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Author Topic: What happens if we die?  (Read 5241 times)
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July 29, 2017, 10:27:21 PM
Merited by QuestionAuthority (5)
 #1

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?



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July 29, 2017, 10:33:17 PM
 #2

Yes, the coins are most likely irretrievable forever. That's why plans regarding coin recovery in these situations have been greatly discussed in the forums. And yes, when mining ends there will be less than the total of coins circulating.
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July 29, 2017, 10:33:39 PM
 #3

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, That's right. Now there are lots of Bitcoins that no on have access to them and I think the number of such Bitcoins will increase gradually.
In my opinion all of us should have a will that contains our private keys or our passwords if we are keeping our bitcoins in exchanges.

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July 29, 2017, 10:35:27 PM
 #4

valuable assets are only usefull when they are used ... and limited.
Bitcoin does this perfectly.

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July 30, 2017, 01:58:50 AM
 #5

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?
I agreed with you,..That is ver much possible to be happen, So I think it is really good to do and needed that we need to teach someone we can trust about our bitcoin savings at least if there's unexpected happen to me there is person knows my private key and password.
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July 30, 2017, 02:08:39 AM
 #6

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?
I agreed with you,..That is ver much possible to be happen, So I think it is really good to do and needed that we need to teach someone we can trust about our bitcoin savings at least if there's unexpected happen to me there is person knows my private key and password.


Just what I thought. It's just leaving a will when you die, but instead you will give them private key with the instructions how they can retrieve the coins if they dont have any idea what it really is about

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July 30, 2017, 02:15:44 AM
 #7

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?
Without the private key it's  impossible to recover the lost bitcoins so to answer your question then yes , The currency was gone forever , That's why it was very important to share your private key to some trusted family members to make sure that your hard earned bitcoins when somethings bad happen (Hopefully not ) will still be useful at least for your family member Smiley
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July 30, 2017, 02:18:13 AM
 #8

Well, I have not even thought about it yet, So it's good to make a will with the private key that we have to give to people we believe if something happens to us later a good anticipation step


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July 30, 2017, 02:35:12 AM
 #9

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.
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July 30, 2017, 02:40:36 AM
 #10

Everyone in my family knows I own bitcoins. If I die, they won't be throwing out any of my paper wallets until they've figured out how to either convert them to cash or get them into their own address. Do people close to you really not know that you own bitcoins!?
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July 30, 2017, 02:44:45 AM
 #11

Somebody's going to get my phone which has all my bitcoins on it.  Hopefully there will be none of those crap BCC ones on it (lol).

Unless I get squashed by a truck whilst said cell phone is on my person.  Then those bitcoins are lost forever--and that could easily happen.

There have been topics bringing this up in the past, and I've been thinking about creating a will one of these days, not just for my crypto, but for all my assets.  Makes sense to make one so that probate court isn't trying to split up my assets amongst a bunch of heathens that I could give two craps about--and I'm sure that's exactly what would happen.

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July 30, 2017, 02:53:27 AM
 #12

My wife knows i have bitcoin and other cryptocurrencies she have the private keys of my account, i say to her if i die its her decision if she will withdraw all my coins into fiat for my death expenses or she could keep it for her and my son's future needs Smiley so its up to her
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July 30, 2017, 03:03:20 AM
 #13

Everyone in my family knows I own bitcoins. If I die, they won't be throwing out any of my paper wallets until they've figured out how to either convert them to cash or get them into their own address. Do people close to you really not know that you own bitcoins!?
The next question for this is if they know your private key to access your bitcoin when you die? Because me even my wife doesnt know my private key but she know that i have investment in bitcoin. That is why after reading this question i am planning to write down my private keys and passwords of all site that i have bitcoin balance makinv sure that if i die she can withdraw all my investment.
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July 30, 2017, 03:08:37 AM
 #14

Well, I have not even thought about it yet, So it's good to make a will with the private key that we have to give to people we believe if something happens to us later a good anticipation step
If bitcoin dies, I will lose an assistant for my job. I will have to continue the transaction through the bank, it worries me.

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July 30, 2017, 04:28:08 AM
 #15

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?
Im ready  if one day i will leave the earth,  all my private keys bitcoin passwords,including password on trading , ive made a text file which contains all of the infos and steps on how to use those ,i already send it to my wife and to my son.

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Labay
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July 30, 2017, 05:15:18 AM
 #16

I think bitcoin can't die maybe the word bitcoin can die but there are so many coins like bitcoin cannot be die in fact it is so hard do kill bitcoin easily.

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July 30, 2017, 05:37:26 AM
 #17

Can't you just leave the retrieval key code in safety deposit box/ entrusted with lawyer via will?
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July 30, 2017, 05:52:59 AM
 #18

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.


No one will know when we will die, no one will know when you will die. You can die anytime, you can die before you teach your son about bitcoin. So it's good if you immediately teach your son about bitcoin. just a suggestion.


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findingthemoon
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July 30, 2017, 06:14:53 AM
 #19

A huge portion of bitcoins are already thought to be lost, not necessary from someone dying but from people losing their private keys. If you held your bitcoin on an exchange though it is possible for family members to retrieve it from them, but short of that people have to either make some form of backup for others to retrieve them in the event of death or more coins will be lost.

It is actually highly likely that more coins are going lost than there are that are currently getting created and if not it will happen eventually and bitcoin will truly be deflationary.
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July 30, 2017, 06:47:32 AM
 #20

Everyone of us surely die and leave everything of what he/she have now. If you say what happen to your bitcoin if you die, surely it gone also if you don't tell anyone from your family about this. So as early as you get involve in bitcoin world you must tell them. Tell them how it works,transactions be made and let them try to be in bitcoin so that when you die, everything you left can be used with your family.
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