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Author Topic: Crypto Currency Inheritance Flaw  (Read 15202 times)

parishy

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Crypto Currency Inheritance Flaw
« on: July 14, 2018, 04:11:58 PM »

    Crypto Currency Inheritance Flaw


So, it just went through my mind that there might be a flaw with Cryptos which will slowly make it's mark in the years to come. I am talking about inheritance.
Unlike regular money, which have a centralized source, cryptos are harder to inherit, since, if the original owner of the private key didn't give it to you before he passed away, then you can say good bye to those money.
Leaving aside the people that simply forgot their private keys and that sent coins to wrong addresses which have no user behind.

In 50-100 years this might be a big issues, making the actual amount of usable Bitcoin (or other coins) much lower than it should be.
What do you think?[/t]
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ambar33n

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Re: Crypto Currency Inheritance Flaw
« Reply #1 on: July 14, 2018, 06:13:49 PM »
True, it's flaw since most cryptocurrency are decentralized. But there are many precaution to be made such as the owner of cryptocurrency make guide how to use/sell cryptocurrency and tell the family where to find the guide when the owner dead OR use smart contract which says "send all X cryptocurrency when it's not moved within few years".[/size]But, i would blame the owner rather than the cryptocurrency itself when the owner dead, but haven't made any precaution for worst case situation.