It is often better to give out the password to one of your most trusted family member because in case of unforeseen circumstances, you wouldn't lose the funds.
This is highly necessary and very important.
This is highly necessary and very important.
anyone r shared your wallet details with anyone, your crpto currencies will be lost for ever. a large portion of bitcoins are thought to be lost becuse these coins have never been touched by the one who owns theme, or let say these coins are owned by bitcoin creator Satoshi.
Like Reply
Like Reply
Do not assume that just because you have a letter of administration, cryptocurrency exchanges will allow you to claim someone else's cryptocurrency.
The most crucial step is to leave your seed phrase and password somewhere that your loved ones may access them.
The most crucial step is to leave your seed phrase and password somewhere that your loved ones may access them.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
demonstrates how much you trust these people. I haven't yet done that, but I've placed it somewhere safe that they can discover in case something were to happen to me. If they have proof of death, they can easily reclaim fiat, but not cryptocurrency.
Nothing will happen to your cryptocurrency as long as they remain in trusted wallet and exchanges. Just that your family members can have access to it if you let them know about your wallet secret codes and numbers.
If anything should happen to you, your assets will be lost forever unless there's someone close to you that knows you're into cryptocurrency and knows how to access it.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
If none of your family members or friends are not aware of the password protecting the cryptocurrency wallet upon your demise, then the money is as good as gone and can never be recovered.
Your Cryptocurrency will continue to be in your wallet if those coins has not been exposed or let known to people and as such the best thing you have to do is to transfer it to the next people that will be taking over from you. The trusted ones that will make proper utilisation of the crypto assets
There are some cryptocurrency wallets that are being built like argent where you can be able to safely store your cryptocurrency without seed phrase and that means your family can access it.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
I think that the cryptocurrencies will simply stay in the wallet in case the owner dies. They may also cease to exist in case the market cease to exist. However, this is unlikely to happen.
If you are concerned about this then you should write your seed phrase somewhere secured or you can even store it in a bank physically. This is so that a member of your family can find it.
Nothing would happen to your cryptocurrency when you die and if what you mean is actually who would claim your assets then the answer would be the person who have access to it while you were alive.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
Normally in situations like this,
Cryptocurrency should be transferred to the next generation that is taking over from him that's just the only way.
You may leave your cryptocurrency in your wallet but we have to understand that there is high security in most crypto network and wallet. Because of that it may not be possible for people to access other people's wallet easily.
The best is to send and transfer it to the next people maybe your children or other relative.
The idea of cryptocurrency as whole is to keep it anonymous and so there's no way for the cryptocurrency market to know your next of kin to transfer it to and there's certainly no place you filled out who would receive your cryptocurrency when you die. Infact, the cryptocurrency market wouldn't know anything, whether or not you're dead.
The cryptocurrency was meant to be encrypted but it is you as a person that has to transfer the cryptocurrency from your wallet to the next person that will be taking over from you or you give them full access to your wallet That they won't have any difficulties accessing it when you pass out. .
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
I think that when a person dies leaving cryptocurrencies, the value of the cryptocurrencies would simply go up and down in their cryptocurrency wallet. Nothing happens to the coin until or unless the blockchain fails.
What is the essence of KYC registration if next of king details is not included and other recovery options?. Given out your login details to someone is risky as human beings are not to be trusted with money issues,mean while it's the only solution.
That is the idea exactly. But don't you think it would be risky to let anyone other than you know the password to your assets when you're alive because they might tamper with it. On the other hand, death is not something that usually let people know it's coming so you can make preparations.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
I am unsure how that works. I imagine whoever has access to the wallets/accounts etc can take the money out. If you have a wallet and want to make sure it goes to family or something, then keep your info open to your family. Maybe allow them access to it, or add it to your will or in a private place that you and only your family know of.
I don't think it could be tampared with since you were the only person in control of your wallet.
I don't know whether there is an arrangement for next of kin though.
I don't know whether there is an arrangement for next of kin though.
Newest Directory Listings
WWE Hub is a discussion forum for all things wrestling! Share and chat with other wrestling fans throughout the world!
ABCProxy is cost-effective, ethical residential proxies network!
