It is very common for all of us to do due diligence in order to find out and understand what cryptocurrency is and how it works and so on. As of now, there are more than 2,000 cryptocurrencies in the market and each of it has its own advantages and disadvantages.
Thinking from which coin to invest in, to when and how you should do it, we are all very concerned and careful with our actions. Not only that, after purchasing the coins, how we store it is a whole new topic to be cautious about. But have you ever wondered what will happen to your digital assets once you die?
First of all, you have to clearly understand that cryptocurrency or digital currency is virtual and not physical. Therefore, it is impossible to pass it to someone else just like that, unlike jewellery or fiat money. So, what you need to do?
You need to understand that your cryptocurrency is not like your money in the bank, which you can retrieve with your identification number or your bank account number. Crypto wallets consist of private key, codes or hashes.
It’s definitely not easy to identify a person’s key as it doesn’t resemble anything like a username usually does. So, you should inform your next of keen or someone you trust about your digital assets. Nevertheless, you should not give full information. So, what can you do?
Write A Will
Like any other property or assets you own, you need to include your digital assets in your will too. A will is basically a legal document containing instructions as to what should be done with one’s money and property after one’s death. This is to ensure that your crypto belongings will definitely be passed down to your next of keen. Additionally, it will be with the knowledge of a legal personnel, lawyer.
By doing this, it will ensure that your possessions will be distributed as you wish and to whom you wish to pass it to. But, what could go wrong is that, digital currencies require a private key to access the wallet or storage. If at all the appointed lawyer is not ethical enough and violates your privacy and use the private key for their benefits, your beneficiary will end up with nothing.
Therefore, it is important to know what to include and what not to in your will. Perhaps, you could write a will with the information of where you have kept the private key details which only your close ones would have access to.
Our ‘Two Sats’
Although we truly hope that you’ll have a long life, it is our job to remind you on the necessary actions you need to take in order to secure your digital assets even after you’re gone. Albeit on blockchain, your cryptocurrencies live forever, it will be just floating there without anyone to claim it if you don’t reveal your private key to your next of keen. So, be smart and do the right thing to secure all your cryptocurrencies.
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