My Journey into Crypto
I accidentally got into crypto in 2017, and it all started when I saw a colleague posting to Hive (back then, it wasn't Hive. Only OGs would know this). Writing comes to me naturally, so I was immediately interested, especially when he explained that you get incentivized for publishing original content. I didn't even bother about cashing out my incentives; I just started writing and engaging on the platform. In no time, I found a home where my content fit.
I wasn't just writing; I combined it with interacting with other users off-chain - on Discord and Chat. It was through chats and engaging with the community that I got to know the platform is built on a blockchain and the incentives you get are in the form of cryptocurrencies (Hive and HBD). It took a bit of education before I was able to turn some of my earnings on the platform into spendable fiat. Since then, there has been no looking back.
Gaining Crypto Knowledge
Almost 7 years later, I may not call myself an OG in crypto, but I can say that I am more crypto-educated than an average Joe on the street, as far as my country, Nigeria, is concerned. Some of my friends and my wife are aware of my involvement in crypto, but none of them have become interested enough to understand how it works. I have a very light bag, to be honest. However, even if my bags are big, I have a concern about who to bequeath them to. No, it's not that I wish to die young, but one must be prepared for the eventuality.
The Challenge of Bequeathing Crypto Assets
The challenge of bequeathing crypto assets is a significant concern for many in the cryptoverse. The problem lies in the lack of understanding and education among the general populace. Many people are still skeptical or unaware of how cryptocurrencies work, let alone how to manage them. In Nigeria, many are still on the hill that anyone into crypto and Web 3.0 is a scammer. This lack of knowledge extends to the legal and procedural aspects of passing on digital assets as well. Traditional wills and inheritance laws often don't account for digital currencies, making it difficult to ensure that one's crypto holdings are passed on smoothly.
Exploring Solutions
To mitigate this concern, many crypto enthusiasts have started to explore solutions like creating detailed instructions for their heirs or using services that specialize in crypto inheritance. These platforms securely store your digital assets and provide access to your beneficiaries under predefined conditions. It’s a bit like a digital will, but for your crypto assets.
The Importance of Education
However, it's not just about the technicalities; educating loved ones about crypto is equally important. Imagine leaving behind a trove of digital assets, only for them to be lost forever because your heirs don't understand how to access or manage them. This underscores the need for awareness and education within our circles.
The Decentralization Dilemma
Furthermore, the decentralized nature of cryptocurrencies means that there is no central authority to turn to for help in case of issues. If no friend or family member is able to access a deceased's crypto wallet, the funds could be lost forever. This is a harsh reality that many in the crypto community have to face.
The Risk of Scammers
The dog-eat-dog nature of crypto investors and enthusiasts is also a major problem. Perhaps this is because the technology is still in its early days, but the number of scammers and bad actors waiting to pounce on your asset in case of any loophole is huge. I have lost a few hundreds of dollars to phishing links before, even here on Hive. Even an OG in crypto can sometimes fall into scams, let alone a noob who just inherited a paper with instructions to access thousands of dollars on some digital wallet.
Personal Concerns
The truth is, if I die today, I am more than 90% certain no one will be able to access my crypto. I have tried several times to educate my wife on how Hive works, for example, but she simply has not picked interest. She can create content and post but doesn't want to have anything to do with cashing out et al. My children are still quite young and are not exposed to the internet yet. Maybe if I leave a detailed note in my will, someday, one of them will be able to unravel how to access the funds in my wallet and convert it to fiat.
A Call to Action
If you are reading this, you are likely also into crypto. I would like to read your idea of how you intend to bequeath your portfolio to your next of kin or whoever.