you can usually be set up to trade on Circle or Coinbase within 5 min. if you want the btc instantly, it will cost you more on those sites. doesn't get much easier online then those guys.

Great, thanks.

Won't all bitcoins disappear one day when all of the owners die and nobody can access their wallets?

What makes you think people don't set up ways to access funds after their death?

I actually think quite a lot of current owners have not setup correct ways for their funds to be accessed after their death. Which is a good thing because it increases the value for those that did.

People with > $1000 in value?

This is what ahs like Picketty want anyways. However, this is better instead of the money going to government it is equally divided among the users of bitcoin via deflation. Deflation is also good for the poor, elderly, and the economy because it makes their bitcoin more valuable.

Definitely people with more than 1k. So many examples of things of much more value that stay unclaimed. Add to that the fact that people might make mistakes or don't understand the value of a private key. Simple example is people that told their partner/kids about their bitcoins. What happens if they all die in the same car crash and everything is inherited by a distant cousin.

Most people don't make any plans about what happens after they die.

Nobody would be able to access my funds if I die.

If I wanted to send someone funds and they linked their bank account to their circle account how long would it take for the funds to be deposited into their bank account?

https://support.circle.com/hc/en-us/...thdrawn-funds-

Thanks, when I googled it the link wouldn't work.

If all your heirs are dead, sure, it might be inaccessible in that case. In the long run, I anticipate more user friendly options for holding coins, and easily being able to send them after death.

But even if you assume every death means their entire holdings in Bitcoin disappears, it's still a fairly slow evaporation of coins, and you just add more decimals if needed. It's another non-issue.

Not having a formal will vs. not having plans are different animals.

This is awfully silly of you, unless there is no one in the world you really would want to claim your assets.

Nobody would have access to mine either. I should really get on that death plan.

Depends if you have anyone that you'd really care about your wealth when you die. If you are a young single guy with no dependencies, that kind of stuff doesn't really matter.

Could smart contracts solve that problem?

I've got too much in btc to let it all disappear upon my death. Even as a young single guy I'm sure my nieces would appreciate dem cashflows. How does estate planning work with coin held on coinbase and circle? For those of us who don't control our private keys?

Absolutely. For long term savings, it's reasonable to set up. For more frequent use, it becomes harder, wallets just aren't good at it yet.

If heirs know of your accounts, you can often petition with a death certificate to deal with it. Of course, if you have your passwords somewhere they can recover, they could potentially log in and transfer the funds themselves.

about a year ago i took the following steps:
(for each coin i hold)

1) make a wallet with 100 addresses.
2) encrypt wallet
3) make an encrypted disc image of folder containing encrypted wallets.
4) copy encrypted disc image to 3 usb keys and to the cloud (spideroak)

5) keep 2 usbs at home in safe, 1 at work

6) write on a piece of paper in pen all the steps necessary to recover your wallets. clearly outline each step with passwords so that anyone can recover the wallets. in case the person trying to recover the wallets is not my trusted family member (because we both died together or something), there is a name of a close friend who can recover the wallets as well on there.

7) this info is kept in a sealed envelope in a bank safe with a trusted family member.

8) wait for better multi-sig solutions... maybe some hardware ones

took an hour of so to do. feel totally better about having done it.

if they all die at once maybe

This is why Bitcoin will never find widespread adaption.

I've wanted to buy BTCs before to store but every time I get back into the subject I end up giving up because that's what seems to be required so your money does not get stolen.

I am not even a computer idiot but this is just too much. Until this is changed and BTCs are actually not that easy to steal BTCs will never find it's way to mainstream.

People in here like to talk a lot of BS about how BTCs makes things easier when it's the complete opposite. You need to put in a lot of effort to buy and hold BTCs and then they can be stolen from someone who is a lot computer savvier than you. Plus the fact that it costs a couple % to get them in the first place.

I got Bitcoin CFD's insured up to €20,000 by the FSA. If you're able to buy CFD's, they solve the what happens when I die problem nicely. Insured amount is pretty low though but it's reasonable to put some in there if you can imo.

Why step 1, 100 addresses? Why not put them all in one address? Please don't say it's more secure that way.

because i prefer to not reuse receiving addresses. each time i request a payment i choose a new address.

by backing up the wallets with 100 addresses in them, i can use them for a long time without worrying about having to update anything.

@Spurious, this isn't the reason why bitcoin won't be mainstream. It is the reason why you are not an early adopter type.