Digital survival on owner’s death

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Investors are showing huge demand for popular cryptocurrencies such as Bitcoin, Ethereum and many more available in the cryptocurrency market. They deposit a lot of cryptocurrencies to make a profit in the near future, despite the fact that it is a very volatile market. But have you ever wondered what happens to cryptocurrency after its owner dies? How is the digital survival process going in the cryptocurrency market? Let’s explore what happens to the life of cryptocurrencies after the death of their owner.

The cryptocurrency market is well known for implementing blockchain technology to secure digital wallets against cyber attacks. Thus, digital wallets do not contain any beneficiary name for cybersecurity purposes. But, the owner has a private key with a unique password to allow access to a crypto wallet or digital wallet. The problem is that the owner cannot share this password with anyone else. Then the digital survival of this cryptocurrency in the digital wallet will not continue to function and will be lost forever.

The status of a cryptocurrency after death depends on a person who holds the keys to maintain custody of a 64-digit password to access the digital wallet. A third party crypto exchange or a hybrid or both is there to avoid losing all cryptocurrencies on a third party exchange as a long term solution. They have the right to freeze the cryptocurrencies in the digital wallet or be attacked by cyber attackers.

One of the best ways for cryptocurrency to survive digitally after the death of an owner is to give a copy of the private key by writing it down or storing it on a USB drive with the utmost confidence. Another useful way is to keep cryptocurrencies in a will beforehand. Otherwise, estate attorneys name it as probate by truck where heirs can declare that the owner wanted them to have the contents of a digital wallet. Heirs, relatives or friends cannot call a bank to check if there is a digital cryptocurrency wallet.

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