What happens if we die? - page 15. | Bitcointalksearch.org

Merovius

member

Activity: 89

Merit: 10

Quote from: StevenRA on July 30, 2017, 01:37:26 AM

Can't you just leave the retrieval key code in safety deposit box/ entrusted with lawyer via will?

Yes, you could do that but it is important to remember that wills (at least in the United States) are matters of public record, which means that after the will is filed, anyone could go to the relevant county's courthouse (or access its records via website for a small fee) and read the contents of the will. So you would probably not want to put your actual private key in there, although you could still make a general bequest of your bitcoin balance to your successor.

Safe deposit boxes also carry some risks, like the risk of an unscrupulous bank official having access to your stuff, or the risk of either bank or government confiscation should there be a "bail in" to recapitalize the banks during a financial crisis, or perhaps a change in the laws regarding private assets held at banks.

musbeto

member

Activity: 75

Merit: 100

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

LOL, i think for sure it , the future it will be disappear may be a few or a half.
No someone can foresee its future Grin

aardvark15

hero member

Activity: 1008

Merit: 510

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

Yes those Bitcoins will be permanently lost and can never be used unless someone knows how to calculate the private key or just gets lucky and guesses it.

There will be lost Bitcoins every year and therefore the number of lost Bitcoins will keep increasing over time. There will probably be a time in the future when there are more coins lost than not lost. But we won't be able to know which ones are lost unless people make it known what coins have lost private keys.

mx667

full member

Activity: 294

Merit: 114

Well, I have never really think about it. I always thought that we should have more than just one money source.
Don't rely on Bitcoin only. We should have other work or other business to stay alive. I mean stay make money.
Maybe we should mine Bitcoin but at the same time we have other business like Blog and Adsense or Amazon ? Grin

bucker steemit

full member

Activity: 302

Merit: 120

Yes chances are the money is useless, because no one is accessing it, it is the digital daylight, when we die all vanish without
Remaining. But there is little suggestion it's good to notify emails and passwords on siblings if something happens later that could be useful

btcney

hero member

Activity: 588

Merit: 500

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

There is already an estimated at least a million coins that are lost forever.

Some people deliberately do this for an ICO or whatnot, using "proof of burn". Essentially, all funds raised in the crowdsale will be sent into an address which nobody can access unless they have extensive hashpower which not even all the governments commbined have close to.

When you die, same thing happens. Basically, bitcoin's supply goes down. Therefore, in the long term bitcoin is actually deflationary as the amount of coins generated per block becomes less.

skaynet

full member

Activity: 326

Merit: 100

Indeed we will all die. If you have so much BTC then it is also necessary to prepare your wills regarding BTC. Otherwise all will be buried with our deaths.

gilangIDR

legendary

Activity: 1526

Merit: 1001

Quote from: adzino on August 18, 2017, 03:26:50 PM

Yeah, it is gone forever, unless someone finds that piece of paper and understand what it is and claims all the coins, it will be gone forever and never be able to recover it. So if you have large amount of coins, it is better to let your close ones know about it.

All things that are not well saved will surely be forever. When we die then no one else knows all the information we have. Except when we have told everything to the people we trust. Just like bitcoin, the bitcoin we have is inaccessible forever.

Sir Cross

full member

Activity: 336

Merit: 106

I'm not sure what will happen with bitcoins that are stored and no longer retrieved after a long period of time. Does it depreciate? Go stagnant? Its probably advisable for us to keep our private keys ina safe place and entrust it to someone we can rely on, possibly someone with knowledge about bitcoin otherwise it would be useless. Storing it in a usb in a text file or something could probably do the trick, but if it were to be left with someone who doesn't know bitcoin, then instructions should be provided.

So what does happen to stored bitcoin that can no longer be accessed?

Ucy

sr. member

Activity: 2576

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Bisq is a Bitcoin Fiat Dex. Use responsibly

A Will that includes all your Bitcoin & cryptocurrency keys will probably do.

el kaka22

legendary

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www.Crypto.Games: Multiple coins, multiple games

Quote from: sindikat on August 18, 2017, 12:00:09 PM

Quote from: Lady Coquet on August 18, 2017, 11:43:10 AM

Quote from: friends1980 on July 29, 2017, 06:27:21 PM

Nope, this is no existential question (although...). Everybody's talking about "When will Bitcoin die", but what if you die, and your family don't find your key, or don't understand it, or think it's only a useless sheet of paper with some code on it, or simply throw it away... Does this mean the currency's gone forever?

