gilangIDR
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Activity: 1526
Merit: 1001
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September 20, 2017, 02:45:40 PM |
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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?
Bitcoin that they have will be stored and no one can open or access it without any access like private keys. It's like we keep a treasure and hidden away, then the treasure is ultimately not found by anyone. That bitcoin, bitcoin can only be accessed in a certain way and the owner has full access to the bitcoin it has. |
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BitcoinPC
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September 22, 2017, 09:05:00 AM |
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Since all wallets take high security especially block chain, So its hard to break password. They'll be out of circulation and may lost forever. We should take a password hints in order to remind it. Private keys have very strong security but they should not be shared with anyone.
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Dontme
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September 22, 2017, 09:13:29 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?
I do believe in the quotes that When People died everything is worthless. Well, people always earn money and save money for the future without knowing that life has its limit. People spend their lives to seek money, to become rich and become happy while living on earth but they don't realize that life is short and they are not prepared on the time that they will be die. So, even though they spend a lot of time and effort in seeking bitcoin and their wallet are quite millionaire well all of that are going to be wasted when they are not going to make plans while they living. |
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niisarearning
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September 22, 2017, 09:17:25 AM |
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Yes it will be out of circulation if somebody having good number of bitcoin and want to keep for long term it’s better to make some document about that and keep it as property document so that atleast their family get benifit.
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coinzoid
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September 22, 2017, 09:24:25 AM |
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If there would be a way to detect amount of "out of circulation" bitcoins, then I'd like to know how many actual coins are still in loop.
There was a news about a murder at my country this week. Someone has been killed and apparently they tried to steal his bitcoins. News source says the attempt was unsuccessful. I wonder how they were able to retrieve result of steal attempt.
If policemen asked them whether they were able to steal, they would simply say "no". But in reality, they could have access to private keys, if victim has printed them somewhere in his location.
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Lenzie
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For campaign management, please pm me.
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September 22, 2017, 10:23:08 AM |
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Why would you worry about that? The less bitcoins in circulation the higher the price. < based on a reduction in supply > This is why most people are saying the <1 000 000> Satoshi coins should stay out of circulation, because it will have a huge impact on the supply, if it was dumped on the market.
A lot of bitcoins are lost every year and this just increase the scarcity of the coins. ^smile^
Well I am just a little bit curious myself too. What if we are already at that point where, supply is decreasing, demand increasing and price also increase. What will happen if only few people hold most of the bitcoin for themselves? Would it not affect the price too because there will be less people that will acquire those? Will there be no way to create more? There was a news about a murder at my country this week. Someone has been killed and apparently they tried to steal his bitcoins. News source says the attempt was unsuccessful. I wonder how they were able to retrieve result of steal attempt.
If policemen asked them whether they were able to steal, they would simply say "no". But in reality, they could have access to private keys, if victim has printed them somewhere in his location.
That was a very interesting news. That is the cons of bitcoin, security is low. |
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ricardobs
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September 26, 2017, 08:31:29 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?
I don’t believe it’s possible to retrieve a bitcoin without the owner. But, I believe if the bitcoin is stored online in an exchangers platform, then it might be quite possible for the exchanger to move the Bitcoin from the current account to a different one. I’m not really sure of that. By the way, even hackers can bypass some security systems (not recommending such). |
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smith136
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September 26, 2017, 08:55:54 AM |
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hmmm it depends if someone knows how to access someone's lost coins due to death or just like you are saying lost of memory, but I don't think if it will be back to circulation if no one knows, it will be forever there since offline wallets are very secured and no access through online.
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joseafonso123az
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September 26, 2017, 09:01:41 AM |
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Althought this mght look like an disadvantage for the bitcoin users, it's not really. There are too parts of it, if you lost them, then you lost them forever because there is no retrieving process for them. You look out for what's yours. In the other end, it might actually have a positive effect on BTC value, that could make it higher, because less BTC in circulation, and if there is a big demand, the value will surely go up!
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hello_good_sir
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September 26, 2017, 09:06:14 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?
