cos even with the instruction, they still will do what is best for them.

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #6 on: July 29, 2021, 01:45:15 PM »


Offline P2P

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #7 on: July 30, 2021, 05:17:33 AM »
Bitcoin is a decentralized technology, but what if someone dies? I have no idea about this because I am a new member of this forum. Most of the information here is unknown to me so I can't comment properly. I hope I will learn everything over time.

Offline TomPluz

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #8 on: July 30, 2021, 05:52:27 AM »
Sadly, they are gone forever. Even if a live person forgot or lost their wallet number, they are not aware of their coins. So I think the best possible course of action is to have some directions for those you leave behind to recover your cryptocurrency or give them a reasonable plan on what to do with it.

Just leave some records safe somewhere so that the coins left can be like an inheritance to your immediate family. There are some platforms offering services relative to this situation but I am not sure if they are proven to be really working in the real world. The thing is that unlike banks where there are clear mechanism on inheritance, here in cryptocurrency it is quite different.

Offline Sadin

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #9 on: July 30, 2021, 11:31:38 AM »
I am a new member of this forum and I have no idea about Quran. I can't comment on your topic because I'm ignorant. Hopefully with the time given you will be able to know everything and make the right comments

Offline Senin

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #10 on: October 22, 2021, 07:38:38 PM »
So far, the decentralized cryptocurrency is very weakly regulated by states and therefore any risks, including the loss of information about secret keys during the transition from the owners of the cryptocurrency to the heirs, lies with the people themselves. In the future, government agencies may come up with something, but this will always be a big problem for participants in the cryptocurrency market.

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #11 on: November 14, 2021, 05:58:02 PM »
This is exactly the essence of a decentralized cryptocurrency. We are fully responsible for the safety of our keys and wallets in general. If we make a mistake, we lose our cryptocurrency and no one can help us. Yes, we are a bank for our cryptocurrency, but all responsibility for its safety lies only with us. Due to errors, a lot of cryptocurrency is irretrievably lost. And this will continue in the future.

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #12 on: November 18, 2021, 04:29:24 PM »
I think you should share your password and private key to your  wife and kids.
If you die, they can open your wallet.
Bitcoin is good asset and will be more valuable at the coming years.
We didn't know when we will die, so prepared from now.

Offline TomPluz

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Re: Bitcoin is decentralized technology, But what if someone dies?
« Reply #13 on: November 18, 2021, 06:02:02 PM »
This is one aspect of cryptocurrency we should be careful of...if the keys are not left to the heirs then nobody can be able to access the said digital asset and will just remain to be in limbo forever. When one has a substantial interest with cryptocurrency, he/she must find a way so that if something can happen bad, then the family can have access to the said assets. Now, it would be sad to see otherwise.

 

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