You can now pass on crypto with Casa’s new Bitcoin inheritance service

2019-10-17 22:46

Inheriting Bitcoin has now become a feasible reality, thanks to a new service launched by crypto custody startup Casa. The inheritance service and protocol, called Casa Covenant, allows users to securely pass on their Bitcoin holdings through estate lawyers.

Casa offers a solution to the question of what happens to your Bitcoin holdings after you die

What happens to your crypto holdings after you die isn’t a pleasant thought to have, but it’s one that crypto custody startup Casa set out to answer. The company, known for its Bitcoin multisig key security and Lightning Bitcoin nodes, debuted a platform that helps users pass on their Bitcoin holdings in a secure way.

In an Oct. 16 tweet, the company announced the launch of Casa Covenant, a Bitcoin inheritance service and protocol.

According to the company’s blog post, three things can happen to your Bitcoin holdings after your death. The first, and probably the worst option, is that your private keys die with you and your Bitcoin holdings are lost forever.

The second, slightly better option, is that you share recovery instructions for your holdings with an heir. While the funds can be easily recovered, they can also be easily stolen, making this a risky option. Another option is using a custodian to manage your private keys, but this option also carries significant risk. Casa also noted that not many custodians have inheritance protocols in place, which makes the whole move obsolete.

Bitcoin inheritance made safer with multisig

These are just some of the problems the company set out to solve with Casa Covenant. To make the process as seamless and secure as possible, Casa spent 10 months creating an inheritance protocol.

According to the company’s blog post, they created a set of steps that users of their Keymaster custody service can work into their will. Casa integrated multi-signature technology with the existing legal system infrastructure that deals with estate planning.

The inheritance process is simple—it adds an optional 6th key to Casa’s 3-of-5 Key Shield. That means that three out of six keys can be used to recover a user’s funds. The 6th key is held by the user’s estate lawyer.

As one of the three recovery keys is held by Casa, the company said that the third “safe key” has to be kept in a deposit box under the client’s name. This will allow the executor of the will to access it with a court order and keep it safe from theft.

However, the company said there are still a lot of things that need work, which is why Covenant will not roll out for all Casa’s customers at once. Casa Diamond members can now join the waitlist for the inheritance service, which will be added to other membership levels in the future.

The post You can now pass on crypto with Casa’s new Bitcoin inheritance service appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 61380.58 (+0.19%)
Объем 24H $28.924b
Изменеия 24h: -2.22 %, 7d: -2.82 %
Cегодня L: $61143.86 - H: $63088.03
Капитализация $1208.965b Rank 1
Цена в час новости $ 8063.62 (661.2%)

bitcoin casa service new inheritance pass crypto

bitcoin casa → Результатов: 51


Casa CEO Says Square Cash App Adding Lightning Network Support Would be Huge

The Lightning Network (LN) seems to be having a good moment in social networks. The founder of Twitter Jack Dorsey has been giving several positive comments related to the LN and Bitcoin (BTC). During the last year, the development of this second layer scaling solution for Bitcoin has experienced impressive growth. Now there are more […]

2019-2-12 02:22


Суточный объем BTC-транзакций вырос до уровня января 2018

По данным transactionfee. info, суточный объем транзакций с биткоином увеличился до уровня, которого не наблюдалось с января 2018 года, когда цена главной криптовалюты достигла $20 000. Некоторые участники отрасли считают это показателем эволюции криптовалютной системы и ее основных характеристик.

2019-2-8 15:45


Фото:

‘Market Will Catch Up’ – Bitcoin Network Statistics Show 2018 as ‘BUIDL’ Year

Bitcoin had its year of “BUIDL” in 2018, with everything but price “improving and growing,” Statoshi. info creator and Casa Hodl CTO Jameson Lopp has revealed. What’s In A Bitcoin Price? In a retrospective of the Bitcoin network published January 1, Lopp, a serial commentator on technical and wider issues affecting cryptocurrency, came out highly bullish on the future.

2019-1-2 21:00


Джеймсон Лопп объяснил принципы безопасной работы сети Bitcoin Core

В последнее время в адрес разработчиков Bitcoin Core поступает немало критики. Нередко их подозревают в том, что они завладели контролем над сетью биткоин. За них решил вступиться технический директор стартапа Casa Джеймсон Лопп, по праву считающийся ветераном криптоиндустрии.

2018-12-17 16:31


Фото:

Джеймсон Лопп рассказал о безопасности биткоина

Технический директор стартапа Casa Джеймсон Лопп объяснил, как построен процесс у разработчиков Bitcoin Core, которых периодических упрекают в захвате контроля над сетью биткоина.

2018-12-17 21:00


Фото:

Джеймсон Лопп: отсутствие единой точки контроля – основа безопасности биткоина

Ветеран криптовалютной индустрии и технический директор стартапа Casa Джеймсон Лопп ответил на критику в адрес разработчиков Bitcoin Core, которых периодических упрекают в захвате контроля над сетью биткоина, рассказав, как в действительности устроен весь этот процесс.

2018-12-16 18:02