E216 Bitcoin’s Unclaimed Property Problem

<div class="" data-block="true" data-editor="aimhh" data-offset-key="9l8av-0-0"> <p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="9l8av-0-0"><span data-offset-key= "9l8av-0-0">Bitcoin is getting more mainstream every day. But new bitcoiners need to be aware of the unclaimed funds problem.</span> <span class="adverb"><span data-offset-key= "9l8av-1-0">Hopefully</span></span> <span data-offset-key= "9l8av-2-0">we can contribute to a solution.</span></p> </div> <div class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="etsr9-0-0"> <h2>How do Unclaimed Funds Work, Generally?</h2> </div> <div class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="1cssm-0-0"><span data-offset-key="1cssm-0-0">The first level of prevention of loss is password recovery. This is not part of unclaimed funds, but for banks and other custodians.</span></div> <div class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="156g1-0-0"><span class= "hardreadability"><span data-offset-key="ctfsh-0-0">If your bank account is dormant (meaning no activity for a long time), then the bank must make attempts to contact you</span></span><span data-offset-key="ctfsh-1-0">.</span> <span class="hardreadability"><span data-offset-key="ctfsh-2-0">If there’s no contact after several attempts, then the bank sends your money to the State to hold in the <a href= "https://www.osc.state.ny.us/unclaimed-funds" target="_blank" rel= "noopener">unclaimed funds department</a></span></span><span data-offset-key="ctfsh-3-0">. You and your heirs can recover from the State any time.</span></div> <div class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="cl1ue-0-0">This is how banks protect their members from catastrophic loss of assets.</div> <div class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="bmpiv-0-0"> <h2>Why Bitcoin Is Different</h2> </div> <div data-offset-key="2cg3v-0-0