Escheatment in the digital Era: how does that affect my Bitcoins?
According to Santander bank “escheatment” is the process of identifying a customer’s deposit (checking, savings, etc.) and time deposit (CD) accounts that are considered abandoned and remitting the funds to the appropriate state if the customer cannot be contacted to re-activate the account. In the year of 2015 the US government unclaimed property agencies collected $7.763 billion worth of assets.
So, if you can’t access your email account from the other side (most likely you will be busy playing golf with dead celebrities), your earthly assets can be imposed with dormancy and escheatment fees. This means that your inheritors might lose out on money that they could have been using at the moment of your departure.
The same escheatment principles apply to the digital payment services and Bitcoin. One of the largest platforms Coinbase states that if the account holder cannot be reached, applicable law may require to report these funds as unclaimed property. They also reserve the right to deduct a dormancy fee. The same practice is in place for the online trading platform eToro, the payment application Circle and even PayPal. Most likely the only thing these services know about you is the email address, thus your digital currency can remain lost in the vast halls of the government forever.
Our goal here at Digipulse.co is to levy the risk of assets never reaching the right people and significantly decrease the time of escheatment by monitoring your activity, and letting your inheritors know what has been stored where. In addition, we ourselves do not store the assets, so the safety is ensured by the services that have already been holding your money. Sounds too good to be true? Give us a try!