If a person has millions of Bitcoin and he dies one day.................

[michellee]

i think that amount will be disappear and loss forever with that person and can not be use like the other bitcoin, because no one can use or could spend the amount of the bitcoin and its still remain in the dark. but if before that person dies, he telling with his family that he is keeping some amount of bitcoin and wants his family to continue for keeping the bitcoin, then that amount of bitcoin is not loss forever and its still save in the wallet.

[Tyrantt]

I think it is better to keep the pass keys on a USB in your safe and passwords written on paper in case that doesnt work.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.

Remind me to put the guide on how to use the wallet in my last will.
Yeah, I believe I'd keep a separate wallet just to sit there and hold btc for the better future, occasionally depositing something from time to time, so when I'm gone my kids and grand children will have some money to spend on hookers and cocaine.

[Tyrantt]

i think that amount will be disappear and loss forever with that person and can not be use like the other bitcoin, because no one can use or could spend the amount of the bitcoin and its still remain in the dark. but if before that person dies, he telling with his family that he is keeping some amount of bitcoin and wants his family to continue for keeping the bitcoin, then that amount of bitcoin is not loss forever and its still save in the wallet.

But what if that man dies a sudden death? without sharing the wallet info with his close ones? That's why I think that bitcoins that are in wallet that hasn't been used, synced in the last 15 years, be returned to the original miner od back in the blocks that are to be mined. With that, lost bitcoins would be returned back and just imagine in around 50 years, when the most of us from this forum die take their bitcoins with them, and even in 120+ years when the large chunks of people holding that btc pass away also taking their btc with them and the number of bitcoin is limited, so there will always be portion of it missing that would never be returned, but by restoring them to their original miners, they'd be back in the flow.

[dihari]

That's why an 0 and a point (,) is valuable in bitcoin transaction.
Although lots coin is lost, bitcoin can still exist. Not with additional coins but the price will going higher.
Maybe if thats happen in the future who knows 0,0003 btc is $500. Imho

[choppork]

Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.

There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.

[Invulner]

Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.

There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.

Indeed. There is usually a more efficient way to find his private key than to actually have to brute force his private key because there are a lot of the times personal influences on one's passwords, and passwords may match from site to site.

However, if you don't even know who that person is behind the scenes, like somebody like satoshi, when they die, it is almost impossible to recover the coins unless you can brute force his private keys. Or maybe you don't even know what addresses he controls, which makes it even harder.

[QuestionAuthority]

Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.

There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.

At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.

[Yuuto]

Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.

There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.

At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.

Yeah, but whenever that happens we will never know.

And also, when quantum computing comes then bitcoin is likely to fork into a version that is quantum computing resistant, likely with a different algorithm instead of SHA-256. But we'll see...

[teddy5145]

I'd be stupid for a person holding a millions of coins without any sort of backup or telling his family.
Heck, he'd probably buried the coins inside a bank safe and when the bank receive the news about his death the bank will contact his family.

Worst case scenario his bitcoin will be gone just like this guy
https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site

Making supply of coins lower than before and hopefully increasing the price as the demand of bitcoin keep rising.

[QuestionAuthority]

Just imagine a jail cell that has a million prisoners inside it and then the key has been lost. The jail cell can never be opened unless they break it. So, a wallet whose owner is dead would need to be hacked before you can use the funds again. Otherwise, these millions of bitcoins would forever be trapped in that wallet. I think thousands of bitcoin wallets are already in this situation, we just don't know it. Some wallets have untouched funds for years but we can't just assume that the owner is already dead. Maybe he's just holding the money for a really long time.

There's still a possibility that after looking on his files, his relatives find a .txt file that has his private keys. Or maybe some note left behind just in case he dies one day that would reveal everything on how to recover his bitcoins online.

At some point in the future someone will make a jailers master key that unlocks all the cells. It's called quantum computing.

Yeah, but whenever that happens we will never know.

And also, when quantum computing comes then bitcoin is likely to fork into a version that is quantum computing resistant, likely with a different algorithm instead of SHA-256. But we'll see...

