Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
Charles-Tim, presented you with two fair enough options to endure your kids will access your funds if you die. However, the fact is that almost every "Bitcoiner" is not prepared and has no clue on how to proceed. If you die today and you haven't told your kids how they can retrieve your coins, the outcome will be most likely that your coins will be tightly locked onto your wallet forever. IMO, I think we should be prepared. We should always share some important passwords with our kids and let them know about cryptos and how everything works. As a safeguard you could stash all the important documents in a suitcase. Over there you can leave clues on how to access your funds.