I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
There are wide differences between the traditional banking system and Bitcoin. If money is kept in a bank and it is not transacted for a long time then it becomes dormant. But there the nominee details are kept with each customer at the time of account opening. The amount will be paid to the nominee when he/she claims it. In this case, the bank can find the bank holder only if it wishes. But when a person keeps his money in Bitcoin, he has access to all the protections for it. If he feels like it, he can leave his private keys with someone of his own. So that after his death the nominated person can withdraw his money. Bitcoin's system is more transparent than the traditional banking system. Here everything is done according to one's desire.Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
Investing in Bitcoin offers more benefits than a customer would get in the traditional banking system.
# Since Bitcoin is a decentralized currency with no regulator, an investor's money will not be affected by any central administration.
# Depositing money in traditional banking system takes a percentage as charge of the money but in Bitcoin does not have that scope.
# Transfer of money in traditional bank system is time consuming especially money transfer from one country to another country is quite time consuming. But Bitcoin money transfer can be done easily without any third party and money can be received from anywhere in the world with in a moment.
# The biggest disadvantage in the traditional banking system is that your money is left with someone else that means the ownership is with a third party, but keeping money in Bitcoin keeps your money with you, which is the safest.