What Happens to Bitcoin When I Die?
If provisions are not made, does your Bitcoin fortune simply go to the grave with you?
Just like any sort of asset, it is important to make provisions for your Bitcoin in case of death; don’t go to the grave with a digital fortune.
Unlike retirement funds or even savings accounts, no one needs to know that you own them, or how much you have in them or indeed how to access them without you. Bitcoin provides a safeguarded space for the store of wealth that can be kept secret from everyone.
It is one of the attractive features of Bitcoin for some, but it also means that it is all too easy to take a fortune of digital currency to the grave.
There have been some recent examples of people dying without making provisions for their Bitcoin fortune, which can lead to some sticky situations for the next of kin to try and claim it.
We were talking about just that over on another post the other day. Good one by @scandinavianlife that might be of interest here too. 🙂
https://steemit.com/steemit/@scandinavianlife/the-importance-of-making-a-whitepaper-for-your-wife-husband-or-children-in-case-you-die
Oh great i will check it ..!! I'm following you now !
It is al about trust in a system and thus ook in BTC.
Yep it is but imagine someone that has 100 BTC and died where all that money will go !!
this also should be related to how many BTC are lost when the user forgets the password to their digital wallet(s), or they lose their physical wallet(s). Or when an owner forgot he owns BTC. (there are many states that have dormant bank accounts looking or owners), or how many 0.000001 BTC are out there forgotten by the users? Are there other scenarios that I am missing?
In the case of STEEM if you lose your password you are out of luck right? What percentage of a cyrptocurrency is lost forever?
Are there safeguards to prevent these scenarios?
I can already imagine my own plans coming to fruition. I die, and my next of kin finds a piece of paper. The paper has a code to a wallet that holds all of my coins. Of course I would need to earn the coins before I can pass it on lol. But I could dream ;)
Haha Lol ...!! Yep we need to make some decent money first ..!
Makes sense