If bitcoin owner die. It means bitcoin also lost forever? - page 22.

shata

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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. This is reality. We cannot give our accounts and security passwords to our family. Even our facebook accounts and bitcoin wallets. Giving it to them is a responsibility to them because we cannot handle our life. We cannot define when we will die. My girlfriend has my bitcoin wallet accounts and private key and i also taught her about bitcoin and my accounts. I hope that you will do what i did.

shield132

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Ok, I would say it doesn't means bitcoin is lost forever. Let's imagine, it's virtual thing which doesn't exist in reality so we can edit it as we want. Now for example if there are 10 bitcoins and 1 worths 4,5$, this means 10btc=45$. Now man who owns 1 bitcoin dead, so we have left 9 bitcoin in network. We can make prise low and higher, so in this situation we try to increase price to cover that loss, so now 1 bitcoin worths 5$ and we have again 9btc=45$.

GooddyLife

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Sup

Over the years so many ppl died and forgot to send to someone the private key like, mom, sis or who they trust and his btc became in limbo. My mom has my private key and i taught her how to using it if i die
you should do the same

reymartH

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If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. To prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, storing it on a flash memory drive or entrusting it with a commercial service that manages them.

dady12

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yes ofcourse as both online and offline wallet can be forever gone if no one knows the key or password of your account ,it might even be satoshi the founder is dead as no one 've ever had an access to his btc since he found bitcoin

SixOfFive

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If you hold your BTC in an decentralized private wallet then it is impossible to access your BTC unless somebody knows the private key or seed, in order to open it.

merlyn22

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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?

this are the reason why i write down all my details on my diary. incase bad things happen to me my family will open my bitcoin account.... i write my username , all the site i join and have balance , all my wallet link , password , private key, even my atm password i also write it... in that case im more feel secure for my children future

alexsandria

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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 don't think so. Because if there is any one who knew about the owners wallet we all can say that it's bitcoin on his account will not die or not used. For me as a bitcoiners I have this one friend who knew about my password so that if anything happens to me I would rather give some notes and to do to my wallet so it will become useful.

Amelial

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Bitcoin will be life forever but btc can not moved to other wallet

learner 7

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I think that the option will be added to the wallet that after a certain period of time if there is no activity in the wallet the funds will be transferred to another wallet. In MEB there is a token, MyWish, who makes this transfer.

Tambu

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I think the bitcoin just stay in the wallet but its useless then since the bitcoin will be idle.
It could be the creator of the wallet can retrieve the btc

leavolnhals

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I do not think so because independent bitcoin is programmed through the matrix. Therefore, the bitcoin processing is managed by the computer and runs indefinitely. So the bitcoin does not have a stoppage though. The creators have nothing to do with it. With the current total assets of the bitcoin up to 21 million, and its creators only hold 1 million, accounting for 1% of its total value, his Loss also does not reduce the value of bitcoin at all.

poor-yorik

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Quote from: bitperson on December 27, 2017, 04:13:21 AM

I'm amused by the fact that so may participants use the word 'if', as in 'if you die'. Every person reading this will die, which is why everyone holding cryptocurrency should prepare. Also, it's not even just a question of death. You could sustain brain damage or contract Alzheimer's. Prepare now

Well, if it comes to that, I should also add that it is not just about someone holding cryptocurrency. It is about virtually everyone who has any currency or any valuable asset which can be lost when they meet their Maker "unprepared".

felicanoma

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if the bitcoin owner leaves the important document and gives the document or data to his / her family then the bitcoin automatically will not be lost, but if the person does not leave a will or small writing it is likely the bitcoin is like a locked treasure and stored in an unknown place one person.

coinsocieties

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Quote from: 1Referee on December 27, 2017, 06:04:46 AM

Quote from: Aya1 on December 27, 2017, 05:39:58 AM

This leads to volatility in which bitcoin owners can die, I think if the owner or inventor of bitcoin is dead, I think the virtual cryptocurrency money will keep running, because this virtual money will always develop the device in this cryptocurrency business, if the bitcoin owner is dead, there must be a second holder of cryptocurrency, I'm sure it is.

This thread isn't about Satoshi. Cheesy

It's about people in general owning (i.e holding) Bitcoin. Satoshi himself doesn't play a role of importance anymore for Bitcoin in technical terms. The only thing giving him any importance right now is his supposed coin stash, which no one but him knows exactly how many coins he owns. I think it's safe to say that in current time and day, the market would applaude the day when they know for sure that Satoshi can't access his coins anymore for whatever reason. And no, there won't be a second holder of his coins, unless there is an unkown entity with potential access to his private keys. As long as his supposed early coins aren't moving, the market remains calm.

Your right if satoshi die and no one can access hes wallet too then the market is just still remain. Theres no affect in the movements of the coin but the total supply will decreast dew to that acount that can’t be move and the potencial holder of that bicoins will goes to the remaining supply which smaller to 20 million BTC. Because the 1 million was lock in to the wallet of the dead person.

1Referee

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Quote from: Aya1 on December 27, 2017, 05:39:58 AM

This leads to volatility in which bitcoin owners can die, I think if the owner or inventor of bitcoin is dead, I think the virtual cryptocurrency money will keep running, because this virtual money will always develop the device in this cryptocurrency business, if the bitcoin owner is dead, there must be a second holder of cryptocurrency, I'm sure it is.

This thread isn't about Satoshi. Cheesy

It's about people in general owning (i.e holding) Bitcoin. Satoshi himself doesn't play a role of importance anymore for Bitcoin in technical terms. The only thing giving him any importance right now is his supposed coin stash, which no one but him knows exactly how many coins he owns. I think it's safe to say that in current time and day, the market would applaude the day when they know for sure that Satoshi can't access his coins anymore for whatever reason. And no, there won't be a second holder of his coins, unless there is an unkown entity with potential access to his private keys. As long as his supposed early coins aren't moving, the market remains calm.

BTCeminjas

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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?

That's possible happen the bitcoin holding person when he or she die the bitcoin will also disappear if that's not able to recover that's the problem, but if ever one of close friends or family know maybe it recover by them using the gadget he/she used, example laptop for me i save everything my password here in laptop so that i can't forget it. But it is case to case basis in different scenario that happened.

Sab11

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I think yes if bitcoin owner die her bitcoin will lost forever
Because no one can access that account, except hacker steal her bitcoin.

jaylhynne018

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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 its not because he can heirs it to his children and also i think he don't like to die bitcoin when he died because if he die he cannot want to die his sacrifices to build the bitcoin so stay strong for the owner of bitcoin.

Chosenpai

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Quote from: Aya1 on December 27, 2017, 05:39:58 AM

This leads to volatility in which bitcoin owners can die, I think if the owner or inventor of bitcoin is dead, I think the virtual cryptocurrency money will keep running, because this virtual money will always develop the device in this cryptocurrency business, if the bitcoin owner is dead, there must be a second holder of cryptocurrency, I'm sure it is.

No, I don't think its possible. No one can access that account anymore. Meaning it will be stacked there, but cannot be accessed anymore.

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