I am riding the Bitcoin wave but ……What happens to Bitcoins when I die?

…… I don’t know what will happen to those Bitcoins if I am run over by a bus.

Bitcoins Solution

This is one of the major concerns many Bitcoin or virtual currency holders have especially after hearing stories such as that of Mr James Howell, who lost £4m worth of Bitcoins when he accidently threw the hard drive with bitcoins in the rubbish. You can find the details of the story here.

So for those who don’t know what is Bitcoin?

Bitcoin is virtual currency that is generated from a computer based network of individuals that manages Bitcoin balances and transactions. They’re “mined” from computer networks through the process of solving a complex mathematical problem. You can find more details about Bitcoin and its usage in this video.

Bitcoins have a big financial value associated with them, they form an important part of your estate. As these are virtual currencies they are stored in electronic wallets  which are guarded by private key.You cannot simply write this key on a paper and/or add it to your will.

There are different ways to ensure that Bitcoins are transferred to your beneficiaries and this blog explains many of them.

However, one of the simplest methods is breaking the private key into different parts, store it an electronic vault (such as PlannedDeparture) and assign it to different beneficiaries. In case of emergency or death (after obtaining legal proof), these keys will be released to the beneficiaries. The different parts can then be combined and Bitcoins can be claimed or recovered.

In case you are wondering why can’t we combine these keys and claim?

Well, we won’t and we can’t because all the information that is stored in our vault is in the encrypted using the highest level encryption (the one used by banks and US Govt.). You can learn more about our security here and learn more about how we encrypt your data here.

So what are you waiting for? Why not create your account today?

 

Author: Planned Departure

Living and working in this digital era, our social media accounts – from Facebook, Twitter, Flickr to the likes of Pinterest – are increasing not only in number but also in volume. Additionally, many of us have domain names registered and libraries of movies, digital music and e-Books that can be of significant value. And let's not forget about Bitcoin and other virtual currencies! For the majority of us, these accounts and digital assets are likely to outlive us. And when we die, it is left up to family members and estate executors to sift through them all. Furthermore, even though they may have all the required passwords necessary for these accounts, many heirs will discover that they have no clear authority to access, or even to manage, the online accounts of their deceased loved ones. With the value of individuals' digital assets globally measured in the hundreds of billions of dollars, planning for the protection of our digital assets has moved to centre stage. It is essential that our online and social media accounts are included as part of the estate planning process. Failure to do so may not only deprive those we leave behind of fond memories and (possibly) a little nest egg, it could also leave us vulnerable to postmortem identity theft if fraudsters get to use our personal details to apply for credit facilities whilst our accounts remain unguarded. Planned Departure resolves these issues. We provide you with the ability not only to protect your digital assets, but also to clearly indicate who can access your online accounts and who should benefit from them. Create piece of mind today by registering with us in one quick and easy process.

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