If bitcoin owner die. It means bitcoin also lost forever? - page 12.

doraegun

jr. member

Activity: 251

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Quote from: coinsocieties on December 25, 2017, 08:25:36 AM

I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?

Bitcoin is build for all the people who belong in this world this is functional using new generation high technology and my perception is this BITCOIN back up for all new creation and discovered gadget to serve better for us for upgrading technology so digital currency is one of the new creation of Bitcoin serving to all people without no hassle. let say 1 million BITCOIN lose from the person suddenly death, this is only minimal many bitcoin circulation in this world and remember until now no one can IDENTIFY who's nakamoto's in real life. So, there's possibility to make additional bitcoin without prior noticed to public because it is unidentified person.

amih

member

Activity: 308

Merit: 17

the first of course, the amount of bitcoin in circulation will be reduced by 1 million because if no other party knows the private key that existed at the time of the owner died I think his bitcoin assets will be frozen on the bitcoin wallet device. but do not worry my friend think the evolution of science and technology is not limited here because science has evolved and I believe someday there will be new technology that can solve this problem. perhaps this problem would be a task that must be overcome for blockhaind tech scientists.

addeqt

member

Activity: 196

Merit: 30

What is lost is the owner life but his bitcoin remain alive and could be transfer anytime when the wallet provider knew the sotuation. I think the same process is being done like with the bank. banks usually give notice to people sending mail thru their address stating they need to perform activity to their account or else the bank may possess all the balances on that account. And when the time lapse, the bank take possession of the account and give government a portion of those.

jademaxsuy

full member

Activity: 924

Merit: 220

you have a good idea there. Well that would be the blessings for us for the btc price will not fall down eventually up 500 usd depending on the market price of btc after having those bought and unused btc. The result is ideal since btc price will not fall down that much since it is being stabilized by the btc owner who died together with his btc acount. This is another.advantage to the investors of btc. They will not be afraid or make any worries of btc market fall down price. And this could be another why we should invest in btc.

magmar

sr. member

Activity: 476

Merit: 250

Quote from: coinsocieties on December 25, 2017, 08:25:36 AM

I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?

Technically yes if the person having a huge amount of bitcoin in his or her wallet and when he dies the bitcoin eill remain on his or her wallet forever and that cannot be access by anyone who doesn't know his or her passwords because that is a security thung so if you have some issues about that thing that what if you die then have some back up ppan and save your passwords into some case or something and saud that when you die open that and leave some messages to those you left behind.

mandycheng

newbie

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Yes, so we should teach our family that how to use Bitcoin... Cool

Ngelieh@

newbie

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it is possible to go to the depok for bitcoin given the heir insurance facility, so do not find the incident like that, and to the depanya bitcoin facility can be more complete and perfect.

nbjh

newbie

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Quote from: 666#666 on March 14, 2018, 02:41:25 AM

Nope, the bitcoin will stay to the trade. Since there are no guidelines or law that oversee about it. On the off chance that it is a fiat the bank given a traverse of time will report it to the administration and the legislature will be the proprietor of the fiat. In my nation and in the event that I am not mixed up it is around ten years. Yet, bitcoin isn't under the control of national bank nor the administration, in this manner the bitcoin's new proprietor will the wallet organization. In the event that you claim the wallet organization, I trust you won't wish to happen something to that effect.

Bitcoin is a virtual currency that is protected by an unbreakable password. This property makes it a safe way to store wealth, but it also creates the risk that when Bitcoin owners die, their digital wealth will never be honored. The Bitcoin market is currently worth about 70 billion U.S. dollars, which is a big problem for families who have invested in Bitcoin and died in Technai.

toxic0n

member

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Nope, the bitcoin can keep to the trade. Since there aren't any pointers or law that administer concerning it. On the off likelihood that it's a act the bank given a traverse of your time can report it to the administration and also the law-makers are the owner of the act. In my nation and within the event that i'm not necessitated it's around 10 years. Yet, bitcoin is not underneath the management of commercial bank nor the administration, during this manner the bitcoin's new owner can the pocketbook organization. within the event that you just claim the pocketbook organization, I trust you will not would like to happen one thing thereto result.

shezu007

full member

Activity: 336

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The most ideal answer for this issue is that financial specialist must impart his wallet secret key to somebody he has trust who can convey that coin subsequent to passing on to his friends and family and the best individual to share private key is your life partner or somebody who is all the more nearer to you and I think if speculator don't impart their private key to other than their families may endure after them and by telling somebody this will help his family to utilize cap bitcoin and possibly that bitcoin will bring a great deal of bliss and they can deal with their costs.

cosmoo

hero member

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Thousands of Bitcoins are lost forever. Noone can get them if they don't have private key. So, yes, it means that.

Russlenat

hero member

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It will lost forever if no one knows the keys and the supply of bitcoin will decrease, they say that bitcoin supply is limited so it can't be recovered and it's like being burn.

matthewtherry

member

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I think there is more than one owner and everything was well thought before it was launched. I don't think things would end if the owner dies

tanghere02

sr. member

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If no one has access to where he placed his bitcoin holdings then it goes with him when he dies and less the supply circling around. But if one of his family has access to his private keys then it can be opened and it could basically be used and sold.

dongyi17

full member

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FRX: Ferocious Alpha

There is always a way I believe, even if bitcoin owner will die... I sure he thought of it and plan it even after he created bitcoin there is always an alternative plan and it will not be deducted and there will always a way out to know one's password so that other will or the family itself will benefit also.

OMGyasuo

full member

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Quote from: coinsocieties on December 25, 2017, 08:25:36 AM

I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?

If someone owns his wallet and password, then the btc number can not be lost. However, I think very few people will disclose their passwords. And if so, then as you said. But I think this case will be very rare.

TorbiK

full member

Activity: 448

Merit: 100

Diagon

If he did not leave his relatives or close friends with his passwords and a private key from his wallet. Then consider that his currency is gone.

CryptoKu-een

newbie

Activity: 19

Merit: 0

It still counts right? Cause the bitcoin still do exist and was owned by someone even if he/she dies, the bitcoin is still counted among those bitcoins in circulation?

cryptofeel

newbie

Activity: 154

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It is good that you have where you save all these details on the side, so your family can access your wallet if anything ever happens to you

amzadabir

newbie

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The private key of a wallet is the access pass for a wallet but is not always handed out by some of the more popular online wallets.
If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. To prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, storing it on a flash memory drive or entrusting it with a commercial service that manages them.

Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 12. (Read 1835 times)