I find the possibility of this event rather realistic (yup I don't believe in eternal life), so that means that someday there might be 21M BTC but only 18M (and counting down...) is left in the market?

Well in my own opinion, if i die ? for sure all of my bitcoins will be worthless and useless because no one in my family don't know what is bitcoin and don't know anything in my accounts here in bitcoin that's why no one could retrieve it or can get all of bitcoins because no one could access on it.

I think what is relevant to your heritage due to the fact that you don't really love their loved ones. When you love people then you care about them regardless of whether they agree with your actions or not.

First of all, I would like to answer the OP, If we die then we will be dead persons and if our dead body will be thrown in water, it will float. Cool Han! hahaha!

I am not here to judge anyone's love on the base of whether they have told their loved ones about the BTC accounts or not. However, it is damn obvious that if they do not know the key, they can't access your BTCs.
I have also an idea. Exchanges must have some way to know whether someone is dead or alive. And once they discovered the death of user, his BTCs should be collected. :p

adzino

copper member

Activity: 2968

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www.Crypto.Games: Multiple coins, multiple games

Yeah, it is gone forever, unless someone finds that piece of paper and understand what it is and claims all the coins, it will be gone forever and never be able to recover it. So if you have large amount of coins, it is better to let your close ones know about it.

PotatoBlood

newbie

Activity: 19

Merit: 0

Smart contracts will fix this!

Duzter

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Leading Crypto Sports Betting & Casino Platform

Bitcoin and life has similarities. Think of one's life which is completely not certain, same is the situation of bitcoin. It has got increased value, but the same cannot be predicted. So when we're no more what's the need to think about it. Better is to educate few of your friends and family to access bitcoin.

ShowOff

legendary

Activity: 2618

Merit: 1181

i have seen that kind of case once but luckily my friend who already die, she give her account data to someone who she trust. 0.12 BTC worth on Poloniex can be saved. maybe we can try to give the data to someone who we trust maybe family or someone else so if something bad happen to us, our money not gone

kkeylb

newbie

Activity: 49

Merit: 0

You could put your bitcoin into a safe deposit box at a bank so any family member could get it, but then the government could also get it. Not to mention plenty of stores of bank deposit boxes going "missing." Personally I am too paranoid for that. I would rather give my family members a passphrase and specific instructions on how to unlock them if I were to die.

pekingcoepo

full member

Activity: 448

Merit: 100

Well all that can happen to our lives and the number of coins will continue to fall if no one knows our key wallet, with that from now on let's introduce to family, friends and people around us what is Bitcoin, if one day we die Coins that we Collect will benefit the people around us and not wasted because we never share, remember sharing is beautiful.

wallstone

sr. member

Activity: 532

Merit: 250

Quote from: dwieyani on July 29, 2017, 10:35:12 PM

When I die, before that happens I will teach my children to manage my bitcoin. And I've done that to the right to continue my bitcoin that has been running.

Well, I agree to that I will also teach my children to manage and make more bitcoin. In addition to that, when I die I will give my private key and wallet to my children. Then, I will teach them to use bitcoin properly and I will save some bitcoin that I will give to my family if I die. Lastly, I think I will make more bitcoin and I will give it to children.

Yarsk

full member

Activity: 448

Merit: 122

When a man die the world continue with those still living, and in my religion the is the believe that after dead is judgement.
Your deed while you were living is what you will be judge by either good or bad, and that is what determine were you spend your eternity either in heaven or in hell.
Coming back to the question of what happen to your currency when you die, it is good for your to relate your codes to a trusted member of your family in other for them to have control over your wallet in your absence.
If not is gone for ever.

FrankNoland

copper member

Activity: 560

Merit: 253

What you are saying is actually true and most people don't usually consider it. But if you die without letting anyone know your bitcoin secret, I don't think that your coins will ever be retrievable. If we don't actually consider this issue, it might happen that less than $10 000000 bitcoins are in circulation in the next 100- 200 years. Rather give your loved ones your private keys just be on the safe side. They will read about it if you die, and be able to access your bitcoins with your private keys.

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