Have you ever wondered what if (God forbid) something were to happen to you, you would leave your crypto portfolio abandoned and no one would have the private keys to access the coins. I mean it's a possibility right? no one knows their fate. It's a dreadful thought to leave your hard earned money in a place where no one would ever be able to access it but you. No matter how hard we bash the banks, but they do provide facilities that otherwise blockchain can not provide inherently.
There has been such cases in the past, people leaving millions of dollars worth coins locked inside wallets, exchanges and hard drives. There can't be any worse feeling than seeing millions of dollars before eyes in an address that belongs to you, yet doesn't.
You remember Matthew Mellon, scion of the Mellon banking fortune right? He died with a heart attack in Mexico, his family was unable to locate the private keys needed to retrieve his fortune — said to have been worth as much as $1 billion — in XRP cryptocurrency. Loosing private keys and passwords always haunts investors. It is estimated that about 3 million bitcoins — totalling nearly $33 billion — lost because the private keys have gone missing or the currency owners died without passing the private keys onto their next of kin/heirs.
Who else can vouch for it than James Howells - who lost a hard drive with the private keys to more than 79 million dollars worth of bitcoin. The drive is claimed to have keys to more than 7500 Bitcoins. Isn't that massive?
James Howells accidentally threw away his Bitcoin drive to an empty landfill site instead the empty drive. When he realized the incident, he didn't care much. But it started to feel itchy when the prices spiked later. He even offered 10% of the lost Bitcoins to the landfill site administration if found the coins, but no luck.
And of course we all know the Billions of dollars worth of coins locked (for whatever reason) inside Satoshi Nakamoto's addresses.
So, how can you avoid this?
Honestly, I don't have a smart solution for this and I hope someone comes up with a solution. But let me tell you what I have done.
Write a diary - Compile all your passwords, keys, usernames etc. in a diary and place it somewhere safe. Leave a note on the front page and let know your loved ones (if you trust them).
Open a safe deposit box and place a copy of your diary inside your deposit box. If you are not around anymore, the deposit box will pass on to your 'next of kin'.
I find it pretty reasonable to leave traces of your heirs. Any form of digital backup is kinda of not reliable, you can lose your fortune in a flick of seconds. Let me know what measures you have taken to insure your wealth pass on to your heirs. And If you haven't, I suggest you do it right away after reading this article.
Stay safe! And if you have any suggestion let me know in the comments section. Make sure to share this blog with your loved ones to remind them and save them from potential loss.
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i was thinking about this and think it`s a good idea
Thanks! go ahead and save yourself
posting is very useful for the steemian. that delivered @gayas we need to do before it's too late. thanks @ghayas for this excellent advice.
Thanks to you for paying a visit to my blog. Keep coming ! :)
Hi @ghayas, I personally use a web-based service like LastPass to store my credentials. I know it is not foolproof (hacking) but you are able to setup a next-of-kin that can have access to your records after a preset time delay. For example if my wife requests access and there is no reply from me after 7 days for example, then she will be given access.
Interesting and exactly the kind of thing we need to fill the gap. But I am not sure if it's a good idea to use any web based centralized system. I would rather keep my diary until someone comes up and implement the same on Blockchain level fully encrypted. Tx
This is just one of the things that makes EOS shine so greatly. It comes with a constitution and arbitration process that makes it the first platform where the code isn't the final law. Soon, wills, multi-sig wallets, and arbitrators will recover accounts and link funds to their rightful owners.
Yeah it's kinda of hard to implement the recovery options inherently cause to do so, you will have to compromise anonymity. I am not sure how EOS model works on this.
I have put also the paper with some accounts in a safe box and trustful relatives knows about it.
But reading your very good post reminds me that I have to update it. Haven't done so for a while.
Glad to hear that. Tx
A better thought when knowing crypto allows users to get good grades , cool ..
Use a hardware wallet like Ledger Nano S or Trezor.
Store the seed words in your safe deposit box. If you're hardcore, hammer the words into a titanium plate to protect against fire, flood, and time.
Ink can smear/run and paper can easily be destroyed. Engraving into metal is the safest solution, but don't trust third parties to do your engraving for you.
Never thought I would hear this;
But it's a good solution :)
Really good post! We should keep it uptodate and should share with someone who will be responsable for everything when we are not around. Make it top secret but don't make it as a waste, simple.
Exactly!
You got a 18.93% upvote from @postpromoter courtesy of @ghayas!
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Postingan yang indah begitu saya melihat postingan anda saya langsung suka dengan postingan anda @ghayas
Terima kasih saudara! menghargai itu.
Iya saudara
Thanks you for your good post. :)
Thanks for paying a visit. Appreciate it!
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I have a note I write in it all the passwords and e-mails that I own and everything belongs to me
The thing is, if you have kept everything to yourself, no would ever know about it once you are not around.
Yes I know At the moment I do not want anyone to see the information you wrote in the note