09-04-2022, 11:33 PM
Why Can't Wallets Set Beneficiaries To Auto-Transfer Funds If I'm Dead[Or Inactive]
<!-- SC_OFF --><div class="md"><p>This really struck me yesterday. There are many wallets with loads of funds for which keys have been lost or just have been forgotten about and the wallet will never be accessed again. Why don't wallets have a feature to allow me to set a beneficiary wallet so that for whatever reason, my funds are transferred to a family/friend's wallet? It could be as simple as if the wallet isn't accessed after x years, to auto-transfer to another wallet. This is a very simple feature and I have never heard of it being implemented. May it has but it's definitely not widespread. Outside of death or illness, this even helps if you lose your keys/password/seed phrase.</p> <p>We like to talk about crypto being the future but this is one thing small thing traditional finance seems to have over crypto. That being various ways to manage or hedge your investments. This particular feature should be an easy fix and I think everyone would very much welcome the feature.</p> <p>This could also be done through a smart contract that holds user funds in escrow. The user can request and use their funds like normal or if funds aren't requested after X years, it is sent to a certain address. Of course, this is quite roundabout but would still be appreciated.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x5ymo4/why_cant_wallets_set_beneficiaries_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x5ymo4/why_cant_wallets_set_beneficiaries_to/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>This really struck me yesterday. There are many wallets with loads of funds for which keys have been lost or just have been forgotten about and the wallet will never be accessed again. Why don't wallets have a feature to allow me to set a beneficiary wallet so that for whatever reason, my funds are transferred to a family/friend's wallet? It could be as simple as if the wallet isn't accessed after x years, to auto-transfer to another wallet. This is a very simple feature and I have never heard of it being implemented. May it has but it's definitely not widespread. Outside of death or illness, this even helps if you lose your keys/password/seed phrase.</p> <p>We like to talk about crypto being the future but this is one thing small thing traditional finance seems to have over crypto. That being various ways to manage or hedge your investments. This particular feature should be an easy fix and I think everyone would very much welcome the feature.</p> <p>This could also be done through a smart contract that holds user funds in escrow. The user can request and use their funds like normal or if funds aren't requested after X years, it is sent to a certain address. Of course, this is quite roundabout but would still be appreciated.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/OneThatNoseOne"> /u/OneThatNoseOne </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x5ymo4/why_cant_wallets_set_beneficiaries_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x5ymo4/why_cant_wallets_set_beneficiaries_to/">[comments]</a></span>