Why You Should Share Your 12Key Seed Phrase With Someone

2 57

One of the first security instructions every Crypto newbie received as they were ushered into the Crypto space was " Don't ever share your 12 key seed phrases with anyone !!" .

What I'm about to reveal to you in this post will definitely change your mindset

Most decentralised wallets developers have deviced so many means of always reminding their users about the dangers of revealing these 12key password to any person by any means.

The emphasis on this single instruction made Crypto traders to embrace it as a Crypto gospel message. This literally made most traders guard these "12 key seed phrases" as if their lives depended on it . Some even went as far as burning it into chips and computer disks for safety.

Others deviced various means of safely storing these seed phrases like; depositing it in a private i-cloud platform like telegram, storing it in their Google mail accounts, writing it in a private journal amongst other numerous means.

But then, there's a part of the story we're obviously neglecting.

What part actually is this?

Have you taken a moment to imagine that scenario where the Crypto trader dies untimely leaving about 200 million dollars locked away in a hidden wallet with the 12key seed phrase known only by himself and himself alone 🤔

That's a good example of what I call "the tragic end of a massive fortune".

I know many have not taken time to imagine this. Some have but they're wishing it doesn't happen to them.

The core truth is that death is inevitable and it doesn't give a pre-information or warning before it comes.

So, we must be very ready for it at all times or else our case would be like the case of Gerald Cotten.

Yes! Gerald Cotten!

But who's Gerald Cotten and how does this relate to him ?

Gerald Cotten was the founder of QuadrigaCX, Canada's largest crypto exchange at that time. He and his new bride, Jennifer Robertson, traveled to India. Cotten, who had Crohn's disease, became ill.

Unfortunately, his health got worse, and he passed away soon after being admitted to the hospital.

QuadrigaCX revealed his death a month later through a statement by his wife Robertson.

This was where the narrative took a bizarre turn: Customers complained in the months leading up to Cotten's death that they couldn't get their money out of the exchange and that they were waiting weeks, if not months, to complete a simple crypto withdrawal.

Consumers were very upset and tensed. One consumer even told CoinDesk at that time "There's a bunch of caution bells going off in most people's heads right now,"

As it turned out, that consumer was correct. The exchange was taken down for "maintenance" on Jan. 28. Soon after, a court file acquired by CoinDesk showed that QuadrigaCX owed clients $190 million and that no one knew how to access the exchange's reserves at the time.

His widow testified in court that Cotten's laptop was encrypted, that she was never given the password or recovery key, and that Cotten was the only person with access to QuadrigaCX's cold storage system.

😳🤯 What a tragic end of a massive fortune?

In other words, this obviously means that Cotten's death have resulted in the loss of about $190 million in cryptocurrencies locked away forever. (NB: there are also many other theories revolving around this mysterious story but the facts are that Cotten died without revealing his recovery phrase)

Sponsors of AngeloMario

The Icing On The Cake : Crypto Next Of Kin

The truth is that the cryptocurrency space is a secret space filled with a lot of anonymity and covert operations. For one to thrive in the crypto space,one has to attain a certain level of secrecy.

But despite all these facts, it's necessary for one to have a Crypto next of kin so as to prevent these loss of funds when death occurs.

How can we do this?

Just go ahead and share your 12 key seed phrase with your most trusted relation , sibling or even your child so that when death occurs,he or she can access the funds being left behind

I also suggest that centralised exchanges should incorporate the use of next of kin or benefactors for the sake of the inevitable death. They can do these by requiring a wallet address of the proposed next of kin and beneficiary during registration, KYC or validation.

I bet you that there are hundreds of wallets harbouring millions of dollars in crypto locked away forever without means of accessing them

Let's put an end to this tragic end to massive fortunes

I humbly drop this mic here!😋✌️See ya!

Lead Image source

$ 0.94
$ 0.91 from @TheRandomRewarder
$ 0.03 from @HappyBoy
Sponsors of AngeloMario


Yes you're absolutely right As I also lost my previous account and my earnings coz I forgot my seed phrase.

$ 0.00
2 years ago

Wow... I'm so sorry for that...You will be more careful next time

$ 0.00
2 years ago