Has this originality succeeded in solving the most significant concern of cryptocurrency investors? It could be said with certainty that the cryptocurrencies are one of the most ingenious human inventions; cryptocurrencies have dismissed the governments, banks, and the commerce mafia along with their respective dominance in terms of financial transactions. Nevertheless, the question remains to be answered:
Why are investors still unwilling to convert their banknotes and gold into cryptocurrencies, and even still, reluctant to the idea of cryptocurrencies as capital resources, after many years since the cryptocurrencies have become conventional?
Three major problems are known as the chief obstacles in this regard. One could list them as it follows:
First – skepticism about the security of cryptocurrencies, the ways to protect and secure the cryptocurrency wallet,
Second – the poor transaction transfer speed of cryptocurrencies, which sometimes could take up to several hours,
Third – major concerns regarding the ownership of cryptocurrencies given the fact that the ownership is anonymous. There might be situations where the owner of the cryptocurrency has passed away or no longer available, and the heir(s) or legal representative(s) may not have access to the necessary information and passwords.
With the development of cryptocurrencies along with the incorporation of user and technology developers' experience, the security of crypto-wallets has been significantly improved through means such as activating Google's two-step password verifications, hardware wallets, and paper wallets.
The controversial issue about poor transaction transfer speed has been completely solved with the emergence of a new generation of cryptocurrencies, namely Deracoin and Ripple that have created a capacity for handling several thousand transactions per second.
The High Wallet cryptocurrency wallet is equipped with a feature that has never been implemented in any other cryptocurrency wallet when it came to solving the problem of transferring assets and cryptocurrencies to the heir(s) or legal representative(s) of cryptocurrency owners, in cases of death or user unavailability. This has led to High Wallet's popularity compared to the other wallets. The key strength in the High Wallet's design is that it allows asset transfers without requiring any identifications or details of the asset holder at the time of acquiring the wallet; many cryptocurrency asset holders are not willing to provide identification details for various reasons such as security, taxes, etc. Now let us see how this wallet has made it possible to transfer assets to the heir(s) or legal representative(s) without acquiring any identity details!
The holders of cryptocurrencies had no way of ensuring that their cryptocurrencies, some of which were the result of years of savings, were safely passed on after their death unless they provided their wallet password to someone they wanted to access the assets later. This method was considered highly risky; because, in case of a probable dispute between that person (trustee) and the owner of the wallet, it would be possible to withdraw assets from the wallet. Alternatively, if the trustee was not careful enough, the password could be stolen and therefore that owner's assets could be jeopardized. Another possible scenario could involve the holder not wanting to share their password in case the trustee(s) would exploit it, and check the holder's expenses or other details during their lifetime. The High Wallet solution allows the holder-user to create a second password, which is virtually inactive per usual and is only activated if the main user has not been online for 45 days in a row using the primary password. The main user could share the second password with any desired individual and set the second password to be activated on a given time and date, for example, 45 days after the main holder-user hasn't been active due to passing away or etc. The trustee(s) could use the second password to safely access the wallet and the assets inside. With this strategy plan, the holder-user is sure that the wallet will be unavailable to anyone during their lifetime and that they will not have to worry about losing their capital or it not being passed on to the heir(s) in cases of death. The wallet user can change the second password at any time or reset and change the activation time of the second password for any likely scenario of not accessing the wallet themselves.
Let us consider this instance:
Mr. Mark has some savings in his cryptocurrency wallet in the form of Bitcoin, Atrium, and Deracoin. He is worried about how his wife and children would have access to his assets in cryptocurrency after his death! He does not want to leave his wallet password to his wife or child because he is worried that his family would withdraw money from his account for any reason or that they would be informed of the wallet's balance and how he chooses to spend it. He is worried that his assets will not be passed on to his remaining family members after his death, the assets would remain in his wallet and waste away without being useful to anyone. As a solution, he chooses the High Wallet for his cryptocurrency savings, activates and sets the second password option, and selects any time he prefers for the second password to be activated. For example, the 25-day option. So, if Mr. Mark has not been online for 25 days in a row, the second password would be activated automatically. Mr. Mark then provides his wife with the second password and says that if he dies, the password would become active after 25 days and this case, they could enter his wallet and withdraw from his balance.