Ever wondered, what happens to your cryptocurrency after you die? Essay

No one knows how long cryptocurrencies will last, but it’s a fair bet they might outlast you. In case you have invested in cryptocurrency, you definitely haven’t thought ahead to what will happen to your digital holdings after your death. Well! you might think it would be easy to put your digital holdings in your will. But it is not as simple as it looks. Passing your digital holdings on to loved ones after your death isn’t as simple as bequeathing cash or other property, though, particularly since wills aren’t designed for confidential information. A private key is needed to transfer funds from a wallet - and adding such private data into a will could be very dangerous, according to experts. A private key is generated whenever you create a new cryptocurrency wallet. It should always be kept as safe and secure as possible. Morever, to add to this crisis, cryptocurrency exchanges don’t let customers name heirs. Even more, many of these exchanges put the responsibility on the heirs to claim any assets - which could be a difficult situation to handle. Your family might not recognize the importance of a private key right away, and by the time they do, your digital wealth could be stolen by crafty crooks or other unsavoury characters. Great challenges lie in doing this securely, because those keys can be used to access your wallet at any time (whether you’re dead or not), and they must also never be lost (or your crypto assets go the same way). So you need to make a plan to secure them effectively. It’s really important for us all to consider our intentions for our digital assets, from cryptocurrencies to photos to information and passwords… Typical/traditional probate tools and legislation haven’t fully caught up with all the challenges this is going to create, as our wealth becomes increasingly digitised. You love your family. Ensure them with the right measures so that even after you are dead, they are financially adept to live happily. Bequesting your Cryptocurrency isn’t difficult and insecure anymore. To provide its solution, Safe Haven has joined hands with LawRato as its Legal Partner to facilitate inheritance of digital assets in India. Safe Haven has legal entities as validators who divide the data (private keys) into a number of shares. The obtained shares of stakeholders are managed as a legal certificate by a notary and/or a hardware ledger. Make sure that when you die, your Cryptocurrencies don’t get lost forever but rather go to your parents, spouse or child. Lastly, cryptocurrencies are often championed as a tool for financial self-sufficiency, the challenge of bequeathing bitcoin demonstrates how much we must trust one another, in life and death. Just plan ahead, so you can share your digital holdings from the beyond.These cryptocurrencies can only pass on to the beneficiary if all the wallet pieces come together. If even one person loses theirs, not of them will be able to collect them.

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