Bitcoin out of circulation - page 2.

Omega Weapon

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

That depends on where is your private key and seed words, this is why it has been recommended many times in the forum that you should keep a copy of your seed words and private key, if you only lose your memory you will be able to access your coins that way but if you die you need to leave instructions to your family members about how to retrieve those coins.

BitFinnese

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Quote from: carriebee on October 02, 2017, 06:12:21 PM

Quote from: lighpulsar07 on October 02, 2017, 06:07:11 PM

Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

yes definitely the bitcoin is lost forever if the private key or password of deceased person isn't passed to someone or forgot to pass it. that's why we should be prepared them in case of amnesia oe worst death they could move the bitcoins so they can use it. well incase of wallet.dat corruption well we have nothing to do just cry..

This is why private keys should be keep because once it will lost it will lost forever. This is the importance of our private details to kept it. Because there is no other way to recover them.

Private key should be kept and shared access to your loved ones. Not just keeping it and not letting others to know, because it will be lost if no one from your family knows about that privatekey. So to be able to secure that other will get your bitcoin, when unexpected things happen, share tell them about your privatekey and where you kept them. Else, it will be considered as forever lost Bitcoin.

Argoo

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If, for various reasons, access to the wallet with bitcoin is lost, this bitcoin forever goes out of circulation and is lost to people. This is the nature of the digital currency, and this must be reconciled as inevitably. When 21 million bitcoins will reach, some of them will be permanently lost due to the termination of access to them. However, this will only increase the cost of the remaining bitcoins.

NathanJB

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

That will still be considered in circulation I guess but definitely not the case in the actual world because it is already forgotten. If the owner who died did not write a will or even some sort of note for his or her family member to become aware of the treasure, then the bitcoins will forever leave this world with him. I don't think it can still be recovered.

coinsontheroad

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What will it look like when all bitcoins have been mined? Skyrocket in value?

What about the miners? Now they only have transactions to verify and no new coins to mint. I am curious as to how this will effect the entire ecosystem.

Anfisman

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

The amount of bitcoin in circulation at this time is very limited, as time goes by the number of bitcoin will continue to decrease one of them because if some people have lots of bitcoin in their offline wallets and they die or lose memory. As a virtual currency, bitcoins are encapsulated in the form of digital files or known as wallet files. But wallet files stored on hard disk electronic equipment are very vulnerable to damage. In addition, viruses that attack the hard disk can also make stored bitcoins just disappear.

The digital wallet can also be hacked and stolen through malware. and the more painful is if we lose the bitcoin because of those, certainly the bitcoin will never come back to us.

happyme1818

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

You are right, bitcoin will be out of circulation. Scarcity is one of the reason why bitcoin is so high. 21 million supply minus coin out of circulation plus high demand means price rocket. Unfortunately there is no way to recover it, you need billions of dollars just to try to hack into the system and there is no guarantee that you can penetrate the system.

Rinsend

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AZBI NETWORK - Multichain system

Quote from: Bellator on October 02, 2017, 07:22:53 PM

Quote from: EddyGameta on October 02, 2017, 05:36:42 PM

access to the bitcoin wallet is very private and surely there won’t be a single person know about it, so if someone who has the access and the person is dead it will be difficult for others to have access to the bitcoin wallet so if you have a very personal thing then you should make a testaments for the next generation of your family

That's right, it must have a will and testament for the next generation which is your kids who will access those accounts. It's so important for us to share confidential information to our trusted family member so that the privacy will be open for them and it served as their future wealth as we don't live any longer in this world. This personal thing should be preserved until such time your childrens will become more matured in years.

testament is very important
we can share some information in it about the number of bitcoins that have, the name of the wallet, the user and the accompanying password that accompany it
this is very important because we will not know what will happen to us,
and if we have made this happen of course we have guaranteed the future of our family and including our heirs,
better still we should tell how we work with bitcoin

Bellator

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Quote from: EddyGameta on October 02, 2017, 05:36:42 PM

access to the bitcoin wallet is very private and surely there won’t be a single person know about it, so if someone who has the access and the person is dead it will be difficult for others to have access to the bitcoin wallet so if you have a very personal thing then you should make a testaments for the next generation of your family

That's right, it must have a will and testament for the next generation which is your kids who will access those accounts. It's so important for us to share confidential information to our trusted family member so that the privacy will be open for them and it served as their future wealth as we don't live any longer in this world. This personal thing should be preserved until such time your childrens will become more matured in years.

