Unfiltered

If You Die, Someone Should Have Your Bitcoin!

Have you ever wondered what will happen to your crypto when you die? Has it ever crossed your mind? It must have!
Happy Danse Macabre GIF by Kajetan Obarski
People plan their inheritance way before time just in case. For some people leaving their assets in inheritance is a long wish for many, whether it is for their children or grandchildren, to a charity or to a university.
You see, when it comes to investments, property or bank accounts there are already existing laws, protocols and rules right? These are followed for wills, trusts and probate. The main question is how can you transfer the ownership of your Bitcoin to your heirs? Your Bitcoin wallet has its own public address, but it can only be accessed by the person who possess the private key. There is no way to change the key back and if the private key is lost, then you’ll have to say goodbye to your Bitcoin’s in the wallet.
frank gallagher inheritance GIF by Showtime
But, don’t worry there are ways one can ensure that upon death the Bitcoin doesn’t get lost into the network.

Other Services

There are plenty of third party services such as Coinbase. It offers “vault” services. When it comes to Bitcoin wallets they are hands down great for day to day spending. But, when it comes to storing huge amounts of Bitcoin in the long-run then there needs to be extra security. This way most of your Bitcoin is stored offline.

fine print mind blown Sticker by Jason Clarke

What makes it safe? Your Bitcoin is in geographically distributed physical vaults and safe deposit boxes. There is also the option available of joint ownership of an account this way your beneficiary becomes a co-owner in the presents or upon your death. Yes, sounds morbid to discuss about death. But, you always have to be prepared.

Verdict

homer simpson episode 6 GIF

Bitcoin with time has become a financial asset that people might wish to leave it for their heirs. For now, there are only a few good ways to ensure your Bitcoin is received by your loved ones. But, there are still some complexities which we hope will be solved in the near future.

Do you have any other ideas to ensure your loved ones receive your Bitcoin in their inheritance?

Show More

Maira Zaheer

I love to write and channel my feelings into words. I'd like to quote my favorite author and poet. Who has taught me every word matters. “let me live, love, and say it well in good sentences” - Sylvia Plath. I'm here to fill your lives with some crypto-gossip. Email: maira@blockpublisher.com or contact the editor at editor.unfiltered@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.