Month: July 2021

On this blog, we often talk about the merits of cryptocurrency – but today I want to dive deeper into another topic: what happens to your crypto assets if you die, and how can you protect your inheritance?

It is wise to ensure these precious cryptocurrency assets are properly accounted for and protected. As such, it is important to have an estate plan in place. This not only entails having language in every will and trust to ensure proper administration of cryptocurrency in the estate. It also entails attention to the picking of fiduciaries to handle these assets.

Here are two simple steps to safeguard your assets for the next generation.

Step 1: Identify Assets and Create an Inventory

What most people underestimate is the large information gap between you and your next generation. Due to the nature of most cryptocurrencies which rely on blockchain technology, various types of cryptocurrency have so far been treated as property. This is dependent on the various laws in different states and/or countries.

As such, you need to be aware that the transference of such property might incur costs or bring in profits. Further, it may be difficult to locate these assets if your loved ones are not aware of their existence in the first place. Another difficulty that may arise is the failure to disclose the private keys to your crypto wallet. All this misinformation will lead to confusion and possibly loss of your assets.

Luckily, all you require to sidestep this mess is to simply create an inventory for your next generation. This digital inventory should include details of your digital account, instructions to access your private keys, details of any custodian or crypto exchange or 3P provider. These details need to be updated regularly as well.

Needless to say, one must safeguard against the possibility that this inventory falls into the wrong hands. This can be done by storing this inventory in a safe place, with proper passwords.
A possible solution could be to entrust this inventory with your probate attorney. Also remember to have backups in secure places.

Step 2: Have a Carefully Drafted Will

Your Will will play a part to safeguard your future generation’s inheritance. It could contain instructions on how your digital estate should be administered, who should administer it, whether these accounts should be closed or transferred etc.

Essentially, you should develop a plan as to who you want inheriting what type of asset, and how you can make that happen. Given the different nature of each cryptocurrency and the wide variety of digital assets in the market now, you would also need to consider the national and/or state laws. You must ensure that your plan is also legally feasible.

Another interesting way to make your Will secure is to harness blockchain to create a distributed ledger of wills. This would ensure that your after-life decisions are reliably recorded and secured. Academics have touted the benefits of having a blockchain Will – it will serve the true purpose of will formalities to serve as a binding directive for the distribution of your property.

Start Making Plans Now

For investment savvy people, blockchain will become an essential part of your asset collection. While these two simple steps will not be sufficient to safeguard your inheritance completely, it outlines the process to doing so. The hardest part is always the effort in taking time to sit down, processing, and consolidating your assets. The easiest part is that you have the tools to get started right away. Just grab that pen and paper, start recording, store it in a secure place, and take heart that your children and loved ones have a roadmap to your treasures.

If you are keen to obtain more detailed advice on how to protect your assets for the next generation, you should find a probate attorney. I use a probate attorney near me that has walked me through the intricacies of planning my Will and provided an in-depth analysis of my estate – I would highly recommend you do the same.

A probate attorney will also be able to explain the laws governing your state and/or country, and help you develop a plan for this. This could include a testamentary trust to hold your assets and provide a roadmap for the distribution of your wealth, even if you are not using cryptocurrency.

It is never too early to plan. If you are young and passionate about crypto, then you should start your digital asset planning now. A good estate plan is not about keeping your assets in a vault for your descendants. It is about leaving them a legacy to work for and to pass down the family tree.

I hope that this piece gave you some food for thought on how you can protect your assets so that your children and loved ones will never have to go through the pain of losing their inheritance. You’ve worked hard, don’t let it go to waste!

Guest submission by Lynn R.

Do you know that feeling you get when you browse through your grandparent's house and stumble upon the numerous albums compiled of your parents as teenagers? After having a good laugh and poking fun at your mother's bizarre outfits and your father's ridiculous choice in hairstyle, do you ever stop to ask yourself why those photographs evoke such a warm and nostalgic feeling?

In this day and age, with approximately 5.27 billion people in possession of a mobile device, current photographs are taken through smartphones which are meant to serve as a more convenient and fast-paced medium for capturing photos. However, due to this more and more photos are starting to become less personal and sentimental. Continue reading to find out why.

Texture and Grittiness

Since the invention of the smartphone in 1992, people have been using a myriad of editing applications to alter and conceal blemishes in photos. Whether that be a skin-related blemish or a defect in the scenery of a photo that one simply wants to remove in order to achieve the “perfect look”, digital photos simply tend to look too clean and unrealistically flawless. Photographs taken on an analog camera undergo a process called photographic processing in order to be developed. This means that after the photograph is taken and is processed in the camera it is no longer able to be modified.

Due to the unalterable nature of these photos, they over time often accumulate texture and grit or stochastic resonance that you cannot obtain with digital photos. These components better explain why some actually prefer analog photography over digital, one theory professes that this is because we humans are naturally imperfect and we are habituated to flaws and blemishes. Thus, seeing these imperfections in photographs is very much relatable and attracts us to its naturalistic elements.

