Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 17. (Read 1835 times)
Yes. It is, if the bitcoin owner died the bitcoin will not be moved unless some relatives proves that he or she are qualified to inherit the bitcoin owner's wallet.
It should be written in their Will. Their testiment. But how does one access that account? Maybe if you send proof of the death to the exchange staff/wallet team, along with a written Testiment or Will, they might help you distribute it to that person? Or give it to them in cash while the organization sells it?
Should be settles somehow in the coming years how this should work.
Should be settles somehow in the coming years how this should work.
My question is if NO ONE REALY KNOW ABOUT THE ACOUNT then the coin that holding by this person then the bitcoin that stock on that wallet will be deducted to the main total supply of bitcoin.
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?
Yes, it will. When a bitcoin owner dies and no other people has an access to his/her online or hard wallet, the bitcoin in that wallet will be there forever, and there's no way for other's to get those bitcoin. It will lessen the number of bitcoin in circulation. So, if you have a lot of bitcoin, make sure to let someone you trust the most, know how to access your wallet.
NO, in corporation the death of the owner or any stock holders will not affects the existence of the company; so nothing to worry about when the owner dies.
There will be bitcoin that will happy to serve you no matter what happens.
There will be bitcoin that will happy to serve you no matter what happens.
I think you dont get the main question in there. As we talking about the lose bitcoin that no one can recover there own bitcoin.
As i see in some comment here that they said if some one holding the bitcoin in some wallet then the company of the bitcoin wallet they will resume that bitcoin and open it again.
It should be written in their Will. Their testiment. But how does one access that account? Maybe if you send proof of the death to the exchange staff/wallet team, along with a written Testiment or Will, they might help you distribute it to that person? Or give it to them in cash while the organization sells it?
Should be settles somehow in the coming years how this should work.
Should be settles somehow in the coming years how this should work.
From what I know, Yes, that one million of the deceased person is still there and no one can move it. basically just leaving 20 million for the rest of us. That is the main reason why Bitcoin is very limited.
This question set me thinking. It is true that the bitcoin would have gone if the bitcoin holder did not tell the next of kin about the crypto portfolio he has. Many crypto currencies will be missing.
Fortunately, I write down the seed words and private keys of my wallets. And told my next of kin how to retrieve them.
Fortunately, I write down the seed words and private keys of my wallets. And told my next of kin how to retrieve them.
NO, in corporation the death of the owner or any stock holders will not affects the existence of the company; so nothing to worry about when the owner dies.
There will be bitcoin that will happy to serve you no matter what happens.
There will be bitcoin that will happy to serve you no matter what happens.
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?
That is the sad thing in Bitcoin. Definitely, no one will be benifitted nor can retrieve tha stored bitcoin in that died person. Unless, if the wallet developers would find out that the account has been inactive for so long and no one is trying to open or accessed the account, then te developers could think or guess that the owner of the account had passed away. In that moment, they could get into his account and will take all his bitcoin. THe developers would be the riches people now.
Yes. But it was designed to be this secure so I think most Bitcoin owners have a method to reveal their private keys and back-ups when a tragedy happens. You could do with thorough written instructions.
This is a good question I had never thought of before. If bitcoin is lost or the bitcoin owner is dead, it is too late to give bitcoin to someone else. Does this part of bitcoin disappear forever? Even companies that have an online wallet service may disable their Bitcoin account due to inactivity and earn bitcoins, but I find it unfair that there may be any accidents with bitcoin owners during that time, say Is a vegetative, why stop his account?
a good question. i think if the bitcoin owner die, the balance remain there
unless they had give the pkey to their relatives or someone.
unless they had give the pkey to their relatives or someone.
Yes, I agree . If the owner bitcoin dies if they do not provide the password to any relatives. All their bitcoins will be lost forever because no one can open their wallets. This is unfortunate. I think we should take measures to avoid the worst situation. Let's say your wallet password to someone you trust most.
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?
Agree with this. We can just think of it as if the password or wallet key has been gone. The bitcoins within that wallet would no longer be a part of the circulation. Since there would no longer be new bitcoins to be mined, then the law of supply and demand would apply due to its scarcity.
No, in corporation the business is own lots of people so the death of one will not affects the existence of the company itself.
No the bitcoin of the owner who died will be remaining in the address where he/she put it. It will not be deducted but no one can withdraw it into the address where he/she put it unless somebody who is trustworthy to him/her and shared his private keys, passwords and anything that can access to its bitcoin then that person can withdraw it and use. If no one knows the private key then it will remain there forever but not deducted.
I think 1 million is not lost, 1 million is still there and will always be there. Because no one knows the password of his\her account then no one can take or use or recognize the 1 million bitcoin. Never thought about this before, maybe we should share our account password with our most trusted person, wife, husband, mother, father or anyone else.
If bitcoin owner die. It means bitcoin also lost forever? I did not think so . I want to say that Bitcoin will not disappear because it is now decentralized and most popular digital currency all over the world. I think not only one person owner and developer bitcoin if the owner dies besides I do think that bitcoins are lost .
Do you even understand the question? What he meant was in case you have bitcoin in you wallet and you die while no one is having the private key other than yourself. What will happen to it then? It will be lost forever.
It is another form of burning coin. And yeah bitcoin supply will be decreased time to time because of this kind of mistake
If bitcoin owner die. It means bitcoin also lost forever? I did not think so . I want to say that Bitcoin will not disappear because it is now decentralized and most popular digital currency all over the world. I think not only one person owner and developer bitcoin if the owner dies besides I do think that bitcoins are lost .
Very interesting question I also have thought about this , I saved the key of my bitcoin wallet in the flashdisk and I left to person I trusted , so when I die this person will give my inheritance to the rightful person .
Jump to: