Bitcoin Estate Planning – What Happens to Your Cryptocurrency Holdings After You Die?BTC Casino / 26th October 2018
Taking proper care of cryptocurrency holdings is a very complex process It is difficult enough to manage when one is alive. After a holder’s death, however, things get even more complicated. Sharing digital wealth with those left behind is not straightforward when dealing with cryptocurrencies.
Millionaire Will Build Blockchain Smart City in Nevada
Saturday November 03, 2018
A crypto millionaire is moving ahead to build an enormous smart city in Nevada, in which Blockchain technology will drive all interactions. Creating a ‘New Kind of Business’ in the […]
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Life, Death, and Bitcoin
Despite the bearish trend throughout 2018, a lot of people hold onto their cryptocurrencies. The long-term uptrend still appears to be in effect for Bitcoin and the top altcoins. To some, this is their “golden ticket” to make it big prior to retiring. However, life is often filled with unforeseen consequences which can disrupt such plans in quick succession.
More specifically, death occurs to everyone. For some, it will happen sooner compared to others. When such an unfortunate development occurs, no one knows what happens to cryptocurrency holdings. To date, no system exists to easily transfer such holdings to family members or loved ones. It is up to the end user to ensure they have taken the necessary precautions in this regard.
At the same time, the process of owning Bitcoin is not overly complex. All one needs is the private key to the wallet address in question. Noting that information on paper is not the most secure approach. It is a unique and vital piece of information which can’ be shared with anyone else unless there is significant trust. Even with the key, a vast amount of technical expertise is needed to access the funds in question.
Cryptocurrency Fraud: Investors Sue Rapper ‘T.I.’ for Alleged Involvement in ICO Scam
Saturday November 03, 2018
American rapper Clifford Joseph Harris Jr., better known by his stage name “T.I.,” is the latest celebrity to face charges of fraud on account of a cryptocurrency investment scheme gone […]
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Getting Creative to Secure Wealth
The topic of “death and Bitcoin” is not new in the cryptocurrency world. It is a concept which seems to pop up in active discussions at least one every year. After nearly 10 years of existence, no viable solution has been found. Once the Bitcoin holder dies, there is no primary course of action. It is a very big problem which needs to be addressed sooner or later.
One Reddit topic is quite interesting to keep an eye on. It shows how creative Bitcoin holders can get when the topic of “death” comes around. There is no cookie-cutter way of passing on one’s holdings to relatives or loved ones. That doesn’t mean such a solution will never exist in the future. Finding a convenient yet secure and private option will require a lot of preparation first and foremost.
One unlikely ally in this regard is the banking sector. Relying on a safe deposit box with the necessary instructions to reclaim the Bitcoin funds is a viable solution. Unfortunately, not many cryptocurrency enthusiasts feel comfortable with that idea. Preparing for passing along Bitcoin holdings after one’s death is a necessity for everyone with a long-term vision. One never knows what tomorrow may bring.
Do you have a plan in place for your cryptocurrency after your death? Let us know in the comments below.
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Huawei Cloud has lauched their Blockchain Services internationally
Wednesday December 12, 2018
Huawei Cloud announced that they finally launched their Blockchain Service (BCS). The cloud services arm of Huawei Global, Huawei Cloud launched the BCS in China earlier this year. With the […]
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