Do You Have A Crypto Will?

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Not long ago @onealfa had a post, asking the community How much do you care about YOUR crypto? It was a legitimate question as security is the most important when it comes to crypto and one can never be too careful. Recovery accounts should be changed as the default setting we had when we registered a couple of years ago is not safe anymore.

Today I came across an article, that was asking readers what happens to your Bitcoin when you die?

Looks like a funny question as no one is planning to die, at least not now anyway and we all know what happens with our cryptocurrency if no one knows the keys to your wallet.

As a distributed network, Bitcoin has no central authority to control user funds, so no one but the owners themselves can control their assets.
Consequently, millions of dollars in crypto is being lost each year through the deaths of its owners. Crypto insurance firm Coincover estimates that around 4 million Bitcoin, or at publishing time, is out of circulation after access was lost, with a large portion likely caused by death.
source

We had a user on Hive who we lost not long ago due to a sudden illness and the funds the person had, are still in their wallet.

ezgif.comwebptojpg11.jpg
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About ten years ago I had surgery and even though it wasn't a big deal, there's always the uncertainty, you never know how you are going to react to the anesthetic, and then I was was put in a situation where I had to think about what's going to happen if the results are bad and have little to live.

I'm a very small fish here and I don't think I would be big anytime soon but even so, I'd hate to loose what I've managed to get over the past two years, therefore I need to do something about it.

Many of us are holding a variety of cryptocurrencies in different wallets, each with different keys.

I think it's time to think about this and take the necessary steps before something regrettable happens. Teaching someone who's not into crypto, to access you wallets and transfer you funds takes time.

So let's see, do you have a crypto will? Have you taken any necessary measures in this regard?

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You know what? That's a very good question for those whth considerable assets in crypto. Kinda reminds me of reading about something called a "Deadman's Switch" which is activated after a set period of time where the user fails to check in.

Of course a Will would be the more traditional route, to ready those preparing for that great crypto-beyond, but for those in our field, this post offers some decetralized options a little closer to home.

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That's a very good question for those whth considerable assets in crypto.

Indeed it is. I was thinking of those on Hive, who are on the top of the list and that's just Hive. As I said in the post, how many of us have other crypto as well. It's a matter that needs to be addressed for sure.

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Unfortunately, I still don't have to worry about such problems, but of course it's a serious issue that I will take into account ... if my account deserves such attention.

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Unfortunately, I still don't have to worry about such problems

Agree to disagree on that.

I don't know how much do you have in your wallet but let's play a game. Let's say I (or anyone else) take away all your earnings, what would you say about that? How would you feel? You've worked hard to earn your stake and all of a sudden you have nothing.

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(Edited)

Of course you are right and I have also lost in these years and any theft or aggression is hard to bear.
I just wanted to say that I don't have a considerable amount.

It is very interesting, even a strange coincidence that the other day I thought about this situation that you are exposing here.
Being both me and my wife infected with covid-19 and the health is not very good, I thought that if I leave suddenly, the approx. the $ 2000 fluctuating crypto would be lost and my son would need it.
This post of yours made me think about how to leave him the keys and passwords and instructions, in case something happens to me.
Thanks for making me pay attention to this.

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I'm sorry to hear you are both sick. I hope it's not too bad and wish you speedy recovery.
It's always good to be prepared, so do it as soon as possible. Can't hurt anyone, right?

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Thank you. I got over it more easily, it still hasn't been solved with my wife, she also has other health problems that aggravate the covid effect. Basically we have passed the infection and we are allowed to leave the house but we have to see what affected the virus in us.

Obviously, the prevention and awareness of dangers is very good.

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I'm glad to hear you're better. Good luck in staying away from it in the near future as you know you can get reinfected.
Stay safe!

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Thank you! Yes, I know that and of course I will be careful. I must say that I followed all the rules from the beginning of the pandemic, in the summer I went to Bulgaria twice, to Balchik where the Bulgarians did not show signs that they know and want to follow the rules of distance. I didn't get infected. It happened in the house of some friends!
Now we also breathe in yogurt, if this expression of ours can be translated.

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This is quite interesting and having a will in the crypto space considering the perpetuity of it is something that we'll need to consider at some point. We are still in early stages but thinking of it is something we might need sooner rather than later.

And what I could see (maybe also as opportunity) that the will can be a smart contract itself. What do you say about that?

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We are still in early stages but thinking of it is something we might need sooner rather than later.

You never know what is going to happen, so the sooner the better.

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I wrote about this very thing a little over two years ago which sparked some good discussions about it in a couple of communities on Discord. I have already made plans for someone here to be given my keys when I die, so they can make delegations and manage funds on my behalf. Someone started a "crypto will" project sometime ago, but I don't think it ever became fully operational. I'd like to see it revived, if only I could remember who laid the groundwork for it... 🤔

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That's interesting, I've never heard of such initiative but would be interested to see how it works.

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Yes, besides bank accounts, also my crypto accounts shall be pass on when I pass this world out. Not on a notary base, as it would be to much of a hustle, but on a personal level. My wife and my parents have a letter from me with instructions on what to do.

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That's a smart move. Obviously I wasn't referring to a legal will as that's not necessarily. I see no point in that unless you hold a large portfolio and have a lot of people waiting to inherit your crypo fortune 🙂

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Well, it is complicated, as I have also some real-estate and in Germany you need to pay an inheritance tax after some level. To avoid this issue, either one gives it up during lifetime slowly or it might hit his dear ones when he passes. Like if you have a house that is 500k worth, your kid will not be able to pay the tax, the state sells it, takes out his share and the rest becomes the kid. Social insanity as its best. :)

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That I guess is the case in Romania as well, although I'm not entirely sure. In any case this is frustrating as it should never happen. Maybe one day things will change. The question is when?

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In Romania you can inherit without a very high tax. My son got a single room apartment as a birthday gift from me at his first birthday in Timisoara. Had to pay the notary and some small taxes for the transfer so the procedure was quite easy.I had to declare it also in Germany as we have a limit of 400k € every 10 years. This tax system in here is way to complicated :)

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