What happens to your Bitcoin when you die? A new service saves it for family and friends
When Bitcoin (BTC) traders pass away, their BTC may forever be lost within the blockchain if they haven’t given anyone else access to their wallets. However, an exchange project wants to give crypto traders another option.
Back in 2020, a study showed that many crypto investors worry about what happens to their digital assets when they pass away. 89% of respondents expressed concerns on whether their assets would be given to family or friends after their demise.
In an interview with Cointelegraph, Jeetu Kataria, the CEO of Digital Financial Exchange (DIFX), highlighted the importance of a way to pass crypto to loved ones in case of death. According to Kataria, their project created a blockchain-based nomination program that allows users to choose “trusted individuals, family and friends to be beneficiaries of their crypto wallets” in case the wallet owner dies.
“Crypto is here to stay and having this feature is necessary for securing the digital future. If you are an avid crypto trader like me, I am sure that the thought of who will inherit your crypto has come to mind.”
The exchange CEO also said that a blockchain-based system ensures that the legitimacy of beneficiaries is verified and not questioned. Compared to giving private keys and access credentials, Kataria believes that this is more efficient and secure.
While the feature may be favored by many, traders who prefer decentralization may not be as excited. However, Kataria believes that centralization is the “key for mass adoption.” He also said that:
“Centralization also puts a face and accountability for many of the projects in the crypto industry. This adds to the organization having consistency in its services and attracting more of the traditional financial markets.”
DIFX revealed the feature along with a new corporate identity at the ongoing Crypto Expo Dubai. The program serves as a way for the exchange to attain its aim to be more consumer-centric. Kataria said that this is a way for their team to relieve clients of “pain points” and apprehensions.