But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight. Sorry to be a downer, but YOLO — so make a plan for your crypto in the event you pass away.
Crypto accounts aren’t like traditional investment accounts. They can be more vulnerable to security issues, and you generally can’t name a beneficiary. For example, if you store your crypto on a physical device at home and a few friends know your key — a password of sorts that grants access to a crypto wallet — one of those so-called friends could wander into your house and steal your crypto as easily as they could walk off with your great grandmother’s diamond earrings. Or, if you shared the keys with no one, your crypto is lost forever.
It’s important to understand how to safely store your crypto and communicate your wishes with your loved ones, just like you would with any other valuable asset.
KNOW HOW YOUR CRYPTO IS STORED
You trade and store crypto in wallets, but not the leather kind. Crypto wallets can either be digital and managed on an app or website, or physical like a thumb drive. The kind you choose depends on what you intend to do with your crypto.
— HOT WALLETS: These are used for trading and purchasing crypto. The upside is they’re typically free and convenient, but the downside is they’re less secure because they’re always connected to the internet.
— COLD WALLETS: These are used to store crypto for a longer period of time. Think of it like putting your crypto in a freezer.
This story is from the November 05, 2021 edition of AppleMagazine.
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This story is from the November 05, 2021 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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