With the recent issue with QuadrigaCX lost cryptocurrency millions, it’s a good time to bring up the importance of having a backup plan, in case of your untimely demise / passing from this plane of existence, in other words, a will, for cryptocurrency. Since your funds will still be there, long after you aren’t to tell those pesky altcoin wallet passphrases…
While cryptocurrency wallet passwords, aren’t the thing to keep in your password vault, they are something you might want to safe guard another way. The good ole fashion, pen and paper, come to mind, laminate and tuck away with the birth certificate and social. Whatever way you choose, make sure you choose wisely, as it’s a pretty hard lesson to learn.
Altcoin Passwords Are Valuable
In fact, they’re just as valuable as the altcoins they guard are worth, since without it, you don’t have said altcoins. Without a cryptocurrency will, that altcoin password, becomes a heated debate or worse, so regardless of having a company, or a family,
It’s probably a good idea to create some sort of:
- Safe cold storage method for your altcoin password
- A cryptocurrency will, explaining who gets what
So to sum it up, if you have cryptocurrency, and you don’t have a cryptocurrency will to explain who gets what and how they can obtain said altcoins, then you’re playing with fire.