Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 15. (Read 1835 times)
Nope it can still be recovered by someone who knows his credentials. We can also hire a hacker retrieve the btc. Nothing is impossible with technology.
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 believe this question was asked before, if you just search the forum.
Anyway, if it is stored in a hardware wallet, it can be hacked using hacking software and crack the password. That is assuming the hard storage is found.
On another note, if it is stored in an online wallet, the service provider could clean it all up due to reasons of inactivity or deactivate his account.
Or else, this bitcoin will not move because nobody has the opportunity to do so.
In the cryptographic world, it is not possible to transfer the wealth of the encrypted currency to the heirs or other beneficiaries as needed, which is the weakest point in the world.
So be sure to let our family know the password of our cryptocurrency.
So be sure to let our family know the password of our cryptocurrency.
i think Yes all people are are dying but it doesnt mean that if the owner of the bitcoin die the bitcoin lost too that a bad mistake because if the owner dies possible there is a new owner the original owner inherit it to his or her relatives so that bitcoin keeps continue in the future and people around the world are no worries
right. When the bitcoin owner dies, the bitcoin will not exist. No one transfers bitcoin from one wallet to another. The bitcoin value will decrease over time and have a certain limit. You should sell bitcoin when the amount is too much.
If the bitcoin owner dies then that means his/her bitcoin would stay in his wallet and it would just be stock there,
That would lessen the number of circulating bitcoin and I think there are tons of bitcoin that has been stock or lost already ,
Some are the early users wallet who have forgotten it .
That would lessen the number of circulating bitcoin and I think there are tons of bitcoin that has been stock or lost already ,
Some are the early users wallet who have forgotten it .
Yes, I think it is. If a bitcoin user dies, the risk of wealth in the bitcoin will simply disappear. So from now on we do not conceal our account to people we trust. Assume bitcoin is a legacy for our child.
What if, he's already thought about this himself? i.e. Like an inheritance policy. If you were sat on that much money/assets, i'm sure you would have some kind of policy that if you die it goes to xyz.
In theory, yes, if the owner dies and he does not share the private key with others, then no bitcoin is known.
So when bitcoin is completely dug up, the number will only get smaller and smaller, and if there are still people investing, the price will surely get higher and higher.
So when bitcoin is completely dug up, the number will only get smaller and smaller, and if there are still people investing, the price will surely get higher and higher.
This is interesting as a good discussion, I also suggested to some of my friends to trust someone to hold the key of bitcoin wallet, most importantly is the closest person
Had the bitcoin owner given the credentials of his account to any of his family members or friends then they can use the bitcoin. Suppose if he does not means I think bitcoin if gone no body can take back that without the information from the bitcoin owner.
This is interesting as a good discussion, I also suggested to some of my friends to trust someone to hold the key of bitcoin wallet, most importantly is the closest person
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?
It depends if the owner will pass it to their friends or relatives. If their friends or relatives will continue to use and earn bitcoin using the owner's account, the bitcoin of the owner will continue to grow. But if the owner does not pass their accounts to someone, I think their bitcoin will just stay and will not disappear. 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 those Bitcoins are still existed but they cannot be used or restored.
Generally any hashed token that is lost is indeed lost forever. In the chance of a wallet or an exchange account the ownership can of course be transferred like any other type of wealth or even simply by sharing access to the account with your partner etc.
On a different not a fork of a blockchain can help recouped such hashed tokens by turning them into a different blockchain but with the same token value.
On a different not a fork of a blockchain can help recouped such hashed tokens by turning them into a different blockchain but with the same token value.
If the passwords from the wallet was not handed over to the relatives to recover the purse, no way! According to statistics, about 5 million bitcoins are lost irretrievably!!!! This is sad, but it becomes more interesting, because the price of it because it becomes even more expensive!
Yes. Once no one can access your wallet when your gone, it is also gone forever. There have been cases of early holders losing their password or forgot how to access their coins. Some even forgot that they even have bitcoin in the first place. All of these are lost forvever, which can add to bitcoins scarcity when it reaches 21 million.
Yes if the deceased owner of wallet forgot to give the private key its recipient before succumbed in his termina illness or died due to accidents, murdered by someone or died in sleep i suggest that someone in your family must know and tell the location of his private key or if you haven't trusted anyone put you private key in the safe but known place so, your family must find it easily.
I am reminded of a friend who lost a lot of shares of BItcoin for not trusting the nearest person to keep a private key, and the family can not be inherited because of unbelief,
So trust the nearest person if one day you will leave it
So trust the nearest person if one day you will leave it
It's a good practice if we pick someone that we trust to continue our investment if we die. Our nearest family is the best choice for this one. It is may be our husband, wife or children. It is true that we can not bring any material thing to the next life.
No it is not like this because your amount is present in your digital wallet where you are doing your transaction and also can do aa online trading so if the owner dies it does not mean that your money is loss these days there a lot mining sites and people are doing their trade because of all these btc without having in mind that the owner will be died or some misfortune will happen.
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