Bitcoin Inheritance: 2 Ways to Descend Crypto Legacy

Unfortunately, a person does not come into heirdom under the most optimistic circumstances. And if everything is clear with tangible property, then how to pass digital legacy it is still a great mystery for humanity.  Many people even don’t know about such possibility.
But it exists. That is why, The Coin Shark will share 2 ways with you, how to bequeath cryptocurrency.

Patterns of transmission Bitcoin bequest

For storing any cryptocurrency, a crypto wallet is needed, which is protected by a “private key” – a random set of numbers and symbols. On the one hand, the key protects the owner of cryptocurrency from break-in and theft. On the other hand, if the owner of digital coins during his lifetime doesn’t transfer or take care of the transfer of the key to authorized persons, then his digital wealth will forever remain nobody’s.

In order to descend the golden coins, you need to think how to pass a private key.  For example, you can write on a piece of paper or save it on your flash-drive. But it is not enough. It needs a safe place to be stored. Therefore,  we will proceed directly to the methods.

Method #1: Classified data storage

One of the most reliable and protected places to store a private key is a classified data storage. Through electronic storages, you can pass your keys to your favorite heirs.
The purse number and the key for it are transferred to the store, where they are kept in an encrypted form. The testator grants permission to transfer Bitcoin or other cryptocurrencies after his death to third persons, that is to his heirs.

Method #2 Safety deposit box

This method is more traditional, as bank deposit box are often used to transfer tangible property. During the life, the owner of cryptocurrency rents a safe deposit box, entering into a written agreement with a bank. Anything can be stored there and one doesn’t need to specify what is exactly inside of it. Thus,  through it, the number of the wallet and the private key are transferred to the heir, in a written form on a sheet of paper or a flash-drive. 

The heir will gain access to the testator’s safety deposit box, after he leaves this world.  

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