If you die, can anyone recover your BTC?

ktabb

full member

Activity: 266

Merit: 103

Quote from: lost_in_base on May 26, 2017, 03:02:07 PM

There is a point when bitcoin will die.

Security of the accounts and wallets are the risk.
Passwords login etc. needed to use your BTC.
People die, wallets will corrupt, and privatekeys will be lost forever.

This will eventually lead into situation that usable BTC supply will reach near zero.

That is it
The end.

While this is true, it doesn't matter. It will just increase the value of bitcoin. Bitcoins can be broken up into indefinitely small fractions so unless literally every bitcoin ever is lost, this shouldn't matter.

lost_in_base

member

Activity: 84

Merit: 10

Quote from: 2double0 on May 26, 2017, 03:40:01 PM

Quote from: lost_in_base on May 26, 2017, 03:16:35 PM

Quote from: rogerwilco on May 26, 2017, 03:14:43 PM

Just as it is with slowing velocity and liquidity crunches, this type of effect counter-intuitively makes the price go up, not down.

Yes it will for the start.
But i want to play with the ultimate scenario.

Lets say 1000 Bitcoin left for use in circulation, that would not really be practical anymore?

Why not? And as well, who says that nobody could recover your coins?
If you willingly give your private keys to your loved ones before going dead (in a case when you know already that you will die or give them this key as a goodwill), then what can stop them from moving your coins out of your wallet when you are not alive?

EDIT: Sorry I misread your OP as the title is misleading so was not able to understand, but after reading it in your next post, I would say that no, it can't die the way you said because it's fine that if any disk goes corrupt, it may not be recovered and lost forever but those that can be recovered will always be in circulation and that will give its value some more increments.

I have made suchs backup plan..

This is for both, discuss about how or did you secure your BTC after your final day,
and will BTC eventually die after losing its supply in circulation.

I am not sure what the topic should be?

2double0

legendary

Activity: 2618

Merit: 1105

Quote from: lost_in_base on May 26, 2017, 03:16:35 PM

Quote from: rogerwilco on May 26, 2017, 03:14:43 PM

Just as it is with slowing velocity and liquidity crunches, this type of effect counter-intuitively makes the price go up, not down.

Yes it will for the start.
But i want to play with the ultimate scenario.

Lets say 1000 Bitcoin left for use in circulation, that would not really be practical anymore?

Why not? And as well, who says that nobody could recover your coins?
If you willingly give your private keys to your loved ones before going dead (in a case when you know already that you will die or give them this key as a goodwill), then what can stop them from moving your coins out of your wallet when you are not alive?

EDIT: Sorry I misread your OP as the title is misleading so was not able to understand, but after reading it in your next post, I would say that no, it can't die the way you said because it's fine that if any disk goes corrupt, it may not be recovered and lost forever but those that can be recovered will always be in circulation and that will give its value some more increments.

lost_in_base

member

Activity: 84

Merit: 10

Quote from: rogerwilco on May 26, 2017, 03:14:43 PM

Just as it is with slowing velocity and liquidity crunches, this type of effect counter-intuitively makes the price go up, not down.

Yes it will for the start.
But i want to play with the ultimate scenario.

Lets say 1000 Bitcoin left for use in circulation, that would not really be practical anymore?

rogerwilco

member

Activity: 107

Merit: 10

Just as it is with slowing velocity and liquidity crunches, this type of effect counter-intuitively makes the price go up, not down.

lost_in_base

member

Activity: 84

Merit: 10

There is a point when bitcoin will die.

Security of the accounts and wallets are the risk.
Passwords login etc. needed to use your BTC.
People die, wallets will corrupt, and privatekeys will be lost forever.

This will eventually lead into situation that usable BTC supply will reach near zero.

That is it
The end.

Topic: If you die, can anyone recover your BTC? (Read 616 times)