# The Problem

In crypto, those who control the private key/seed phrase of a wallet have complete control over the cryptocurrency held under that seed phrase and can spend it at their discretion. That is why it’s so important to keep your private key safe, off the grid, and not share it with anyone.

From the moment someone else has access to your seed phrase, they will be able to spend all your crypto and will have as much right to it as you.

If you don’t lose your private key and if you don’t share it with anyone, you will be safe using crypto and have a better experience than with traditional finance.

However, imagining you do everything right, there is an issue and a drawback to this self-custody/private key model… what happens to your crypto once you die, or if by any chance you lose your private key and you cannot access it anymore?

Well, your crypto will be lost forever. You will lose all the wealth and the potential gains you have accumulated over the years. If you die without providing your family with a solution to recover your crypto, all that value will be lost forever, and it will be impossible for your family to have access to it.

This is a huge problem that every blockchain faces and that really affects the experience of every blockchain user. Blockchains are missing a solution to recover crypto, and millions of dollars in Cryptocurrency are being lost forever, menacing the future stability of these blockchains and creating a poor user experience.

[Previous: Cryptocurrencies and the Importance of Self-Custody](/genwealth-whitepaper/introduction/cryptocurrencies-and-the-importance-of-self-custody.md)\
[Next: How Many Bitcoins Are Lost Forever?](/genwealth-whitepaper/introduction/the-problem/how-many-bitcoins-are-lost-forever.md)


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