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When I Die, Who Gets My Digital Assets?

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Mortality is a topic most people would rather not talk about. But then, it’s a nagging topic that must be trashed out. Who gets access to all your digital access after your death? Would your family be able to gain access to your bitcoins, Facebook, email, twitter, online bank account and the likes. When it comes to digital currencies, they exist basically in virtual form and are extremely secure. For bitcoin, every owner has a private key or password, that allows them gain secure access to the bitcoins stored in their digital wallet. However, there is no method of retrieving this private key after death so a potential heir can get access to the bitcoins because there is no way to track the private keys as there is no central authority.
What this means is that if you kick the bucket without leaving your private key, your bitcoins becomes inaccessible to anyone. If nobody gains access to your bitcoin, it becomes lost. So, the question remains how do I ensure that my cryptocurrency is properly passed on?

  • Ensure your heirs are aware that you own crypto and you can either trust them either with your private key while you are still alive or write it down on a piece of paper or store the private key in a secure location such as a safety deposit box or even a flash drive.
  • You could set up a time locked transaction that could take place in a number of years. However your heirs must have the corresponding receiver address to receive the bitcoin on the said date. However, this is a bit risky as the bitcoin would transfer to the receiver whether you are dead or not.
  • You can also utilise third parties like Coinbase which offers joint accounts. This would allow your heirs gain access to your bitcoin smoothly.

However, despite trying to ensure that your loved ones gain access to your crypto when you cross over to the great beyond, you should be aware of the risks also. By making your wishes known, an unscrupulous entity might walk away with the bitcoin if they get access to the private key. Also, you should seek professional help as the laws concerning inheritance of digital assets varies.
The United States have laws enacted by most states from 2015 which gives people the power to plan for the management and disposition of their digital assets just as tangible assets. However, countries like Australia do not have laws that directly addresses the access of a person’s digital assets upon death by his/her family. Equally, countries like South Africa, Kenya and Nigeria do not possess such laws yet.
 
 
 

What do you think about including your bitcoin private key in your will? Share your opinion with us in the comment section below.
Image credit: pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Explaining DASH Coins to Investors Big On Privacy

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Dashcoin (DASH) is a grand derivative of Bitcoin. Essentially it is a derivative of the derivative of Litecoin. Jokes apart,  DASH is a hardfork of Litecoin which in turn is a derivative of Bitcoin. 

Formerly dubbed Darkcoin, it was curated in January 2014 by Evan Duffield when he became frustrated with the transaction speed of Bitcoin.  DASH uses both masternodes and miners to validate onchain actions. One key feature of the altcoin is that it gives users the option of privacy when transacting.

With InstantSend, onchain actions using DASH are transacted speedily as intended by the founder of the crypto.

Investors are always quick to evaluate how the prices of their investments will do in coming years, but believe you me, there is a whole lot that goes into scaling the monetary worth of any investment  talkless of a volatile cryptocurrency. Nevertheless its functionality as a virtual currency is what triggers its market movement and causes its value to go up or plunge.

One key thing that distinguishes DASH from many cryptocurrencies is its privacy feature dubbed “PrivateSend”. Users have the option of opting for an anonymously transacted onchain action.

It appears that this altcoin is more of a functioning crypto than a store of wealth. Taking Venezuela as a case study, with the crypto scaling to be a worthy altè to traditional online payments, its perks are key factors to take note of when determining if its price will rise or fall in the nearest future. 

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As the Crypto Community Continues to Await the Belated ETH 2.0 Release, Vitalik Buterin Stakes $1.4M worth of Ether to Support the Blockchain  

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The Serenity ETH 2.0 is already seeing stakes from investors. Vitalik Buterin, founder of the Ethereum blockchain has transferred his first ETH for staking on the incoming iteration of the Ethereum blockchain.

The Ethereum Founder’s address transferred 32 ETH each on about a hundred on-chain actions. 

TrustedNodes reported that the gross sum of the crypto sent is about 3200 cryptos. The aggregate of all crypto sums sent is about $1.4 million as at the time of writing this piece.

These sums were sent via on-chain transactions to Ethereum  Serenity Phase 2.0’s just released deposit contract. This newest innovation became available in real time starting from Wednesday, the 4th of November 2020. It is a deposit contract that enables users transfer crypto from the extant proof-of-work blockchain to the about-to-drop proof-of-stake (PoS) blockchain.

The minimum requirement of staking 32 Ethers so as to scale the ETH 2.0 has since been met by the users depositing the above mentioned sums. 

About a seventeen million dollars ($17 million) or  38,693 ether has been amassed by the deposit contract as at press time. 

It will interest you to know that Point of Stake Networks (PoS) are not powered by mining unlike the current Bitcoin and Ethereum blockchains. A PoS network is enabled by stashing funds (staking) for a specified term so as to earn profits on same.

The Ethereum community continues to await the belated release of the Ethereum 2.0 Proof of Stake network projected to launch probably early December 2020.

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Ethereum Hard Fork, Berlin to be Released in January 2021 

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The Ethereum Network is about to storm the crypto community once more with its “Berlin” Hard Fork. According to the All Core Developers’ Bi-Weekly call held last Friday, it was revealed that the project will be released in the coming months. A projection for a  January 2021 launch seems to be in the works, immediately after the  release of the Ethereum 2.0 beacon chain in December.

Project Berlin introduces a Hard Fork of the Current ETH (PoW) 

Project Berlin introduces a hard fork of the current Eth 1- proof-of-work (PoW) network. This improvement on the current network was meant to have already been launched last July and it consists of low-level modifications for enhancing the extant mainchain while Eth 2.0 Serenity phase is still in the works. The Hard Fork was delayed because of the exhaustion of client employees and an observed necessity for a wider client range. Consequently, the procedure for incorporating Ethereum Improvement Proposals (EIPs) and the one that will culminate in the hard fork has been altered. 

The EIP Schedule

The following is the plan for incorporating three EIPs into the Berlin Hard Fork

  1. EIP-2315: Simple Subroutines for the EVM
  2. EIP-2929: Gas cost increases for state access opcodes
  3. EIP-2537: BLS12–381 curve operations

As at press time, it appears that EIP-2537 will no more be incorporated into the Berlin Hard Fork. This upgrade will facilitate the easy communication of Eth 2.0 blockchain and Eth 1.x blockchain by utilizing an analogous cryptographic arrangement. 

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