Disaster Plan
It really seems you can't turn around these days without there being some kind of disaster. In just the past week I can think of at least two or three major disasters that have touched the United States. Add to that the ongoing invasion of Ukraine and it can really put things in perspective for you.
All of these things serve as a daily reminder that our life on this planet is pretty short. Anything can happen at any given moment and it is important to be prepared for the absolute worst.
The fact that you are here reading this tells me that you are likely invested in crypto. Given that fact, it is also safe to assume that you see crypto as a way to provide some kind of stability or security for you and/or your family.
The question is, how much does your family really know about crypto? I've talked about this scenario in posts before, but let's imagine for whatever reason you are gone... will the people you leave behind be able to access your crypto should they need to?
I remember from that past post some of you do have a plan and that is great. You either have things written down or you have someone you trust that knows enough about crypto they can get done what needs to be done.
Many of us (including myself) might not be able to say the same.
I do have some stuff written down and my wife has a cousin who owns a blockchain business, so I have no doubt he could walk her through it, the problem is finding everything.
For Bitcoin maxis it is pretty easy. They have maybe one or a handful of addresses that they keep their tokens in. Probably the worst case for a maxi is that they have one or multiple hardware wallets that you need to figure out. At the end of the day though as long as you have the seed phrases you are still good.
For those of us who have branched out a bit more, things aren't quite so simple...
Think really hard for a second, can you list:
- Every Liquidity Pool you have funds tied up in?
- Every platform/account you hold NFTs on?
- Every token on Hive you have staked?
- Every token on some other chain you have staked?
- Every centralized exchange you might have tokens sitting in?
- Every Metamask account you have tokens in?
- Every mobile wallet app you might have on your phone or desktop that has tokens in it?
As you can see, it could be pretty messy for that non-crypto or worse yet non-technical person that might need to recover your funds. Chances are I only touched on a fraction of scenarios that your funds/tokens could be involved in.
Worst case, they don't even know about it and the funds just sit out there never getting recovered for the rest of time. A slightly worse case would be knowing the funds are there but you are unable to access them. I say slightly worse because eventually you would probably be able to find someone to help you access them. But who really knows...
When is the last time you took an inventory of all the blockchain assets you hold? In all honesty I can verify that I never have. I need to change that. At the very least so I can have an idea of what all my holdings are.
At the very least it gives me an idea of holdings I might be able to consolidate. Ultimately, I can start creating a plan for someone (that's not me) to access those tokens should it ever become necessary.
Until crypto becomes more mainstream, there are still quite a few barriers for the general computer user to overcome. It's important in the process of this life changing wealth that we also give the people we care about the means to access it should something happen to us.
Just like businesses have disaster recovery plans in the event of the unthinkable, I think we should also have individual recovery plans for our crypto.
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