Topic: This is why I believe bitcoin will crush in the distant future (Read 723 times)
This is an interesting question, but similar aspects have already been taken into account by many BTC owners. You can simply transfer everything you need to access the wallet to your heir.
Okay few things I would like to point out here :
1. Won't it be more like a long term Holding situation for them ? If they cannot take the Bitcoins out of the wallet and it stays there , then one should understand it would not affect the Bitcoins that much since the percentage of that happening is really low.
2. I have heard about people who are willing to take care of the Inheritance pattern of Bitcoins and such . You can even leave the keys to your trusted lawyer or attorney.
https://keys.casa/bitcoin-inheritance-plan/
I in now way have used these services and have only pasted the url to give you guys an example of the services which can be used by someone who holds a certain amount of Bitcoins which can be passed on .
- Plus if you do read the news one can actually see there are Bitcoin firms who are thinking of doing something like this , since many people are asking for these kinds of services.
In the near future we will have a good company or firm looking into it.
At the same time in most countries Bitcoins is considered as an asset therefore it would be actually easy for the services to pass on the asset , it's not anymore just a cryptocurrency , it is now an *asset* .
Therefore I do believe that in the near future we will be able to go through this easily.
1. Won't it be more like a long term Holding situation for them ? If they cannot take the Bitcoins out of the wallet and it stays there , then one should understand it would not affect the Bitcoins that much since the percentage of that happening is really low.
2. I have heard about people who are willing to take care of the Inheritance pattern of Bitcoins and such . You can even leave the keys to your trusted lawyer or attorney.
https://keys.casa/bitcoin-inheritance-plan/
I in now way have used these services and have only pasted the url to give you guys an example of the services which can be used by someone who holds a certain amount of Bitcoins which can be passed on .
- Plus if you do read the news one can actually see there are Bitcoin firms who are thinking of doing something like this , since many people are asking for these kinds of services.
In the near future we will have a good company or firm looking into it.
At the same time in most countries Bitcoins is considered as an asset therefore it would be actually easy for the services to pass on the asset , it's not anymore just a cryptocurrency , it is now an *asset* .
Therefore I do believe that in the near future we will be able to go through this easily.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
A point but I still think it will never be a problem in the distant future, lost coin will make the remaining coins higher in price. Scarcity. A lot of people already think about that honestly. They already have a plan on how they can properly transfer their coins to someone whenever they die. So their coin will never be lose. I think this will be a a problem if the people will be swipe in a blink of an eye. Thanos? Lol.
You have a reason for thinking about this. But people are very aware of the present time. And Bitcoin is a much more important thing to people than in the past. People have chosen Bitcoin as a source of livelihood and They use it very consciously. Those with many Bitcoins can save it for their family. Anything can happen in our life so we should be prepared and save our assets for the family. Yet if some Bitcoins are accidentally destroyed, it adds to bitcoin prices. Which makes it more acceptable to people and also make people more careful. We must trust someone from within the family and we have to tell him or her how he/she can get those Bitcoins after our death.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
This has been discussed before and many holders have come up with a new idea on how they will successfully pass their crypto assets to their loved ones. You won't really need to explain them in a complicated way because with the lots of information they can find in the internet, they will not be having a hard time decoding your last will regarding your crypto assets. just provide them with basic information and some dos and don't stuff.
This is somehow to broad to speculate such things to happen. IMO, in the first place not all people will die at the same time, second, not all bitcoin users hodl, most of them are transacting every day, this means that bitcoin is circulating. I want to ask if the bitcoins of the people are stored in exchanges in a sense that they don't have the private keys for themselves if they die, would the system figure it out? Will it be inherited by the family members of the person? I think not, and if that system could do that kind of thing, that proves that they really aren't trustworthy as they have the capability to move your funds and take it out of your authority.
But it is not possible for everybody that owns Bitcoin to die at once, so how will the crush come in distance-time? The more it scarce, the higher the price becomes. If any whale does not find it easier to do documentation of their holdings, it is then good for hodlers
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Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Why not?Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
if we realize the potential and advantages of bitcoin, then we should prepare everything well. If possible, especially when you have lots of BTC in your wallet, you should take notes or at least notify the people closest to you, for example, your wife/husband/parents, who you can take to learn about cryptocurrency. As my husband and I work together to make money in the crypto world, we share everything including passwords and private keys, take notes, and store documents in a safe place that we can both access.
This is just a small problem I think, besides the potential and popularity of bitcoin that continues to increase, many people will be more concerned about their bitcoin.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
This is like trying to spread FUD, now have been hearing of all this Bitcoin will crash bitcoin will crash, I been into crypto-currency for the past 3 years now it's still making people richer and bigger stop having this imagination of if a Bitcoiner dies without giving his private key to any member of his family that bitcoin will be lower and lower. He dies so be it all his earnings in life is gone by the way I don't think in this present and up coming generations that no one will lack this knowledge of giving his will to the family in case some day he dies.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
It is not a big disadvantage as you are thinking, if you are having an offshore bank account and if none of your family members knew about it, then your family members are not going to get anything. If you are having family members and you think you want to share your personal financial details you can do that even now with bitcoin or with any hidden financial assets. Just find a lawyer and have a trust fund that can be used after you die. The market is new and millions of coins are lost but things keep changing, now a days no one will be careless enough to loose their coins.
