The CEO of the largest, most important and famous crypto exchange of all; Changpeng Zhao (CZ) and Binance, gives us a number of important tips to keep our crypto hodls active rather than safe.
Before, in the crypto verse the issue of security was seen as a secondary objective by companies that provide some type of service. But it is a matter of watching the news of years ago, and observing the amount of pirates that were generated day by day.
But, with the price of crypto rising, and crypto market increasingly full of life; and regulations, things could not go on as it was. And fortunately the number of hacks has decreased.
Therefore, here the advice given by the leader of Binance, Changpeng Zhao. If you missed the first part, you can read it here. Or the second installment in this link.
3. Leave your credentials to your family in case of emergency
The truth is that we are not eternal, much less. Although technology has advanced at an amazing rate, and the longevity of the human being continues to increase; We have not yet found the secret to eternal life.
And situations like the one humanity is currently experiencing; with the coronavirus crisis hacen make us reflect on how delicate we are as a human race.
Now, once the measures suggested by the CEO of Binance, CZ, have been adopted, the question we must ask ourselves is:In case of an emergency or our inevitable death, do I have an action plan with my hodls? In case of an illness my relatives can access my cryptos to save my life?
Although the issue of inheritance is not very commented on in the cryptoverse. The truth is that through the crypts the transfer of capital from one person to another through an inheritance can be done without the intervention of a third party; as the state; which has generalized inheritance taxes in recent years. So, it is perhaps through the crypts the best way to inherit money.
CZ: There are endless options.
Again, Changpeng Zhao tells us that there are multiple ways to create that latest action plan with our hodls.
They exist from low security approaches such as a message on a sheet of paper, or engraving it on a piece of metal, as CZ suggested in the second episode of this series; and at the time of any emergency; that our family members are informed that there is the possibility of emergency use or inheritance.
As you can imagine, there are also infinite inconveniences with this; how to lack the indicated means to store our access credentials; Seeds or Private Keys.
Any person, or hackers in case of storing them online. They could take your money at any time they want. You may or may not want this, depending on your relationship of trust with them.
I recommend that the keys are not shared between people, regardless of the relationship, for the simple reason that if the funds are moved or stolen, it is impossible to determine who moved it or who violated security, says CZ.
We might think then that you can leave your piece of paper or metal tags in a bank vault or with a lawyer; as inheritances are normally transferred.
But, as mentioned earlier, if any of these third parties get a copy of the seeds or private keys, they can move the funds very easily.
The best method to leave an inheritance?
As we mentioned in our two previous episodes; We highly recommend that you read. If you use the encrypted USB memory method, you may be taking the best option.
But, for those who still do not trust their technical skills; or that of their relatives in the event of a death or emergency; to encrypt and decrypt the information. There are online services called Dead Man’s switch (dead man’s switch).
This type of services sends you a periodic email message; in which you have to click and log in to show that one is still alive; or in perfect health.
If you do not respond for a certain time; then the application will assume that you are no longer in condition; and then send an email; text; or call to the recipients you choose.
I have not used any personally; but; Follow all the advice I have given you when choosing a similar service.
The Binance CEO said.
Final message from Changpeng Zhao
After this interesting; but terrifying series; which has made us all doubt if our cryptocurrencies are really safe. CZ closes us with the following sentence to calm us down a bit.
If you can follow the recommendations shared so far, then you have reached the basic level; But not advanced to store a significant amount of crypts yourself.
The question that arises is the following: If we have not complied with most of the beginner level recommendations? Which intermediate or expert level are we not meeting ?. Better follow most of these recommendations to be #SAFU.