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.
Bitcoin Price Analysis: BTC/USD Short-Term Area of Interest Holding
Friday October 26, 2018
Bitcoin recently fell through support around the $6,550 area and dipped to a low of $6,460 before pulling up. The broken support appears to be holding as resistance and price […]
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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 Theft: FBI Arrests Two Members of an Online Gaming Cybercrime Syndicate
Friday October 26, 2018
Unsealed court filings in Chicago show the arrest of two individuals believed to be part of an online cybercrime syndicate. The FBI says it suspects the group has stolen more […]
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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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Bitcoin Venezuela Develops Tiny Mesh Nodes For Off-Grid Transactions
Thursday January 24, 2019
Mesh networks mesh [sorry] very well with the libertarian ethos of Bitcoin, freeing users from the tyranny of state-regulated ISPs. Necessity being the mother of invention, Bitcoin Venezuela are developing […]
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