Properly Protect Your Bitcoin And Other Digital Assets
Cryptocurrencies such as Bitcoin are growing ever more popular.
It is no longer just those investors on the leading edge who are looking to cash in either. Regular people are jumping on the crypto-currency bandwagon.
However, few investors have given thought to protecting these assets if something were to happen to them. Specifically, what would happen to your digital wallets if you were to suddenly die? Cryptocurrencies become probate (public) assets at death unless proper protection measures are put in place.
As you probably know, simply investing in Bitcoin is complicated enough. How would your heirs access your assets? This is an even more complex and complicated arena.
You need the expertise of someone who knows the ins and outs of digital asset protection.
Another thing to keep in mind is that anything on the Internet is subject to sophisticated hackers. This raises the question: just how secure are your Bitcoin wallets? There are already many examples of people/companies who have lost or forgotten that they had digital currency wallets as well as examples of accounts that have been stolen by cybercriminals. A few years back a company found 100,000 Bitcoins in an old wallet from 2004 worth $116 million. They related it to finding money in an old pair of pants. If a company can forget where they have crypto-currencies, imagine how easy for individuals to lose track.
Think about how often you forget passwords and PINs. Digital wallets must be password protected and you must make each specific asset accessible in the future. Forgetting passwords is often frustrating enough to make people forget they have accounts.
If you’ve begun investing in cryptocurrencies and want to protect those assets, call The Estate & Asset Protection Law Firm for a consultation.