What happens to your cryptocurrency when you die??

A thread...

Did you know it’s illegal to log into a dead person’s crypto account?

So if you're a crypto investor and you died today, who reaps your fortune?
No one, technically, unless you name a beneficiary in your will. And it's a big deal as ~3.7M bitcoins, $140B is unrecoverable (excluding the 10k+ other cryptocurrencies) since the investor either lost their password or died intestate.
And you can’t just “reset” the password. This is because, when the cryptocurrency network confirms passwords to allow transactions, it does not see or know the password itself!
This complex algorithm keeps the system decentralized. So a lost password is lost money.
But storing private keys on a USB or a piece of paper is risky because it could easily get stolen, or your trustee might simply walk away with your crypto.

And since there’s no oversight from a court or a bank, it's irreparable!
So to solve the issue of crypto asset management, there is a new & booming industry. They consist of services offering crypto investors safe transfer and storage of private keys & account information.
One such company- Casa, splits access across multiple keys stored on separate devices at different locations, in your possession. So to transfer BTCs or retrieve cash, you’ll need all the keys.
And Casa’s CEO said the platform’s diamond tier, which includes an inheritance plan, doubled in the first six months of 2021 alone. One reason for this could be people taking mortality a bit more seriously in the wake of the pandemic.
Further popular cryptocurrency exchanges, like Coinbase, have protocols to deal with deceased holders. A beneficiary must provide the platform with a death certificate, a will, and other documents, to be approved for a transfer of funds.

And now you know the story!

More from Crypto

A primer on how to use @coingecko for your crypto data/research/trading needs.

Share it with a friend who needs it!

1/ Getting started with crypto and want to check prices/projects? https://t.co/LFnk4vukxj has info on just about every crypto you'll need :)


2/ Search over 6000+ cryptocurrencies available on the market. You can see what's trending in the space as well.

Researching by categories? Filter (left side) -> Select categories -> DeFi, DOT ecosystem, Exchange-based tokens, NFTs - anything!


3/ Lets say you're looking at #Bitcoin
https://t.co/g205lj03pG

At a glance you get:
- Price
- Mkt Capitalization (valuation)
- Circulating/Total supply
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- Links to websites, social media, block explorers
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Next - check valuation?


4/ Market cap is used to rank coins, and we'll show you how its calculated - Hover over Circulating Supply (?) for breakdown.

Note: used @chainlink as example here - https://t.co/Jc46fe79Ag

While MC is important also consider product fit, narrative, team, community etc.


5/ If you're trading on AMMs like @Uniswap or @SushiSwap, you can copy the contract address directly to your clipboard.

Using @metamask_io? Add the token directly so it shows as one of the "Assets" that you own in the wallet.

See: https://t.co/94XihMf5oz
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let’s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world.


I have said repeatedly that digital asset issuance is the killer application for blockchains. The next frontier is bringing real world assets to networks like @AvalancheAVAX, but we often face a significant problem:

Namely, how do you get data from the real world onto blockchains and into applications running on them? More critically, how do you achieve that securely and transparently in real-time? Smart contracts are tamper-proof, but they're only as reliable as their input data.

Enter ChainLink in September 2017, with a whitepaper outlining a vision for a decentralized network of “oracles,” entities that inject facts from the external world into blockchains in a suitable format for smart contracts.

Until ChainLink, oracles were trusted and centralized. This is a huge problem for high-value assets and smart contracts. High value projects, such as @CelsiusNetwork, @synthetix_io, @Aaveaave and others depend critically on oracle data.

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