If bitcoin owner die. It means bitcoin also lost forever? - page 18.

gundala

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Quote from: Chris314 on December 25, 2017, 08:42:11 AM

Yes, the 1 million bitcoin of the dead person will still exist, but won't move anymore because no one can make them move from a wallet to another.
This, so far, explains too why bitcoin supply is limited, and decreases with time. Now it's compensated by btc mined, but mining won't last forever (bitcoin income for miners decreases every 4 years).

That is what causes bitcoin prices to experience an upward trend, because the number is limited and only up to a total of 21 million only.
So it's important to take care of your assets, make sure someone knows you have an investment of bitcoins, or it would be wise to make notes or testament.

felipe04

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The value of bitcoin is already high and it can low but if you think this will be gone in the future that's not gonna happen because if you own btc the value of that is base on the person that have so even they mining all still it have price already and it will continue again in again.Many of us think bitcoin can be gone but i think it can't happen because we need this in life like the transaction and the extra income here for some jobs here another thing is the knowledge that can crypto brings to many people.

Baofeng

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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?

His bitcoin will be totally lost in oblivion because no one can claim it on behalf of the deceased person. Similar to those people who have mined bitcoin in its early years however, lost all the private keys to that address.

That's why there's a debate or a thread asking if you are willing to share your password or private key on make a document detailing instructions on how to recover your bitcoin in case something happen to us.

Tramle091296

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Quote from: Chris314 on December 25, 2017, 08:42:11 AM

Yes, the 1 million bitcoin of the dead person will still exist, but won't move anymore because no one can make them move from a wallet to another.
This, so far, explains too why bitcoin supply is limited, and decreases with time. Now it's compensated by btc mined, but mining won't last forever (bitcoin income for miners decreases every 4 years).

then it means the 1 million dollar will become lower and lower and become zero???

sirkings0003

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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?

I have never taught of this. As I was reading your write up, I was asking myself how to handle this in a way that i would not be caught in the web of loosing my money. I think the best thing to do is to find someone you trust and let him know all your investments and if possible let the person know your passwords. So in event you are not found again, your sweat will not be in vain

FLoving

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Quote from: carlfebz2 on December 25, 2017, 01:05:58 PM

Quote from: enjotan on December 25, 2017, 12:42:41 PM

Quote from: davis196 on December 25, 2017, 08:58:29 AM

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?

This question is asked many times before.Why not just search around the forum,instead of posting new threads.If the bitcoins are stored in a cold storage-hardware wallet ,somebody could find it and conduct a brute force attack with some software and crack the password.If the bitcoins are on an online wallet,the company that runs the online wallet service could deactivate his account due to inactivity and get the bitcoins.

you are right, I agree with what you say.
this is the correct answer of all questions similar to the OP post. I think if there is no heir, obviously bitcoin will move over to the company that manages the wallet.

People wont really bother to use up that search bar top right for this site and as being said this question been asked for how many times already.For the sake of relevant reply then once bitcoin have been stored up on a wallet which you do own its private keys then once you died then those coins cant be longer accessed by anyone if they don't have the keys but in case to case basis which I agree on the thing if those coins being stored on online wallet then possibility that company can really access it since they do have the key.

I did not think like that actually the Bitcoin is decentralized currency, so the command is never in the hands of a single person. So there should be no affect on currency by any single person. The Bitcoin is growing up and reached to a position that it can be legalized in all countries soon. The benefits using Bitcoin are involving many new users to this community. The investors are always in hurry to buy it for their better earnings.

Joemzz31

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No! Because bitcoin is not just about the owner itself, it is all about the consumer who invest in it, the more the investor the longer the lives of bitcoin

aray80

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In my opinion, we can anticipate it from the beginning, by giving everything about Bitcoin secrets to people who are truly trustworthy, for example to the our families...

BlasterS

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of course not, in a corporation the incapacity or deaths of this owners does not affect the performance or the life of the company since it was manage by lots of people.
So you have nothing to worry about if the owner of bitcoin dies since the bitcoin will still operate no matter what happens.

