Quote from: sana54210 on April 09, 2018, 12:14:21 PM

Quote from: Omega Weapon on April 08, 2018, 04:19:16 AM

Quote from: VUToken on April 07, 2018, 09:13:12 AM

Quote from: bytethecoin on September 26, 2017, 03:59:27 PM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

It's relatively simple to determine who controls a Bitcoin wallet. It's the person with access to the keys. Cheesy

If you do not make preparations for the future, your coins will remain inaccessible to your loved ones for eternity. Or at least until quantum computing becomes a more viable thing. Make sure to state your Bitcoin in your will and testament, or at the very least, leave your key with a trusted party, in case of your untimely demise. Given the potential for price growth, I would rather be safe, than sorry!

There is also the chance that someone out of luck is able to generate the same address and the same private key that you have, that is incredibly unlikely but given enough time it can happen, this is one of the main reasons of why we need to take precautions and to keep our relatives up to date about the measures we have taken so that money is not lost.

It is not possible for two people to have same address. In that case it wont be treated as two different entities, rather it would be one. In simple words, no two houses in this world have same address or else it would be the same house.

Same stands good for the private key. Every holder has a unique address and private key that only belongs to him.And if someone dies, those coins are as good as gone.

You are mistaken, it's completely possible for two different people around the world to generate the very same address it is called address collision, and this means that they both have the very same private key so any funds in that address can be controlled by those two people, as I have said that is incredibly unlikely but it can happen and it could be a way to recover some of the lost coins.