The world wakes up to the frenzied embrace of digital assets spearheaded by the Bitcoin in 2009, about ten years ago. The Bitcoin created by Craig S. Wright, the hitherto faceless Satoshi Nakamoto comes,crawls and skyrockets to be the father of all cryptocorrencies. Daily increase in the number of adopters and transactions in billions of US dollars awe many pessimists and lovers of the virtual currency, leading to the change of opinions of hitherto pessimists and critics.
Consequently, over 1400 altcoins have come into existence following the success story of the Bitcoin which price at a point soared to $20,000 in 2017; and new altcoins are coming live almost on daily basis.
By the nature of online account sign ups, passwords, usernames, wallets’ public addresses, back up phrases, and others are key to accessing various accounts. It is an ecosystem which has its delicate and peculiar nature of scammers, hackers and crackers finding their ways into users’ accounts if such details are not kept safely enough or if the details are too simple to decode.
Hence the heightened confidentiality cloak put on by an average user in keeping his login details safely. Everyone is virtually on his own in that regard. It is very rare to divulge digital assets’ login details to our loved ones. Not because they are not loved or trusted enough , but they may be careless with the information and lose it into the hands of crooks who are ever ready to bolt with the assets.
So, users device various personal codes, shorthand writing and other discreet styles to keep login details confidential and private. Probably, less than 20% of crypto users share their login details with their loved ones.
Having made this point, now death, being inevitable, as dreaded as possible in some climes, or as ordinary as possible in other climes is truly certain to occur to crypto account holders too; sooner or later. If this is anything that holds water, there is a neglect or ignorance of the need to consider a reliable, stable provision of a digital safe, where login details are kept at a fee and given the instructions of accessibility to the next of kin in the event of eventuality.
How many crypto users have ever thought of this? Not giving this a thought is like sitting on a keg of gunpowder or sitting beside a time bomb.
The fact remains that cryptocurrency economy has come to stay, and will outlive the first generation adopters .
The frightening situation is the mostly unannounced nature of death occurrence, it comes calling in various forms, violent, peaceful, painful, painless, suddenly or slowly as the case may be. So, when it comes and the crypto lover, owner and investor dies; what happens to the wealth of digital assets piled up in wallets, and on exchanges which only the dead has login details to?
It’s a very high time the digital assets community came up with a digital assets login vault created by a reliable, trusted operator who will not compromise security details and be saddled with the responsibility of midwifing the transfer of assets login details between the dying or dead user on one hand, and the next of kin beneficiary on the other hand.
By such a creation, billions of US dollars worth of cryptocurrencies won’t be lost forever, the investment of the departed not a waste of time, intellect and sacrifice without benefiting his loved ones whom he may be a breadwinner to.
Serious consideration has to be given to this observation, which must have been having its negative effect subtly. Why?
According to Ecology Today, nearly 2 persons die each second, 105 people die each minute, 6316 people die each hour, 151,600 die each day, 55.3 million people die each year, with 8 deaths / 1000 population.
With these gaping facts, the crypto community is not exempted. A crypto assets login vault will come to the rescue, thereby a repose to the dead, and new lease of life to the family, who can fall back on the assets just like the traditional assets, people leave behind for their loved ones.