Topic: If a person has millions of Bitcoin and he dies one day................. - page 7. (Read 6184 times)
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.
December 04, 2016, 05:27:36 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?
of course those coin will be lost forever and no one can ever recover his coins unless the person that we are talking about has left a back up of his wallet as well as the private key or any thing you need in order to access his wallet. a millions of bitcoin has a great worth so i don't think that he will never backup his wallet.
This might be the truth, the coins could be lost forever. But what if this person had some trusted person or member of the family who new the private key and wallet details? Then this person could inherit these coins in some way and use them further. In theory this is possible and thus coins wouldn't be lost.
December 04, 2016, 05:10:02 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?
of course those coin will be lost forever and no one can ever recover his coins unless the person that we are talking about has left a back up of his wallet as well as the private key or any thing you need in order to access his wallet. a millions of bitcoin has a great worth so i don't think that he will never backup his wallet.
December 04, 2016, 05:01:10 AM
Well, the bitcoins will be lost forever if the password is not discovered. They will stay in that address forever (atleast until bitcoin ceases existing), and the circulation and number of bitcoins will decrease a fair amount. Thus, the price will have a steep hike I guess, due to lessening in the number of bitcoins in circulation.
Yes, such a situation has already happened, not once, but numerous times, like James Howells, who threw out a hard drive with 7500 bitcoins in it.
If someone recovers them, the price starts to rise steadily again, but anyway, due to the 'burning' of the bitcoins, the price will increase, in my opinion.
Yes, such a situation has already happened, not once, but numerous times, like James Howells, who threw out a hard drive with 7500 bitcoins in it.
If someone recovers them, the price starts to rise steadily again, but anyway, due to the 'burning' of the bitcoins, the price will increase, in my opinion.
December 04, 2016, 04:49:27 AM
That's just a hypothetical situation but such thing has already happened in real when someone threw his computer hard drive containing million of dollars worth of bitcoins. In the hypothetical situation presented here there are still chances of recovering those bitcoins if someone in his family by chance happen to find the access to the wallet containing those bitcoins but if they can't then the coins are lost forever.
December 04, 2016, 04:29:19 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?
nice thought. bitcoin has a high security system. so certainly bitcoin is not accessible when no one who knows the password. This will make bitcoin is stored permanently in the financial system bitcoin.
December 04, 2016, 04:28:54 AM
It's the similar situation: If you are millioner and you'll burn all of your money, than what? Government won't print new money in people. While number of bitcoins is very limited (21 million) than I think after 5 years of no transaction from wallet which will be online, there must be deleted bitcoins but problem here is offline wallets, there can't be done anything. Let's watch what will happen in future, I think that huge lost won't happen.
December 04, 2016, 04:19:17 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?
didn't you know bitcoin could be used in the afterlife? they have miners there too
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.
what a pity for the
I always think if 21Million btc is so much, but for massive adoption in worldwide, is that enough?
Well, I thought there are a lot of bitcoin that has lost in many case, so we should keep remain stay in circulation. December 04, 2016, 04:05:57 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.
December 04, 2016, 03:55:36 AM
If the owner dies, and the wallet is encrypted with 2fa and has not backed up the private key, and the guys are the one person who knows of this alone, this bitcoin then will be left untouched by others. This is simply one case of "lost bitcoin", and it will stay on that address forever.
December 04, 2016, 03:49:28 AM
I feel so sad for that bitcoins. Being left by their owners and kept on a wallet forever! But, I think he will not left that Bitcoins untouched. What if he already turned that to real money to donate but he died after converting it. Maybe he has sibling to pass the account of his Bitcoin wallet. A millionaire will never leave his money. He saved it for someone before he died.
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.
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.
December 04, 2016, 03:36:42 AM
This is a situation has no easy answer. The reason is that it is human and has nothing to do with transaction, security etc of bitcoins. Really if someone has so many coins, no relatives who would inherit him and they had informed from him, he had not followed legal procedures what would happened in case of death, then as we know the procedures of bitcoin protocol, coins would be rest in peace "buried" in a block in eternity.
December 04, 2016, 02:57:34 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?
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.
December 04, 2016, 02:57:31 AM
Basically nothing would happen.
No one would ever know, the market would continue as it always has. It would be the same as say a vault of gold that was unused, untraded and then tossed into the ocean forever loss.
The only event that would matter would be if it was discovered then sold on the market, prices would dip for a bit for the flood of coins then return to normal as they are traded among people.
No one would ever know, the market would continue as it always has. It would be the same as say a vault of gold that was unused, untraded and then tossed into the ocean forever loss.
The only event that would matter would be if it was discovered then sold on the market, prices would dip for a bit for the flood of coins then return to normal as they are traded among people.
December 04, 2016, 02:34:23 AM
It's his/her fault because he/she doesn't prepare what'll happen with his/her bitcoin after passed away.
That person could give it to family or best friends OR donate it to charity organization.
That person could give it to family or best friends OR donate it to charity organization.
December 04, 2016, 02:43:52 AM
If nobody knows about the bitcoins in his wallet and if they are on some offline wallet then yes,they are lost.
If they are deposited in some online wallet like Coinbase,perhaprs the wallet admins/owners can steal them.
Just kidding about the second idea.
Don't know about coinbase but lots of other online wallets don't have access to users bitcoin because they use client side encryption to encrypt the wallet file and doesn't store passwords.If they are deposited in some online wallet like Coinbase,perhaprs the wallet admins/owners can steal them.
Just kidding about the second idea.
Best idea is to put paper wallet or hardware wallet in bank's safe deposit box with good amount of insurance and signing the form that this should belong to your family members when you die.
December 04, 2016, 02:30:26 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?
If nobody knows about the bitcoins in his wallet and if they are on some offline wallet then yes,they are lost.
If they are deposited in some online wallet like Coinbase,perhaprs the wallet admins/owners can steal them.
Just kidding about the second idea.
December 04, 2016, 02:28:59 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?
Yes whatever the number of bitcoin a bitcoin address was holding, if the owner dies or private key of that address got lost all those bitcoin will stay within that address nothing can be done to release it. What is your thought on this?
If more and more bitcoins get locked and become unaccesable, it will be good for bitcoin holders because this will limit the total supply that can be used ultimately pumping the bitcoin price.
December 04, 2016, 01:41:41 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?
If it's totally gone and the demand still higher it will affect the bitcoin price too. So if I'm the one who had million coins I'll tell to some one close to me relatives or wife what is needed to know to open my account in case something bad happen. What is your thought on this?
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