Topic: If a person has millions of Bitcoin and he dies one day................. - page 4. (Read 6184 times)
December 08, 2016, 10:52:23 AM
If his family knows it then they can think of something like looking for a copy of his private address (I'm sure the owner wrote a copy of it on his desktop or somewhere else) but if they don't then the coins will be lost forever and will cause a decrease in bitcoins supply, but I don't think its a bad thing cause if the demand continue to increase its price will also be .
December 08, 2016, 07:04:16 AM
if he made no plans for such an occasion and if his keys will not be found (he must have wrote them down somewhere in order to do this), then you can consider the coins to be lost. simple as that.
I think keys can be recovered from his computer or laptop, what ever he used in his life. A bit skilled person will crack it in few hours, of course if family even know about bitcoins, in case that was secret family will not call hacker and bitcoins will stay hidden.
I believe there is always a way, if someone knows about coins and make some effort coins can be recovered.
well that is a wrong assumption.
because someone with a million bitcoin surely has invested that much and the first thing such a big investment requires is security and i am sure when you invest that much the first thing you do is encrypting everything and even the most skilled people can not break encryptions if they are done correctly and it is not even hard to do it .
December 08, 2016, 05:59:19 AM
It would not remain his personal loss, but it will be the loss of entire bitcoin network as no one would be able to use those coins (unless there are any provisions like backup by the deceased person). There are high possibilities of such scenario as top 10,000 bitcoin wallet hold much more amount than rest of the network (correct me if I am wrong), so it will push the price of other bitcoins but it will still be the loss in the long run.
December 08, 2016, 05:54:56 AM
if he made no plans for such an occasion and if his keys will not be found (he must have wrote them down somewhere in order to do this), then you can consider the coins to be lost. simple as that.
I think keys can be recovered from his computer or laptop, what ever he used in his life. A bit skilled person will crack it in few hours, of course if family even know about bitcoins, in case that was secret family will not call hacker and bitcoins will stay hidden.
I believe there is always a way, if someone knows about coins and make some effort coins can be recovered.
December 08, 2016, 05:49:42 AM
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?
That is what happened to Dave Kleiman.What is your thought on this?
who is dave kleiman? And how much bitcoin he have?
December 08, 2016, 05:44:57 AM
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?
That is what happened to Dave Kleiman.What is your thought on this?
who is dave kleiman? And how much bitcoin he have?
December 08, 2016, 05:38:53 AM
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?
That is what happened to Dave Kleiman. What is your thought on this?
December 08, 2016, 01:57:37 AM
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?
Since there are lots of other bitcoin millions then it is not an issue if there are enough bitcoins or not, the price of bitcoin probably will keep increasing because of the demand. And I think that this could be good for bitcoin, not bad.
December 08, 2016, 01:56:44 AM
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?
The person who holds the Bitcoin loses out and thats all. What is your thought on this?
The scenario here is exactly the same with how satoshi's coins are never moved and how coins are burnt or addresses lost. Bitcoin have 8 denomination and with the lower total coin, the price of the coin will increase. This will not affect Bitcoin negatively, users would just use a smaller denomination if majority of the coins are lost.
December 08, 2016, 01:50:13 AM
If that person lost his huge amounts or millions of bitcoin then for sure he already prepared it because he knows that he will die someday by accident ,disease or age and i do assume that he keeps the bitcoin safe and some preparations incase he die because he dont like to waste such bitcoin and might inform one of his family. If theres no way to revocer that coins then it will float forever on bitcoin network.
December 08, 2016, 01:07:01 AM
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?
It always exists, it just exists in a currently inaccessible address and someone will more than likely find it one day. If anyone has any information related to the private address it can reduce the amount of possible choices considerably, so even a first character does a lot, and even better the further information provided.What is your thought on this?
Chances are it would have an effect on the value until someone finds them again.
December 08, 2016, 01:02:48 AM
It is a possibility people should consider. Let me share some possible solutions to the problem:
1.You have a paper written in "your things" with instructions on how to access your bitcoins/wealth, including detailed instructions on how to use bitcoin or whatever it is. When you die, people will automatically look in "your things" then it should be found by someone close.
2.You keep your wealth in a bank, where the government has complete access and can simply divide the wealth to your remaining family or it just goes back to government's treasury.
1.You have a paper written in "your things" with instructions on how to access your bitcoins/wealth, including detailed instructions on how to use bitcoin or whatever it is. When you die, people will automatically look in "your things" then it should be found by someone close.
