Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.
There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.
Topic: If a person has millions of Bitcoin and he dies one day................. - page 3. (Read 6184 times)
December 09, 2016, 01:55:05 AM
December 09, 2016, 12:46:16 AM
That's why an 0 and a point (,) is valuable in bitcoin transaction.
Although lots coin is lost, bitcoin can still exist. Not with additional coins but the price will going higher.
Maybe if thats happen in the future who knows 0,0003 btc is $500. Imho
Although lots coin is lost, bitcoin can still exist. Not with additional coins but the price will going higher.
Maybe if thats happen in the future who knows 0,0003 btc is $500. Imho
December 08, 2016, 10:09:48 PM
i think that amount will be disappear and loss forever with that person and can not be use like the other bitcoin, because no one can use or could spend the amount of the bitcoin and its still remain in the dark. but if before that person dies, he telling with his family that he is keeping some amount of bitcoin and wants his family to continue for keeping the bitcoin, then that amount of bitcoin is not loss forever and its still save in the wallet.
But what if that man dies a sudden death? without sharing the wallet info with his close ones? That's why I think that bitcoins that are in wallet that hasn't been used, synced in the last 15 years, be returned to the original miner od back in the blocks that are to be mined. With that, lost bitcoins would be returned back and just imagine in around 50 years, when the most of us from this forum die take their bitcoins with them, and even in 120+ years when the large chunks of people holding that btc pass away also taking their btc with them and the number of bitcoin is limited, so there will always be portion of it missing that would never be returned, but by restoring them to their original miners, they'd be back in the flow.
December 08, 2016, 10:05:47 PM
I think it is better to keep the pass keys on a USB in your safe and passwords written on paper in case that doesnt work.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
Remind me to put the guide on how to use the wallet in my last will.
Yeah, I believe I'd keep a separate wallet just to sit there and hold btc for the better future, occasionally depositing something from time to time, so when I'm gone my kids and grand children will have some money to spend on hookers and cocaine.
December 08, 2016, 10:03:50 PM
i think that amount will be disappear and loss forever with that person and can not be use like the other bitcoin, because no one can use or could spend the amount of the bitcoin and its still remain in the dark. but if before that person dies, he telling with his family that he is keeping some amount of bitcoin and wants his family to continue for keeping the bitcoin, then that amount of bitcoin is not loss forever and its still save in the wallet.
December 08, 2016, 10:03:01 PM
I think it is better to keep the pass keys on a USB in your safe and passwords written on paper in case that doesnt work.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.
December 08, 2016, 09:59:49 PM
Well, I can assure you, if there is no policy, then millions will be stored in bitcoin wallet forever. but, I think it will not last long, because it would have a lot of people who want to try taking the bitcoin from his wallet, even when he was alive. Well, we'll never know what will happen
December 08, 2016, 09:54:53 PM
well those bitcoins would be lost forever, but there was a thread here regarding the lost bitcoins. Shortly, should the bitcoins that are in the wallet that hasn't been active for over 10+ years be returned to the miners? I believe tht that system would solve the future lost bitcoins and get the lost ones back in the stream.
is this the one?
https://bitcointalksearch.org/topic/m.17124348
absolutely, here the op suggested 50+ years, but half a century seems like a lot to me, the ideal number of years for me would be 14-15, 10 years is maybe just enough for bitcoins to be returned but let's say that someone is planing on 10 year hold or something like that, there may be atone of reasons and 20+ well are a lot and if they're not spent in that time, they are probably forgoten about and will never be, so I think that 14-15 is the perfect number.
December 08, 2016, 09:46:50 PM
well those bitcoins would be lost forever, but there was a thread here regarding the lost bitcoins. Shortly, should the bitcoins that are in the wallet that hasn't been active for over 10+ years be returned to the miners? I believe tht that system would solve the future lost bitcoins and get the lost ones back in the stream.
December 08, 2016, 09:16:18 PM
I think its pretty ovious what would hapen tho tbh
Nobody would ever be able to access them and wed be fuked my dude
Nobody would ever be able to access them and wed be fuked my dude
December 08, 2016, 02:27:08 PM
That is what happened to Dave Kleiman.
I've read the wiki article and I think it's possible the Dave Kleiman and Craig Steve Wright could've made Bitcoin. I guess who ever they are, they were awesome creating Bitcoin.
