Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 2. (Read 1835 times)
it will not happen, because the owner of the bitcoin is a human. Definitely have a family or very friends with him. Surely the person has inherited his property to the child or his family and his close friends. Bitcoin will continue until people in this world do not use it maybe bitcoin will stop or perish.
If a person is super wealthy in Bitcoin, maybe s/he will prepare it and ask an attorney to put it in her/his will.
But I bet there are people that greedy enough they won't even let their family take over their Bitcoin and rather keeping it collecting dust in their wallet after they died.
PS.
I suggest you guys find an attorney who doesn't believe in Bitcoin so your funds will be safer if you decide to give your wallet info in your will.
If your attorney is a bitcoiner as well, maybe s/he will be tempted.
We can't be too careful, you know.
But I bet there are people that greedy enough they won't even let their family take over their Bitcoin and rather keeping it collecting dust in their wallet after they died.
PS.
I suggest you guys find an attorney who doesn't believe in Bitcoin so your funds will be safer if you decide to give your wallet info in your will.
If your attorney is a bitcoiner as well, maybe s/he will be tempted.
We can't be too careful, you know.
I think bitcoin will not lost forever if the bitcoin owner die. For me there's a substitution for him/her because there are so many person that controlling bitcoin. If he die I think he will find another to replace his position so that bitcoin will not lost or gone. I think his family will be the one who will replace his position.
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 and 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).
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).
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?
Literally speaking that would be true but those bitcoins will never be lost. We are already in a millenium period and millennials are all around us. Millennials with never-ending knowledge in computers and internet. If i have complete conviction that my deceased relative had a huge bitcoin holding, a millennial correlative can surely hack his/her computer into possibly acquiring those password and wallet informations. In the end a big win for the whole family.
I think if the initial owner did not tell all his passwords / privacy keys to the person he inherited. Then all the assets he has will be lost.
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 will be forever lost. Unless you share your password to other people in case these situation happens and i believe if you have this huge amount of bitcoin in your wallet you should have contingency plans that will be use if an unexpected and tragic events occur in the future. For example, making a will of testament from a lawyer that if something like this happen, members of the family can inherit what you own from your wallet.
I think if the owner of the bitcoin dies without anyone knows how to get their password in wallet, the bitcoin will stay their because no one will know about it or access on it. Sadly but this bitcoin will be kept until the system change it. The password is too strong to be worth hacking with.
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 if the person die and no one knows about his/her password it would still remain in his/her wallet and it will not circulate again to distribute to other because all of the users of bitcoin is unknown, So the you might be correct that the 1 million bitcoin will not be move in the circulation and the 20 million bitcoin would be circulated.
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
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?
Supposedly thats all been happen in my own perception, if those bitcoin owners die and the property of bitcoin in his own would die also,if he cannot inherit the bitcoin into his family or sibling everything also would diminished,because no one could know the private key of all his own portfolio wallet only herself,even he can put into the exchange trading market.unless there is member of his family that he could teach about the cryptocurrency and how to used it in the exchange market.
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 also think like you, but I see the development of the times today. I think 1 million bitcoin can be taken again, because very many people out there are smart to break into. hackers very much. and if it can not be taken, I'm sure there's a big change in bitcoin prices. 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.
Yes unless that person shares his private keys to love ones it can access anytime. This is asked many times but no one can exactly access the wallet if a person dies and forgot the phrase or private keys. It is very vital to save the wallet or share to someone you trust it could helps. 
not as I imagine, even you can inherit the bitcoin to your family if you die, I think give them access to your bitcoin wallet from now and please choose someone who can be trusted in your family
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.
I just got this question in my mind. What will happen if no one knows about the password of his/her account will it possibly 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 possible that the remaining 20 million bitcoin forever?
Yes of course if people who have Bitcoin died, Bitcoin will follow the lost even though actually Bitcoin still in the wallet. But because no one knows the password at all, forced Bitcoin will continue to be stored in the wallet. If I personally always love to know my personal things to the people I trust the most so if one day I why somebody has someone who knows my password.Great thread topic. Anyway, I think that bitcoin will not totally be lost but it will still be in the wallet of the deceased person account. I would perhaps suggest that people should have their succession plan just in case death will eventually come unexpectedly. Considering a big amount of bitcoin, definitely you should have a trusted individual to hold and should know about it in case it will happen.
I just got this question in my mind. What will happen if no one knows about the password of his/her account will it possibly 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 possible that the remaining 20 million bitcoin forever?
Yes of course if people who have Bitcoin died, Bitcoin will follow the lost even though actually Bitcoin still in the wallet. But because no one knows the password at all, forced Bitcoin will continue to be stored in the wallet. If I personally always love to know my personal things to the people I trust the most so if one day I why somebody has someone who knows my password.
I think the main supply of bitcoin is the sum of all the fictitious bitcoins present. in which case the main supply of bitcoin will remain the same even if one of those who has bitcoin is dead and no one can access its 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?
Unfortunately, I don't think the bitcoins can still be accessed or used hence they are lost until somehow the private keys are retrieved. But if you have someone to trust with your accounts and information, then you don't have to worry about this case of locked bitcoin. Though it will be hard to trust people sometimes, it will be good and practical to have someone to watch your back in this industry to make you sure your efforts won't go to waste.
Unless you'll be having someone whom you trusted the most like your mother, spouse, siblings or someone whom you're comfortable to share your private keys with. It would be advisable to intrust it to someone just incase what will happen to you.
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?
Unfortunately, I don't think the bitcoins can still be accessed or used hence they are lost until somehow the private keys are retrieved. But if you have someone to trust with your accounts and information, then you don't have to worry about this case of locked bitcoin. Though it will be hard to trust people sometimes, it will be good and practical to have someone to watch your back in this industry to make you sure your efforts won't go to waste.
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