What will happen to our steemit accounts after we're gone?
Nothing last forever...
Steem has introduced a paradigm shift into how content creators are valued and rewarded for what they produce. Unlike other social media, being powered by the blockchain makes a user accounts become more like a bank account. This got me thinking into what would happens when a person becomes unable to access their account either through death or some other similar tragedy like alzheimer's or being in a coma for instance.
In the traditional banking system assets can be given to next of kin based on a person's will. Even if that person does not have a will there are certain mechanisms in place that will make sure whoever is entitled will be able to have access to whatever assets that person had during their lifetime be it property, investments or cash accounts.
Within blockchain as far as I know there is no way to grant access to a user's account/ funds without exposing that account to risk. I think there are a number of wallets throughout the blockchain space that have become inaccessible do to unforeseen events. Theses tokens essentially become stuck and in turn make the value of said asset go up because less end up in circulation.
So what about steem?
I see that there is an account recovery feature but if someone got hit by the proverbial bus then there seems to be nothing anyone can do to pass the assets to the next of kin. I know this platform is still young but given that some of these account have million of dollars worth of steem in them I think people should start thinking about the unexpected.
I’m not sure what that would entail given the peer to peer nature of cryptocurrencies. You would need to give someone your password or private key in order for them to access the funds. There is also a learning curve to understanding crypto and it can be pretty steep for some.
I'm not sure if I am I the only person that has thought of this? I mean nothing last forever in this world but blockchain will be here long after we are gone. It would be a shame to see millions of dollars worth of steem just sitting around in inaccessible accounts.
I plan on holding steem for a very long time but I'm thinking of ways to ensure that if something were to happen I could let my loved ones access my crypto and liquidate whatever I have. The only option I can think of is to use a program like Keepass and make sure I give my master password to someone who is cable of understanding crypto. What do you guys think?
I thought of that before. And I wrote my passwords on my planner from Starbucks. If ever something happened to me, I'm sure my sister will know where to look because I kept on telling her about Steemit but she's just not interested. I have another friend who knows about my account, so I guess he will inform my sister about it when I die. :-D
Over time paper starts to fade. Better back that up
keepass then. I will check it out. Thanks man! :-D
I have wondered what would happen, but am still a newbie so not much to lose. Had thought I would give my logon details to my son @deanoza in the event of something happening to me...but of course only if, and that's a big if...my account grows a whole lot more. Currently just enjoying steemit! Thanks for bringing this up.
Lol guess @deanoza will have to hold off on that crypto inheritance. Thanks for responding.
That's a new one...crypto inheritance...so funny...my enormous....lol.... crypto fortune can't be lost :)
Cryptos are definitely a paradigm shift! Its funny because a lot of people cant grasp the concept of making money online and very quick to call everything a scam, so they quit! Its just going to take time but im in it for the long haul
Yea especially since all of our money is digital in the first place. I think in time there will have to be somewhat of a kill switch so private keys get released to trusted people.
:D i don't understand purpose of this kind of questions. if we are gone steem account is very meaningless to human life like no one would ever care what happens to them. its like if i fall from cliff what happens to my Sunglasses? or watch etc you got the idea.
I'm pretty sure no one would be worried about some sunglasses if you fall off a cliff. However if you fall off a cliff and you have a million dollars in your bank account uncle sam will be sure to distribute that money to your next of kin so they can make them pay taxes on it.
Steem accounts have real value but if something happens to you no one will be able to access the funds unless you have some as a guardian over it and that would entail giving them access. That is more what I was getting at with my post.
The point is Gold can live on if you die, to where steem dollars cant as of now. If you had alot of money wouldnt you like to give to your children or a relative when you die or would you just burn it?
Damn that's real! Made me think about other aspects I didn't think of before! @alao
It's an interesting concept to think about and one I had never thought about until I read your article. I would think that as long as you keep your password and login information somewhere or a computer or in your phone, it can be passed on. The same would be said about someones private key. Say someone has 1000 btc on and they have memorized the key, if they die and haven't told anyone else the key, it's pretty much impossible to recover that BTC, heartbreaking haha. Good post, followed and upvoted
Thanks for the response. I think since crypto is fairly new not a lot of people have cared to think about this but if it ever becomes mainstream this will definitely need to be implemented. Thanks for the upvote and follow!!
Great point about the future of social media sites like Steemit. I wonder if in the future their will be procedures put in place to allow trusted friends and family to access ones account if something where to happen to the account holder. Thanks for sharing!
Yea just sharing the random thoughts that creep into my head lol
The best thing to do if you have million of steem in your account are the following; get one flash drive, save all you password and ptivate keys inside. Then on the notepad again. Write an indtructions how they unlock you account.
For security purposes only half of your password is written on one usb and the other half password will writen on separate usb, same with username. Then rent some volt in a bank were you store you drive and paper backup. It should be in two separate bank. Finally make a will sign and witness with attorney
This seems like a plausible scenario. I doubt the crypto nerds are following this though.
You would be surprised
Crazy! Wonder if others have thought about it....This would increasingly make steem unavailable. You could put your info somewhere and have it given to someone in your will but still if people dont, seems the steem would be locked up...hmmmm
Yea I think that there are no easy answers to this one. It is bound to happen to. Hopefully the tech will change over time but as of now there are no systems in place.
I have put my steem power in my will to my cat.