If Bitcoin (BTC) traders do not give anybody else accessibility to their wallets, their Bitcoin (BTC) may be lost for good on the blockchain in the event of their demise. Nonetheless, another alternative is to be provided to Bitcoin (BTC) holders by an exchange project.
According to a survey published in 2020, numerous cryptocurrency traders are concerned about what will become of their crypto assets once they die. 89% of the survey participants were worried about their assets being distributed to relatives or friends after their passing.
The CEO of Digital Financial Exchange (DIFX), Jeetu Kataria spoke for Cointelegraph on the significance of being able to give crypto assets to next of kin or loved ones in the event of a holder’s death. Jeetu Kataria said that the project has developed a blockchain nomination project through which users can select family, friends, or trusted persons to inherit the holdings in their crypto wallets should the holder pass away.
“Crypto is here to stay, and having this feature is necessary for securing the digital future. If you are an avid crypto trader like me, I am sure that the thought of who will inherit your crypto has come to mind,” said Kataria.
A blockchain-based approach, according to the CEO, guarantees that the validity of recipients is confirmed and not disputed. Kataria argues that the approach is more reliable and effective than handing out private keys and access details.
Though many traders may like the functionality, those who desire the autonomy afforded by the decentralized nature of blockchain may not be as thrilled by this development. Kataria, on the other hand, considers that centralization of this nature is essential to the mass mainstreaming of cryptocurrencies.
Kataria also argues that “centralization also puts a face and accountability for many of the projects in the crypto industry. This adds to the organization having consistency in its services and attracting more of the traditional financial markets.”
At the present Crypto Expo Dubai, DIFX unveiled the functionality as well as a new corporate brand. The system enables the exchange to achieve its goal of becoming more centered around the needs of the users. This is a technique for the DIFX team to alleviate clients of touchpoints and misgivings, according to Kataria.