Dvach

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Technically they are not lost, because bitcoins remain on the wallet, the only problem is that coins can't be used. I think, that in case if someone owns a lot of BTC, he/she can leave notes to someone he or she trusts, so that person will be able to access the wallet.

Nabilog

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if the bitcoin holder will die his/her bitcoin will remain idle unless there is a person know his/her personal key.
it is better that there is someone knows your key. either wife or children.

webdevmastery

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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?

It depends on the wallet he/she is holding, There are wallets that are not secured and some are in the news that they are being hacked by an unknown other user. I think that there is no way to recover that coins because the wallet is super incripted and this coins will be just become waste.

Tatalk

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If bitcoin owner dies, then his soul would rest in piece because he has did such a wonderful deed that there are millions of bitcoiner praying for him. And if he dies,then also BTC won't lost because Now BTC itself is a brand and it does not need any more recognition. Though owner is very respectful but in spite of it, BTC would continue to float forever and would serve the people, the only thing that hinders it's path is it's decentralization and in future this would also happen and people continue to earn their profits

okissabam

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I don’t think it will die with him too however there is a possibilty bitcoins price might go up depending on its usage or how it is being used by many and if the supporters still support them. But we also don’t know what will happen but let’s just expect the unexpected.

CryptoRothschild

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Quote from: bitperson on December 25, 2017, 08:27:56 AM

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?

Yes. But a fork might change that. As a current example, the Segwit2x fork that has been announced for 28 December proposes to redistribute Satoshi Nakamoto’s coins.

But I guess this will not happen with the actual Bitcoin. Nakamoto's coins won't probably be redistributed. But the real problem is not if they are lost, but if someone gets its hands on them dumping them all on the market at once. That would send Bitcoin's price back to 1$.

ajiejot

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Not so, bitcoin is decentralized, no one owns it. It is decentralized, even government don't own bitcoin. As long as people using it, bitcoin will never die. As long as the demand is there, it will stay forever. Just use it on our daily lives. Bitcoin has great future.

severaldetails

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Quote from: tbterryboy on January 05, 2018, 04:02:55 AM

Quote from: Lun4t1c on January 03, 2018, 09:33:06 AM

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?

I think yes, but unless someone knows your passwords or privatekeys for your wallets.

Agreed! The fact is there is nothing which you can do with your bitcoins in both the cases, if you lose your key or if you die without telling anyone else about your private key. Your bitcoins will be lost permanently in that case and there will be no one who will then be able to claim those bitcoins on your behalf. That is why it is said to share your private key with someone whom you can trust blindly.

I think that exactly this possibility of losing coins is a very good feature.
Over time it will happen often that coins get stuck in wallets where nobody has the keys to recover them.
Those coins are not part of the supply any longer.
This means that the rest of the coins increase a bit in value.
And when I think of how careless many people handle their things, I can imagine a lot of coins getting lost over a few decades.

cherryfer

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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?

Oh my god 1 million for 1 man only that's very good question but in reality if you have 1 million bitcoin your are not an ordinary citizen. however that's question only, my answer is " you are true" they can't access anymore if they don't the exact details of their wallet if the owner suddenly die.

Scorpion

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Bitcoin OG

Yes, that's why it's important to discuss these matters with your family on what happens to your cryptocurrency when you die. You can write down instructions for what to do in such a scenario and then your family can at least redeem what was yours and puts it into good use.

tbterryboy

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Quote from: Lun4t1c on January 03, 2018, 09:33:06 AM

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?

I think yes, but unless someone knows your passwords or privatekeys for your wallets.

Agreed! The fact is there is nothing which you can do with your bitcoins in both the cases, if you lose your key or if you die without telling anyone else about your private key. Your bitcoins will be lost permanently in that case and there will be no one who will then be able to claim those bitcoins on your behalf. That is why it is said to share your private key with someone whom you can trust blindly.

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