If bitcoin owner die. It means bitcoin also lost forever? - page 4.

Core.BUSTER

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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?

Theoretically, no one can access it anymore. To keep this from happening, you can ask your lawyer to arrange things that will be passed on to your relatives and loved ones. But the downside of this is that you need to write your account and private keys. And nowadays, it is hard to trust people. But since it is your lawyer, you can sue him (in the laws of our country at least).

SlickMoTwoToe

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Activity: 438

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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, but if I we're the people I will give access to my husband/wife of even into my sons/daughter, if you don't have any husband/wife you can give it to your mother/father or else to your sister/brother so that if you die they can use all your money and not be wasted.

harsak06

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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

MetalGear

sr. member

Activity: 714

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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 no other person can access it anymore because the person did not share his account to anyone. Bitcoin has private keys and if these are lost, the money is locked down. So if you can, tell your family (or someone you trusts) about this industry and also try to encourage them to be bitcoiner as well. If you a partner in this business, things might be easier and safer.

freshm4ker

sr. member

Activity: 726

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For me bitcoin is in his account it will not be recovered without his personal information and private key. Then the bitcoin will be like that unless someone knows the owner personally. So tell his close relative before the man dies. Cool

Lalafell

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Activity: 812

Merit: 250

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 bitcoin will be locked forever since he did not made any arrangements of what will happen if something bad happens to him. Bitcoin is secured tightly so there is no there is no way that someone can use it without knowing the private keys. To prevent this to happen, I think it is fair to find someone that you can trust all your hardwork with and that person won't betray you I hoped.

kasianov77

newbie

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I was looking for an answer to that question. And as I understand it really is. This is the meaning of decentralization. That only you have access and you become responsible for your savings.

Koobtcgal

full member

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Acewins.io

if S Nakamoto doesn't use his coin, they are still existing and are counted as total bitcoin circulating because he can choose to sell them at any time. he is just a good holder. Maybe his broke great grandchildren will start spending it but not him. Cheesy

Titanos

full member

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If Bitcoin owner dies, it's like the private keys are lost forever. You can save them with a trust worthy person to give it to your family in case you are dead.

Dondisimo

member

Activity: 406

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I think these bitcoins are really lost to the community... Either the developers know what to do in case when bitcoin is not active for a long time, but I doubt it.

DoublerHunter

hero member

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It depends to the owner of bitcoin if he taught one of his family member about managing his bitcoin and if he taught for example his wife then his wife can just open the bitcoin wallet of the owner and she can just transfer it into a new bitcoin wallet and because of that, then the bitcoin will not become lost because it is still accessible.

jchav010101

newbie

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Quote from: zhundy on April 21, 2018, 09:42:29 PM

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.

It make sense.

issac1209

newbie

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i think the bitcoin will stay to the trade. your heirs may discover his wallet only to realize that they will never gain access to the wealth inside.

ekoja

hero member

Activity: 700

Merit: 500

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 that is true. If nobody know the private key or password of the wallet.dat, the bitcoin will lost forever. If it is not the case, Bitcoin will not be Bitcoin and has no necessarity to exist.

Arata

member

Activity: 392

Merit: 10

If bitcoin left by the owner and no one person who knows the private key, obviously will remain in the wallet until bitcoin crashes. Bitcoin "buried: the value is enlarged and decreased automatically caused by competition of trading exchange between crycptocurrency. If not used and kept in the digital wallet, can be eroded because of the administrative costs for payment of website, hosting, security, network, etcI Usually costs 1% monthly which is imposed by Party Company Wallet but there is also a wallet that no monthly administation fee.

GreatArkansas

legendary

Activity: 2338

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CoinPoker.com

The bitcoin will remain on the bitcoin wallet of the person who died. That is the power of being a decentralized technology. Decentralized means, there is no one owns Bitcoin or other cryptocurrency. That is the good thing about Bitcoin, and I really love it, because you don't need any personal information to get bitcoin wallet.

bondali

newbie

Activity: 41

Merit: 0

It will stay in the digital wallet and if the key/account information is not designated or given to someone, then it will forever stay there in the wallet. As we know it, bitcoin is just like gold, and no one would ever give their key/account to someone else while they are still alive.

Aying

sr. member

Activity: 784

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https://raiser.network

If the owner will die I don't think that bitcoin will lost forever, for sure he has his assistant or a team that is controlling everything or would take care when he was gone, so no need to worry about it.

elmirdo

newbie

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Merit: 0

No, if you have shared the details of your wallet with a relative, he can use the bitcoins. It is actually better than banks where you will have to do a number of formalities to get the money.

chengyinoing01

jr. member

Activity: 131

Merit: 1

It is very unfortunate that one million bitcoins of the dead still exist, but no one can use it.

Unless the owner of the coin has passed the private key to someone, there is no way to pass the wallet to another person.

Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 4. (Read 1835 times)