In reality we’re all travellers, even explorers of mortality.
being a relatively nascent asset class comes with a lot of advantages and inevitably with its own set of challenges.
One of which being what becomes of your portfolio once you pass on to the great beyond.
Many like to live in ignorance of their mortality, leaving them unprepared for this seemingly dreaded day, But it is an important conversation you must have with yourself as the day will come when the inevitable will happen and your crypto assets will be left inaccessible to your loved ones.
The internet is awash with stories of people going to the grave with their private keys, or their loved ones not even knowing they have crypto.
If you wouldn’t want to end up like the infamous CEO of QuadrigaCX, I highly recommend that every crypto holder takes time to reflect and find a way around this.
Possible options:
Crypto succession planning is unfortunately relatively unexplored leading to millions of bitcoins being inaccessible.
A lack of succession planning is regarded by many as a feature and not a bug resulting to little or no effort to remedy this potential underminer,for to experience this mainstream many fantasize about, this underrated part of the crypto UX must be addressed.
In most cases individuals would like their assets to go to their loved ones in the case of any tragedy and considering for example was built to become the internet of money,it is imperative that this use case must be catered for, An old friend of mine is attempting to solve this problem with his dapp: it is based.
It is a set of smart contracts that enable you launch your will on the and configure beneficiaries and timeout periods,funds can be disbursed based on your customizations. One of the pitfalls of this project is that the funds has to be in the “will ”, which requires you domiciling some money in it without use. leaving the majority of your portfolio at risk, but cryptowill it is still under active development, and i am keeping a close eye on how the project evolves to solve this problem.
If you’re working on an interesting solution to this problem please let me know.But in the meantime i will highlight a couple of steps though quite crude to help you plan the future of your crypto.
Setup a Dead man’s switch
According to wikipedia “A dead man’s switch is a switch that is designed to be activated if the human operator becomes incapacitated, such as through death, loss of consciousness, or being bodily removed from control in other words once there is a predetermined period of inactivity who ever is specified as a beneficiary will be automatically contacted.”
This is something you can simply setup online as there are many online dead man switch service providers you can signup upto that will check in on you and during periods of lengthy in activity send all information necessary to access you crypto assets to your specified loved ones. I recommend you encrypt your data with an encryption provider of your choice (there are dozens free and paid services online) before putting it in the deadman switch service and send a copy of your encryption key to your loved one.
I implore you to do the needful, before you the last .
Published at Fri, 08 Mar 2019 09:09:04 +0000
