What Happens To Your Crypto Assets If...?
About an hour ago, I never thought I was going to write anything, talk less of this very sensitive topic. In fact, I was merely browsing through my feed and commenting on people's articles then I read this (guy's articles), and he was talking about what could have been, had he not sold any of his crypto from when he first got into it, you know everything has x100 - x200 from 5/6 years ago. I am sure he is not alone in that thought, everybody who has had to buy, sell and hold crypto knows that feeling.
I read through his article, all the way down to the comments and I saw an exchange between him and one of the commenters, and I was intrigued. The commenter also shared his regrets for having sold all that he sold in the past because they have obviously mooned out of their damn minds since then, but that he has been blogging, accumulating, and staking all his rewards and the plan is to retire with crypto money in the next 3-4 years. Both he and the Original poster were on the same wavelength in terms of how they intend to cash out their holdings in a mega, life-changing quantity and I must say, that is truly remarkable. I wish my financial situation would allow me just blog, accumulate and stake my rewards and in turn earn even more reward. So rewarding.
I was reading and their back and forths and it was so beautiful, then the pragmatist in me thought, I know its not always this smooth, so what happens when something happens?
I know some people wouldn't even entertain this thought, because they think they might be invoking a sleeping misfortune, but not me, I am more realistic than superstitious and I know that you can't run away from misfortune. There is no fortune without misfortune, so don't fret, the good shall come and bad shall come, and everything will balance each other out in this very short existence of ours.
So, now I got that out of the way for those of you who are superstitious like that, back to my reason for writing. If anything were to happen to you and you die or end up in a coma, do any of your loved ones know about your online assets and how to access them?
In the traditional banking system, while opening up an account, there are spots provided for you to input the name and details of your next of kin for many reasons for which this is one. But I have read and heard stories about how banks end up not giving the funds of deceased back to their known next of kin. I dont know about you but I know this is a possibility in my country because I have some banker friends and the system is that porous - anything goes.
In every household, everybody knows that everybody has a a bank account, it is normal, but it is the contents of these accounts that are usually shrouded in secrecy but there are always bank statements, debit and credit notifications too that sometimes reveal these secrets.
In crypto, even with its massive adoptation all over the world, the popularity hasnt gotten to that level yet, I am sure some family members dont know their kins and siblings own some online assets.
I believe a good number of people who currently have millions worth in crypto stash keep this information to themselves, and when they divulge, they do so little, thus running a risk of losing those assets forever if anything were to happen to them.
Many people who are into crypto today, have their private keys and passwords written down somewhere and hidden from plain sight. Do you ever think...WHAT IF?
Me, I have everything written down in my journal and I know in case of my demise, it wouldnt be difficult for my family to access my portfolio.
What about you? Indulge me for a minute.
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