In my last job as a software developer for a windfarm builder and operator, one assignment I was given, not too long after starting (I replaced a contractor), was to create a "Got Hit by a Bus" document. This was not an unreasonable request, as I was the only full-time software developer for the company, and my knowledge would be lost if I "got hit by a bus". This document would detail all the steps I take to perform various tasks, from daily procedures, like checking the status of overnight jobs, to infrequent tasks, like adding a new windfarm to the current fleet.
Most of us do not like to contemplate our own mortality, and thus do not like to plan for that inevitable outcome. Many of us have wills, directing the disposition of our assets after we die. Of course, this includes our cryptocurrency assets. Other financial assets are easy to find (they send statements and emails) and have established procedures for passing ownership. Most (if not all) cryptocurrency assets do not have a mechanism for passing ownership. In financial terms, they are "bearer" assets: the person who bears the asset owns it. How do you "bear" a cryptocurrency asset? You know the answer to this question: you own the private key.
In my case, my wife knows she will inherit my cryptocurrency assets. But there is a snag: she doesn't know where they are. She knows what a faucet is (I showed her several examples) and is smart enough to figure out what wallets and exchanges are. Those are only the very top level of the cryptocurrency world and there are lots of those that I have been involved with and have balances with. Enough that I even lose track of them, if I don't interact with them frequently.
To inform her of my cryptocurrency assets, I created my "Got Hit by a Bus" document, listing all of my cryptocurrency assets, broken down into the following sections:
- Exchanges & Micro-wallets
- Wallets
- Mining Pools
- Major Faucets
- Decentralized Finance
- Hardware
- Email Addresses
- Cloud Storage
Each section has specific instructions. The Exchanges & Micro-wallets section has information on where login IDs and passwords are stored (in a password manager, of course), along with 2FA information. The wallets section has information on where the wallet backups are stored and how to recover the wallets from the private keys. The other sections have similar information. One section, Hardware, is special in that I included pictures of the hardware, such as hardware keys, that I used. This is to help identify such hardware and keep it from being tossed out.
A section for NFTs could be added, if they are not being held in a wallet or an exchange. I don't own any NFTs (yet), so I have not included a NFT section in my document.
Just for completeness, I included all email addresses that I use and all cloud storage facilities I use. I don't use social media, but they could be included here, as well.
I try to keep the document updated and backed up. A flash drive with a copy is kept with my will. Copies of the document can be dispersed to other heirs, if any. Note that private keys SHOULD NOT be included in the document. Methods of storing and passing on private keys is a topic for another article.
When updating the document, I usually peruse the lists and see if anything has changed. Exchanges can go away (*cough* FTX *cough*) and faucets can be shut down. Some accounts may be dormant and should be checked and perhaps balances moved from them. Looking at the long lists keeps reminding me to consolidate accounts, especially from shaky exchanges.
It is estimated that between 10% and 25% of all Bitcoin (BTC) has been lost. Actually, "lost" is the wrong term. Inaccessible is a better term because all Bitcoin (BTC) ever mined are still on the block chain. Owners lose or forget their private keys, for various reasons, and thus cannot access their Bitcoin (BTC).
While having a significant amount of Bitcoin (BTC) removed from the circulating supply may make the rest worth a little more, the stories of lost Bitcoin (BTC) may hinder the wider adoption of cryptocurrencies and depress demand significantly.
For this reason, creating your own "Got Hit by a Bus" document can be your own positive contribution to increasing cryptocurrency adoption.
