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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.
Well, that's one of the consequences when you're in charge of your funds. You're the one liable with your losses and once your private keys are gone, your assets are good as gone as well.
There are some better ways to store our private keys than just writing on a seed phrase or memorizing it. They aren't that popular though, but throughout the years, as more and more people will hold Bitcoin either for medium or long term, I believe that more and better ways of storing our private keys way better will emerge.
Personally, I haven't used multi-signature because right now, I'm still fine and my private keys are at the safest storage that I think it is although I'm trying to learn it as well. TBH, I'm not ready if just in case I lose my private keys because... because I believe that it's stored properly.
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You know what the harshest truth is? Majority of those who have Bitcoin don't even have the private keys with them.
I wonder where they are storing it though? In an exchange I guess?