Quote from: Victorik on Today at 01:10:02 PM

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Quote from: Victorik on October 19, 2022, 06:37:09 PM

Quote from: fennic on October 05, 2022, 05:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

It is not necessary that you have to store your Phrase or whatever login information with the Bank. You can simply write them down somewhere and let your trusted family have access to them when such an incident happens like an enveloped message to a lawyer for delivery in the incident of death however there have been many suggested ways to let your family get those crypto assets which are also technical but I believe there must be a trusted person around you to put in the know.

Let me ask you a personal question. Do you currently share your key phrase with any member of your family. If yes, then this your assertion will be valid.

Moreso, besides just sharing these information with close/trusted people around us, no one can tell for sure when they will answer the call of death, so it doesn't give enough time and room for such action.

Personally, I am married and even my wife do not even know my key phrase, partly because she is less interested in cryptocurrency and absolutely nothing you tell her about it.

Then we are quite different. My wife knows everything about my crypto life even if she is not really a crypto person and has access to every information pertaining to login and so is my sister who by the way is also a very active crypto investor too. Let me shock you again, I run my other sisters staking platform for her meaning I have all her login details and we all trust each other like that and that was why I used the words "trusted family" I understand it cannot be the same for all of us that's why everyone must do what is best for them in that regard.