There is no way to recover them, unless there was a way to brute force the entire private key of the address containing these funds(next to impossible, many times more impossible than hacking into a bank account). This is why even though bitcoin is technically inflationary, the supply of bitcoin will actually drop once block rewards become less than the amount of bitcoin just lost through losing the recovery seed or private keys. And this is why it's so important to always keep backups of your recovery phrase/keys. You don't want to be in that situation, trust me. |
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bamboylee
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September 27, 2017, 07:11:14 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?
This happened in the past when bitcoin has no value yet and the owners neglected their private keys or hard disk was destroyed. They never recovered their bitcoins. Thus, there will be less bitcoins to own or circulate that may push the price further up. |
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rroyk
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September 27, 2017, 07:16:14 AM |
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the coins will be gone more like forever.
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cryptothinker
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September 27, 2017, 07:25:26 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?
They're gone, and I would be surprised if anyone finds them. With physical assets like gold it would be easier to find. For Bitcoin, someone who lived with the deceased could find the private keys, but if the person don't know what Bitcoin really is, and how it works, chances are high that this person would throw it away. At the end of the day, less coins in the market make Bitcoin more scarce, and help the price. |
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faceoff97
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September 27, 2017, 07:28:05 AM |
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Definitely right, that bitcoin would be out of the circulation and there ia no way to recover it. Your bitcoin is at your own hand, thus it might not be controlled by anyone. The situation is just the same once you burn a paper cash. It will no longer be recovered anymore and it is considered invaluable. The good thing is, once large volume od bitcoin get out of the circulation the bitcoin value will rise. And absolutely an advantage to us, and thats what we hope the pumping and that situation may cause it to happen.
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Phildo
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Activity: 1526
Merit: 1000
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October 02, 2017, 08:51:16 PM |
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yes, lost, like you throw your money into the toilet. My opinion is no one can restore the wallet for now, even using brute force way with the most advanced super computer. the less the amount of Bitcoin but the fixed demand or (should always be) increased then the Bitcoin value will affected.
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milewilda
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Merit: 1129
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October 02, 2017, 09:01:40 PM |
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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?
You are right, there would be no circulation on that one.Recovering those coins is not possible which we can consider that those coins are lost forever or stationary this is why if we do have bitcoin incase we die we should secure out and grant them into your loved ones once you passed out. |
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Bastime
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October 02, 2017, 09:08:24 PM |
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Actually if a person dies, the Bitcoin wallet would be with him on his grave because no one can ever use your Bitcoin unless you're the owner or you have the private key to access it. I have read an article that there's a person who are claiming that he has 30k Bitcoins but he can't retrieve his private key so pity for him. If ever we loose our private key then it's the end of our Bitcoin wallet. This will definitely a strong proof that Bitcoin can never be accessed by someone else except by the owner. People will then has the full trust for the security of Bitcoin. And another point, the less Bitcoin that circulates - the higher the value is. If only gold and diamonds can be picked anywhere would you think it has a value?
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pushups44
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October 02, 2017, 09:14:07 PM
Last edit: October 05, 2017, 04:33:00 PM by pushups44 |
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Why would you worry about that? The less bitcoins in circulation the higher the price. < based on a reduction in supply > This is why most people are saying the <1 000 000> Satoshi coins should stay out of circulation, because it will have a huge impact on the supply, if it was dumped on the market.
A lot of bitcoins are lost every year and this just increase the scarcity of the coins. ^smile^
This is true. Greater scarcity and greater demand equal a higher price. The problem isn't a lack of supply but rather the willingness of the mainstream to use bitcoin instead of fiat currency. It has been estimated that perhaps 3 million bitcoins have been irretrievably lost. |
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NeilLostBitCoin
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October 02, 2017, 09:24:04 PM |
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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?
The less the supply of a coin the higher the price of it. We all know the supply and demand system and I think it is more good if we see a limited total supply of bitcoin as the demand will go higher than the expected. although those lost coin is such a big regret for the owner. |
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EddyGameta
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October 02, 2017, 09:36:42 PM |
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access to the bitcoin wallet is very private and surely there won’t be a single person know about it, so if someone who has the access and the person is dead it will be difficult for others to have access to the bitcoin wallet so if you have a very personal thing then you should make a testaments for the next generation of your family
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