October 28, 2019
It is becoming more and more apparent with every passing year that Bitcoin, and probably some of the major altcoins, are not a fluke, not a bubble, or a short-lived phenomenon. They represent digital assets of the future that would be transmitted by heredity from one owner to another.
However, the process of passing bitcoins in case of an unexpected death of their owner presents a real problem right now. Basically, there are three scenarios that the owner, and the future inheritors, could face:
With more and more such instances happening over time, people begin to pay more attention to this acute problem, while projects like Casa Covenant even come up with a working solution.
Casa Covenant is the US-based tech company that has already designed such digital security solutions as Keymaster, Healthcheck, Casa Node & Extension, etc. One of their recent products is called the Bitcoin Inheritance Protocol, which affords the customers an opportunity to mitigate the risks of losing even a part of stored cryptocurrencies in case of sudden death. The combination of the Inheritance protocol with Casa’s proprietary multi-signature solution allows for a safe and seamless process of transferring bitcoins by heredity.
In order to obtain access to the inheritance service, one would have to register a Keymaster account on Casa and provide the required information. In case of the owner’s death, the private key on the digital wallet of the deceased, along with one of the multi-signature elements, will be transferred to a family lawyer or a trusted estate attorney. The use of legal professionals has proven to be a more reliable way of securing a cryptocurrency inheritance since they possess the necessary expertise and experience in adequately arranging for the settlement of estates, even the most innovative ones like bitcoins.
The procedure involves adding an extra 6th key to the Key Shield, Casa’s own security solution that lets the owner keep only 3 keys out of a 5-key setup. The additional key is called the Safe Key, which is being kept in a designated deposit box under the customer’s name. It can be used along with the Casa Recovery Key and the Estate Lawyer Key to successfully recover the funds following the death of the wallet owner.
Previously, the problem of Bitcoin inheritance has been tackled by Third Key Solution, a cryptographic key management company founded by a famous Bitcoin advocate Andreas Antonopoulos.
The need for a functional regulatory framework that would properly address digital currencies has been stronger than ever in countries around the world. While many governments and their...
The United States' securities regulator, the US SEC, has just released its annual report for the fiscal year 2019. According to the report, the regulator received...
Anyone who buys a lottery ticket dreams of hitting a massive jackpot, but very few have an actual plan of what they are going to do should the money land in the bank account. Nearly all of them...
The looming release of Libra appears to have scared the European government and financial authorities straight, as they are now even considering the issuance of digital currency...
Fraud is certainly a strong issue for most businesses in the world. However, a revolutionary technology like Blockchain can change things for the better. Those who are still struggling to deal...
While the Asian region is famous for its crypto acceptance and advanced technology, it is also quite infamous for numerous crypto exchange hacks that have occurred...
Bitcoin, as well as all cryptocurrencies in general, has made a move from being the little known invention that is discussed in a closed circle of "crypto geeks" to becoming a global...
The US SEC ICO crackdown continues, with the regulator continuously resolving one case after another. The most recent ruling of the regulator concerns...
|1||Ledder||Aug 01||Dec 31|
|2||BitWings||Jun 03||Nov 30|
|3||Pbet||Jun 18||Dec 15|
|4||UCBI Banking||Oct 18||Jan 18|
|5||Cinemadrom||Feb 03||Apr 30|
|6||Yachtco||Aug 04||Feb 04|
|7||GOVEARN||Jun 23||Dec 31|
|8||BrandProtect||Apr 27||May 31|
|9||PointPay||Jul 22||Jul 22|
|10||WINBIX||Jul 01||Sep 28|
|BitMEX||3 069 312 071|
|EXX||2 250 568 625|
|Biki||1 853 598 655|
|BKEX||1 851 309 394|
|P2PB2B||1 753 668 584|
|CoinEx||1 597 757 171|
|Fatbtc||1 566 375 344|
|Binance||1 554 730 819|
|LBank||1 544 760 848|
|MXC||1 452 207 912|