As many aspects of our lives move to the digital world, it’s unsurprising that the task of dealing with a loved one’s digital assets when they pass away is becoming increasingly common. A digital asset that is frequently making the headlines due to its growing popularity is cryptocurrency. Due to cryptocurrency only recently emerging (in the first decade of the twenty-first century), many are still unaware of what cryptocurrency is and may simply overlook the stage of dealing with cryptoassets during estate administration.

Cryptocurrency is digital money that is stored in a virtual wallet and uses encryption techniques to generate currency and verify the transfer of funds. Want to learn more about what cryptocurrency is and how it can impact future inheritances? Read our previous blog post which goes into detail about the digital currency.

Cryptocurrency has only become a popular topic of conversation in the last few years so it may come as a surprise to learn that cryptocurrencies have been in existence for over a decade. As cryptocurrency celebrated its 10th birthday, the digital currency hit the headlines as a man died suddenly without sharing his computer password or recovery key.

By the end of this century, the number of dead people on the popular social media network, Facebook, is expected to outnumber living members – turning it into the world’s biggest ‘virtual graveyard’.

Bitcoin. Ripple. Ethereum. Litecoin. Dogecoin. To some, these words look like gibberish but the reality is, they are all different types of cryptocurrency.