What happens to your crypto if something happens to you? Have you really prepared for that?
This is something thats been on my mind lately ,and I think its something many of us in the crypto space avoid talking about.
I suppose that most people are completely unprepared for this, because human nature is such that it seems that life will go on forever and nothing foreshadows trouble. But if you look around, it turns out that you always need to prepare in advance for any scenario.
We go to great lengths to protect our private keys and seed phrases. Cold wallets, metal backups, multi-sig setups... we lock everything down so no one but us has access. Thats great for security but what if you suddenly die or fall into a coma? Would your spouse, kids, or family be able to access your crypto?
Therefore, should prepare a "will" with instructions and guidance on what your heirs should do after your death.
A lot of people might say, Ive written it down somewhere, theyll figure it out. But lets be honest in a real emergency, things get messy. Crypto isnt like a traditional bank account where someone can just present a death certificate and get access. If you havent made a clear and secure plan, your coins could end up lost forever.
In the case of banks, not everything is so "colorful" in reality, because the heirs of the owners don't claim any rights to many deposits, because these owners didn't inform their relatives either. But in this case, the money doesn't "disappear", but passes into the use of the bank (after a certain period of time, if the heirs don't appear).
I actually know someone this happened to a guy I met a while back died unexpectedly in an accident. He had a cold wallet with a decent chunk of BTC, and to this day, his wife still hasnt been able to recover any of it. He didnt use any kind of inheritance system or trusted setup. Its just... gone.
Well, I would say that this money was donated (burned) for the benefit of bitcoin. Or in other words, a part of the value of that money was indirectly "transferred" to each
BTC-user.