How many coins are you confident in to still do well after a couple of years? After you have already passed away? How many coins would you want to pass on to your children? For me, the answer is bitcoin. It is one of the few, if not the only one, I am confident that will still have good value over 10 or 15 years or maybe even more. It has always been a topic of discussion how to pass on the bitcoins we are holding now when we pass unexpectedly or not.
Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?
See
here.
Many crypto owners are young people. It's a serious ambition from CZ to add that function to their exchange because experience tells us that exchanges get hacked or bankrupt very often. Since many crypto users are young people, I don't think that Binance will be successful for 20-30 or more years and these are the years when people in their 40s, 50s and 60s will probably die. I wouldn't trust an exchange to hold my coins for so many years. If someone has money on exchange for trading and accidentally dies young in a few days, weeks or months, then this feature might be good for the family members but I think that we all should hold our coins on non-custodial wallets and give keys to our family members as an inheritance.