Sat. Jun 22nd, 2024

Increasing Need for Next of Kin Feature By Crypto Wallet Providers Looms in, With Over $30 Billion Worth of BTCs Lost.

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At the current price of Bitcoin (BTC), per the data from Coinmarketcap, one Bitcoin costs around $9,261 at $9300 support level.

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While Bitcoin remains unhackable at the moment, accessing a bitcoin wallet without the private keys is nearly impossible. If you lose access to a BTC wallet, the BTC inside the wallet is lost forever. 

Data retrieved from Coincover, a British crypto analytic and crypto holdings firm, confirmed that about 4 million BTCs worth around $30 billion at the current price of one, has been lost as a result of the owners either dying or not having access to it. 

Could it be that they died and their next of kin doesn’t have access to the BTC wallet or maybe they lost access to it. 

Nex of Kin Feature — Crypto Will

There comes the need for next of kin feature, because with the increasing number of persons adopting the use of cryptos for their daily activities, the volume of BTC being lost forever is more likely to increase especially around Nigeria and other parts of the globe.

“As bitcoin becomes more popular and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult,” said David Janczewski, Coincover’s co-founder and chief executive.

“With bitcoin, there’s no bank manager to ask, and no one can break in for you.” he added.

Read Also: Binance Lists Available Jobs Open for Hiring in Africa

When next of kin feature comes into play, the individuals assigned to take over the wallet will be considered to claim the wallet achieving generational wealth transfer. 

This is one of the most disadvantages of owing a bitcoin and storing them in your wallet, when you don’t have someone who you can trust with your private key to access the wallet in cases of death or loss.

This same issue is synonymous with traditional banks, when you don’t have anyone assigned to take control of your money, mostly in cases of death.

Coincover provides funds insurance services and a service that allows anyone to transfer his crypto holdings to family or friend after death tagged “Crypto Will”

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By Tony Chimdiuto

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