Topic: If bitcoin owner die. It means bitcoin also lost forever? - page 5. (Read 1835 times)
before it dies, sell its bitcoin, or inherit it to a child or grandchild, or wife, or brother, or sister. don't keep it alone, because we don't know the situation suddenly.
if the owner of a bitcoin before death does not tell the private key of his wallet to another person then after the owner dies no one can open it and forever the bitcoin is locked and reduce the amount of bitcoin in circulation 
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,it will surely deduct to its supply.Those bitcoins will be in stagnant and can be considered lost and may even affect the value of bitcoin.If the supply of bitcoin decrease then technically its value will increase IMO. 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've heard there was a case where the person forgot about his Bitcoin wallet key, then check in Blockchain, that the amount of Bitcoin in the wallet is still the same, not reducedso his/her Bitcoin will still be there if someone has his/her death or forgotten keys, and his/her Bitcoin will not be owned by anyone...
But the problem is, no one can withdraw or cash out whatever amount it has in his wallet, because if the person or the owner of the bitcoin dies and he/she did not passed the private key to anyone, its totally hopeless case.
the owener of bitcoin also not want to thinking about it and just giving the matter of bitcoin and the rest of it to the comunity to development
DO YOU GUYS ACTUALLY READ THE QUESTION FROM TIME TO TIME?
And then they complain about 0 Merit!!!
OP's question is: What is the economical consequence of the fact that if people die, supply GOES DOWN.
That's the point, ok? We don't care about your heirs and trustees.
And then they complain about 0 Merit!!!OP's question is: What is the economical consequence of the fact that if people die, supply GOES DOWN.
That's the point, ok? We don't care about your heirs and trustees.
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've heard there was a case where the person forgot about his Bitcoin wallet key, then check in Blockchain, that the amount of Bitcoin in the wallet is still the same, not reducedso his/her Bitcoin will still be there if someone has his/her death or forgotten keys, and his/her Bitcoin will not be owned by anyone...
No, because if the btc owner dies, he will seek a replacement for him. Or her children who trust to run btc properly. He must really prepare such things because the time will come when he dies. And it must be well thought out, so he can not lose his all hard work.
Lost assets when someone dies happens all the time, especially with overseas bank accounts. if the person doesn't share those details with a trustee then yes its possible that the assets remain dormant. Bitcoin is no different. The same way your will have everything else shared with someone you trust, you should do the same with your BTC
Yes, that's right. Much better if the owner of the Bitcoin will able to share his passwords and back up email accounts to his/her relatives or the person he/she trusts because Life is short, we cannot say when we will die because in this world, We cannot handle our life. Bitcoin will be stagnant if Satoshi Nakamoto will able to die with no access on his/her accounts in BTC.
Lost assets when someone dies happens all the time, especially with overseas bank accounts. if the person doesn't share those details with a trustee then yes its possible that the assets remain dormant. Bitcoin is no different. The same way your will have everything else shared with someone you trust, you should do the same with your BTC
I think the question here is not if you should give your key to someone else or put it somewhere safe or leave it to your heirs.
The question is: what is the economical consequence of bitcoin owners dying without possibility of recovery.
Some of the people on this thread respond like this is just some trivial question. But it is not. Bitcoin exists for over 10 years now. In 50 years all early Bitcoin owners will be dead.
If it doesn't break through soon enough, this means it is over and out for Bitcoin.
The question is: what is the economical consequence of bitcoin owners dying without possibility of recovery.
Some of the people on this thread respond like this is just some trivial question. But it is not. Bitcoin exists for over 10 years now. In 50 years all early Bitcoin owners will be dead.
If it doesn't break through soon enough, this means it is over and out for Bitcoin.
Bitcoin developer is not just one person. Therefore you should prepare everything about bitcoin in the future. One example you can save like a wallet with a privacy key in it. And it can be a legacy for your family or it could be for your close friends. So the death of any team member will not in any how affect the bitcoin as an instrument for payment of goods and services.
BTC corresponds to the private key, and if the owner of BTC dies, if he has his private key, then he can also get the BTC back.
little is known about the bitcoin creator, and even if we knew who he is, we can not reverse the system in reverse order, it goes on its own until until 21 million bitcoins are mined.
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 someone died and he own a millions of bitcoin and no one know his password, well his bitcoin is still there, stock and it will never be vanish unless bitcoin will be gone forever, but as long as bitcoin is here it will keep in the wallet.
That is not lost. It is still somewhere there but to no one's access anymore. That will not be deducted from the circulating supply either. Nobody would do that as there is no one who is in control of removing lost coins. There is actually no one in the Bitcoin team who has a way to determine whether the Bitcoins in someone's wallet is lost due or stolen or hacked.
If there no backup system to retrieve those lost bitcoins in the future, that means that we'll have less and less every few years. There's tons of ways to lose bitcoin and my proposition was to implement a backup that would return lost bitcoin (let's say after a period of 10 years) to the original miner.
With that, people who are holding for longer periods of time, just have to open or make a transaction not to lose those bitcoins.
With that, people who are holding for longer periods of time, just have to open or make a transaction not to lose those bitcoins.
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?
Well I am curious as yours, it maybe that hard since Bitcoin is a cryptocurrency, it must be so challenging to the current IT people to discover how does Satoshi come up with this kind of currency,if he is already dead, I hope so he's not since Bitcoin is now limited in numbers we cannot have a step to do a redemption to save and prevent the possible extinction of this cryptocurrency.
There is a solution to prevent it going the same solution with inheritance. If you have Bitcoin in large numbers then you think it must be inherited in your child. So in the future will come can be continued again. Will not disappear and fade away.
of course not possible gan. because the owner of bitcoin is unlikely to run its action and its own activities there must be other parties that help the success of his business. Starch will be in the canal by others. or his child could be his family .
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