Yes, but will it be before some wise assed computer geek at NASA or the NSA or some other alphabet agency uses his new discovery to find a million lost Satoshi coins? As you say, we'll see...

[brian_23452]

Well, I can assure you, if there is no policy, then millions will be stored in bitcoin wallet forever. but, I think it will not last long, because it would have a lot of people who want to try taking the bitcoin from his wallet, even when he was alive. Well, we'll never know what will happen

Well in this case it is really difficult to say because the bitcoin is kept in his wallet for life and he is the soul owner of that wallet he alone has the password to wallet what think is that wallet or those bitcoin in that are lost for life maybe miner can be able to min it because people needs it.

[pencaRIreCeH]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

[Zadicar]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

I dont think it could really affect on bitcoins price as of these days but when the time that all coins have been mined already then demand will rise and supply have been stopped already which means it would certainly rise up its price. Lossing such huge amounts of bitcoin is really frustrating specially when you are the person who died and didnt even tell someone regarding on your coin possesion.

[just_Alice]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.

[Kprawn]

I think it is better to keep the pass keys on a USB in your safe and passwords written on paper in case that doesnt work.
The family members should be made aware of the keys and how to use them. If not then all that btc is to waste.

The USB drive is a average method to store data, but you have to make sure that you store it correctly. When not using the flash drive, be

sure to cover it with a cap to prevent the accumulation of dusts and contaminants on the contacts. Rust is a major issue and the rust will

accumulate on the contacts first. I like a laminated paper wallet more. 

[machinek20]

Then we will consider it is a hidden bitcoin, it will affect the price and the circulation of bitcoin because bitcoin amount is decreasing, so it will make the price become higher and decreasing amount is a disadvantage situation for another user

[el kaka22]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.

Probably you must be right. Still we can see many of early bitcoins were remaining unmoved. It means they maybe waiting for some more huge price levels or they have sold out the private-key by trusting the seller (as they were early adopters).

Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.

[eternalgloom]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.

Probably you must be right. Still we can see many of early bitcoins were remaining unmoved. It means they maybe waiting for some more huge price levels or they have sold out the private-key by trusting the seller (as they were early adopters).

Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.

It would take a special kind of person to not sell those coins at 100 or 200 dollars, those wallets are most likely not accessible anymore.
I don't even expect Satoshi's coins to move at all.

[michkima]

It will be good if the bitcoin from the dead person can't be take, it will increase btc price 😄😄

It would definitely affect the BTC price if a person has millions of Bitcoins, but actually I think that such a person doesn't exists. Most of the early adopters sold their coins at $200 or even at a lesser price because they were already profiting big time.

Probably you must be right. Still we can see many of early bitcoins were remaining unmoved. It means they maybe waiting for some more huge price levels or they have sold out the private-key by trusting the seller (as they were early adopters).

Why not we assume that person has dominated his assets and the new owner is just waiting for main stream adoption of bitcoins.

It would take a special kind of person to not sell those coins at 100 or 200 dollars, those wallets are most likely not accessible anymore.
I don't even expect Satoshi's coins to move at all.

What if satoshi planned this a long long time ago. He predicted that his creation will become a real hit and he's just waiting for it to reach a certain peak before he sells everything he has. The problem here really is when millions of wallets just becomes dormant forever. I mean think about it, what if every wallet that goes dormant has around 1 to 100 satoshi only, multiply this by one million times a year. That would be a lot of coins that will be stuck forever in dormant wallets.

[Rinder]

This makes no sense at all Nakamoto has soo many coins, we dont know how many coins in total he had mined, we see some of the wallets he used in the past, maybe not all his portfolio, but even as developer im ceptical why he hasnt sold his coins at 1000 dollars, and neither now, those means milions that is enought to have an amazing life further. I do believe he is dead or lost the keys to those wallets, thats the only way a person has soo many money stucked at bitcoin for no reason, i doubt he were expecting bitcoin to reach bigger values then 1000 dollars.