Bitcoin is one of the first assets the world has ever seen that can be solely controlled by one person and, with the right precautions taken, can’t be taken from you. But seeing how this is a new type of asset, people with lost of money in digital currencies must take the necessary steps to see to it that their funds are given to the people you care about.
Giving Your Bitcoin to Future Generations
The old adage in the Bitcoin for years has been “Not your keys, not your Bitcoins.” Keeping one’s private keys safe, secure, and, well, private is a major concern for people who have any sort of significant holdings in crypto-currencies. The only people who can spend your coins is someone who has access to your keys, and so if you want to make sure that no one can steal them you need to be the only person with access. But what if the worst happens?
Years will continue to pass, and eventually, you won’t be around anymore. How can you ensure that your coins can be recovered by your family and loved ones? This is a huge challenge, not even considering that your family might not have the technical know how to properly handle a set of seed words or coins that are in cold storage.
Checking the Security of Your Funds Right Now
The first thing to think about is if your coins are properly secured, to begin with. Do you know where every single last coin is stored? Even that crappy ERC20 ICO token you bought last year? Do you have at least one back up of each of these wallets? Even if you have back-ups of everything already it’s a good idea to make at least two and store them in different geographical locations. This process can actually be kind of fun on its own and give you a lot more piece of mind if all of your assets aren’t already secure…