If bitcoin owner die. It means bitcoin also lost forever? - page 20.

mxyzptlkof6th

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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?

The bitcoin will not be recovered. With that said, the capacity of bitcoins will decrease or maybe they can create a program that will null the value of bitcoin when holded in a certain span of time. Just imagining though Roll Eyes

lexodig

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I think it would be no matter if they die 1 million bitcoin will not transfer then the market will be 20 million bitcoin. In hard fork sessions, other coins will be created and the bitcoin will change.

Restmand

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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?

its sad to say but it's true that if the owner of the bitcoin owner will die,but i think the other users was make a solution about this because if they don't get an solution in this kind of problem,probably the bitcoin will become less and less because of this cases.

kc999991

newbie

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Yes that is why there were a lot of talks suggesting people to give access of their private keys to their familys. Also stating everything in your will is another important thing to keep in mind as it then becomes legal bind.

jesiccacone

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If a bitcoiner dies with a bitcoin in his wallet and no one knows the password, then it's like a treasure that does not know where it is and will never be found.
obviously it will reduce the supply of bitcoin because the bitcoin is locked in an unknown container and will not be found.
so we must therefore prepare the file and teach our families to this if we experience things that are not in want.

Lun4t1c

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

Chosenpai

newbie

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The amount stored on that wallet won't be lost. But the access to it will be lost forever, it will just stay in the wallet forever and no one can access that unless you have the key.

richkellj

hero member

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Quote from: dimastegar on December 26, 2017, 04:42:21 AM

Bitcoin will not disappear if the owner dies. And a little difficult is if the person left behind can not know the password of the Bitcoin wallet. Therefore, the selection of our wallet for Bitcoin should be really the best (support if the previous user died). And I do not know if there is a wallet like I mentioned?

In the world of crypto currencies, all those who have bought the bitcoins are given with the private keys. This key is just like a key for opening of some lock where a lot of wealth is being placed. You do need to have someone in your life whom you can trust blindly. You then need to share that private key with that person so that if something unusual happens, then he can claim those bitcoins.

poor-yorik

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Quote from: Best Dreams on December 28, 2017, 02:11:53 PM

Quote from: eaLiTy on December 28, 2017, 12:00:32 AM

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

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.

I heard about the segwit2x fork,since there are many forks going on with bitcoin , i am not bothered much as i am yet to cash in my other fork coins ,but i did not understand is how they are going to redistribute the coins held by the developer,how can they do that fair and share and if they can take the coins from that wallet how secure is other wallets,they could literally take those coins from any wallet. Roll Eyes

If someone is holding bitcoin and he dies,the coins he is holding is lost unless someone gets his private key.

I don’t think so bitcoin will be die if bitcoin owner die it’s a fact that bitcoin is decentralized but it’s not like this that he is running this currency along there must be a lot of people who are working for this network to promote and owner will also have someone who can look after bitcoin after him I’m sure that bitcoin have a head office and owner of bitcoin is also monitoring bitcoin on daily base so I don’t think so that bitcoin will end.

Lol, the question is not about the whole Bitcoin going away if some Bitcoin holder or even Satoshi himself passes away. It is only the bitcoins of the deceased that go into oblivion unless they have taken measures that these bitcoins not be gone for good.

tarvizlisar

newbie

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If Bitcoin owner dies. It means Bitcoin also lost forever?
Yes, unless if the password is given to a relative.

Make a copy all of your access , share with your closet one and tell him if i die you can access on my bitcoin account

Eclipse2021

member

Activity: 209

Merit: 60

Well , if no one will find your pv key and stuff , I think yea , they are lost forever among with the other bitcoins. As far as I know there are over 1mil of lost bitcoin. Is this accurate ? Is there a way to recover such bitcoins ?

Best Dreams

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Quote from: eaLiTy on December 28, 2017, 12:00:32 AM

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

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.

I heard about the segwit2x fork,since there are many forks going on with bitcoin , i am not bothered much as i am yet to cash in my other fork coins ,but i did not understand is how they are going to redistribute the coins held by the developer,how can they do that fair and share and if they can take the coins from that wallet how secure is other wallets,they could literally take those coins from any wallet. Roll Eyes

If someone is holding bitcoin and he dies,the coins he is holding is lost unless someone gets his private key.

I don’t think so bitcoin will be die if bitcoin owner die it’s a fact that bitcoin is decentralized but it’s not like this that he is running this currency along there must be a lot of people who are working for this network to promote and owner will also have someone who can look after bitcoin after him I’m sure that bitcoin have a head office and owner of bitcoin is also monitoring bitcoin on daily base so I don’t think so that bitcoin will end.

denzkilim

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Activity: 1218

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Quote from: eaLiTy on December 28, 2017, 12:00:32 AM

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

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.

I heard about the segwit2x fork,since there are many forks going on with bitcoin , i am not bothered much as i am yet to cash in my other fork coins ,but i did not understand is how they are going to redistribute the coins held by the developer,how can they do that fair and share and if they can take the coins from that wallet how secure is other wallets,they could literally take those coins from any wallet. Roll Eyes

If someone is holding bitcoin and he dies,the coins he is holding is lost unless someone gets his private key.

Is that a legit fork or another fake fork again just to make FOMO for people and increase the price of bitcoin like the last time they did it? And oh its 28th of december today time to read some news about the fork. Grin

Noesly

member

Activity: 140

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No, it is impossible if bitcoin owner die bitcoin lost forever no, I think like if you said the owner what if owner is have a daughter or son's or what ever of owner trusted, I think just like a owner of bitcoin it continue the legacy of bitcoin it continue what we want of owner.

blueteam09

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📱 CARTESI 📱 INFRASTRUCTURE FOR SCA

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 this will happen if they use cold wallets. But if they use the wallet platform like coinbase, xapo, ... then I think bitcoin is still circulated in the market if the owner die.

Man21

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Activity: 238

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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?

Yes for sure if nobody knows the private key. It will be loss forever.
Make sure you tell the private to somebody else like your family or wife. This is for saving your bitcoin.

h55

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Activity: 210

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BTC is not Affordable, for it's fees. I think before some one die, BTC will died

poliy1219

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Activity: 146

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Yes. That will disappear forever, but the possibility is small and small. Unless it was a world war, everyone returned to BCE. At that time, there was no need for the Internet. Without the Internet, there will be no bitcoin. Grin

cue

member

Activity: 65

Merit: 10

If the bitcoin owner will die, then the bitcoin will remain to wherever he/she put the bitcoin, unless the bitcoin owner shared the usernames and passwords of the sites where it was stored to his/her family members or friends, so they can still have it. So maybe we should share our usernames and passwords to our trusted family member or friends. Wink

ghost424

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The bitcoin in his account would not be recovered without his personal informations and private key. Then that bitcoin would just stay that way unless somebody knows the owner personally.

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