Color and Emotion

Color plays an imperative role in our psychology and emotions. Color psychology is a branch of study that strives to determine how certain colors e.g. red, orange, and yellow which are traditionally warmer colors tend to make us feel warm or aggressive or how other colors e.g. green and blue can make us feel calm or depressed. That being said, when we apply color to photos they drastically affect the emotions that come with it.

Unlike digital cameras which capture one of three primary colors, most analog cameras tend to have a natural hint of blue filter— some even have red or yellow filters. This helps explain why some associate photos captured with an analog camera with nostalgia, sadness, and calming sensations. Color influences emotion.

Nostalgia and Memory Associations

Taking it one step further from the idea that colors influence emotions, we can delve into the concept that emotions such as nostalgia, especially, are notorious when looking back on older photos as they are linked to memory associations.

This may seem like a given, but when humans feel an emotion that is associated with a memory, a part of their brain called the amygdala becomes activated. This aspect of color and emotion delineates how much of an impact analog photography can have on our brain physiology.

Lack of Editing and its Unalterable Nature

The era of technology has generated a highly editable world in which users are constantly altering and concealing things across multiple platforms. Blockchain, on the other hand, has made it virtually impossible to alter or hack the system which is why it is extremely valuable in distributing photos (or any information) across entire networks.

Similarly, analog photography works in this exact manner. As mentioned in the texture and grittiness section, after taking a photograph using an analog camera the photo is unable to be amended, and in other words, it solidifies the moment captured, along with its blemishes and flaws, and is impossible in altering or concealing it.

Despite the several advantages of analog photography, one factor that digital photographers seldom have to face is the fact that over the years many photographs tear, warp, and become damaged. Even though stochastic resonance may be a component as to why some enjoy analog photography, too much white noise (otherwise known as grain), could result in an unviewable image. That is why it is important to use the best photo restoration service, to ensure that your beautiful photographs can stay intact for years to come.

Digital and analog photography both have their own benefits, and digital photography is certainly at its peak usage today. But when deciding between the two, one shouldn’t completely eliminate analog photography, as it is evidently a highly suitable form of capturing astounding photos. So next time you visit your grandparent’s house and glance over the silly pictures of your parents, try to acknowledge the beauty in each photo and the incredible influence analog photography obtains.

Studying cryptography, computer science, and math are some of the most difficult things that you can put yourself through during college. This post today is about tackling the challenges and mental strains involved in studying such difficult and challenging topics.

If you're feeling anxious, depressed, or buried in existential dread, take it as a sign: your body is asking you to make a change. Especially as students who live in a perpetually changing social landscape, we can't always expect our old routines to suffice.

But where to begin? What changes can I make for my mental health?

There are ten thousand corny, droning self-help videos on YouTube (that might even be an understatement). Nothing that helps you take action.

Below are some areas of growth to focus on, as well as curated resources that help you jump straight in -- while staying relatable and approachable.

Challenge your self-limiting beliefs

When you believe you’ll fail, you stop trying. And then you never have a chance to prove yourself wrong! That’s how self-limiting beliefs creep into our brains and stay there. But they’re not stuck forever, and you’re not doomed to self-sabotage.

Shut down social anxiety with a mental checklist

Even if you don’t identify as having social anxiety, who hasn’t been in a social situation and wondered if they were doing ok? When we get stuck on thoughts about how others perceive us, we become less present in conversation, and turn our initial worry into a self-fulfilling prophecy.

So instead of worrying, just familiarize yourself with a couple of social skills checklists – no more unnecessary second-guessing in social situations.

Heal old wounds

Have you heard of the concept of your “inner child”? It’s the part of yourself you may not even be aware of, that absorbed all your childhood hurts and made assumptions out of them. Your inner child can dictate much more of your conscious reality than you realize, so tackle anxiety and depression by getting in touch with child-you. This can look like writing a letter to your inner child, starting therapy, or confiding in someone about childhood difficulties.

Sharpen your listening skills

The better a listener you are, the better you can connect with others. Strong social bonds are a major predictor of mental wellbeing, so the benefits of this small personal tweak will be felt directly and indirectly. Read up on easy ways to listen more effectively, and look for opportunities to practice listening more often.

Defend against the Sunday Scaries

Especially when you have the freedom to schedule your classes, the Sunday Scaries may show up all throughout the week. Performance anxiety and the pressure of your future career don’t help! But there are ways to reframe and strategically approach your workload, so that it doesn’t infringe on your relaxation time.

Students face all kinds of exhilarating and meaningful challenges within class; mental health challenges, on the other hand, drain your lifeforce and your ability to engage with positive opportunities outside of class. Luckily, some special attention to key pillars of emotional health can help students stay stable with minimal effort.