BitcoinMuscle

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

Bitcoins are not disappearing if someone doesnt use anymore his wallet or he forgot the private key from it.
Those bitcoins are still going to be in circulations but they are just not going to be used. They will remain in the wallet for an infinite time. Think if you create a wallet and keep your bitcoins for 50 years without using it. You think they will disappear? No, you can still use it after 50 years if you can acces your wallet

BittBurger

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Well over the last 6 years I have "lost" 24 bitcoins so I've done my part to contribute to the scarcity Undecided

-B-

Jameseversmile

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It's Good thing for bitcoin to be scarce. It will only drive the price higher ND hence create more millionaires.

MakeMoneyBtc

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

If they forgot or lost all the informations about that wallet, the bitcoins will remain there forever. I dont think there is anyone that can break into a totally blocked wallet with bo info about it. Maybe only the Nasa best hackers but even for they its hard. Maybe for us that is a good thing because if the total supply is lower than the price is higher.

jaocoincrypto18

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

If these happens our bitcoin will going to be lost forever that its why we need to keep records of our private keys and passwords in very trusted place , then we need to also to inform our very trusted persons like our parents and wife so that in case of emergencies we still could retrieve our bitcoins for emergency use or for recovery of the wealth.

carriebee

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Quote from: lighpulsar07 on October 02, 2017, 06:07:11 PM

Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

yes definitely the bitcoin is lost forever if the private key or password of deceased person isn't passed to someone or forgot to pass it. that's why we should be prepared them in case of amnesia oe worst death they could move the bitcoins so they can use it. well incase of wallet.dat corruption well we have nothing to do just cry..

This is why private keys should be keep because once it will lost it will lost forever. This is the importance of our private details to kept it. Because there is no other way to recover them.

lighpulsar07

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

yes definitely the bitcoin is lost forever if the private key or password of deceased person isn't passed to someone or forgot to pass it. that's why we should be prepared them in case of amnesia oe worst death they could move the bitcoins so they can use it. well incase of wallet.dat corruption well we have nothing to do just cry..

Merovius

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Yes, this is actually one of the interesting features of bitcoin. As far as I know if a wallet file is permanently deleted/overwritten and there are no remaining copies, or if the physical media (hard drive, flash drive, etc.) that the file resides on is damaged beyond repair there is no way to recover those BTC. Obviously this an unfavorable event for whoever owned the BTC but is actually a good thing for all other BTC owners who still have access to their private keys because it means fewer BTC in circulation overall. With all other factors being equal, fewer BTC in circulation will mean a higher value per BTC.

EddyGameta

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access to the bitcoin wallet is very private and surely there won’t be a single person know about it, so if someone who has the access and the person is dead it will be difficult for others to have access to the bitcoin wallet so if you have a very personal thing then you should make a testaments for the next generation of your family

NeilLostBitCoin

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Quote from: willmsnow on September 20, 2017, 01:06:15 AM

If some people has lots of bitcoin in their offline wallets and they die or lose memory.

Then those coins will be out of circulation right? Or is there any way to recover them?

The less the supply of a coin the higher the price of it. We all know the supply and demand system and I think it is more good if we see a limited total supply of bitcoin as the demand will go higher than the expected. although those lost coin is such a big regret for the owner.

pushups44

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Quote from: Kakmakr on September 20, 2017, 01:31:30 AM

Why would you worry about that? The less bitcoins in circulation the higher the price. < based on a reduction in supply > This is why most people are saying the <1 000 000> Satoshi coins should stay out of circulation, because it will have a huge impact on the supply, if it was dumped on the market.

A lot of bitcoins are lost every year and this just increase the scarcity of the coins. ^smile^

This is true. Greater scarcity and greater demand equal a higher price. The problem isn't a lack of supply but rather the willingness of the mainstream to use bitcoin instead of fiat currency. It has been estimated that perhaps 3 million bitcoins have been irretrievably lost.

Topic: Bitcoin out of circulation - page 2. (Read 1448 times)