Topic: If a person has millions of Bitcoin and he dies one day................. - page 8. (Read 6184 times)
December 04, 2016, 01:24:45 AM
nothing, they will be lost forever
December 04, 2016, 12:25:11 AM
It is impossible to prove that certain coins belong to a certain dead person (just as it is impossible to prove that certain coins are inaccessible to the owner), so the supply of coins would really not change as there would always be the possibility that the coins would be spent in the future.
It would not be a good idea to invalidate coins that do not move after a certain number of blocks because of the large number of reasons as to why someone might not move their coins for a long time. Also LN (if ever implemented) will make it so destroying coins after a certain number of blocks will take money from those that are actively using Bitcoin as some users might not ever have their Bitcoin balance settled on the blockchain.
It would not be a good idea to invalidate coins that do not move after a certain number of blocks because of the large number of reasons as to why someone might not move their coins for a long time. Also LN (if ever implemented) will make it so destroying coins after a certain number of blocks will take money from those that are actively using Bitcoin as some users might not ever have their Bitcoin balance settled on the blockchain.
December 04, 2016, 12:24:04 AM
There could be multiple scenarios involved, firstly let's assume no one knows it. They are lost forever. The size will obviously come down. But then what's a millionare Bitcoin and no one knows he has it, has to have a girlfriend or someone close. Or some hacker would definitely find about it. He of course would be splurging so some one would know. Maybe even make a will to let people know he has. So I don't think your scenario could be a reality where Bitcoin are lost.
December 04, 2016, 12:11:17 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.
December 03, 2016, 11:27:12 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?
It would simply mean that he has lost these coins and the effective existing bitcoin supply would shrink by the amount of bitcoin that the person has lost as well. However there is also a possibility that someone recovers the address later, probably family or a hacker. Then, the actualy monetary base of existing bitcoins would increase dramatically again.
This is already done intentionally through the "burning" of coins, in some altcoin ICOs.
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?
What is your thought on this?
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