Bitcoin as a Decentralized Cryptocurrency has no physical structure just like the bank. It’s basically stored in a digital wallet/account being operated from a mobile device and its security embedded there also. In creating Defi wallet or block chain account no available section for next of kin or third party details Its always advised to keep Recovery Phrase details secret in save location, these will help in recovering the wallet.
Literally bitcoin details remain secret and personal to me. If I continue to keep my details secret of what use would it be to me when I’m no more and my love ones can’t benefit from my bitcoin? Here is my question what happens to the bitcoin of someone who died and didn’t disclose his/her wallet details to anyone? please I need response . Would the bitcoin be abandoned in the wallet forever?? Would it be a waste of bitcoin?
Cryptocurrencies and digital currencies represent the world we live in: a period of mass digitalization in which conventional assets (such as storefronts and photo albums) are being replaced by digital assets.
When the owners die or become incapacitated, what happens to all of this wealth? Although digital currencies and assets make business and transactions simpler, they have certainly made estate planning more difficult. Writing a will and then making the executor locate all of the properties isn't going to work in the future.
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) establishes a framework for fiduciary access to digital assets.establishes the laws and regulations governing the possession of digital accounts. To ensure that your fiduciaries have access to your digital properties, familiarise yourself with the RUFADAA and update your wills, trusts, and POAs accordingly.