It is a thin line between the adequate security of personal wealth within the crypto world and an eventual inability to transfer such wealth to heirs or other beneficiaries when the need arises. The transfer of ownership of Bitcoins or other cryptocurrencies from its original owner to heirs in the case of eventuality is a matter that hasn’t been properly defined within the crypto environment. Who really owns the Bitcoins? For security reasons, access to individual wallets have been designed in such a way that only one individual is legally allowed access to specific wallets. Any person who shares the details of their login, or details of how to access their wallet does so at their own risk. “You can only possess Bitcoins if you possess the corresponding private keys.” Says Michael Vogel , CEO at Netcoins. As the security design within the crypto ecosystem has focused on the protection of the wealth of crypto users, there lies the risk of losing one’s valuables in the case of eventualities such as death and incapacitation. Online wallets are hosted on decentralized platforms. In other words, these platforms are not owned or controlled by any specific individuals or group per se. Therefore, when there are eventual, cases where the keys to an individual’s account becomes unreachable, including their email login, such a person’s possessions will continue to exist in thin air and becomes lost forever. A puzzle of many pieces Pamela Morgan of Empowered Law PLLC in her article highlights the complications involved in the process. She however notes that there is already work in progress to enhance the security of an individual’s crypto asset even in death or any other eventualities. Morgan says: “We are designing systems that provide complete control to the individual while they are alive and well […]
