It may not be the first thing you think about when you are busy with crypto. But sooner or later everyone has to ask themselves this question: what happens to my digital assets if I am no longer there?
Binance founder Changpeng Zhao, better known as CZ, is now taking this publicly. His message is clear: every crypto platform should have an ‘inheritance function’.
Why this function is so important
CZ shared his call on X:
“This is a subject that people avoid, but the reality is: people do not live forever.”
He has a point there. Every year an estimated more than $ 1 billion would be lost in Crypto because owners suddenly die without anyone knowing how they can reach it.
That is why Binance has now rolled an important update: an emergency contact and heirs function. This allows you to indicate for yourself who gains access to your crypto if you are inactive or die for a long time. That person is automatically informed after a certain period, after which an inheritance claim can be started.
What does the crypto community think?
The reactions are remarkably positive so far. Users call the initiative “sensible” and actually “indispensable in the way to adulthood of web3”. Some even point out that it is not just about tokens, but also about intangible value: think of social media profiles, NFT collections or accumulated community reputation.
A user on X even stated that entire accounts have to be transferred, just as you can inherit a telephone number. Another called it “a reality that we can no longer ignore.”
Why Crypto requires a separate approach
At a normal bank, heirs can often have a death certificate and some paperwork access to the account of a loved one. But at Crypto it is even different at the moment.
Without the right private keys, passwords or multi-sig access you will not get anywhere. In addition, there is often no ‘help desk’ that you save.
That is why it is so important to prepare clear instructions in advance. Not only that you own crypto, but also how your relatives can be added.
Young and indestructible, no!
Most crypto investors are between 27 and 42 years old, says a lawyer from Dubai. An age group that is usually little concerned with wills. But that is precisely why she emphasizes that a minimal step such as a ‘crypto testament’ can make a lot of difference.
At Passionategeekz we have arranged these things well for you and your crypto falls under the estate. Do you want to learn more about crypto? Download the Passionategeekz app.
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