Is your Crypto safe if you die?
I have been in Crypto for over 4 years and in that time I have accumulated quite a decent amount for my means which will surely help me when I am due to retire. In some countries it would be massive, in Switzerland it is respectable.
This amount would allow my family to survive a few years in case my wife and I would both lose our jobs and be without income.
Over those 4 years, I have dug deeper and deeper into this exciting world of crypto, tokens, and coins. Along the way, I have also discovered cool and new exciting ways to make yield and make my crypto work for me and my family. This makes it all very attractive in a world where the interest rates are hovering around 0 and in some cases are even negative. But it is also something few people really understand and know how to operate.
Worldwide there are about a million people that have ever used a smart contract or defi project in some way
This stat shows how early this space still is and how hard it is to explain to someone who has only a vague idea about Bitcoin.
But last week my wife asked me to explain to her how to get to all that money if something happened to me.
What if my chain ends but the blockchain goes on?
And it dawned on me that I could not easily explain how to get at the tokens and unlock the money.
I believe that I am not alone in this case, especially now that we are going through the bull market of 2021. I know there are some solutions, like keys.casa, out there but they are subscription based and then the question is raised if there is no home grown solution that works for amounts that are not in the millions.
So how do you share your crypto “estate” with your loved ones without writing down all the keys on a piece a few post it notes and sticking it to the fridge? It is hard to condense a few years of knowledge in a how to guide and my goal is not to teach my wife the whole ins and outs of DEFI and crypto but just to make sure she is able to enjoy the fruits of all the work I put into crypto.
I went about trying to solve this often overlooked issue.
My First Steps planning my Digital inheritance
- Identifying the assets
- Create a digital inventory
- Save it in a secure Password manager
- find a trusted friend who likes crypto to help with the setup
I believe that just thinking about this is a huge step in the good direction for most of us…
I do not want my crypto to sit there on the chain while it could help my family if I should no longer be there…
I am now writing out my process further and might post a bit more but this was a post to at least force me to start thinking about this unpleasant but soarly needed topic
I really believe this is relevant to everyone in crypto even though your portfolio might not be worth a lot at current valuations but might add up to be a fortune or a life changing amount in a few years time…
Have you started looking into passing on your crypto?
How have you gone about it?
Any feedback is welcome