Topic: What if a person died with BTC!! - page 20. (Read 2293 times)
For that you should keep a copy of your private keys with one of your family. Personally, i'm keeping them with my brother, he knows what they are but he's not involved in cryptocurrencies.
What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
Your question is an eye opener for me. It makes me realize that I have at least make a certain code in case sudden death happen to me (which I hope do not happen), my love ones can at least solve it that will lead to access my wallet and my bitcoin address. I think leaving a code to solve for them will give trill just like treasure hunt that leads to inheriting my bitcoins. Besides, bitcoin is an asset that my love ones will truly appreciate when they inherit if that fate happen. No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
As I know, if people lose access with their wallets, all the bitcoin inside will come out of the circulation. Similarly, if a person dies and has a bitcoin inside the wallet that no one knows about the private key or seed, the bitcoin will emerge from the bitcoin circulation of only 21 million. And this is what causes the current amount of bitcoin will not reach the maximum number, because it has a lot of bitcoin missing, and it can't be restored.
What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
that's why it is very important to share bitcoin to your family member and your friends so that in case that you die accidentally they how to open your acc or leave a notebook that will help them to claim the money you have in the btc. If I were in the situation it'll be easy because my friend know my account and he's also a user of btc and he's a trustworthy person I know my family will get the money I have here. No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
If unfortunately a person dies with btc lying in his account it will the most unfortunate thing ever happened in his life. If a person dies and no one operates his bitcoin account the bitcoins from his account freezes permanently. If a bitcoin user really wants to pass on the benefits of bitcoins to his loved once then he must share his private key with them. We add nominee to our bank accounts, even to our insurance policy, then why not to our bitcoin account. The best option is to write down private key in a book with all the data from the wallet and then to notify two more reliable people who do we want to leave your bitcoin to. That`s the best option.
Private keys is very important, once lost, its gone forever. So if you hold a substantial amount of bitcoins, it is advisable to store it in thumbdrive. This will prevent the situation where "this" particular person dies and the the bitcoin being lost forever.
Interesting idea. But, I think, people trust their relatives, and they will have access to their accounts, will be able to dispose of bitcoin. But, if a person goes out of life, and no one except him has access, then yes, a purse with bitcoins forever disappears into being ..
It is the same when you losing your private key or passphrase. Bitcoins stay on this address and that's all.
Sometimes the family cannot be trusted because there are some families are killing each other and when you're not so close bonded with your family members then it's better that your keys will be passed on your closest friend.
Bitcoin number will still be 21 million. It will not change.
We have many examples of this and it is not just death that caused it. Computer lost or broken. Forgotten passwords or cannot find the private keys. All of this will stay in the blockchain but the problem is there is no access.
So what could happen? The circulation will get lower and that means bitcoin becomes rare. It is good for us.
The means of getting it back will be impossible just like the force bruting the private keys of satoshi.
We have many examples of this and it is not just death that caused it. Computer lost or broken. Forgotten passwords or cannot find the private keys. All of this will stay in the blockchain but the problem is there is no access.
So what could happen? The circulation will get lower and that means bitcoin becomes rare. It is good for us.
The means of getting it back will be impossible just like the force bruting the private keys of satoshi.
There is no problem if the person left the username and password details written on a paper. In fact, it is really advised to do so, if you have good amount of money invested. They can cash it easily.
No one will access the bitcoin, it will stay on the network. There are cases right here on the blog, where people lost their passwords 7 years ago and had bitcoin in that wallet and ask for help to recover the password but no one can help them. The best choice is to write down in a notebook all the data from the wallet and the rest of the account, then to notify two more reliable people who do you want to leave your bitcoin to.
bitcoin in my opinion will not vanish by internal problems but if due to new external problems I believe as well as when the Internet
or technology will disappear new bitcoin will also go missing so it all follow the groove
or technology will disappear new bitcoin will also go missing so it all follow the groove
It is the same when you losing your private key or passphrase. Bitcoins stay on this address and that's all.
Yes his or her bitcoin will be isolated. Unless someone other that him/her who knows about the credentials in his wallet it is totally isolated. I will save my passwords and log ins on my computer thank you for the reminder.
Most Bitcoin users are actually haven't yet informed their families about cyrpto-currency and especially if they're holding Bitcoin then the worst fact is when they die, their Bitcoin will also died together. And that's really the unfortunate thing to happen.
Yes his or her bitcoin will be isolated. Unless someone other that him/her who knows about the credentials in his wallet it is totally isolated. I will save my passwords and log ins on my computer thank you for the reminder.
What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
It's true, one of the disadvantage of Cyrpto-Currency is when the user died and the keys are not handed over to the family or someone close will make their coins died with them. Actually there are estimated more or less a million Bitcoins that is lost due to lost keys and the owners are dead so we can do nothing about it.
If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. To prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, storing it on a flash memory drive, or entrusting it with a commercial service that manages them.
What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
So, that's how 21M BTC will be more reduced. No need to die, I saw somewhere, one guy lost wallet with 17,000 BTC (not sure whether scam, but it's possible). So better inform someone who is trustworthy.
If no one has access to a wallet, the BTC could be lost forever. Make sure your family can get to your BTC. Exchanges will give over access if you have a death certificate and some verification. They operate like a bank. But you if you have a wallet and no one has your passphrase and no way to get it, subtract those BTC from 21 million because they are gone forever.
Bitcoin that we get will we keep in the wallet. I once thought how bitcoin I have collected but I die, we have to back up the notes or tell our families how to access the wallet to store the bitcoin we have, so even though I have died, the bitcoin I collect will not go away
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