WHAT HAPPENS TO YOUR CRYPTO ASSETS WHEN YOU DIE?
Death isn't something most people plan for. In most cases, people never plan for the eventuality of death. We all hope to live forever or die at our choosing but that's far from what's obtainable.
Being in the crypto sphere and having to manage a plethora of (private) keys that access thousands and even millions of dollars, one can't help but wonder what would happen to those funds if the owner dies untimely.
I have come across several dormant accounts on hive with thousands of hive locked up. There are even cases of people losing access to their accounts and nothing can be done about it.
I do wonder if developers ever factor in death when creating protocols for a blockchain. Is this something that can be explored? I have heard people talk about staking their crypto for the children. What if these kids never know about these digital assets?
Could there be a way stakeholders could transfer value to another account if they become inactive for a prolonged period (a year maybe)? I think this could transfer value without the help of a third party which is relatively safe.
In my case, most of the digital assets I hold are tied to hive, which is a good thing because you only need one key to access it all. I have my key saved somewhere accessible to my family, so I do not think they would have issues assessing what I have if need be.
According to this article, there is the option of keeping your keys with an executor. But the reality is not many people think that far. If a survey was to be carried out here on hive I believe there would be less than 10% of the active users who use such services.
The goal is to always prepare for things before they happen. Today I will talk to my brother about some of my crypto holdings and how he could assess them if need be. It may not be the most secure way of handling this issue but if things ever go south, I want my family to have access to my funds.
So I would like to hear from you. What would happen to your crypto assets if you died? Are there things you plan on doing to make sure the people you care about have access to your fund when you die? Share with me in the comment section
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I remember writing a review about one crypto company that is into this kind of stuff. I think their name.is Eternitas is some shit, I've forgotten.
They're basically a trusted team, according to their page of course, that will handle your keys and pass it on to your beneficiary which you specified, in the event of your death.
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I dunno man, trusting family is already a big risk. A company would be a better risk to me. I could simply come up with some way to get my funds to my people.
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That's the best possible way of this matter. If the family is hard to understand then we may give them a contact to any of our trusted user who would help them out to get the assets out of it if something unpleasant happens.
Very important topic. Hope many will be aware in this matter and take necessary steps.
Rule #1 :
Don't trust anybody
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To some degree, it balls down to trust. With my hive account, the best I can be to share my active key (we already do that with third-party apps). Worst case scenario, my account gets compromised I can change all my keys with my master key.
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Yeah, That's true. Nowadays it's very very hard to trust anybody.
A simple, 3 step recipe:
1
Have all your funds in a BIP39 based coins
2
Get decent titanium plate (or multiple of them) . Engrave or punch in those damn 24 words. Make sure to use 25th word (phrase) as an extra measure of protection, which will be delivered to your loved ones in a proper way. Find the best route which fits you and yours.
3
Teach your loved ones what is BIP39, HD wallets, private keys, hacker threads and secure environment (TAILS). Teach TODAY. Do not postpone for tomorrow.
🚫🚫🚫🚫🚫🚫🚫😅🔥🎉👹
4th, the last - enjoy your life and crypto's rollercoaster.
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🤭 he added "simple".
This should cost me an arm, leg and some brain power. Can't risk it.
Okay, I can do this...
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That would be a bit of a challenge since I don't even know that that is. 😂
!ENGAGE 50
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I have been watching videos on YouTube about it. I think this one could be helpful:
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Thanks. I'll make a note of it. 😊
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ENGAGEtokens.If my assets were ever to be very significant I would leave my family with what they needed to live comfortably and then have certain accounts set for donation. I would leave seed phrases and instructions via a will I suppose
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Sounds good. Another level of security would be to share parts of those seed phrases with different family members so no one has it in total. Downside: one of the custodian losing their part of the seed phrases
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I can imagine that as a plot of a movie LOL
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It seems rather better for the money to be done than face the stress of delivering it to your money without constantly having to look over your shoulder or contemplate the what-ifs
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I had a conversation with my son about this recently and was also thinking about writing a post on the subject.
Right now, if anything happened to me I'm pretty sure my crypto would go unclaimed.
It's difficult to get motivated to do anything about it though. It's yet another area to learn about. Little did I know when I joined Steemit more than 3 years ago that it would take so much of my life and be so complicated.
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It is never too late to learn. I don't want my money laying dormant in my account if I am gone.
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Great writing, too scared to even answeer. lol
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Omo! Lol start thinking oo... Better late than never
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You're right bro
My family will get my crypto, they have a set of keys to my wallets stored in a secure place.
We can see the crypto locked in wallets with lost keys as burned, making the crypto scarce, which in the end benefits the others.
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Smart move...
True that but I dont want to be those people. I know what it means to lose an account and I say never again!
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How much was your biggest loss? Mine is under a BTC due to a burned laptop where I had my keys.
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not really much i guess. this was my first hive account @nonz. i was nurturing that baby for so many months and then my phone went crazy. lost all my keyss and had to start again.
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https://twitter.com/IAM__NONSO/status/1379339831235510274