Why it matters Its important that any wealth, including CryptoCurrency is reunited with the beneficiaries when the owner dies. While there is no
Why it matters
Its important that any wealth, including CryptoCurrency is reunited with the beneficiaries when the owner dies.
While there is no doubt that virtual currencies have captured the imagination of half the world, it has somewhat also confused the other half. But irrespective of which half you belong to, there is no denying that today, you would be hard-pressed to find individuals, governments, banks, and even businesses that haven’t jumped on the cryptocurrency bandwagon.
Marie-Antoinette Tichler’s interest is personal. In 2005, her ex-husband — the father of her son — was murdered. He didn’t have a will, and Tichler had no way to access his money, which legally should have gone to their son. “I am convinced there are still thousands of dollars hidden somewhere,” She says. Learning about digital currencies made her realize how prevalent this problem could become once bitcoin millionaires start dying, She adds.
Bitcoins are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when Bitcoin owners die, their digital fortune will be out of reach forever. That’s a major problem for the relatives of tech-savvy individuals who have invested in a market currently worth about $70 billion.
Cryptocurrency has been enjoying its 15 minutes of fame for about 15 years. And while bitcoin is still king — with a value of more than USD 8,386.63 [approx Kshs. 842,042.30] as of this writing. Regulation, meanwhile, has been minimal. Tichlers straightforward insights make the digital currency seem as unintimidating as sending mpesa.
Tichler the host of “CryptO Vlog: and brains Behind the Blockchain” on Amazon and Roku’s Cryptocoin Channel has substance along with style. The 47 year old self-declared “CryptOprah” gets passionate when speaking about her favorite subject: the blockchain.
Propelled by Tough Childhood
Born to teenage parents, Tichler didn’t have an easy childhood. But was determined to do something important with her life. An accomplished athlete, she had set sights on the Olympics, until her parents dissuaded her. She then joined the US Air Force and served in Germany. Her fascination with computers begun in the army. After she left, she worked with a number of doctors’ offices to institute electronic medical records. A go-getter, Tichler formed the nonprofit Texting Organization Against Distracted Driving, to encourage responsible technology use among kids
Always a self-starter, in 2016, Tichler, 47, had never heard of cryptocurrency. However, when her 25-year-old son explained bitcoin to her in 2016, “I was hooked!” Tichler exclaims. “I thought, ‘This has a huge ability to change our lives.’” But after some research, she had a striking thought: If cryptocurrency is so protected, what happens to it after you die? And the idea for Tichler’s digital assets management startup, C2Legacy, was born.
She saw a prime entrepreneurial opportunity in crypto and begun attending bitcoin seminars and steeped herself in digital currency research. She recruited several friends and together they developed the C2Legacy platform: a private ledger account that creates a digital “certificate of estates” for clients. Their technology uses Social Security records to verify when someone has died and can then securely distribute their assets. C2Legacy also has a partnership with EstatePass, which allows users to create a digital will for any online account — social media, credit cards.
The legal hurdles might be even tougher. Regulations that govern wills vary among states in the US but are typically based on laws written in the 16th and 17th centuries, when the “blockchain” was a way to keep prisoners from running.
Bubble or Entrepreneurial Streak
Tichler’s platform is still in development, and doesn’t have any active users yet, however later this year the several hundred people on EstatePass will be given access to C2Legacy. Tichler is on the hunt for funding from investment firms. The six people she works with currently are all volunteers.
Tichler is either onto a financial fad, which will fizzle off sooner than later, or she is onto something pretty time will tell.
What’s more is that the ultra-rich are starting to get into Bitcoin investment themselves. Recently, Bitcoinist reported how the Rockefeller family is placing a multi-million dollar bet on the bright future of cryptocurrency following the footsteps of billionaire George Soros and the Lichenstein crown prince just to name a few.
Time will tell!