There was this Joke flowing on whatsapp these days
Taking it as a joke and enjoying is one part but, this msg took me to a though. I am thinking similarly in crypto world the private key holder is the one having access to everything and we can hardly trust someone and share any of our password or private key.
What if the person holding private key is dead or met with an accident and lost memory or the person gets Alzheimer?
In first case when he dies it is lows of funds to others but not the holder. In other cases the person is the owner of some(huge/low) amount of funds but due to memory loss he is not able to access his own funds. If there was some other way that funds would help him recover or at least get treated for his condition.
In case of centralised currency there are nominees of the account and ways to get access but, here one has the monopoly on his/her funds. Which is total good and even I like the fact that I am the only one accessing my funds. But, what if any such situation fits in?
I might be sounding stupid or emotional but, this though is striking me since I read the above mentioned joke.
Quote
'XYZ' was setting the voice recognition password of his phone.
A dog barked and ran away..
'XYZ' is still looking for the dog..!
A dog barked and ran away..
'XYZ' is still looking for the dog..!
Taking it as a joke and enjoying is one part but, this msg took me to a though. I am thinking similarly in crypto world the private key holder is the one having access to everything and we can hardly trust someone and share any of our password or private key.
What if the person holding private key is dead or met with an accident and lost memory or the person gets Alzheimer?
In first case when he dies it is lows of funds to others but not the holder. In other cases the person is the owner of some(huge/low) amount of funds but due to memory loss he is not able to access his own funds. If there was some other way that funds would help him recover or at least get treated for his condition.
In case of centralised currency there are nominees of the account and ways to get access but, here one has the monopoly on his/her funds. Which is total good and even I like the fact that I am the only one accessing my funds. But, what if any such situation fits in?
I might be sounding stupid or emotional but, this though is striking me since I read the above mentioned joke.