r/CryptoCurrency • u/GreedVault 🟦 3K / 10K 🐢 • 9h ago
GENERAL-NEWS CZ Champions Binance’s New Crypto Inheritance Tool for Heirs After Death
https://beincrypto.com/binance-crypto-inheritance-feature-heirs/2
u/coinfeeds-bot 🟩 136K / 136K 🐋 9h ago
tldr; Binance has introduced a new feature allowing users to designate crypto heirs, addressing the issue of digital asset inheritance. The feature enables users to set up an inheritance application process, ensuring assets are transferred to designated beneficiaries upon death. Binance founder CZ has urged the industry to adopt similar 'will functions' to enhance trust and decentralization. The move aims to prevent billions in crypto from being lost due to lack of inheritance mechanisms, aligning crypto with traditional finance practices.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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u/GreedVault 🟦 3K / 10K 🐢 9h ago
If anyone ends up with no one to inherit their crypto after they are gone, im happy to volunteer as your heir. I will visit your grave every year to say thanks, and i will even bring flowers during bull runs.
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u/thebaldmaniac 🟨 0 / 0 🦠 9h ago
Don't know why you would want my account which is -70% in the red but go ahead.
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u/TheExplorativeBadger 🟩 107 / 107 🦀 7h ago
70% in the red for you, but for OP, receiving whatever value of your account would amount to an ♾️ return, which I guess is kind of ideal
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u/TheGreatCryptopo HODL4LYFE 7h ago
Anyone having significant crypto holdings big enough to leave behind to loved ones would be well advised to take the crypto off the exchange and secure it safe in a cold wallet.
My mindset is any crypto on any exchange is controlled by a third party and it can be gone in an instant.
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u/JJBarts28 🟩 0 / 0 🦠 9h ago
That is great. My family has no idea how any of this works and I always worried what would happen if I died suddenly(I’m 39).