Fearing a pandemic, demand for Bitcoin inheritance services skyrocketed in the past month
Cryptocurrency startups say demand for digital asset inheritance services like Bitcoin is growing sharply during the Covid 19 season.
Bitcoin firms report: Uptick in demand for inheritance services
Casa and Unchained Capital said they had noted a significant increase in demand for the service of transferring ownership of Bitcoin to relatives after customers have died and have died.
The Bitcoin blockchain makes asset transfers necessary to have a private key. If Bitcoin is a currency, then we need to have an asset management infrastructure if a customer is in an unfortunate and complete situation. The property set is locked because the private key is not inherited to the next generation.
This has happened before with the former CEO of QuadrigaCX exchange in Canada. According to a statement from the family, the CEO did not leave the private key to anyone else, and that caused millions of BTC to be locked and unreachable.
Meanwhile, not only Bitcoin but Ethereum’s developers are building a similar infrastructure to compete with Bitcoin network rivals.
Even before Covid 19 broke out, the Alfred project at Ethereum’s hackathon in Denver developed a toolkit to transfer tokens based on ERC 20 and ERC 721 protocols.
Project member Seth Foldfarb said the development team chose the name Alfred to soften the theme of the project they were trying to develop. From a technical perspective, the system will have two parts: wills service, obituary writing, and wills deposit.
It’s not nice to think about, but it may prudent to have a detailed plan for what will happen to your Bitcoin when you die
Companies are quietly adding tooling for this, but on the open source side of things I would check out a Lightning Network concept: https://t.co/LyLCYPRRyo
— Alex Bosworth ☇ (@alexbosworth) March 24, 2020
When the oracle discovers that a customer has suddenly died, the escrow system will perform a countdown and send the user’s Bitcoin assets to a third party as a member of the family.
Japanese investors rushed to catch Bitcoin bottom after bloody Friday
The number of retail investors who registered their accounts at Japanese exchange bank bitbank increased 40% this week after the bloodbath of Bitcoin last week.
The fall on March 12 saw the price of Bitcoin plummeted below $ 3,800. According to an official post by bitbank market analyst Yuga Hasegawa, the volume of Bitcoin transactions and the number of new account registrations have both increased significantly after the launch of the cryptocurrency market.
Even the number of users implementing KYC reached above the average growth during Bitcoin’s drop and many days later.
Hasegawa compares the current context with the last two months of 2018 when Bitcoin’s price also bottomed quite low. During that period, when the price of Bitcoin plummeted, the number of new accounts registered and transaction volume also recorded a significant increase.
BTC halving is still a safe bet with Japanese crypto-traders
In less than 49 days, the BTC network will take place halving event when the number of reward blocks drops to 6.25 BTC.
Hasegawa cited data from Google Trends showing that investors from Japan and around the world are quite well aware of the effect of the halving event on Bitcoin prices and will continue to buy in to catch the bottom.
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