Topic: people die, bitcoin's immortality - page 2. (Read 360 times)
By the way if many investors save and hold their bitcoin without know by their family or friend more afraid, when he die how to get back their bitcoin and make bitcoin supply will be less.
I think that bitcoin and crypto coins are very important structures. But the immortal approach was a bit too ambitious.
Wow..what a statement! Bravo...we all now that technology always out live the peope who help to developed it and all the followers. The difference of Bitcoin and human kind is quite obvious..no need to explain..stay healthy and enjoy your profits from Bitcoin instead of thinking to much about it.
Bitcoin. There will only ever be 21 million bitcoins and 4 million have already been lost. The last bitcoin will be mined in 2040, 21 years from now.
Get your facts right, I guess will be around 2140 not 2040, so 121 years from now.
Since you stated the post with so flawed information so I did not read beyond first paragraph.
The main thing to consider which nobody is mentioning is, people die. People who own bitcoin and have never shared there private keys with anyone else, die.
People can put inheritance or use "Dead man's Switch". Anyways according to satoshi, each lost bitcoin increases the value of the existing bitcoin so do not worry about it.
I think that bitcoin and crypto coins are very important structures. But the immortal approach was a bit too ambitious.
What I mean by that is that unlike fiat it isn't just dropped to the ground and someone else can pick it up and use it. Or even when you are deceased it's not just a case of signing over the funds to someone else. They have to have the private key available to access the funds.
In future there will be time when we will completely deny (perhaps will never need) a physical currency. Any financial transaction? Just swipe your mobile device or a contact less device or kind of things and trade done!
A lot of BTC will be lost over time but the rate at which it is lost will only decrease. People would have been careless with it in the early days because they wouldn't have considered its future worth. One big difference with BTC is unlike fiat - if someone else finds your lost BTC they can't just pick it up and use it, or if you die it can't easily be passed on.
I find it fascinating that over a long enough timeline, all bitcoins could be lost due to human error. As in, you have not provided a spouse to access your wallet. I'm guessing 200 years from now 80 - 90% would be lost if bitcoin survived that long.
It is possible, I just like to have a little more faith in the human race to preserve their wealth. For all we know there may already be much more than 4m bitcoin which is lost. If BTC is to exist through many centuries then I would predict high percentages of it would be lost forever.
if someone else finds your lost BTC they can't just pick it up and use it, or if you die it can't easily be passed on.
What do you mean they can not pick it up? Finding your lost bitcoin means finding the private key of the wallet and in that case they become the owner of the bitcoin.I always keep my secret keys available to few people. Not the whole key phrase but the portions. My next of kin will be asked to find them and solve the puzzle.
What I mean by that is that unlike fiat it isn't just dropped to the ground and someone else can pick it up and use it. Or even when you are deceased it's not just a case of signing over the funds to someone else. They have to have the private key available to access the funds.
Bitcoin will lose over time and this can lead to an increase in the price of bitcoin.
I am sure that in the future you need to verify all Bitcoin addresses. This will kill the scams that are currently on the market.
I am sure that in the future you need to verify all Bitcoin addresses. This will kill the scams that are currently on the market.
Bitcoin. There will only ever be 21 million bitcoins and 4 million have already been lost. The last bitcoin will be mined in 2040, 21 years from now.
Seems like your information is a bit wrong there. The mining schedule goes on to 2140, 121 years
Here's a reasonably informative article:
Quote
The end of the Bitcoin block reward will come around the year 2140 (likely a few years earlier than this due to difficulty increases). But that won’t be the end of Bitcoin mining, as miners will continue to receive rewards for each block mined in the form of transaction fees.
The block reward is halved every 210,000 blocks, or about every 4 years. Currently, each block rewards 25 bitcoins to the individual or pool who mined it. By the year 2136, each block reward will only be 0.00000001 bitcoins, the smallest unit that exists.
As the block reward drops lower, miners will instead concentrate on transaction fees to make a profit, and users of Bitcoin will see significant refinement in selectivity of transactions based on fees. In other words, fees will matter more, so miners will choose which transactions to include in a block based on how much profit it will give them. Currently, many transactions without a fee or with very small fees are still processed, but it is likely that this “charity processing” of transactions will all but disappear in the future.
Bitcoin mining then, will never end, but the block reward should run out sometime between the year 2121 and 2140, and transaction fees will likely begin outpacing the block reward between the years 2040 and 2060.
The block reward is halved every 210,000 blocks, or about every 4 years. Currently, each block rewards 25 bitcoins to the individual or pool who mined it. By the year 2136, each block reward will only be 0.00000001 bitcoins, the smallest unit that exists.
As the block reward drops lower, miners will instead concentrate on transaction fees to make a profit, and users of Bitcoin will see significant refinement in selectivity of transactions based on fees. In other words, fees will matter more, so miners will choose which transactions to include in a block based on how much profit it will give them. Currently, many transactions without a fee or with very small fees are still processed, but it is likely that this “charity processing” of transactions will all but disappear in the future.
Bitcoin mining then, will never end, but the block reward should run out sometime between the year 2121 and 2140, and transaction fees will likely begin outpacing the block reward between the years 2040 and 2060.
http://bitcoin.guru/when-does-bitcoin-mining-end/
Why do you care about this?
Less bitcoins means less supply and more scarcity,which might lead to bigger price pumps in the future and an overall higher bitcoin price.Every bitcoin can be divided into 1M parts,so having so many lost bitcoins won't damage the market.
