Inheriti Deep-Dive Series // 003 : Why Traditional Inheritance Plans Don’t Work for Digital Assets

Main title graphic showing ‘Why Traditional Inheritance Plans Don’t Work for Digital Assets’.

Looking for Solutions In All the Wrong Places

Research recently conducted by The Cremation Institute in 2020 reveals that a massive 89% of cryptocurrency investors worry about what will happen to their assets after they die.

Graphic showing the range of traditional digital inheritance methods used by cryptocurrency investors, according to The Cremation Institute (2020).
Traditional Digital Inheritance Methods Used By Cryptocurrency Investors (The Cremation Institute, 2020)

#1 — In the Household: Go Old School and Make Paper Copies (65%)

Many long-time crypto holders have opted for this method — making copies of your seed phrases and then hiding them in one (or more) locations around the house.

Picture showing a blazing house fire.
House Fires Can Reach Temperatures Up to 1500°F and Will Burn for Many Hours
Picture of a scowling, distrustful woman holding up a paper mask by the side of her head. On the mask is a picture of her face, happy and smiling.
People Aren’t Always What They Seem

#2 — Store Your Private Data on a Phone, Computer or USB (32%)

Another common method of storing your seed phrases might be to take photos or store them in a document on your hard drive.

Image showing a thief who is ransacking a house and stealing items.
Phones, computers, laptops and USB keys are all common items that thieves look to steal.

#3 — Safety Deposit Box Or Other Custodial Method (2%)

Many banks offer a range of custodial services — including safety deposit boxes — that are designed to hold their clients’ valuable assets ‘for safekeeping’ in order to minimize the risk of theft or loss.

A rogue banking employee, rifling through a customer’s safety deposit box.
Safety deposit boxes are only as safe as the people that help manage and secure them.

#4 — Other : Use A Commercially Available Centralized Digital Inheritance Platform (1%)

There are already several commercially available digital inheritance and private key backup solutions on the market today. Whilst they will all claim to guarantee the safety and security of your private data, they all store your data on their servers and back-end repositories. Even worse, on titanium tablets or similar devices without any form of encryption.

A picture of a key badly hidden under a small rock.

Inheriti — All the Security and Protection You Need

As you’ve seen … there are a wide range of traditional inheritance solutions available, but they all have significant flaws.

Logo for Inheriti — the only truly decentralized (and totally secure) digital inheritance and private key backup solution available in the world.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Safe Haven

Safe Haven

Safe Haven provides advanced FinTech solutions powered by blockchain, and our own patent-pending protocols along with our ‘SafeKey’ HSM cold-storage devices.