Investors are showing a huge demand for popular cryptocurrencies such as Bitcoin, Ethereum, and much more available in the cryptocurrency market. They are depositing a lot of cryptocurrencies to earn profit in the nearby future despite being a highly volatile market. But, have you ever wondered what happens to cryptocurrency post-death of its owner? How is the digital survival process in the cryptocurrency market? Let’s explore what happens to the life of cryptocurrencies after their owner’s death.
The cryptocurrency market is well-known for implementing blockchain technology for securing digital wallets from cyberattacks. Thus, digital wallets do not contain any beneficiary name for cybersecurity purposes. But, the owner possesses a private key with a unique password to grant access to a crypto wallet or digital wallet. The problem is that the owner cannot share this password with anybody else. Then, the digital survival for that cryptocurrency in the digital wallet will not continue to work and will be lost forever.
The status of a cryptocurrency post-death depends on a person who holds the keys to maintain custody over a password of 64 digits to get access to the digital wallet. A third-party crypto exchange or a hybrid or both is there to avoid losing all cryptocurrencies on a third-party exchange as a long-term solution. They hold the right to freeze the cryptocurrencies in the digital wallet or get attacked by cyberattackers.
One of the top ways for the digital survival of cryptocurrency post-death of an owner is to give a copy of the private key by writing it down or store it on a flash drive with the utmost trust. Another useful way is to keep cryptocurrencies in a will beforehand. Otherwise, estate lawyers name it as probate by truck where the heirs may declare that the owner wanted them to have the contents of a digital wallet. Heirs or relatives or friends cannot call a bank to check if there is any cryptocurrency digital wallet.
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