Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 24. (Read 1835 times)
I think the question regarding bitcoin supply is good but the owners is not a fool before all this they must have discussed these things with family members and all these can't stored in mind only they are using it for many reasons the companies are using this the family knows this business of bitcoin the traders have partners whom knows about the current position of bitcoin. If some one keep all secrets and they have not shared any thing with one then it is true that bitcoin will be lost and may if the owner not used their wallet the miners theft that 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?
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.
You should make your master wallet multisig and give different keys to your family and show them how to retrieve funds in case you die.
Yes it will lost forever.amd its a huge lose i guess.but i guess its not fair to tell anybody about the password.but i guess you may try a hacker.haha.joke it was
It is very genuine issue raised by you sir. Definitely in case a person dies and nobody in his family knows about his vallet address and password they will not be able to get the ownership of the bitcoin.
Previously in the past also there have been many hurdles problems in certain issues which were raised time to time and resolution afterwards were invented by some intelligent people. Likewise the issue has been raised by you; for which today we may not be having solution but in the future definitely people will be working on it to resolve the issue and I am hopeful of getting resolution with no longer waits. In the meantime we should let our dependents know about the treasure we are having and passwords to at least our husband/wife so they in case of death they may withdraw the money.
Previously in the past also there have been many hurdles problems in certain issues which were raised time to time and resolution afterwards were invented by some intelligent people. Likewise the issue has been raised by you; for which today we may not be having solution but in the future definitely people will be working on it to resolve the issue and I am hopeful of getting resolution with no longer waits. In the meantime we should let our dependents know about the treasure we are having and passwords to at least our husband/wife so they in case of death they may withdraw the money.
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?
If you die, your bitcoins get lost and they are substracted from the circulated supply of bitcoin. Because they're not circulating anymore in this case. That's why you need to get a second plan for this case.
Yep Lost forever
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, ofcourse because bitcoin has only 21 million total supply no more no less. So if there is someone holding bitcoins and then accidentally the owner dies it will always deducted the abandoned bitcoins unless someone can retrieve it and sell it into other currency.
if any one has died, but no body knows his passwords his bitcoin maybe in his / her wallet.
Thats why bitcoin is a deflationary asset. Some bitcoin is lost permanently.
Yes that's what happened to Satoshi Nakamoto's coins. A lot of his coins are kept in his wallet and it has 0 transactions since a few years.
Ofcourse NO, there will be a next bitcoin owner. It can be his/her son and daughters if they are using this. Or the 2nd highest position in bitcoin. LONG LIVE THE BITCOIN!
how can be his/her son and daughter can use that account if the question is no one can open it ? it means no one have access to that wallet and it means it is gone, no one can use 
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).
Yes of course. I agree with above opinion. It can not move to another wallet. It is exist but nothing.
So if this happen many times to many people specially whales who hold many bitcoin, so the supply 21million is still exist but its like less than 21million coin.
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.
Yes. Btc is still exist but can not move to other wallet bcos nobody know code of wallet
Ofcourse NO, there will be a next bitcoin owner. It can be his/her son and daughters if they are using this. Or the 2nd highest position in bitcoin. LONG LIVE THE BITCOIN!
how can be his/her son and daughter can use that account if the question is no one can open it ? it means no one have access to that wallet and it means it is gone, no one can use
Yes, if you didn't send it to anyone in advance and nobody knows your wallet key, the crypto is lost. However there are some services like Mywish that use smart contracts (currently works with Ethereum, but Bitcoin support will be soon) to transfer money if a particular condition is followed. For example, crypto will be sent to your wife's wallet if you haven't used your wallet for a year (this could sign a death).
In some whitepaper of some new coins, they state that the deflationary due to the fact that some existing coins are burned, and the burning process is done by sending to an address which private keys does not exist or is destroyed so nobody can access the tokens forever. There was a case when a guy dumped by mistakes some thousands of bitcoin in his hard drive on the trash and so he lost his bitcoin. If someone dies and there is no way someone can access his wallet for not knowing it exists or he takes this secret with him to the coffin, you may say that he took his bitcoins with him to the afterlife. Is like sending them to non-existing account and no one can retrieve it, so there will be less bitcoin in circulation.
Ofcourse NO, there will be a next bitcoin owner. It can be his/her son and daughters if they are using this. Or the 2nd highest position in bitcoin. LONG LIVE THE BITCOIN!
Satoshi went offline after 1 week of releasing Bitcoin whitepaper so u can see bitcoin tilldate with no owner
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