There was a time when the idea of cryptocurrency was poo-poohed by computer science experts. The idea of digital money that only existed inside a computer and that could be traded peer to peer was laughable. Such technology seemed ludicrous, yet here we are today. The fortunes of countless people have been made – and continue to be – by names that are recognized in nearly every household. Bitcoin. Ethereum. Dogecoin.
The impossible is here, and society will continue in this direction until cryptocurrency is as common as the Internet is today. Cara Cusack, a software technical program manager who created Heirloom Trust, believes deeply in the future of cryptocurrency and invented the one-way, deposit only crypto wallet technology parents and grandparents can use to invest in Bitcoin and other digital currencies for younger family members.
Heirloom Trust’s crypto wallet is innovating and strengthening how responsible, forward-thinking inheritance planning is done.
Cara herself is the lucky grandmother of nine grandchildren, and she founded Heirloom Trust with them in mind. “I really think cryptocurrency will only continue to grow in usage the world over,” she says.
I wanted to invest in it for my grandchildren and give them something that would make them ‘ooh’ and ‘aah,’ but when I looked for it on the market, I couldn’t find it. That’s why I got a provisional patent for the crypto wallet and got to work creating it. I knew this would really appeal to a lot of people who want to help their children plan responsibly for their financial future.
Cara understands the technology, of course, but she knows that many people find it a little confusing, to say the least. “I understand,” she says, smiling. “Never fear! I’ve included a really good primer that explains the answer to every question we have all had at some point. You can look at it and understand exactly what cryptocurrency is and how it works. Knowledge is power. When you understand digital currency, you’ll better understand how purchasing a crypto wallet from Heirloom Trust will benefit the younger people in your life.”
Cara explains that investing in one of Heirloom Trust’s crypto wallets is very simple. The purchaser will enter the recipient’s identifying information. No one can withdraw the funds until the intended recipients are of legal age to do so.
She states that the recipient will then be given two things. “The first is a physical wallet, which looks and feels just like a coin and is sent to the receiver in a keepsake display and giftbox. The physical wallet is imprinted with the logo of the cryptocurrency purchased and the deposit address.”
The recipient will also receive a hardware crypto wallet with full access to funds when they turn 18. It is designed to securely store different cryptocurrencies via the deposit address, which all members of a trustee’s family can deposit into until the recipient is old enough to access, transfer, or withdraw them.
The wallet is a one-way purchase, meaning that the purchaser can only deposit into it. They cannot, for example, withdraw any of the money themselves, change their mind about the investment, or do any trading with it. Instead, the cryptocurrency is left to appreciate in value as the years pass, gaining more wealth for the recipient.
As the recipient grows older, they are able to view the total amount of accumulated cryptocurrency and its present market value in any world currency by accessing the Heirloom Trust mobile app and website.
Cara has been asked a lot of questions about the security of the crypto wallets. “That’s definitely important, so you’ll feel reassured to know that the app backs up the physical wallet in case it is ever lost, stolen, or destroyed and needs to be reprinted. The hardware wallet is unhackable, as it is kept in a safety deposit box at financial institutions and is duplicated for disaster recovery.
It means, for example, that if there is a natural disaster in one location and the hardware is lost, there is a backup at another financial institution in a different part of the United States. These contingencies ensure that the crypto funds are completely safe until the recipient turns eighteen, when they can withdraw them and transfer the funds to any account or exchange of their choosing.”
Cara is thoughtful as she thinks about Heirloom Trust and where global society is going.
Cryptocurrency isn’t going away. Remember that 30-odd years ago, people didn’t know what the Internet was. Some of us remember the day when we didn’t have computers! Now they are both a vital part of the world. I think the same thing will happen with cryptocurrency. Thirty years from now, people all over the globe will be buying and selling with each other using digital currency. Investing in this for your younger family members is, I think, the wisest thing you can do for them.
For more information on Heirloom Trust, including how cryptocurrency works and how you can invest in the company, please see www.heirloomtrust.com and https://www.indiegogo.com/projects/one-way-wallet-investment-gift-for-minor-children#/.