If bitcoin owner die. It means bitcoin also lost forever? - page 14.

Hallmader

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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?

I think it is not deducted from the total supply. It is still there although remained untouched. The total supply of Bitcoin is not affected. The 21 million Bitcoins will remain 21 million forever. Some of these have lost circulation though. Some of these are also forgotten forever. In fact, a significant portion of the total supply of Bitcoin is already lost in history for sure. Bitcoin has been used already for several years and certainly countless of private keys and passwords of personal wallets have been forgotten.

yonjitsu

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It will stay that way, for sure, most especially if the deceased one haven't shared his/her crypto wallet's information (private keys and others). But who would really share their private key to their family? Maybe it's not a good idea to share it with the family but at least, it won't be wasted and the family can be benefited from it if the owner dies.

kjnfmplm

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I think that it is not really lost, but inaccessible. Since the bitcoin's owner died, and no one knows his/her password, then it cannot be accessed by anyone. I also think that it is impossible to force attack the account because it is encrypted in a more complicated way.

queenhallmark

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Unlike retirement funds or even savings accounts, no one needs to know that you own them, or how much you have in them or indeed how to access them without you. Bitcoin provides a safeguarded space for the store of wealth that can be kept secret from everyone.It is one of the attractive features of Bitcoin for some, but it also means that it is all too easy to take a fortune of digital currency to the grave

lampukoe lumo

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This question is very good but that is not entirely true because if the bitcoin owner is dead it may still be used if the owner has left it to his children or has been inherited to his brother, but if the owner of the bitcoin does not inherit it to his children or his brother may be the new bitcoin he has to die.

mevmike

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The answer would be too obvious.
That is why cryptocurrency holders must see to it that their loved ones must be able to benefit what they will be able to left in case of scenarios like this.
Because whether we like it or not time will come that we will leave this world that is why we should now make necessary preparatios as early as possible.

xiaohao111

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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?

I think yes, if the bitcoin holders of sudden death, his family did not know the bitcoin wallet keys, so his bitcoin will remain its wallet, no one can open, it will not circulation, it is a waste for bitcoin

chuongvannguyen02

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If the Bitcoin owner disappears then it will go as you think. It will be use if someone holds their private key or someone with personal information can access it and get Bitcoin. If that does not happen, the Bitcoins they own will disappear when they die.

chenczane

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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?

Supply will not change until it last. Those 1 million bitcoin will stay in the wallet if the person who hold or store it. Unless, the password or private key was given to someone special to this person, bitcoin in his wallet can possibly move and circulating. As long as no one knows it, it will stay forever in the wallet.

donalfonso

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The simple solution is anyone with substantial bitcoin investments or holdings now, has to consider including it in his will in case of death and also include his private keys. legally his private keys should be safe as long as he is still alive

alfs75

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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?

In that instances if the owner of bitcoin will die,and no one knows the password of his wallet,automatically that all his remaining asset will become forever gone, and that my thought about the rule of cryptocurrency,because its digital currency system and a transparent currency,so for me if i have that kind of portfolio,its make better to teach one member of my family,about the process of cryptocurrency,so that they can manage your asset if ever theres something happen to you instantly.

tats14

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Well it is depend upon the situation, many people using bitcoin now, if the owner die well his subordinate will handle it for sure, bitcoin can't easily die.

batang_bitcoin

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OP's understanding is correct. If someone dies and he holds a lot of bitcoins for example 1,000 BTC then it will be lost forever. And the current supply in the economy will remain but no one can gain access to that 1,000 BTC he owns unless he will put that on his last will testament and it contains his private keys.

Quote from: Dilladupak on March 08, 2018, 05:36:24 AM

if bitcoin owner is dead, I will give my personal key to my family or my child

How can you give if you are already dead?

Quote from: Dilladupak on March 08, 2018, 05:36:24 AM

to continue working in this forum

Even you are not in forum, a person that has bitcoin can still hold.

Dilladupak

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For me it is very easy in this forum, if bitcoin owner is dead, I will give my personal key to my family or my child to continue working in this forum, because for me very beneficial for my family,
and if you provide your family's private key, it's perfectly safe to proceed.

Techie5879

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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?

Exactly. If the owner dies and no one has access to the seed phrases and private keys to its wallet, and can access the owner's bitcoins, they will be frozen there forever, essentially decreasing the total supply, cuz that is fixed at 21 million at any given point of time, and so those bitcoins will no longer be accessible.
Exploits may be found in the future, but those totally rely on security leaks, and as soon as they will be patched up, there will be no way for others to access any bitcoins owned by the deceased.

zentdex

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Nope, the bitcoin will remain to the exchange. Since there are no rules or law that govern about it. If it is a fiat the bank given a span of time will report it to the government and the government will be the owner of the fiat. In my country and if I am not mistaken it is about ten years. But bitcoin is not under the control of central bank nor the government, thus the bitcoin's new owner will the wallet company. If you own the wallet company, I hope you will not wish to happen something like that.

Vanshenz

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Quote from: coinsocieties on December 25, 2017, 07:25:36 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 the bitcoin owner dies and nobody knows about the password and his account, then bitcoin will not disappear, because no one can access that account ..
But even though no one can access the account, bitcoin supply will not decrease because bitcoin is still there but not moving ...

Theo222

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The truth is yes, just like if you forgot your private key or password you will never open your wallet again. My friend has lot of coins and his computer die and he didnt save his private key. That will be the biggest problem in bitcoin and other crypto wallets.

Addywealth

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The truth is if a bitcoiner die without giving someone close to him like wife or children his private key it means his bitcoin will also die with him. Any unclaimed cash in the bank after many years will be utilized by the bank for investment.

Butchick

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Obviously, if the bitcoin owner dies and no one knows the owner's passcodes and some bitcoin information, then that bitcoin will just remain in the owner's account until such time one can access it and moves the bitcoin or sells it. This is one reason why we need to keep our passcodes where only our trusted individual knows unless we don't want our bitcoin to be taken by someone when we die.

Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 14. (Read 1835 times)