2.You keep your wealth in a bank, where the government has complete access and can simply divide the wealth to your remaining family or it just goes back to government's treasury.
There is a problem with your 1st solution. What if they don't find that thing where you wrote the private key or password to your online wallet? Then it will still be lost then. What if the one who found it does not know about bitcoin? Then they will just ignore your writing.
Regarding the second solution. We talking about bitcoin. There is no bitcoin bank as of yet. So this is not viable. You don't deposit your bitcoins in banks, how will banks distribute them if they don't have access to your bitcoins. They don't actually don't have any service regarding bitcoin, in fact.
December 08, 2016, 12:10:32 AM
It is a possibility people should consider. Let me share some possible solutions to the problem:
1.You have a paper written in "your things" with instructions on how to access your bitcoins/wealth, including detailed instructions on how to use bitcoin or whatever it is. When you die, people will automatically look in "your things" then it should be found by someone close.
2.You keep your wealth in a bank, where the government has complete access and can simply divide the wealth to your remaining family or it just goes back to government's treasury.
1.You have a paper written in "your things" with instructions on how to access your bitcoins/wealth, including detailed instructions on how to use bitcoin or whatever it is. When you die, people will automatically look in "your things" then it should be found by someone close.
2.You keep your wealth in a bank, where the government has complete access and can simply divide the wealth to your remaining family or it just goes back to government's treasury.
December 07, 2016, 11:58:31 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?
Of course they will be lost and total number of bitcoin in the world would shrink. This is where bitcoin is different from money, as nobody will be able to access or use what the person has left unless he has left some instructions. What is your thought on this?
But with this huge amount, obviously it will be in his will or something. Someone would know and try to hack it at least. But the good thing is no third person would every know.
December 07, 2016, 11:43:45 PM
Any guy with one million bitcoin will create a last will or create a plan for his relatives or inheritors to retrieve those Bitcoin,it is a big foolishness if you have not create this things knowing that anything is possible in this worls,but if ever those coins are lost forever and only hard fork can retrieve it..
December 07, 2016, 11:16:32 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?
If he lost that huge amounts of bitcoin then it will float forever on bitcoin network and consider as dead sicne theres no already access on that particular point but the main thing here is that the supply of bitcoin would be lessen and prices will surely go rise. Its just my own opinion though. What is your thought on this?
December 07, 2016, 11:11:00 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?
this is important to users bitcoin leave a key of wallet to bitcoin can use it's mean you have to show your family about your key What is your thought on this?
December 07, 2016, 09:34:27 PM
Millions of bitcoins .dude thats too much .i think he would have thought that before he is dying how to use it for their grandchildren .well i hope that doesnt happen because millions of bitcoins getting lost .thats a huge loss for us .kudoos 
If I say millions of people have lost millions of Satoshi due to losing their wallet than what? This sounds something possible that Bitcoin will not exists any day in the world. This is different thing that time it's place will take different crypto coin. December 05, 2016, 01:46:34 PM
Millions of bitcoins .dude thats too much .i think he would have thought that before he is dying how to use it for their grandchildren .well i hope that doesnt happen because millions of bitcoins getting lost .thats a huge loss for us .kudoos
December 05, 2016, 09:59:40 AM
I think nobody has such amount of btc (maybe a few people aroung the whole Earth), so this isn't likely to happen. If it happened. however, I suppose those btc would be in a frozen state forever and yet not burned. I think we need a law for such cases just like there are in a bank. The law to unlock the wallet to which nobody got access for 70 years, for example. But... wait.. it's impossible, isn't it? That's a problem then.
If he dies without telling someone about his bitcoin and nobody can access his bitcoin even in the future, its no problem at all its just that that bitcoin will disappear and like you said it similar to burning. It happen way back 2009 to 2011 when big holders throw away their hardwares with their bitcoin in it and after few years later when bitcoin skyrocketed in value they tried to find their hardware but they never find it again. Why did I said, its no problem, losing a significant amount of bitcoin in the circulation is not a bad news since it will just bring a skyrocket price to bitcoin. Its a good news to me who holds small mount of bitcoins.
What you said is correct If their is anyone who have got high number of bitcoin in account and lost it or the owner died without informing wont affect that much in the current market but when the halving will happen and mining outcome become more lesser and difficult then the price will rise as their will be shortage of supply in the market and every one will want to hold it so that they can enjoy the bitcoin
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