Ask Leo- When inheriting a Cryptocurrency, hold it, sell it, or don't sell it?
Bitcoin, Ethereum, and other cryptocurrencies are gaining more popularity that people are planning to leave it behind for their heir. With the Benefits surrounded with crypto many people are looking for ways to make money with them. But for those who are unfamiliar with cryptocurrency, it's a digital currency that's difficult to trace and is not tied to a bank account. However, if someone dies, and the heirs don't receive a bill from the government. Instead, they receive a digital wallet with the entire amount of their inheritance. It's a very unique concept, and I wanted to find out how people with cryptocurrency decide what to do with it when they inherit it. Because there is a lot of talk about the value or no value when Crypto is been inherit. Some people believe in the value of owning it and some people believe in exchanging it for cash. There are different opinions on how one should handle their cryptocurrency inheritance but all are complicated.
When inheriting a cryptocurrency, it is important to know what you are inheriting and the benefits of what you inherit, the risks and so on.
I say you should know what type of cryptocurrency you are inheriting, as different coins are more likely to be more beneficial than others. Knowing this with the current market price of that cryptocurrency. If the cryptocurrency is undervalued, that will give you clue maybe you should sell it and make a profit. If the cryptocurrency is overvalued, you are likely to lose money if you sell. Other way keeping it might also be risk for you if the makert devalued and your inheritance can easily end up worth nothing in the future. So so complicating....
When inheriting cryptocurrency, what should you do?
When you inherit cryptocurrency, you have a few options. You could hold onto it and keep it for future use, sell it, or do nothing with it. If you decide to sell it, you can choose to sell it for fiat currency or to sell it for another cryptocurrency.
If you hold it for long term it might be the best option in someway for those who don't know what they want to do with their cryptocurrency. Holding it for the long term can be the best option because it will help you figure out what you want to do with your cryptocurrency while you avoid any losses. Selling it and buying another one is the second best option because you will be able to profit if you sell it at a higher price. Don't sell it and don't buy another one is the third best option because you will be able to avoid any losses. But all these are not guarantee, remember this is Crypto and it's volatile it can easily be crash, and if you sell at that moment you inherit it, you can endup regretting later why you sell it. Vice versa and complicated issue.
What are your thoughts on what to do with Crypto inheritance?
Thank you for your attention ๐๐
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