Willing your cryptos, should you do it?
I was thinking that if something were to happen to me, it is possible for the cryptos that I have may never be retrieved. If no one knew the password(s) to my phone, accounts, wallets or hard wallet, the digital coins may be locked up forever...
With cryptocurrencies being relatively new, I'm sure this scenario will happen and there will be a certain percentage of crypto that will be locked up forever...
PhotoCredit: Pixabay
Although I haven't done anything yet, I was thinking about placing all of my info in a document and saving it onto a thumb drive. (NO COPIES anywhere else)
The beneficiary would need the essential passwords to gain access to the coins/tokens.
Smart phone PW
Exchange PW
Wallet PW
Email PW
Steemt PW
Hardware Wallet PW
Cost basis?
Once you plug in the thumb drive, it should show up as another drive connected to your computer, like Removable Disk (E):
Once you logged in all of the info that you think is pertinent, click on 'save as' and find your thumb drive.
Produce a name for your file and save it to the thumb drive, close the document and safely remove the drive.
It can be place in a safety deposit box if you have one. Or maybe a small fireproof safe (another password???) Or you can give it to someone that you trust like your spouse, brother, sister, etc...
One problem is that the people you know do not have any experience with cryptocurrencies. While it is not very hard to learn, it does take time. You might want to include some YT video links to show them how to sell and retrieve the cryptos if that is what they wanted to do.
Again, I have not done this myself yet, but it has been in the back of my mind. (I have a brother that has crypto, so I would give the information to him) Give me some ideas, what are your thoughts on the issue?
Who do you trust the most? I had a great granpa who bought his coffin a few decades before he passed away. He took nap in it once in a while. I wrote it all down, showed my husband where I put it and what I want to do with it just in case. Done! I'm free to die now. Haha
It would take quite a while for me to write down 90+ digit passwords like the one on the IOTA wallet. But paper may be safer than a usb stick (unless it is accidentally burned or gets wet) I may go with the usb stick, just need to collect the info...
Yeah, they both can get wet or burned. Usb stick feels stronger than paper. Whatever works for you. I printed private and public keys seperately then put them together. Having a few copies helps ease my mind too. 😊
Good post. I really like it. Thanks for sharing.
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I think the biggest issue is to make sure one does not lose the private keys to all your crypto holdings wether is paper or hardware.
Yesterday I was looking for my paper wallet with a private key on it of BTC and I could not find it....ha ha
So, if I had copy of the wallet on a thumb drive like you are thinking of using, I could have a back up.
Also, who you make the main beneficiary of the WILL is more important too.
I think most of the veterans in this space have a hardware wallet, so the private keys are safe and since it is a piece of hardware, it's harder to loose.
If someone just placed crypto in their will, how would the beneficiary gain access to it? There are a lot of hoops to jump though...
You would appoint a trustee to handle all the precise instruction how to divide up the properties, cash & Crytocurriences as instructed in the Will before passing.
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