Cryptocurrencies After Death: How To Pass Them When You Pass Away

The cryptocurrency system is very different than the banking system, as opposite as death is to life. While the banking system is based on the premise of property by identity, the cryptocurrency system predicates otherwise, a system known as property by data. If something happens with your funds in a bank, let’s say that you lost your personal key or you just forgot it, the bank can still help you recover these funds if you prove your identity to them. It is a centralized institution and according to law, those funds are yours even if you don’t remember anything about them.
But the cryptocurrency system is wildly different. The proof that you possess crypto assets in any blockchain is your private keys. If you lose access to your private keys, you lose access to your money forever; there is no bank that can help you. That is why cryptocurrencies promote financial independence and responsibility.
But what happens when a loved one or even ourselves pass away without having thought about it? Death is the most definitive thing that there is in life, and if we are not prepared, we can condemn our families to a life without collecting the money that we had gained in cryptocurrency trading or some other activities. This has already happened before to a famous millionaire and the whole situation was not pretty at all.
Matthew Mellon died in unexpected and strange circumstances and left more than $500 million dollars in XRP lost. He did not share his privates keys with anyone, and according to the latest articles about it, his family was not able to recover his wealth. This is what happens when you don’t think in the future accordingly. Even if you don’t hold such an astounding amount of cryptocurrencies, it is important to be able to pass your crypto funds when that sad moment comes.
Luckily, there are automates services that can help you achieve just that: services that act as a vault for your private information as Digipulse. Digipulse is an inheritable digital vault that detects your activity through monitoring your online footprint. If it ceases to detect your existence, the keys or contents of the digital vault are transferred to a designated number of recipients. In that way even if you pass away, your digital assets will be legitimately inherited by your loved ones.
There are also more trivial solutions to the problem, but this kind of services is the only one that lets you be safe about this issue without trusting in third parties like a lawyer or your own family. While tangible goods inheritance is regulated, digital assets are still highly unregulated, and that is why this kind of services is important.