(IDEA) What happens when a person holding a Feathercoin wallet dies?
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I think it would be amazing if a person is able to send his coins automatically to a secondary wallet of a person like his child, woman etc… We’ve seen this problem happen plenty of times that the wallet can’t be accessed no more. What’s your opinion on this?
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This is by design…bitcoin…litecoin and most other cryptos work in this way
There are a few options…like a 2/3 mutisig wallet where a son, mother and father could all have a multisig wallet where 2 out of 3 people are needed to spend.
If its husband and wife and there was trust they could share the private key of their “wealth”
Other forum members might have other ideas…
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multisig is probably the best thing we have easy access to at the moment in crypto. Id guess this will be a big market point in the future so if anyone wants to start a business, this is a great idea!
Or even just letting a spouse or trusted person know where/how to get your coins. If you use paper wallets, let them know where you store them. If you keep coins on your laptop, give them the password to it.
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I think a bit part of that problem is even outside the wallet itself.
When the relations don’t know much about PC’s and nothing about crypto coins, that have no chance to access the coins.
If the wallet is not locked, everybody who has access to the device holding the wallet and knowing the OS login of the person, can access the wallet and the coins.
… if they know which program to start
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i think it’s a problem that will be solved in much the same way normal currency solves the problem. If you are worried about having funds go away cause someone with password dies, you don’t store the coins in a personal wallet. you keep them with a company that holds them for you.
It’s the same idea with paper money, if uncle frank dies without telling anyone where he had $100,000 dollars hidden. its probably gone forever. especially if no one knew about it. If he had however put it in a bank that can release the funds to next of kin… well there ya go.
Does that mean you should keep your money in an exchange or the like? nah, it just means if you are uncle frank, tell someone you trust (or put the password in a safety deposit box with instructions…etc)
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@j_scheibel said in (IDEA) What happens when a person holding a Feathercoin wallet dies?:
i think it’s a problem that will be solved in much the same way normal currency solves the problem. If you are worried about having funds go away cause someone with password dies, you don’t store the coins in a personal wallet. you keep them with a company that holds them for you.
It’s the same idea with paper money, if uncle frank dies without telling anyone where he had $100,000 dollars hidden. its probably gone forever. especially if no one knew about it. If he had however put it in a bank that can release the funds to next of kin… well there ya go.
Does that mean you should keep your money in an exchange or the like? nah, it just means if you are uncle frank, tell someone you trust (or put the password in a safety deposit box with instructions…etc)
The idea of crypto is that you shouldn’t need a bank or company of any kind. Putting money back into the hands of the people.
“The People” just need to be educated…it’s that simple. We do not need banks, We do not need corporations or companies, we need to make crypto easy enough that anyone can use it.
Things like generating a wallet from a mnemonic phrase or so is also an idea.
For couples/partners, this could be lyics from their (eg) favourite song, something that they (possibly) wont ever forget.The possibilities are endless…
imho - to put your crypto into a bank is like taking 1 step forward and then two steps back.
1 step forward - you decided to use crypto
2 steps back - you then decided to treat it like fiat…completely ignoring the powerful features of the blockchain
- FTC Block Explorer + API @ https://fsight.chain.tips
- FTC Beer Money: 6x4LEQV88zRnBvZoH6ZNK6SeRxx4KiTyJs
- FTC bech32 address: fc1q4tclm3cv4v86ez6el76ewmharexfapxhek5a03
- BTC bech32 address: bc1qk8umuccapuafspk9e5szahvp0detafuzugv4ay
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@AcidD i guess i was just trying to say there are non technical solutions out there. at the end of the day probably the single best thing you can do is leave instructions with a lawyer if there are no people you trust but you want to make sure the money gets used when you die (and doesn’t stay locked up in the block chain forever)
The only other mechanism that might be useful in this case is a key with a time lock. that is the password is needed for the first 10 years (or some arbitary large amount of time, maybe set by the user) then when the block chain gets old enough the funds can be gotten at without a password. you’ld still need the wallet.
no idea how that would be implemented, but it would get around the idea of dead relatives taking the password with them.
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@j_scheibel - Yeah that’s totally fair.
Put it this way, my entire family and most of my friends know I am into crypto…I preach bitcoin, litecoin, feathercoin to the masses whenever I can. I dont bring up things like eth or icos because it just confuses people. I still believe education is the real solution.
I do see your point and I’d say a safe solution involving a bank might go something like this:
paper wallet + instructions on some kind of durable or laminated paper…possibly even engraved into metal. These could then be stored at a bank safety box that’s registered to the husband and wife, as part of their Will or so on. This still gives them ownership of their private keys while giving them better physical security than what most homes could provide.
You do however…have to trust a bank ;-)
