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Who Owns Most Bitcoin Cash? What Happens if a Bitcoin Owner Dies?

At the time of writing, bitcoin cash (BCH) is trading at $875 per BCH, making it the third most valuable cryptocurrency by market cap. According to a recent report from BitInfoCharts, bitcoin cash currently has the third-highest 24-hour trading volume of any cryptocurrency, trailing only behind bitcoin (BTC) and Ethereum (ETH).

With its current price and volume, it’s clear that BCH is one of the top cryptocurrencies by market cap and popularity. However, who exactly owns all of this BCH? And what will happen if one or more of these owners dies?

How Many People Own Bitcoin Cash?

While we don’t know how many people own bitcoin cash (BCH), we do know that most bitcoin cash is held by just a few hundred wallets. As of late 2017, most BCH is concentrated in about 250-300 wallets. This means that a very small group of people control most BCH.

The Amount of Bitcoin Cash Owned by Women and Men

In total, 24.73% of all Bitcoin Cash is owned by women; 75.27% is owned by men. The gender of other holders is not known, because no information was provided on GitHub.

Why Does It Matter Who Owns Bitcoin Cash?

It’s interesting to note that most of those wallets belong to bitcoin cash miners or those who provide their computational power to verify and record transactions on a blockchain. In other words, most of that money may be more at risk than you realize. In fact, according to Coin Dance, only 12% of all bitcoin cash is held in exchanges or service providers like Coinbase.

How Could You Lose Your Btc Balance When You Die?

The purpose of a will is to make sure your assets are distributed according to your wishes after you pass. Without a will, however, laws of intestacy determine how your assets will be distributed; if you have no heirs, states often give their property to charity or sell it off to pay debts. Most people are unaware that they need to formally write down who they want their heirs and executor(s) (the person in charge of carrying out the will) to be—and they don’t take action.

What’s the Solution to Protecting Your Financial Digital Legacy from Dying Without a Will?

Another one-bit user pointed out that if you hold a significant amount of bitcoin cash and die without a will, then your family may not be able to access it. The two primary options for avoiding these issues are a simple multi-signature wallet and an institutional trust solution such as Legacy Trust. These options would enable you to designate where your funds go after you die, or pass title to others without signing anything yourself.

Who Owns the Most Bitcoin Cash?

Most Bitcoin cash is held by exchanges. It’s up to each individual exchange to determine their policy on BCH, but there’s no consensus among them at present. If you want to hold your own BCH, you need to get it out of the exchange as soon as possible. In most cases, you can do so by converting it into bitcoin and then sending that BTC to a new address—but check with your exchange before attempting any such maneuver.

 Read more: What Is Terra (LUNA) Coin? How To Buy Luna Coin?

Bitcoin Owner Dies, What Happens to Their Money?

Wondering what happens to your Bitcoins when you die? The fact that you’re reading this probably means you have some interest in Bitcoin, so it’s only natural that you would also want to know what will happen to your cryptocurrency if something unfortunate were to happen to you. With no government intervention or regulation and no clear legal path, figuring out what happens with your Bitcoins when you die can be pretty confusing—especially since the way that they’re stored varies depending on how they were purchased and which wallet provider was used.

Bitcoins Are Stored on the Blockchain

If a bitcoin owner dies without telling anyone their private key (either because they didn’t know it or because they have no one close enough to tell), there is essentially no way for them to pass on access to their bitcoins. If they never told anyone, they are essentially locked in a vault to which only they hold the key—and that’s not much better than being dead. It also means that any coins left behind will be lost forever.

The Private Key Unlocks Access to Your Bitcoins

A Bitcoin owner only ever has access to bitcoins they own. Even if they have physical possession of their private key—or a piece of paper with a scannable QR code that contains it—they’ll be unable to move any bitcoins associated with another address. So anyone who owns bitcoins needs to be aware that they are solely responsible for keeping track of their bitcoins and storing them securely.

If You Lose Your Private Key There Is No Way of Recovering It

When bitcoin owners die and no one else knows their private key there is a strong chance that they will be lost forever. This could have detrimental effects on their families financially as they are left with nothing. There is currently no centralized way of accessing bitcoins after death has occurred. Leaving your family with no money. When you lose access to your private key it effectively makes your bitcoins inaccessible forever.

Your Family Can’t Claim Your Bitcoins After You Die

If a bitcoin owner dies without anyone knowing their private key or password, their bitcoins will be lost forever. However, some people have gone to great lengths to ensure that they are able to recover access to their bitcoins upon death. One example is James Howells who threw away an old hard drive containing 7500 bitcoins which he had mined back in 2009.

 Read more: What Is Dogecoin and How Do I Get It And Its Fundamentals Work?

There’s no such thing as life insurance for bitcoin—yet. But that doesn’t mean a person who owns a bitcoin can’t make plans for their family or beneficiaries in case of death. Like with any monetary value, it pays to be prepared and informed if you want your assets (and bitcoins) to pass along smoothly after your passing.

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