Tuesday February 13, 2018

Bitcoin Industry Grapples With Inheritance

Bitcoin is starting to deal with the problem of inheritance. In a report from Bloomberg, five years ago, 26 year old Matthew Moody was killed in a plane crash in California. His father, a retired software engineer, knew his son was mining bitcoin when the cryptocurrency was in it's infancy, and has spent the last 3 years trying to locate them. Provisions are being made CoinBase can transfer the assets if documentation such as a death certificate is provided.

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This is definitely a problem people into cryptocurrency need to think about. Things happen all the time, perhaps a safety deposit box with your wallet and instructions isn't a bad idea if you're holding quite a lot.

"There is no authority that could be appealed to fix this," Nolan Bauerle, director of research at cryptocurrency analysis website CoinDesk, said of an individual’s Bitcoin stash becoming inaccessible after they pass away. "Those coins would be abandoned."