I have been in the trade market for quite a long period, and I have an investment in assets, which I am sure of getting back even after I die. Currently, I have been seeing my fellow traders and traders making a fuss over the cryptocurrency trade. I have known about their existence but have never invested in it. The sole reason is the concern of not getting my investment after I die.
My friends were always convincing me about how profitable cryptocurrency trade can be. But I have always kept myself away from too risky assets.
However, after seeing how the Cryptocurrency has performed in the international crisis of COVID 19, I have a positive impression of the cryptocurrencies.
This made me do thorough research on the possible outcome of the Cryptocurrency after I die.
What happens to your crypto assets after you die?
We all know that Cryptocurrency is a decentralized virtual currency that is encrypted with the cryptography technology. Due to this advanced technology, it is nearly impossible to hack or counterfeit the system. This feature of the Cryptocurrency is one of the best features you can expect for any currency type.
However, this very feature makes it impossible to pass on your virtual asset to the next generation. And the other reason that also poses a threat to the existence of the Cryptocurrency is how long Cryptocurrency will be there.
Some experts believe that Cryptocurrency is still in the market due to the trust people have shown. Otherwise, it would have long gone. Taking this statement into consideration, we can conclude one thing that, there is no possibility of how long it will last.
Who can access crypto assets?
One of the best parts of having crypto assets is that no one can access your virtual property as long as you live. The same advantages can pose a threat to0 lose all your virtual property once you are dead.
The private keys can only access crypto assets. If you are the owner of the virtual property and do not have the private key, it will be impossible for you to access your crypto asset.
These private keys are given to you when you register yourself for a crypto wallet. Each private key is made up of a string of random characters different from other private keys. Apart from the private keys, there are public keys that help you send and receive transactions.
The process is very simple. If you want to pass on your crypto asset to your family members, you have to make a copy of the private keys and pass the same to the person you want to inherit your virtual property.
Can you add a nominee to your crypto asset?
The cryptocurrency trade market is as simple as you think. When you are in the market, the only owner of your crypto asset is you. There are hardly any crypto platforms that allow you to add contact or person who will be responsible for your assets after you die. Platforms like Coinbase and BTC Compass are known for this feature.
How can you pass your crypto wallet to your family after you die?
If you have a family that can be trusted, then telling them the private key will get the job done. However, if you think otherwise, you can divide the password into several segments and give each segment to your family member. However, you must make sure to tell them the right order of the password. Otherwise, they will lose all your virtual property to the internet. That will remain forever lost.
How can your family get accessed to your virtual property without a private key?
There are platforms that can give you family members access to your crypto asset without a private key. Provided, they can show your death certificate and your will to pass on your crypto asset to them. This is the only way they can get hold of your crypto asset.
Conclusion
It has been over a decade since the Cryptocurrency came into existence. And the experts believe that the crypto trade market has already lost more than $4 million of Cryptocurrency to the internet during the last decade. And the primary cause of the loss of this immense amount is due to the owner’s death.