Bitcoin inheritance is more difficult than it appears.

Even if you die, your bitcoin will continue to exist.

What happens to your cryptocurrency once you pass away?

In a technical sense, nothing. Cryptocurrency is once again kept on the blockchain, ensuring that there is a permanent record of it. That implies your cryptocurrency will exist for as long as the blockchain does, whether you're alive or dead.

How your loved ones will utilize that cryptocurrency is a separate topic, one that is mostly dependent on whether they are aware of it and how to use it. Some people have chosen a more traditional approach, writing their keys down on a piece of paper and leaving it where a family member can find it. Other cryptocurrency holders rely on exchanges such as Binance and Coinbase, which allow users to buy and sell cryptocurrency via the internet. If you can show that you're legally entitled to your loved one's crypto assets, these platforms will pass over control in the same manner that a bank would. However, some cryptocurrency holders are wary about these exchanges, which are frequently targeted by hackers.

Some people are also opposed to the thought of handing over ownership of their cryptocurrency to a third party, as it contradicts the reason why many people are drawn to crypto in the first place. Account holders on Binance and Coinbase are now unable to name beneficiaries directly on the site.

Because neither of these options is desirable, some people are turning to firms that specialize in crypto inheritance technology. Companies like Safe Haven and Casa, for example, allow consumers to encrypt their crypto keys and store them behind numerous layers of other private keys that may subsequently be shared among several people. While this technology is meant to make crypto inheritance easier, it can also lead to some complicated procedures.

In the Netherlands, Rudy Steenhoek, an information manager, employs a tactic known as the dead man's switch. Steenhoek has given his wife a hard drive that contains a unique key, and if she uses it, Steenhoek will be notified. If he doesn't answer within a specific length of time, the tech will assume he's incapacitated or dead, and his wife will immediately acquire access to information that she may use to locate his crypto assets. While this may appear to be a challenging situation, his wife will not have to persuade any bank or even Safe Haven — the business supplying the technology — that she is his lawful wife.

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Images Credited to Google Image search.

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