There was a sudden death of a young man in Colorado this year, and he is survived by his family. The family he left behind have burdened themselves in sorting out his estate and they were unaware of the fact that their loved one had been investing in Bitcoin. The odds would have been in favor if the grieving family could have inherited a small fortune, i.e, if they could’ve only found the access to the cryptocurrency.
This is quite a concern nowadays. No one can see the future, we are very much unsure about the future that Cryptocurrency is going to have because of the volatility of the market, investors jumping off the ship, new ICOs coming up every day. So how can anyone be sure about their lifespan?
Most of us do not even give a thought about what will happen to the bitcoin, ether and many other cryptocurrency tokens if something bad happens to us? We earn money to lead a better life, and people are investing a lot of their time and money in cryptocurrency to earn a lot of profit in a short period of time. It is now important for people to understand the concept of passing their crypto-based assets to their loved ones of the people they trust. This is much of a very important prospect. You must consider making it your priority to make it your first and foremost task before investing in Cryptocurrency. The unregulated and decentralized nature of Bitcoin and other Cryptocurrencies makes sure that you cannot access to deceased or recently physically challenged loved one’s Cryptocurrency asset and account. You won’t be having any way to access any sort of funds, period.
If this isn’t a bad news then let me tell you, it is even more than impossible to find out where a person is sitting on a fortune or if everything is a simple dud as the Cryptocurrency wallets have can contain an unlimited number of identifiers, unique addresses with Bitcoin assigned to each and every single one of them. Even if you by some means get into the cryptocurrency network still things will be hard like it’s completely out of the equation to locate every piece of currency.
No authority, not even Satoshi Nakamoto himself can fix this. Once you die or if something bad happens to you then people close to you will lose the access to the assets and these coins would be abandoned for the eternity.
Young entrepreneurs who are coming forward and investing in the ICOs and Bitcoin and Ripple are pretty much unfamiliar with the emerging digital currencies and need to do have the proper information and they have got to self-educate themselves to know the steps that are needed to ensure that their investments are properly secured for both them and for their future generations.
But there is a way out of this uncertainty. Third Key Solutions help people to build a crypto-focused estate plan both from the legal side as well as the tech side. The complex assets and family situations more often require help from experts. It doesn’t matter whatever situation you’re into you can start planning about a countermeasure today. This step will help you in the future and you should always keep thinking about the practical aspects of how you Z-Cash, Monero, Bitcoin, Ether and other cryptocurrencies to reach to your heirs and your future generation.