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Douglas Mccoy

Bitcoin Inheritances: A Guide for Heirs and the Not-Yet-Dead

If you've just inherited Bitcoin or other crypto from a loved one, you're about to dive into a whole new world of logistics. Unlike traditional assets, accessing crypto can sometimes feel like searching for buried treasure. Here's what you need to know to navigate the world of crypto inheritances, and how to properly plan for your own. Locating Crypto Assets After a Death When someone passes, their digital assets — including crypto — become part of their estate. But unlike bank accounts, there’s no obvious paper trail for crypto. Here’s how to go about finding it: Look for Clues: Check emails, devices, wallets, and password managers for any trace of crypto. Messages from exchanges like Coinbase, Binance, or Kraken, or apps like Trust Wallet and MetaMask, might point you in the right direction. Search for Private Keys and Seed Phrases: If the person kept their assets in self-custody (like on a hardware wallet or with a Web3 wallet), you’ll need to track down the private keys or recovery phrases. These might be written down, stored in files, or even hidden in encrypted photos. Exchanges vs. Self-Custody: If the assets are on an exchange (Coinbase, Binance, etc.), accessing them is more straightforward. You’ll need documents like a death certificate and proof of your relationship to the deceased to access the account. Self-custody assets are trickier, as you’ll need the correct passwords or private keys to access them. Transferring Assets Once you locate the crypto, it should be securely transferred to a location controlled by the estate or the inheritor. It’s crucial to do this cautiously: Test Transactions: Before transferring large amounts, always do a small test transfer to ensure everything works smoothly. Security: Be careful with unauthorized access. Some exchanges and wallets may consider accessing someone else’s account, even with the right credentials, as a violation of their terms of service. Estate Planning: Preparing for the Inevitable For those planning to pass on their crypto wealth, here’s how to ensure it’s easily accessible when the time comes: Wills Are Not Enough: Simply adding crypto assets to a will is not enough. You must ensure that the person inheriting your assets knows where to find them and how to access them. Backup Keys: Write down your seed phrases and passwords and store them in a secure location — like a fireproof safe or safety deposit box. Make sure your loved ones know where to find these backups. Trusts for Crypto: If you hold significant crypto wealth, you may want to consider setting up a trust. A trust ensures your crypto is managed according to your wishes without going through the public probate process. However, it requires legal and financial planning and may cost upwards of $20,000 to set up. Services to Help Several services have emerged to help with crypto inheritances: DGLegacy: Offers a “heartbeat protocol” that monitors social media and sends check-up messages, alerting beneficiaries if something happens to the account holder. Casa: Provides a service that includes hardware devices and recovery tools for managing crypto inheritance. InheritIt: A service that allows multiple beneficiaries to share ownership of crypto assets, while keeping the keys secure. Final Thoughts Planning for your crypto inheritance is essential, especially if you want your loved ones to benefit from your digital wealth after you’re gone. Whether you use a trust or just make sure to leave clear instructions and backup keys, ensuring your crypto is easy to access will save your heirs a lot of headaches. Remember, it’s not just about passing on wealth — it’s about making sure your hard-earned crypto doesn’t disappear into the void. Start planning today! 💡 #Finance #Make money#CryptoInheritance #Bitcoin #EstatePlanning #CryptoSecurity #CryptoEstate

Bitcoin Inheritances: A Guide for Heirs and the Not-Yet-Dead
Diana Armstrong

🧠 Diana’s Guide: Questions About Virtual Currency

✨ You’re new here? Perfect. Let’s break down some of the biggest questions people have when stepping into crypto. 📍1. Where does the credibility of crypto come from? Will it collapse? 🔹 Code Rules Bitcoin has hard-coded rules: Only 21 million will ever exist New coins are mined every ~10 minutes Rewards decrease over time These rules are public and can't be changed. 🔹 Network Consensus If enough people use it and agree on its value, it holds worth—like any currency! 🔹 Decentralized Operation There’s no CEO. No central bank. Just a global network running the same software. 🔹 Transparency Every transaction is recorded on the blockchain—open for anyone to see. ❗But can it collapse? Yes, and it has. Projects like LUNA or FTX collapsed due to bad design or fraud. So don’t believe “every crypto is safe.” Only strong, decentralized projects like Bitcoin or Ethereum have real staying power. 🎮 2. How are items turned into NFTs in games? In blockchain games: Weapons, skins, pets = can be minted as NFTs NFTs give true ownership to players You can trade them without needing the game company’s permission 🧪 Example: You win a rare sword. The game turns it into an NFT. You sell it on a market. Boom. 💡 But not everything should be an NFT. Good NFTs: rare skins, event tickets, digital certificates. Bad NFTs: random screenshots, low-effort images, copy-paste junk. 💵 3. Do cryptocurrencies tie to the US dollar? Most crypto like BTC and ETH = ❌ not tied to USD They float based on market demand. Prices go up and down. But... there’s a type called stablecoins, and these are tied to USD: Stablecoin How it works USDT/USDC Backed by real dollars in a bank DAI Backed by crypto collateral UST (failed) Algorithmic, no real backing ❌ They help people use crypto like dollars—stable for payments and trading. 🌐 4. In the metaverse, does money need to link to real-world currency? Not always. You might use in-game tokens like MANA, SAND, or ETH inside virtual worlds. But once you want to cash out (buy groceries, pay rent), you'll need to convert to USD (or your local currency). ⚠️ If USD collapses someday? Crypto might also take a hit—because many coins are still priced in dollars. This is a real risk people are thinking about. 🕹 5. In GameFi, who gives out the money and how do companies make profit? GameFi = games + finance 👾 How do players earn? NFTs and tokens come from smart contracts (pre-coded rules) You earn them through gameplay: mining, battling, trading 💰 How do companies earn? Selling NFTs early (like land or characters) Taking a cut of every trade Holding their own tokens Selling premium features Launching governance tokens (used for voting, also tradable) 🚨 But! If no new players come in, or if token prices drop… → That’s how many GameFi games collapse. So, only games with real use cases and long-term plans are sustainable. ✅ To Summarize: You asked... What it really means Can I trust crypto? Depends on decentralization + code Can it collapse? Yes. Many already have. What’s the dollar link? Crypto still priced in fiat today Who gives out game rewards? Smart contracts + coded logic How do GameFi firms profit? NFT sales, token holdings, etc 🙋‍♀️ New to crypto? Don’t worry, Diana’s here to break it down for you—one post at a time. Follow along for more beginner-friendly guides. 🌸 #Finance #Make Money #crypto #Economic #NFTsForBeginners

🧠 Diana’s Guide: Questions About Virtual Currency
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