Bitcoin might not be part of the perfect retirement plan for now, but some brave people are investing hard in this digital currency. But, what happens to our Bitcoins when we die? Have you ever thought of that?
If Bitcoin is part of your portfolio and since they have value, there are some considerations to make. As you know, Bitcoins are stored in a unique virtual, which creates some concerns at the time of an owner’s death. Wayne Parker, from the blog The Genesis Block, says that “one of the goals of a Bitcoin wallet owner is to secure his/her wallet so others cannot gain unwanted access to it. This security also prevents your loved ones and beneficiaries to gain access to your Bitcoins in the event of your death unless you have planned for it”.
So, what’s the secret? Plan your virtual will, something that only a few people are doing today. There are several ways to protect your wallet after you’re gone and make sure your beneficiaries can have access to it.
According to Wayne Parker, “it is possible to divide a wallet file into N pieces so that to obtain the keys, all N pieces must be brought together. The individual can give out these pieces to people they trust (spouse, children, grandchildren, etc.) and upon the individual’s death, the pieces can be brought together to form the wallet. Once fully constructed, the wallet file can be used to transfer the Bitcoins from the original owner to the beneficiary”. And this is just an example.
How you do it is not important, as long as it’s a safe and easy process. Just make sure your Bitcoins are protected.