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RE: 150,000 people die every day, what happens to our crypto after we die...?

RE: 150,000 people die every day, what happens to our crypto after we die...?

All Cryptocurrencies

by COINS NEWS 10 Views

Hi guys.

With regards to the thread the other day we saw with concerns raised about our cryptocurrency being put in the hands of the right people after we pass away.

This may not be an issue within our lifetimes (pun intended), but in the ideal situation you should be taking the following steps if your time is coming:
For each family member you wish to give access to your cryptocurrency, you should create a wallet for each of them and distribute your cryptocurrency to each of those wallets. Take the seeds for each wallet and make sure they are accessible to each member of the family.

Perhaps a dead man's switch would be able to help you, but beware, I have not set one up myself: https://www.deadmansswitch.net/

However, I also saw mention of users tossing out their PCs (mining since 2009) after they went bad and oh shit they had lost over 1000 bitcoins when they threw these out. If we look at websites like coinmarketcap, they say that 17 million bitcoins are in circulation, but a simple google search reveals 6 million are missing forever.

With the above paragraph in mind, I think it would be a great idea for websites that list market caps to deduct wallets and their contents if they have been inactive for a period of 5 years or more from the circulating supply. So if I die tomorrow without a method of distribution, my [hypothetically and reasonably inaccurate figure] 5000 bitcoins would be removed from circulating supply on 2024/04/15.

let me know what you guys think of these ideas. If I see any better solutions posted here, I'll add them to the PC.

submitted by /u/sgtslaughterTV
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