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sofi@
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October 03, 2017, 03:02:58 AM |
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Yes if owner of bitcoin dies without leaving any record to claim the bitcoin he/she own those bitcoin will be hang in the system and no one can have the chance to retrieve it. The bitcoin will then be considered lost coin and because there are limited number of bitcoin circulating in the market if it will happen to large owner of bitcoin it may cause bitcoin to die.
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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wolfracer
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October 03, 2017, 04:13:10 AM |
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If some people has lots of bitcoin in their offline wallets and they die or lose memory.
Then those coins will be out of circulation right? Or is there any way to recover them?
Most likely they get out of circulation, I doubt that it is possible to recover this information, which is why despite there are 21million BTCs there are less in circulation for the loss of these wallets. |
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cyberChevan
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October 03, 2017, 04:46:31 AM |
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If some people has lots of bitcoin in their offline wallets and they die or lose memory.
Then those coins will be out of circulation right? Or is there any way to recover them?
That would be the obvious case here. If someone has some Bitcoins and forget or die, his funds will be lost forever, saying that he is the only one who has access to it. But if someone he knows his private key for his wallet, then that someone can get the funds and continue to use it and be included again in circulation. But there is no one can access the lost funds, it will be lost forever. |
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hypersonic1
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Endless Horizons!
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October 03, 2017, 04:48:16 AM |
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People who invested when you could get like 50 for a few bucks often drop or lose their hard drives. One guy threw it away and it had millions worth of bitcoin on it XD.
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rb26
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OPEN GAMING PLATFORM
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October 03, 2017, 08:18:12 AM |
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If some people has lots of bitcoin in their offline wallets and they die or lose memory.
Then those coins will be out of circulation right? Or is there any way to recover them?
If such thing happens, then it will be lost forever. No one can recover these lost assets since they are encrypted will password and private key that the only one who knows it is the sole owner of that wallet. If anyone related to the owner knows the private key of the wallet and/or his password then it may be recovered and be included in the circulation or some random hacker crack the wallet. Except from these, there is no other way to recover the lost Bitcoins |
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aoihs00
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October 04, 2017, 06:16:50 AM |
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That would be really bad thing to know about. The coins will be gone forever but also it affect much to the bitcoin economy as long as it is not million bitcoin lost altogether. I mean just calculate if you have 12 million in circulation and one million just goes off the record then eventually that will affect the bitcoin health and dropping the value for it. Or the after effect might just turn out to be good because supply will decrease and the demand will be grown much faster leading to the higher rates per bitcoin. As we are one million coin less which means we are xyz prices more than the previous quota of bitcoin. Hope you understand what I'm saying, that's completely possible to happen.
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Omega Weapon
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October 07, 2017, 05:46:24 PM |
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Yes, this is actually one of the interesting features of bitcoin. As far as I know if a wallet file is permanently deleted/overwritten and there are no remaining copies, or if the physical media (hard drive, flash drive, etc.) that the file resides on is damaged beyond repair there is no way to recover those BTC. Obviously this an unfavorable event for whoever owned the BTC but is actually a good thing for all other BTC owners who still have access to their private keys because it means fewer BTC in circulation overall. With all other factors being equal, fewer BTC in circulation will mean a higher value per BTC.
This is exactly as satoshi saw this topic himself, he said that if someone lost his coins we must see this as a small contribution to the value of our coins, to some this is a problem and they have tried to propose ideas to recover that bitcoin but I think that is a mistake since most of the solutions proposed go against what bitcoin is about and as such should not be implemented. |
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Slark
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October 07, 2017, 05:54:21 PM |
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Then those coins will be out of circulation right? Or is there any way to recover them?
Why are you worry about it? Every single missing satoshi, in the end, will make coins owned by other people more expensive. That is something Satoshi thought about and even said that - we need to treat lost coins as a donation to the cause. Don't worry about it and just hope that more and more people will lose access to their bitcoin stash  |
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Barcode_
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APP下载sbapp.io
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October 07, 2017, 06:01:10 PM |
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Those bitcoins will be lost forever in the market, if that person forgets the login password or lost the recovery seed phrase to restore the offline wallet, that is one of the reason bitcoin values might increases a lot more in the future, as the number of bitcoins remaining will get smaller but the demand of it in the market still remains high.
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btcprospecter
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★777Coin.com★ Fun BTC Casino!
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October 07, 2017, 06:03:06 PM |
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Yes if they were to lose the keys then they would be gone forever generally that would in increase the value of what coins are in circulation. I think it would be hard to know exactly how many have been lost over the years.
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dead_m92
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October 07, 2017, 06:03:20 PM |
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Yes, if someone lost his bitcoins, or if he stored them on an offline wallet and he can not access to it anymore, then those bitcoins will be die forever too, but nobody can recover them, not even Satoshi, anyone.
That is why a lot of people were talking about what could happen to your wallet if you die, and the same would happen, your bitcoins will be lost forever.
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Omega Weapon
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October 12, 2017, 01:59:49 AM
Last edit: October 14, 2017, 03:54:17 PM by Omega Weapon |
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Yes if owner of bitcoin dies without leaving any record to claim the bitcoin he/she own those bitcoin will be hang in the system and no one can have the chance to retrieve it. The bitcoin will then be considered lost coin and because there are limited number of bitcoin circulating in the market if it will happen to large owner of bitcoin it may cause bitcoin to die.
This is not exactly correct, if a person dies and no one is able to recover the coins then those coins are lost, but there is no way the rest of the community can tell those coins are lost, those coins are simply not going to move, maybe in a hundred years if those coins have not moved then we could be able to tell those coins are lost, besides address collision may allow a person to create the private key of an address with BTC on it, so even if that is unlikely there are ways to get that bitcoin back. |
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Marry Finch
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October 12, 2017, 03:20:27 PM |
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If access to the bitcoin stored in the purse will be lost, it will forever remain in its virtual world and for people will be lost forever. This, of course, is sad, but according to the laws of the market it will increase its value.
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Frank0209
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October 12, 2017, 03:28:13 PM |
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Of course nobody can collect it and it'll disappear but it'll be different if they gave every information about their Bitcoin to his family before they die or kept it safe in somewhere that his wife or children could find out. Beside there are some people used coldstorage wallet and then they lost it of course there were no way to recover their Bitcoin that mean they had to accept that they lost it all  ) |
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notyours
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October 12, 2017, 04:00:00 PM |
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It is not lost. It will stay where it is now. And it will not recover. Depending on whether or not the owner has been handed over or given it to people he or she trusts before he or she dies or loses memory. So let's practice to save and tell our secrets to our trusted people so that if something bad happens to us, we will be able to control our hidden treasures.
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Omega Weapon
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October 14, 2017, 03:57:57 PM |
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It is not lost. It will stay where it is now. And it will not recover. Depending on whether or not the owner has been handed over or given it to people he or she trusts before he or she dies or loses memory. So let's practice to save and tell our secrets to our trusted people so that if something bad happens to us, we will be able to control our hidden treasures.
But that is precisely the issue, if someone dies of a long disease that person has the chance to reveal his private keys to his family members, but if someone dies in an accident that person does not have that chance, now someone may decide to reveal its private keys to his family but you must remember something that has been said many times, if you are not the only one that posses your private keys you do not own any bitcoin. |
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libratiz
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October 14, 2017, 04:12:08 PM |
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if it loses the currency lock in bitcoin it could happen but it's hard for us
then our beliefs must know to the nearest person when something will happen to us badly
then store bitcoin well
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