What I think of them is someone killed Kleiman to obtain Bitcoins (depending on how much he had). Killed him for his money. Or maybe I just watch too many movies lol.
December 08, 2016, 02:10:45 PM
If it was me, and I am making just an example here as I am no millionaire at all, if I die all the bitcoins will bury with me. I don't leave PIN-s of my hardware wallet, passwords of electrum and Multibit HD to no one.
Although my family is not tech savvy they can find the recovery sheet with 24 words of my ledger wallet, they can restore with it and get all my coins, my family at the max, no one other. No cousins, no one.
I like enjoying things alone, for as long as they last even if it's just one day.
Although my family is not tech savvy they can find the recovery sheet with 24 words of my ledger wallet, they can restore with it and get all my coins, my family at the max, no one other. No cousins, no one.
I like enjoying things alone, for as long as they last even if it's just one day.
December 08, 2016, 02:04:04 PM
yah u are right that the bitcoins would be lost forever .and yes the address may be recovered by any close relative or any computer specialist .and i would think he would take somme precautions steps while before dieing .but this is not the case for accidents.people will never know when they will die .so they should precautionary steps from the first.
December 08, 2016, 01:53:53 PM
So if you plan in leaving your coins to relatives or your kids, you must teach them with all details how to properly get this done.
That is exactly what I meant in my post. December 08, 2016, 12:32:52 PM
This is a very good question and is why we should all keep paper wallets in a place our loved ones have access to just incase we die. Of coarse it helps if they understand where to find it and how to use it. Not having a paper wallet for such circumstance is silly. Those bitcoin will be lost forever and the value would go through the roof since there so many missing coins.
If you don't specifically teach your trusted relatives how to decrypt and properly store your bitcoins, they will have to ask a third party in order to learn how to do so, risking getting scammed, or to search it over the internet and whatnot. If they are not computer literate people, it can lead to a big disaster. So if you plan in leaving your coins to relatives or your kids, you must teach them with all details how to properly get this done.
December 08, 2016, 12:31:59 PM
If a person has millions of Bitcoin and he die one day and no body can hack his Bitcoin wallet than what will happen with those Bitcoin? Considering this situation is this possible that Bitcoin will not exists for use in the world any day since limited numbers of Bitcoin can be generated?
What is your thought on this?
What is your thought on this?
for being a hero member you're kinda dumb aren't you? No person has millions of bitcoins and never will. Lets forget your silly ass number, lets say thousands of bitcoin and he dies then if he not allowed anyone access before his end then they are gone forever or until a quantum computer feels like taking them.
December 08, 2016, 12:31:18 PM
This is a very good question and is why we should all keep paper wallets in a place our loved ones have access to just incase we die. Of coarse it helps if they understand where to find it and how to use it. Not having a paper wallet for such circumstance is silly. Those bitcoin will be lost forever and the value would go through the roof since there so many missing coins.
December 08, 2016, 12:31:04 PM
That is why it is important that our family know that we are investing in bitcoins. Teach them how to use and store bitcoins. Tell them where you store your bitcoins and write your passwords and store them in a safety deposit box which they can access in case something happens to you.
But I have few satoshi so telling password of my wallet will not change my family members life even they will not try to check. So just think if so many people lose Bitcoin(satoshi) like me than how many Bitcoins are lost every year? December 08, 2016, 12:26:47 PM
That is why it is important that our family know that we are investing in bitcoins. Teach them how to use and store bitcoins. Tell them where you store your bitcoins and write your passwords and store them in a safety deposit box which they can access in case something happens to you.
December 08, 2016, 11:04:10 AM
If somebody has bitcoins in his wallet and nobody knows of them, or has a key to the wallet, then they are gone for good.
That is actually an interesting point of view: since the total number of bitcoins that can ever be mined is fixed to 21 millions, the realistic number of available bitcoins is decreasing permanently.
Not only bitcoin owners die, I'm sure every day a few passwords ar lost, or transactions are accidentally made to a wrong wallet that is not in use anymore.
This is a factor of price increasement I never thought about.
That is actually an interesting point of view: since the total number of bitcoins that can ever be mined is fixed to 21 millions, the realistic number of available bitcoins is decreasing permanently.
Not only bitcoin owners die, I'm sure every day a few passwords ar lost, or transactions are accidentally made to a wrong wallet that is not in use anymore.
This is a factor of price increasement I never thought about.
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