So I’d like to ask the community how you have personally prepared for the possibility of loss? Do you have an inheritance plan? Have you implemented multisig or other secure fallback systems?
These are uncomfortable conversations, but they’re necessary because Bitcoin won’t forgive a mistake, even if life does.
Having an initial mentality that investing in Bitcoin had some level of risk will help one prepare for any outcome. But if you take all the necessary security measures, the risk of losing money will be reduced.
Life is unpredictable. The world just lost a promising footballer, Diago Jota, to an accident, hence there is a need to have a good plan for the transfer of my crypto assets to my heirs. My wife is aware of my assets and she is slightly grounded in cryptocurrencies.
Not having a backup is like driving a car without having a spare tire. Writing your seed phrase in durable materials and keeping it safe in more than one location is important. Saving it online is a no-go area.