In this week’s episode, we take a look at a topic that is very popular right now, cryptocurrency and blockchain! Anthony Garcia is the Cryptocurrency Legal Consultant at The Anthony A Garcia Law Firm. Anthony joins the host Molly McGrath to talk about some of the biggest issues and questions about cryptocurrency.
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Quote of the Show:
“Cryptocurrency is disrupting and revolutionizing the practice of law!”
Takeaways:
- Crypto is very similar to a bearer asset, where whoever is holding it currently is considered to be the owner.
- An issue with Cryptocurrency is that since it is pretty anonymous, anyone who has access to the private keys for it can take it from you and claim it as their own.
- Since the network for blockchain is decentralized, it creates an issue of trusting where in the blockchain you might be getting the crypto from, which makes devalues the trust in the currency.
- When dealing with crypto, you never want to share any information about your private keys. Those are essential the keys that protect your crypto from being stolen by someone else.
- Private keys are stored in a set of 12 or 24 varying numbers of code that are generated at the time you create your crypto wallet.
- If you don’t include crypto as part of your estate plan and then something bad happens to you, you could lose the crypto assets that you had.
- At the end of the day, crypto is just another form of asset and it’s important to treat them as you would treat any other asset.
