If a person has millions of Bitcoin and he dies one day................. - page 6.

FaucetRank.com

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Quote from: michkima on December 04, 2016, 09:31:25 AM

If it does happen, then the amount of Bitcoin in circulation will drop that much and hence the prices will go up some more. I think this is one of the problems with bitcoin, throughout the lifetime of Bitcoins, there will be instances when a wallet will be lost with some Bitcoins in there. It doesn't matter if it's a million bitcoins or just one Satoshi. If we lost one billion wallets with one Satoshi, then the whole bitcoin network lost 10 BTC already. What if we lose this amount every year? Then, in turn, we lose 10 BTC a year and it will stack up till the end of time. Hence having only a finite amount of Bitcoins then losing Bitcoins every year because it is lost, then the amount of bitcoins circulating will eventually actually drop.

This is what practically may happen if someone has few satoshi in his account he'll not mind to give information to his family members for just one satoshi and his family members will also not bother to get those few satoshi.
if million of wallets every year go inactive and those have few satoshi each than big amount of bitcoin is going out of circulation.
And this will keep accumulating every year.

michkima

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If it does happen, then the amount of Bitcoin in circulation will drop that much and hence the prices will go up some more. I think this is one of the problems with bitcoin, throughout the lifetime of Bitcoins, there will be instances when a wallet will be lost with some Bitcoins in there. It doesn't matter if it's a million bitcoins or just one Satoshi. If we lost one billion wallets with one Satoshi, then the whole bitcoin network lost 10 BTC already. What if we lose this amount every year? Then, in turn, we lose 10 BTC a year and it will stack up till the end of time. Hence having only a finite amount of Bitcoins then losing Bitcoins every year because it is lost, then the amount of bitcoins circulating will eventually actually drop.

Victorycoin

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Quote from: NorrisK on December 04, 2016, 03:39:15 AM

The answer depends on certain things:

Did they owner share that he held bitcoin and give instructions to his family/in his will on how to gain control of them?

If he did not leave instructions and no clear way to acces them, they will likely be lost forever and go out of circulation.

Luckily the chance of such an amount being lost is insanely small because of the value.

While the chance of losing Bitcoin can never be ruled out, but someone that owns and control millions of bitcoin cannot be any Joe, Tom and Anna, etc out there, not the place of thinking about tomorrow. I strongly believe such huge amount would alert any owner of the need to be cautious, so he/she would most likely leave a trace somewhere of which time would tell.

Nevis

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I dont thibk this will be a problem.Basically if that would happen then it will be a dead wallet and he lost the bitcoins if no member of his family will use it.Also bitcoins in that wallet maybe hijacked by someone hacker if he is aware of that thing that the user is dead

BitcoinHodler

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HODLing is an art, not just a word...

this is a classic concern that has existed even from the beginning of bitcoin because of the limited and fixed number of coins that can ever be available. but luckily there are too many coins that lots of losses are lost among them and there is always 8 decimal points to work with.

bamboylee

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Quote from: Junko on December 04, 2016, 05:49:46 AM

Wouldn't it just be the same thing as if someone just continued to hodl/hoard that amount of coins indefinitely without ever planning on spending them? For instance, hypothetically, someone inherited millions of bitcoins from a hodler/hoarder and then they themselves continued to hodl/hoard without ever spending and then when they died, they passed the same coins onto a hodler/hoarder and so on and so on...

Hodler still have access to his coins and can dump anytime. Dead person does not and basically the coins are lost forever.

calkob

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Quote from: FaucetRank.com on December 03, 2016, 11:24:15 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?

His family better hope that he left the private keys somewhere that at least they can find, or if he has encrypted the keys some needs to know the password. I thought about this myself recently when setting up encrypted paper wallets, i have hide my password and told my son where to find should anything happen to me.

ged00u

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Well, I don't know what's gonna happen then but I pretty sure that it would be quite tricky for anyone who wants to hack this wallet. But I do think there will be some possibility for the case that one person generates a new wallet and somehow that wallet has the same private key with this one to happen because this has already happened to a guy in this forum.

QuestionAuthority

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This topic made me think of a way for the U.S. Government to eliminate Bitcoin someday if they consider it a national security threat. It would be best if this were done in seven years after most of the bitcoins are mined. They can start by criminalizing its use in Murrica. Then, because they are so wonderful and love us, create a purchase program allowing anyone holding illegal Bitcoins to sell them to the govt for a fixed cheap price. The govt takes those illegal nasty bitcoins and dumps them on the international market effectively crashing it down to nothing. Then they slowly start buying bitcoins from any and all sellers, burning every one they purchase from that moment forward until they've burned so many that it doesn't matter what's left.

