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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crisis Preparation: How To Prepare Your Crypto Holdings For Inheritance

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto inheritance bitcoin coronavirus crisis will

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Created by industry experts and meticulously reviewed
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Crisis is here, and potential pandemic at the hands of the coronavirus is catching many crypto investors off-guard and provoking panic around ever turn.

In the event of the inevitable happening sooner than expected, are crypto investors truly prepared for a worst-case scenario, especially when it comes to providing loved ones access to any potential crypto inheritance? The answer is likely no, however, here are some tips on how can get up to speed in case of catastrophe.

The Entire World Is in Fear and Panic Over the Coronavirus Outbreak

Humans by nature are procrastinators. We know being prepared saves us stress, energy, and money in the long run, but we often wait until the last minute due to being too focused on our social lives, work, or getting some much-needed rest and relaxation.

This lackadaisical behavior is causing the entire world to be caught off guard by an unexpected black swan event: the rapid spread of the deadly coronavirus.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? 

In a little over two short months since the outbreak was first discovered in Wuhan, China, the coronavirus has spread to most nations, infected over 100,000, and taken the lives of over 4,382 people.

These numbers are climbing by the day, and due to how powerful of a contagion the virus is, a full-scale outbreak is expected.

Events everywhere are being canceled, transportation and travel are hindered and even discouraged, and growth in the economy is slowing as a result.

It’s caused complete panic across the globe, fearing not only an economic meltdown but a pandemic that rivals the plague and countless others that took the lives of millions throughout history.

Possible death is a scenario that everyone should consider in crisis, and prepare for, hence why legal documents like a will exist.

Serious question.

If something bad happened to you and you died, does your spouse, family, whoever you'd want, know how to access your crypto accounts?

Do they know where your 2FA is if needed?

Or is that all going to be lost along with you?

— // Josh McGruff (@JoshMcGruff) March 11, 2020

How to Prepare Your Crypto Inheritance In Case of Catastrophe

If you hold a substantial amount of cryptocurrency, including this in a will is the first major step to take. Identifying who you want the funds to go to, and who you want responsible are steps two and three.

Beyond this, because of the intricacies involved with cryptocurrency technology, there are additional steps that are required to access funds that are often beyond what is necessary for traditional assets.

Crypto assets are locked away behind cryptography and can only be accessed via private key. Those with higher levels of protection over their accounts, use additional fail-safes such as two-factor authentication.

Will your loved ones be able to access your crypto when you’re gone? Will they need instructions on how to do so? Unfortunately, regardless of how morbid the subject is, most family members likely need some coaching on how to use the new tech in the event of an emergency situation.

There are many additional challenges, such as bestowing a private key to a loved one and risking having them access your funds before you are actually deceased. But these challenges must be faced.

Related Reading | Bolster Your Personal Opsec With This Crypto Investor Checklist

Funerals are expensive, and losing the income of a provider can be crippling in addition to the heartache of losing a loved one. Be responsible and plan for a crisis, long before it happens.

For more tips on how to prepare a cryptocurrency inheritance, we recommend the book Cryptoasset Inheritance Planning: A Simple Guide for Owners by Pamela Morgan and a foreword from Bitcoin evangelist Andreas M. Antonopoulos.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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