The total cap of BTC is 21,000,000 BTC, many BTC in it never transfer or deposit in any exchange because lost. I think this adds to the value of bitcoin rather than impacting Bitcoin's blockchain system because Bitcoin's Blockchain Network works thanks to the computer system that validates transactions.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Your argument contradicts your intention, I believe. Lost Bitcoin (for whatever reasons) will only help to further cause its scarcity and scarcity will result in price going up. It's like when tokens get burnt. Of course, we always see price go up once tokens are burnt. But be that as it may, if Bitcoin crashes the whole crypto industry will crash too. Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
BTW, OP you may want to edit crush, in your title to crash.
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
I don't think this alone is enough to crash BTC. First, many are already thinking of inheritance options. My spouse and I share all the assets, so we know each other's passwords and private keys. If one doesn't want to tell just yet, one can arrange a postponed Telegram message or something like that to share the keys in a distant future. Then there's also Locktime (check out this thread). Finally, I believe I've recently seen a company that offers to give BTC to them for storage and make arrangements for the event of death. But it's an intermediary and the keys don't belong to the person (I think it was something about China recognizing BTC inheritance). To sum up, there are plenty of ways to ensure that the BTC of people who die doesn't get lost forever. Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoiners keep their coins in a private key. This has a disadvantage. Let's assume that someone with 1000BTC dies. If he hadn't given the wallet to someone then his bitcoins are lost. So in the distant future that lots of bitcoiners will be dead and they won't have given their private keys to others, many bitcoins will be lost. So the available bitcoins will be lower and lower overtime.
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Bitcoin is not like a bank meaning that cannot be used as inheritance. So will it live only on our era? Will it be lost in the future?
Most of bitcoin holder are already aware of that so i think thats not realy a big deal for them, simply because they already prepare there key and hard wallet in a very safe place and maybe some notes to help there family recover the traesure they had in case they accidentaly die.
But if I will have a kid in the future I will educate them about blockchain and hardware wallets and I am working with that with my little brother now.
This is a better way to go instead of bothering ourselves when we are no more. Lost bitcoin means no access to its privacy and that can only lead to increase in price because of scarcity but the number gets limited. This is even dangerous when it keeps reducing as a result of not disclosing codes.
I think this will be lost.
I can't remember well but Satoshi Nakamoto said something about this, having a lot of lost Bitcoin as a gift. We all know that there is no way that these Bitcoins will be recovered, this means that the circulating cryptocurrencies are being decreased, right? So the price of Bitcoin has a higher possibility to skyrocket. It will increase the demand for it with that lost coins.
I can't remember well but Satoshi Nakamoto said something about this, having a lot of lost Bitcoin as a gift. We all know that there is no way that these Bitcoins will be recovered, this means that the circulating cryptocurrencies are being decreased, right? So the price of Bitcoin has a higher possibility to skyrocket. It will increase the demand for it with that lost coins.
In addition, some argue that there are ways that the lost coins can be recovered - truth or myth, judge for yourself 
If it happens that lost bitcoin can be recovered by his ways then I'm quitting. If there's a way to break into bitcoin's security then it's futile to use it right?I’m not technically savvy enough to see if it’s possible to do something like that, but the whole thing is actually based on luck and the power of mining chips this user is using for his treasure hunter device. The specific case is focused only on wallets up to 2012 and on Legacy addresses, but it definitely wouldn’t look good if it’s really feasible.
This is kinda off the topic @Lucius but I love your avatar, I'm fond of her beauty.
I share your opinion about MM, and since I'm a big fan of her character and the movies she's acted in, this was just a small token of attention in her honor on the occasion of her birthday.
Who knows? Will you believe in a quack if he or she tells your future?
I guess not.
About the lost bitcoin, it doesn't matter.
That means less bitcoin in the market and then a large value for just a little amount of it.
Satoshis will be worth something in the future. That is what I see.
For those who have lost it, it's their fault for not backing it up. A lot of options had been created for security and preservation already.
They should have read those before even buying bitcoin.
I guess not.
About the lost bitcoin, it doesn't matter.
That means less bitcoin in the market and then a large value for just a little amount of it.
Satoshis will be worth something in the future. That is what I see.
For those who have lost it, it's their fault for not backing it up. A lot of options had been created for security and preservation already.
They should have read those before even buying bitcoin.
Meh, when someone is holding crypto as an investment they are not doing it without knowing it. Most of them will have a method to tell their next generation about what to do with those assets in case of their demise which is obviously going to happen one day. Not doing so or not taking such precautions means that user is being careless with their money.
Also lost coins only make the value of the circulating coins more because those coins are never going to be recovered and thus are equivalent to have been lost from the 21mil total.
Again the OP seems to be stuck on to the "future apocalypse" things, but point is that precautions should be taken to pass on the coins. There are loads of problems everywhere, being nihilistic about them is not the solution but by working out the solution and keeping the delusional thoughts out.
Also lost coins only make the value of the circulating coins more because those coins are never going to be recovered and thus are equivalent to have been lost from the 21mil total.
Again the OP seems to be stuck on to the "future apocalypse" things, but point is that precautions should be taken to pass on the coins. There are loads of problems everywhere, being nihilistic about them is not the solution but by working out the solution and keeping the delusional thoughts out.
Millions of coins were lost because at the time Bitcoin wasn't worth much so no one cared if they lost a few bucks. Now that Bitcoin is worth thousands of dollars, the rate of loss is much lower than before. At current speed it will take millions of years until this will become a problem. It's like worrying that your gold bar will turn into lead due to background radiation or something - totally not a problem on a timescale that humans operate.
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