What happens to your crypto when you die?
Most investors in cryptocurrency aren't thinking much about their own mortality so this crucial question has not been widely discussed yet. What happens to your cryptocurrency stash when you die?
Let's face it, the crypto space isn't exactly made up of baby boomers and I bet most of us haven't given a second thought to writing up a will yet. And even if we did and designated a family member or spouse as beneficiary for our Bitcoin, how are they going to figure out how to get access to our wallet? Let's say they can remember how to get in, then will they know how to turn it into fiat? I'm picturing explaining to my girlfriend how to get my tokens out of myetherwallet.com, getting to gas price and then watching her head explode.
And next I ask myself - do I really want my girlfriend to have access to my life savings? Sure, she says she loves me and of course it will be until the end of time, but I swear I've heard that once or twice before and the results weren't that great.
All of these questions eventually lead me to the same thought - in the future there is going to be an industry for crypto custodians. A third party you can trust to keep your keys safe in the event of your untimely death or to give you your keys if you lose them as long as you can verify your identity. A crypto bank, if you will. In some ways that goes against the true appeal of being your own bank, but I don't see any way around it in the long term.
What do you think? Would you hand your keys over to a guy in a suit so that you know your loved ones will be taken care of or is it "out of my cold dead hands" and you'll think about it when you turn 80?
Thanks for your comments, follow, upvote and resteem!
That is indeed a good question, I did not think about it either
Nice little headscratcher that one! I don't think there would be trust in a third party these days. Technology will in the future have to ensure they would be kept on the straight and narrow and its too much to ask right now.
Many would argue no trust within the family either!
If I were to have to draw up a will now, I think I would ensure a thumb drive or 'little black book' with codes and access to wallets would be handed down, that would be the go.
Good article correct idea
I can't see crypto fans trusting a third party with their keys. There doesn't seem to a good solution besides finding someone you absolutely trust :/
Digipulse digital will. You only need one token.
https://www.digipulse.io/
Really a very interesting thought. This gives a great opportunity for a new business idea. We have to agree to the fact that 5 years down the line we will be much deep into the crypto space. Its not too early to think on such solutions.