Unfiltered

What Happens To Your Bitcoin When You Die?

It is funny how little we think about death. Yeah well, we always think about living which is great. But, according to so a lot of amazing thinkers in history one can not think of life without thinking of death along with it. It adds all the necessary context to it. So you got cryptos yesterday and you can buy something today or spend them tomorrow when they mean a lot more in terms of financial and economic value, great, cool! But, would you be willing to lose your cryptos?

That would suck, wouldn’t it?

Cryptos are forever, maybe they are not, but they can outlast us all. Passing your digital holdings on to loved ones after your death isn’t as simple as the simplicity and adornment of cash or other property, though, particularly since wills aren’t designed for confidential information. This is one of those instances where the confidentiality really bites the people in their asses.

People who die, take their bitcoins with them. This is because no private key no bitcoin and like the other millions of lost bitcoins this would go to waste too. A private key is like an unchangeable password, which is generated when you create a new cryptocurrency wallet. It should always be kept as safe and secure as possible.

There is no way to retrieve a lost bitcoin other than retrieving the password and this is what will make your dead bitcoin a huge waste. Unless you want to include them in your will. In that case, you ought to know that, your wills, after your death, become court documents and are generally public documents, accessible by anyone.

On the bitcoin subreddit, brainiacs have suggested dividing portions of your private key among trusted advisors and loved ones. Or you can play a little after you are dead and let your loved ones know how much you loved them which is exactly why you left them a big puzzle to resolve.

How would you fam jam know if you had cryptos and if you want them to have them? Well, Coinbase, a trading platform, puts the burden on the heirs to claim any assets left by the deceased. Perhaps it is a good idea leaving the access and the exchange name in your will too. But this is if you are planning to die, but when it’s sudden, well it’s sudden then, and that just means losing the money to nothingness as you go!

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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