Less bitcoins means less supply and more scarcity,which might lead to bigger price pumps in the future and an overall higher bitcoin price.Every bitcoin can be divided into 1M parts,so having so many lost bitcoins won't damage the market.
if someone else finds your lost BTC they can't just pick it up and use it, or if you die it can't easily be passed on.
What do you mean they can not pick it up? Finding your lost bitcoin means finding the private key of the wallet and in that case they become the owner of the bitcoin.I always keep my secret keys available to few people. Not the whole key phrase but the portions. My next of kin will be asked to find them and solve the puzzle.
A lot of BTC will be lost over time but the rate at which it is lost will only decrease. People would have been careless with it in the early days because they wouldn't have considered its future worth. One big difference with BTC is unlike fiat - if someone else finds your lost BTC they can't just pick it up and use it, or if you die it can't easily be passed on.
I find it fascinating that over a long enough timeline, all bitcoins could be lost due to human error. As in, you have not provided a spouse to access your wallet. I'm guessing 200 years from now 80 - 90% would be lost if bitcoin survived that long.
A lot of BTC will be lost over time but the rate at which it is lost will only decrease. People would have been careless with it in the early days because they wouldn't have considered its future worth. One big difference with BTC is unlike fiat - if someone else finds your lost BTC they can't just pick it up and use it, or if you die it can't easily be passed on.
Bitcoin. There will only ever be 21 million bitcoins and 4 million have already been lost. The last bitcoin will be mined in 2040, 21 years from now. How many more will be lost by then? The main thing to consider which nobody is mentioning is, people die. People who own bitcoin and have never shared there private keys with anyone else, die. How many people who own bitcoin will die in the next 21 years. What about the next 40 years? IF bitcoin is the one and it is the next move in the evolution of money and it is consistently being lost over time the value will increase exponentially. Think about it, 4 million lost in the first 10 years of its existence. Lets say conservatively 15 million are left in 20 years time, how many do you think the likes of JP Morgan, Sachs, Soros, Gates, Musk and governments of the world will own? You and me are WAY down in the pecking order. The rich will scoop up the majority and leave the world fighting over scraps.
I believe less than 1 million bitcoins will be accessible to the general public because the rest will be vaulted away. One world currency seems inevitable and seems like its getting closer and closer. Million bitcoins divided by just 1 billion is 0.001btc each, current value $4ish. Yeah sure there could be more bitcoins on the market and yeah the population could be 10 billion people in 20 years time who spend a currency and yes it will not be divided equally, its just a rough example of what could realistically happen. 0.001btc will be worth a lot more than $4ish that is a cert.
So many predictions on what the value will be one day. Mathematical equations, previous data and technical analysis. But in the end it comes down to one thing, acceptance. If it is given the green light, in bitcoin we trust. On the flip side of the coin a red candle would indicate, prepare for war. You cant shut down bitcoin, the founder is a ghost and now it has its own satellites in space, which means it doesn't even need the internet any more. Lightning network will take BTC to mass adoption, are you seriously even considering betting against the smartest people on the planet. What is bitcoin? Anything you want it to be. If you think about it logically, we live in a digital world, where 2 year olds are playing minecraft and entertainment, socialising, possessions live online. Food is ordered through an app and the likes of amazon deliver what ever you imagine. Once a tree was a seed and you never even existed. $0.003 BTC has reached $20K and 99.9% of the population were unaware of what bitcoin is. Imagine when 10% jump on board the moon train, wouldn't that make bitcoin
be worth $2 million each? I understand this would put bitcoins market cap in the 10's of trillions of dollars. You need to understand its not a company, its not owned by anyone it is essentially money. Like gold as an asset, as a whole is worth around $7 trillion. Comparing gold to bitcoin is like comparing a horse to a car. Both are a means of transport but are to complete different entities. You can choose to ignore, you can choose to trade, you can choose to hold. Many choices are on the table for those who have access. If you have money spare and are not invested in bitcoin it might be worth asking, why?
The chances are your money is in a bank account earning 3% average a year if you don't touch it. Lets say bitcoin is $4000, lets say you have $4000 in your bank earning $120 a year (3%) if your lucky. In 10 years time you will make $1200 assuming your bank has not collapsed. How much will you make off bitcoin? This year its entering the stock exchange, 8 bitcoin terminals are being setup daily, lightning network is being deployed enabling fast payments for retailers, bitcoin is deflationary, accepted on a global scale, the future of money. Who knows how much you would make but the most you could lose is $5200. That's if a dollar is still worth a dollar.
If you are even questioning whether to invest or not your best off not. Mainly because you would not know when to cash out. Your mindset is limited to what is and not what the future holds. The world was is built through the imagination of those able to see. For countries to make bitcoin its main currency, the price needs to be astronomical to reduce its volatility. Example if BTC was $2 million, buying / selling 1000 BTC would not alter the price which is the equivalent of $2 billion. It would probably take a trillion dollars to drastically alter the price, which would exactly happen with fiat currency today. Bitcoin has, is and always will be successful. For you to succeed requires knowledge, patience, belief.
Bitcoin is always welcome at this address 3M5yqrrUH5CMyTXyhxmzemwFLsSNuzhqf6
The more donations received, the more I can spread the word offline. Making the public more aware of the world we are entering. Play hard, be safe.
Jump to: