Episode 3: CZ teaches us how to be #SAFU

The CEO of the crypto exchange more large, important and famous of all; Changpeng Zhao (CZ) and Binance, gives us a number of important tips to keep our hodls of crypto assets that secure. Before, in the crypto-verse the issue of security was seen as a secondary objective for the companies that provide some type of service. But it is a matter of watching the news years ago, and see the amount of hacks that are generated day-to-day. But, with the price of the criptos on the rise, and the crypto market more and more full of life; and regulations, things could not continue as it was. And fortunately the number of hacks has diminished. Therefore, here the advice does not give the leader of Binance, Changpeng Zhao. If you missed the first part, you can read it here. Or the second installment at this link.

3. Leave your credentials to your family in case of an emergency

The truth is that we are not eternal, nor much less. Although the technology has advanced at an astonishing rate, and the longevity of the human being continues to grow; we have not yet found the secret to eternal life. And situations like the one you are living in the mankind today; with the crisis of the coronavirus ? make us reflect on what delicate that we as a human race. Now, once you taken the measures suggested to us by the CEO of Binance, CZ, the question we must ask is: what do In case of an emergency or of our inevitable death, I have a plan of action with my hodls? In the case of a disease that my family can access my criptos to save my life? Although the issue of inheritance is not very commented in the criptoverso. The truth is that through the criptos the transfer of capital from one person to another through an inheritance can be performed without the intervention of a third party; as the state; which has generalized the estate tax in recent years. Then, it is perhaps through the criptos the best way of inheriting money.

CZ: There are endless options

Again, Changpeng Zhao tells us that there are multiple ways to create that last plan of action with our hodls. Existing kaspersky from approaches of low security as a message on a sheet of paper, or write it on a piece of metal, as suggested by CZ in the second episode of this series; and upon any emergency; that our families are informed that there is the possibility of emergency use or inheritance. As you can imagine, there are also endless problems with this; as a lack of media suitable for storing your access credentials, whether they be Seeds or Private Keys. Any person, or hacker in case you store on-line. That might take your money at any time they wish. It is possible that you want to or not, depending on your relationship of trust with them. I recommend not to share the keys among the people, regardless of the relationship, for the simple reason that, if the funds are moved or stolen, it is impossible to determine who moved or who violated safety, ” says CZ. We might think then that can leave your piece of paper or tag of metal in a vault of a bank or a lawyer; as is usually transpasan inheritance. But, as mentioned above, if any of these third-party obtains a copy of the seeds or private keys, you can move the funds very easily.

What is the best method for leaving an inheritance?

As we mentioned in our previous two episodes; that we recommend extremely that you read. If you use the method of the USB memory is encrypted, you’re probably taking the best option. But, for those who still don’t trust their technical skills; or the members of their families in case of death or emergency; to encrypt and decrypt the information. There are online services called Dead Man’s switch dead man’s). This type of service sends an e-mail message newspaper; in the that there is that let you click and log-in to prove that one is still alive; or, in a perfect state of health. If you do not respond by a certain time; then the application will assume that you no longer able to; and then send an e-mail message; text; or call to the recipients that you choose.

I have not used any personally, but; follow all the advice that I have given to the choice of a similar service. Said the CEO of Binance.

Final message of Changpeng Zhao

After this interesting, but terrifying series; which has made us doubt if our cryptocurrencies are really secure. CZ we closed with the following sentence to calm down a little. If you can follow the advice shared so far, then you have reached the basic level; but it is not advanced to store a significant amount of criptos yourself. The question that comes up is the following: If we have not complied with most of the recommendations of a beginner’s level? What intermediate or expert we’re not meeting?. Best to follow most of these recommendations to be #SAFU.

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