After the expansion of cryptocurrency trading, the question still arises from time to time, which is where these wealth go after the death of its owner, and how can the heirs collect this money?
The crisis is that there is no regulator for the matter that can be informed of the death of a person, as in the case of cash banks, there is no way to know whether a person owns a digital currency or not, so the relatives of the deceased person cannot inherit anything.
A study by crypto-analytics firm IntoTheBlock revealed earlier this year that the number of Bitcoin holders alone has now exceeded 40 million worldwide, and the legitimate question seems to be: What will happen to these 40 million separate accounts in the fiftieth year? next year?
In the world of the crypto market, there is no way to know if someone owns a digital currency, and you will never find out unless the owner of the digital currency tells you, and as a result, legitimate heirs may never inherit the assets they are entitled to, and this can be a great deal of wealth that the deceased collected over the course of his life, especially since digital currencies are witnessing leaps from time to time.
A report published by “Forcast” said that during the last period, many stories were recorded that there are people who lost millions of their money in cryptocurrencies due to losing their keys, or forgetting passwords to cryptocurrency wallets.
According to the report, in 2018, QuadrigaCX founder Gerald Cotten died without sharing his passcodes with anyone, which led to the freezing of about $ 250 million in assets owned by other people on the exchange that collapsed and disappeared forever.
To prevent such an incident from recurring, cryptocurrency owners should ensure that someone has knowledge of their digital wealth and how to access it, and also share the passcodes with trusted people.
Protecting private keys is the cornerstone of online security in the crypto world, and this often results in people being reluctant to share this information when they are alive, fearing that they will be exposed to any kind of fraud or theft, which could cause a death problem.
This is the only solution, that is, some people share about the digital amounts and how to access them in the event of death.