Is it possible for family members to access your cryptocurrencies after your death?

Is it possible for family members to access your cryptocurrencies after your death?

By derwin25 | Worldinfo | 24 Aug 2019


 

To access the cryptocurrencies it is necessary to have the secret keys that are only known to the user, after their death the tokens are considered lost. However, there are platforms that have developed solutions so that you can leave cryptocurrencies to your descendants.

The idea of ​​inheriting cryptocurrencies seems impossible, since each person secretly keeps his various private keys that allow him access to them; and at the time of the death of a user, these keys are considered lost. However, various platforms have been developed that can make inheritance of digital currencies a reality.

Even if you spend a lifetime saving cryptocurrencies, after death these will not serve many. Moreover, because they could not be accessed and not even their closest relatives could enjoy all this work, some fear that it can be considered a wasted life.

However, there are some platforms that have decided to solve this problem and create an alternative to make it possible for someone's loved ones to inherit their digital currencies once this person has died.

The first alternative that could occur to them is to deliver a copy of the private key to their relatives or leave it in a safe deposit box with strict instructions for the executor of their estate; but this would place the trust of the owner in the goodwill of others, as well as assume that they will perform their work competently, variables of which there is no certainty or control.

Another alternative could be safe deposit boxes, but the problem is that they are not safe at all, and you cannot trust that the family will not access the tokens before the stipulated time.

Therefore, the best solution so far is to use a specially designed digital inheritance software that promises to automate the process on your behalf. One of them is TrustVerse, a protocol for managing digital assets, which includes the management and ownership of digital identities. On the other hand is Pluto, its legacy planning service for cryptocurrency owners.


After selecting an inheritance design that dictates the conditions under which assets can be bequeathed, a smart contract is set up that will manage this process. If the owner dies suddenly, the heir can present a death certificate to gain access to the assets contained in Pluto's smart contract. There are also provisions to cover multiple beneficiaries, which must reach a consensus before the funds are unlocked.

There are also other alternatives to ensure the inheritance of digital currencies, such as Safe Haven, a platform that seems to be close to finally launching its product to the market. This option allows you to add a verified legal entity to your inheritance plan, but there is also the option of enabling a fully automated solution that uses smart contracts to activate the so-called "dead man switch" after a certain period of time.

These are some alternatives so that our digital assets do not remain in digital nothingness and someone else can be a beneficiary, of course there are other solutions to this problem, so that it is possible to inherit the digital assets of a loved one after his death.


derwin25
derwin25

I like to look for new method of passive income.


Worldinfo
Worldinfo

Dedicated to the publication of content referring to the arrival of new technological trends and short stories of original authorship.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.