Tech

What Happens to Cryptocurrencies When Someone Dies?

The family of a man who died this year realized that he was a Bitcoin investor. However, the only way to access crypto wallets, which are protected by very strict methods, is through a special password belonging to the wallet. So what happens to our cryptocurrencies when we die?

Unbreakable cryptography a virtual currency protected by Bitcoin ‘This feature of.; to store her wealth a safe way makes it. However, this feature also means that when Bitcoin holders die, their digital wealth is very difficult to access, which means tech-savvy individuals investing in the market, which is currently worth around $70 billion. for relatives an extremely serious problem.

This year Family of a young man who died in Cloloradodiscovered that the man was a Bitcoin investor while they shared the inheritance. The family that has risen to inherit the wealth has one small hurdle: To inherit the wealth, they must first gain access to cryptocurrency.

So, is it possible to access the cryptocurrency wallet of a deceased person?

Bitcoinler in a virtual wallet is stored and each virtual wallet has a random string of characters visible to everyone to receive and send cryptocurrency. “open key” It has an address. “Private key” grants access to the owner’s wallet. If a Bitcoin holder dies without telling anyone the private key, the money in the wallet is no one can reach It means. To avoid this situation, a copy of the private key can be written down and stored on a flash memory drive, or someone who will manage these accounts instead of themselves. can entrust a commercial service; However, these methods have their own risks.

A will and estate attorney Suzanne Walsh; executors and heirs, what a private Bitcoin key is that they may not understand and as a result the key think it’s garbage He says they can. The benefit of a commercial service emerges precisely at this point.

Walsh, Colorado man’s family probably The reason why he can get Bitcoins says this is it. A popular wallet and exchange service CoinbaseThe family discovered that the man had invested in Bitcoin after reviewing the bank account that revealed the debts to . He applied to the San Francisco company, which confirmed the existence of the wallet through documents in the family’s possession and started the process of transferring the contents. Thus, the family; made a small Bitcoin fortune

RELATED NEWS

Important Disclosure About Identity of Bitcoin’s Mysterious Inventor Satoshi Nakamoto

However, there are still people who lost the key to their Bitcoin passbook and lost all their wealth. For this reason, be your own account password. try not to lose.