Topic: What if a person died with BTC!! - page 8. (Read 2250 times)
If the person died his bitcoin will be left behind unless he shared the information about bitcoin with someone or the otther who can carry forward the bitcoin
this thread just made me realise how important it is to write down a will, most of us do not know when and how we are going to die and let's not waste our hard earn crypto. I'm sure there is always a way to instruct your benefactor on how to unlock your wallet.
I think the bitcoin will stay in the wallet and if the Bitcoin Wallet Service see a non-activity to its records, they could screen it and of late lead an examination as a large portion of the services have KYC, in this manner could play out a thorough search. For the situation they found the record holder is dead, they could grab the bitcoins and store it in their to grab list. I never read something about it yet it is only my hypothesis in that specific situation.
I already teach my wife on how to access my account. So that, in any case, something happens to me, she can use it. But for now I am still the one who still manage the account.
I think bitcoin will keep running as long as there is internet network as technology progresses and bitcoin will become world currency just like FIAT money
If you have a Nano Ledger or a Trezor, you can leave instructions on how to extract the coins there. This is probably the safest way to do that. Unless you die without having prepared yourself for that.
No one will get the bitcoins because it will stay on the network/wallet. But it's a lose because your family can't benefit.
I heard about an ICO that manage your coins after the death..
I heard about an ICO that manage your coins after the death..
If a person suddenly died without anyone having access to his wallet then the coins will be stuck there and will not circulate anymore
Then it could be gone forever. On the other hand. If that person have given his infos to someone then it could be recovered. Better have someone that will carry/have your bitcoins if these cases happens
Yes, but we have to give information to family or trusted person, before we give information then we must enable 2FA feature that is from SMS mobile phone or Google Authenticator which is in our smartphone.
Actually , the amount of bitcoin held in cold storage is much more bigger than you think , and will certainly be much more bigger than the one that will be lost of it's owners die or disappear or something . Estimations says that more than 20% of bitcoins are either in lost offline wallets (like the guy who lost 7.5k bitcoins in a hard drive that he threw by mistake in a giant dumpster ) or that 1 million bitcoins that people think Satooshi Nakamoto the presumed bitcoin inventor kept for him self , or just other wallets which owners lost access to ..
You'll need to tell at least one of your friends or relatives about your bitcoin thing tho , and let him know how to access your wallet in case of something bad happens to you or that you'll be needing money from your wallet , that can be a life saving measure to take ..
You'll need to tell at least one of your friends or relatives about your bitcoin thing tho , and let him know how to access your wallet in case of something bad happens to you or that you'll be needing money from your wallet , that can be a life saving measure to take ..
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.
Well, I don't know if there is a means to decode bitcoins that are inactive; belonging to someone that is dead. I feel if the person didn't inform anyone of his cryptocurrency assets, when anything happens to him or her that will definitely be a loss to that asset. I have really thought of it personally on numerous bitcoins that must have been lost due to people's death and not traceable. I do hope in the later years, that the blockchain will develop a means of tracking all these losses.
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.
Its not at all impossible to pass BTC down, also they may get stolen if early encryption proves flawed or too weak to handle advanced computers.
Then it could be gone forever. On the other hand. If that person have given his infos to someone then it could be recovered. Better have someone that will carry/have your bitcoins if these cases happens
There are people already claiming than around 25% of bitcoins are lost. The reasons varies and include people storing on their computer and then throwing away the computer, forgetting how to access their private keys, dying without providing anyone access to their private keys, etc.
you mean 25% of circulating BTC are gone? Or 25% of bitcoin holders BTC gone forgetting passwords? That's pathetic huh....
There are people already claiming than around 25% of bitcoins are lost. The reasons varies and include people storing on their computer and then throwing away the computer, forgetting how to access their private keys, dying without providing anyone access to their private keys, etc.
this is a very hard case if the owner of the bitcoin address dies leaving no access to anyone even his/her love ones does't know his private key because no one can access his wallet then we can assume that this bitcoin is lost forever because there is no backdoor or any means to access bitcoin address even bruteforce can't and if this happens then they're will be no security at all in bitcoin address
One can share the keys with multiple people and have them somehow get together to access the bitcoins. One way is: share pieces of your private key to n people and keep the last one with you, in a safe/locker. When you die make sure that the key is passed on to someone.
This is practical only if you die aging, but if you die unexpectedly this will not work. Death may come anytime not informing you. I think what you can do is , writing last your willing paper mentioning the person
One can share the keys with multiple people and have them somehow get together to access the bitcoins. One way is: share pieces of your private key to n people and keep the last one with you, in a safe/locker. When you die make sure that the key is passed on to someone.
If a person die without any message to other people then it will gone forever, unless in the future there are super computer that can breakthrough the wallet encryption, I have ever thought that, I will tell them that I had bitcoin and then, give clue in my will about the key and the password
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.
I don't think that that bitcoin will be still usable since no one knows the private key or anything that can be used to open the bitcoin wallet and transfer it into someone's bitcoin wallet. Also, even if a lot of people know the bitcoin address, it will still be gone forever since you can't just open a bitcoin wallet using a bitcoin address.
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