Topic: Is our crypto really safe? - page 2. (Read 457 times)
My opinion about this is to store a back up of the crypto informations and educate (example: your wife, children, brother, sister, or your parents about your crypto that is been stored safely by you if there is something bad happen to you and your crypto can still be claimed by your family. You = entrusted your crypto to your = family.
There is no fundamental problem. The fate of your holdings are entirely in your own hands. There are a variety of options from time locking to keeping details with a lawyer.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
I already taught my son and my wife on how to use my private keys if theres a bad thing that happened to me, but the only alarming is the people who knows what im doing and if theres something happened to me theyre gonna steal my private keys that was in my phone and my wifes phone for backup.
That's why it's most advice to store your private key off the internet or off any device that can be remotely access. I suggest you store it on a flash drive or on papper and keep a backup somewhere else. Also you can store the private keys in parts that's if you're storing on papper. I divided mine into 3 parts and stored each part on different important documents of mine and stored backup on flash in 3 different folders.
Don't use my last suggestion if you know you're the type that forgets easily. Am not, It works fine for me that's why I use it.
I already taught my son and my wife on how to use my private keys if theres a bad thing that happened to me, but the only alarming is the people who knows what im doing and if theres something happened to me theyre gonna steal my private keys that was in my phone and my wifes phone for backup.
This should not be a topic for much debate,if you feel the need to educate someone about your investments then go ahead to do so, it's best to do so, because anything can happen at any time.
You can tell either wife,kids,mum,dad, anyone you trust so much.
If you do not trust anyone that much to do so, use exchanges that could send mails after your demise,setting up all informations on it
You can tell either wife,kids,mum,dad, anyone you trust so much.
If you do not trust anyone that much to do so, use exchanges that could send mails after your demise,setting up all informations on it
Sorry bit macabre, but there are some websites out there, eg, ifidie.org, after.me etc, that can send emails to loved ones after your death. In these emails you can include anything you want including passwords and codes, but probably it would be best to educate the loved ones beforehand.I have done this with my wife and vice versa.
PS How secure/ encrypted these sites are, I m really not sure
PS How secure/ encrypted these sites are, I m really not sure
Can MultiSig be a solution to this?
I would not consider an exchange who doesn't use multisig a real exchange. If they are serious about security there is no other way but to have a cold wallet with multi sig capabilities. For example, 3 out of 5 signatures. So if someone dies or is unavailable the others can still process payments. 
It is not alarming, you can do it in the most conventional way by educating your relatives beginning with the first degree.
Much better if you have kids or wife, giving them instructions on how to claim your crypto's.
Much better if you have kids or wife, giving them instructions on how to claim your crypto's.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
Can MultiSig be a solution to this?
Yes it can and most exchange uses it already. also we have verified and trusted companies that specializes in handling private key to cold wallet of exchanges so their service can be employed to prevent another case of QuadridaCX exchange.
And it's certain that there are people who are dead now who were holding crypto and nobody knew how to access them. These crypto assets will never be in circulation again... So how can we prevent this from happening? Is it alarming or not? Will there be any solutions in near future?
There's a possible solution for centralized exchange and wallet providers, they could provide an online form for next of kin when signing up on their site, in case of death the next of kin could apply for transfer of ownership after passing some strict KYC verification process. but i think the only possible solution to decentralized service providers will be individual using multisig wallets.
Yes is right and security advisable not to totally trust someone.
But we can have that special person that we trust spouse, relation e.t.c that we can reveal some information to.
Well if that's to hard to do you can have your password included into your will or diary and letting your family know its there
But we can have that special person that we trust spouse, relation e.t.c that we can reveal some information to.
Well if that's to hard to do you can have your password included into your will or diary and letting your family know its there
Can MultiSig be a solution to this?
Lost coins are good for people who have access to their coins, it doesn't necessarily mean that people want more coin get lost.
“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” said by Satoshi.
Lost coins are good for people who have access to their coins, it doesn't necessarily mean that people want more coin get lost.
“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” said by Satoshi.
Hi there everyone,
This is a rather old topic...
The CEO of QuadridaCX died who was the only one to know the secret keys for the cold wallets of the exchange. Yeah, I know some people are saying it's a fake death and it was just an exit scam, but I kept thinking, what if I die today and all my crypto holdings are theoretically locked forever? And it's certain that there are people who are dead now who were holding crypto and nobody knew how to access them. These crypto assets will never be in circulation again... So how can we prevent this from happening? Is it alarming or not? Will there be any solutions in near future?
Thanks in advance.
This is a rather old topic...
The CEO of QuadridaCX died who was the only one to know the secret keys for the cold wallets of the exchange. Yeah, I know some people are saying it's a fake death and it was just an exit scam, but I kept thinking, what if I die today and all my crypto holdings are theoretically locked forever? And it's certain that there are people who are dead now who were holding crypto and nobody knew how to access them. These crypto assets will never be in circulation again... So how can we prevent this from happening? Is it alarming or not? Will there be any solutions in near future?
Thanks in advance.
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