What if?
I was conversing with my friend today and he asked if, if something were to happen to me is there a way someone could access my phone? Because I told him that nobody has access to my phone not even my wife and I’m the only person that I have access to my phone. When he asked me this question I was so shocked because I was not only thinking about my phone I know my phone is a small part. I have a lot of money in crypto how is my family going to get this money?
A lot of thought was running through my mind, I thought writing a legal will would be better, but if I write a will and put my private key or my phrase key in a will The lawyer can simply take my password and go on a vacation in Dubai, which simply means that this is not a good option or if I should try and leave them a phrase key they may not be able to use it because 90% of my family don’t even know anything about crypto. So the question is maybe I should move all the money to an exchange.
Moving all the money to an exchange is also not a good option because we know how most exchanges have been in the past and now it is not good. Some of these exchanges might even close down which makes this option a very bad option. it is not good security-wise. It is as if you are putting a bunch of money in the Fire. The major question is, how am I going to help my family to have access to my money if anything should happen to me?
We have to find a way
Like I said 90% of my family knows nothing about crypto, which is why I need to provide instructions if I want to let them have access to my crypto wallet in the future. If they should see a phrase key they don’t know anything to do with it so living instructions for them will make it easy for them to access it. Another thing you can do is leave those instructions in your legal will because if you leave those instructions in your house or on a piece of paper anything might happen to it so you have to keep it somewhere that they can find it and save.
One of the easiest things you can do is to let your family have access to your phone and let those people that are close to you like your wife understand little crypto because you never can tell it’s not as if you’re wishing death for yourself, but it is better to know that when you are gone, your family will be in safe hands.
Thanks for your time.
This is such an important and often overlooked topic. Preparing clear instructions and educating loved ones about crypto is truly essential for peace of mind.
This post is a serious mind opener, let's have a discussion, as safe as crypto savings is, apart from being scammed, the least thought of part is the one you just mentioned sir, people can give you access to their phone, even sometimes their ATM pin but never their crypto wallet pin, I have not seen anybody who has done that, and many millions has been lost this way because nobody even knows that some people even have a crypto wallet talk more of knowing thier password or key phrase, maybe there will still be a conventional way of safeguarding your wallet and at the same time letting people close to you know your crypto wallet password.