You might think the U. S. government doesn't have enough extra money to do that. Remember, this is the government that spends $1.4 million dollars an HOUR for foreign military assistance and $4 million dollars an HOUR to blow up shit in Afghanistan.

https://www.nationalpriorities.org/cost-of/

Net1zen

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There are several methods how to leave inheritance in Bitcoin secure way. From dead-man-switch to cryptosteel in the basement's chest. Grin

Can keep coins in BIP39 HP wallet, under different pathprases.
Seed and instructions can be left in the accessible place for all heirs, but dedicated individual passes distributed by a notary/lawyer after owners death, based on bequest.

stark101

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If a person has millions of bitcoins and he dies one day well theres is nothing we can do. His/her bitcoin will be kept to his wallet and no one can get it. His/her bitcoin will lose forever and no can used it even his/her family. But in my opinion, people in this kind of situation knows already what he/she need to do so that his/her bitcoins will be used to the people that are good in bitcoin or even to his/her family.

buwaytress

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There already has been a lot of lost bitcoin and documented instances where people have also accidentally lost their stored bitcoins.

Current understanding simply means these are lost forever but theoretically all these private keys could be cracked with enough processing power.

Perhaps when the miners have next to no blocks left to find, some will turn hashpower to cracking these.

nasipadang

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Quote from: FaucetRank.com on December 03, 2016, 11:24:15 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 has that much Bitcoins maybe he was already thinking about what he would do when he dies later as give all bitcoin to family or something like that

Daniel91

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Quote from: Tanic on December 04, 2016, 06:00:55 AM

There is only one way - to invite some hacker and to give him that computer that person used to he try to find keys and passwords. I think such way is pretty possible.

Interesting idea but in the most cases, people around this person will have no idea about his Bitcoin.
Other financial assets of any person, are always recorded somewhere, and when person passed away, court, public notary or some other legal representative, will find out how much financial assets (money, houses, cars etc.) this person had and who should inherit it, according to the law.
Bitcoin is not financial asset, so nobody can inherit it.
In fact, Bitcoin is virtual and connected to the online or offline wallet, not the person.
So, if this person didn't trust anybody, and didn't share login info from the wallet, those bTC funds will be lost.

BigBoom3599

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If somebody with a million Bitcoins would die, I'd probably be happy

The supply would drop by quite a bit and cause the price to surge hopefully.

Of course, that's only if his private keys were lost. If he managed to pass his private keys on, than none of this would happen (unfortunately). And if you have a million bitcoins, I'm sure you have figured out a lot of plans in case of a disaster/death.

Tanic

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There is only one way - to invite some hacker and to give him that computer that person used to he try to find keys and passwords. I think such way is pretty possible.

vasrasus

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Quote from: Taki on December 04, 2016, 05:37:50 AM

That is the same story as with people's profiles on Facebook or Twitter for example. A human died and his profile still lives. Do such social networks make something with profiles not used for years? Does anyone knows something about it? And this million of bitcoin just going to be lost if sites with online wallet at will not provide some politic for not used wallets for years.

Maybe when the system needs to shut down that would be the only time the access will gone. I doubt if people cant even said their password to the person they love probably some of those who knew how big their money will still think to rely their codes to the person they trusted just in case of emergency.

Junko

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Wouldn't it just be the same thing as if someone just continued to hodl/hoard that amount of coins indefinitely without ever planning on spending them? For instance, hypothetically, someone inherited millions of bitcoins from a hodler/hoarder and then they themselves continued to hodl/hoard without ever spending and then when they died, they passed the same coins onto a hodler/hoarder and so on and so on...

mrkevio

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Quote from: pooya87 on December 04, 2016, 12:11:17 AM

Quote from: FaucetRank.com on December 03, 2016, 11:24:15 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?

didn't you know bitcoin could be used in the afterlife? they have miners there too Cheesy

but seriously if someone has 1 million bitcoin worth 750,000,000 USD don't you think he will think of something before he dies?

and as always bitcoin is just code and if someday in 20-50 years from now we feel like there are too many coins lost (burnt,...) that 21 mil cap is not enough there are a couple of things that can change like we can increase the cap or we can even go smaller than 1 satoshi if price was high enough but all of these need a real problem in the very far far future.

Do you know when you're going to die? You don't. He could die before he would even think of it in a crash or any other way. If he would die and nobody would have his passwords, these Bitcoins will just not exist anymore. If 10.000.000BTC would be lost by somebody, they would just sit there in the wallets and nothing would happen to them. This is why saving is good in case the price rises but at the same time it's bad because if everyone would save waiting for a price increase, 0 Bitcoins would be in circulation.

Script3d

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Quote from: monocolor on December 04, 2016, 02:57:34 AM

Quote from: FaucetRank.com on December 03, 2016, 11:24:15 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?

lol, the coin will be lost forever... unless, some lucky^lucky^lucky person one day installed his bitcoin wallet and found that his wallet contains millions of bitcoin. Theoretical this is possible, but the chances would be so small that practically it will never happen.

i dont think you can download someone's wallet and i think its not possible also but if you have the private key you have full control to someone's bitcoin wallet. and if someone doesnt have his private key the millions of bitcoin will be there stuck forever.

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