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Author Topic: Bitcoin Holders dying  (Read 2821 times)
khaled0111
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October 31, 2017, 09:03:40 AM
 #101

When you die, you will have nothing to worry about anymore but it will be a wise thing if you leave a will where you explain what you want to be done with your wallest and how to access them.
I liked the idea of the script that asks you every year whether you still alive or not and if you do not respond it will take the necessary measures.
What I am worried about is what will happen if a huge amount of BTC is lost? I believe that will affect bitcoin price.

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October 31, 2017, 09:07:57 AM
 #102

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)

They arent dying because the price of bitcoin now is very high compare last month but if they brought their bitcoin lastyear the price is almost x20.

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October 31, 2017, 09:08:35 AM
 #103

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Hihi never thought of that.. Price will ultimatly just raise because of that.. lower supply..
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October 31, 2017, 09:13:14 AM
 #104

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


Hihi never thought of that.. Price will ultimatly just raise because of that.. lower supply..

Don't you think that's a poor bitcoin. Lost in the world for the eternity?  Roll Eyes But I don't think the supply will get low since the bitcoin is still there, it is not just used by the user and no one can use it unless someone have the private key for that bitcoin wallet.

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October 31, 2017, 09:29:19 AM
 #105

Cant be that common.
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October 31, 2017, 09:41:08 AM
 #106

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)


True, but it might die before this happens due to lack of miners and then higher trans fees.

That's probably going to be the reason for Bitcoin dying. When this current generation dies it's highly unlikely many had plans for it to move to their next to kin.


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rodskee
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October 31, 2017, 09:42:01 AM
 #107

When you die without anyone having access to your privatekeys, then your bitcoin is simply lost, causing probably a slight deflation depending on how much you've actually lost.

I've read a clever solution on Reddit in the past.
Quote
Automated script method:
Have a script that will ask you every year whether you're still alive. If you confirm that you're alive, nothing happens.
If you don't confirm, and after enough retry attempts, then it will automatically send emails to all your beneficiaries with instructions on how to claim your bitcoin holdings.
If you're interested in this scripted mechanism, let me know. I can give you more details.

Not sure on what the possible drawbacks of that method is, but I gotta admit it's a pretty creative and clever solution.

don't give up mate life continue to be happy its to early, i know you want to make sure your investment become profitable for your love ones if you die, i agree this suggestion try to follow for the security of your bitcoin investment.

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October 31, 2017, 10:16:39 AM
 #108

When you die without anyone having access to your privatekeys, then your bitcoin is simply lost, causing probably a slight deflation depending on how much you've actually lost.

I've read a clever solution on Reddit in the past.
Quote
Automated script method:
Have a script that will ask you every year whether you're still alive. If you confirm that you're alive, nothing happens.
If you don't confirm, and after enough retry attempts, then it will automatically send emails to all your beneficiaries with instructions on how to claim your bitcoin holdings.
If you're interested in this scripted mechanism, let me know. I can give you more details.

Not sure on what the possible drawbacks of that method is, but I gotta admit it's a pretty creative and clever solution.

don't give up mate life continue to be happy its to early, i know you want to make sure your investment become profitable for your love ones if you die, i agree this suggestion try to follow for the security of your bitcoin investment.
according to my opinion those people who are holding bitcoin they will be success trader in their future because the rate of bitcoin is increasing very quickly and it is more expected that those people who have a number of bitcoins and hold them for future then they will become very rich in very less time also. so bitcoin holder will never die but become very happy in their future.

loragean03
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October 31, 2017, 01:04:30 PM
 #109

when the time come that your soon to become half dead, you can give your all information how to full control your bitcoin wallet to those people who you totally trusted. im not worried about this topics because im aware on this problem and already created some backups and steps how to retrieve my bitcoin by my family. but before that I would like to manage all my bitcoin first and gave it for the people who I totally trusted most for the continues progress of my coins.

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October 31, 2017, 01:13:28 PM
 #110

If you are worried, tell your tusted loved ones you have some bitcoins and leave instructions on how to retrieve them
Write you private key on a paper, then inherit to your belove one. Before that you should teach them to use cryptocurrency or bitcoin. Use how to send and receive, cash into fiat and secure wallet. If you have a lot of bitcoin you can sell it to fiat and save to your bank account the fiat as the legacy to your children. I am not sure if digipulse.io is trusted or not. it is inheritance service on cryptocurrencies. Now it is holding ICO. If that start up trusted, I think it is good to use digipulse.io service.

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eduinvestor
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October 31, 2017, 05:07:54 PM
 #111

Your BTC would be worth more money if some BTC are lost forever, are there will be a lower supply

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October 31, 2017, 05:10:48 PM
 #112

Right now bitcoin holders are making more and more money just by holding. Nothing seems to be a death for the bitcoin and now lot of altcoins have been showing downfall in value while bitcoin is moving forward and getting closer to the value of $6400.

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October 31, 2017, 05:16:32 PM
 #113

what happens to the bitcoin in the wallet of the bitcoin owner that died by mistake without giving information about it to loved ones? Will it remain in the wallet till eternity? In that case you can use me as your next of kin Shocked Shocked Shocked Shocked

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October 31, 2017, 05:22:32 PM
 #114

Its true that if someone dies without giving someone else access to their holdings then those coins will be lost forever, meaning a smaller amount in circulation.

However if you are worried about this, it can be prevented.  Just plan ahead, meaning create a will whereby you define who will receive the bitcoin or cryptocurrency and how they can access them. 
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October 31, 2017, 05:27:11 PM
 #115

dude Bitcoin already lost about 500k coins, it will never be 21 million.
FBI has many BTC now. Dunno what they are doing with them.
Maybe polishing them one by one.  Cool
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October 31, 2017, 06:03:09 PM
 #116

dude Bitcoin already lost about 500k coins, it will never be 21 million.
FBI has many BTC now. Dunno what they are doing with them.
Maybe polishing them one by one.  Cool

Can you give me the source that FBI has many bitcoin?

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October 31, 2017, 06:07:17 PM
 #117

what happens to the bitcoin in the wallet of the bitcoin owner that died by mistake without giving information about it to loved ones? Will it remain in the wallet till eternity? In that case you can use me as your next of kin Shocked Shocked Shocked Shocked
Good question. I think for this there is no solution. if the person dies the bitcoins will become a dead investment. becasue nobody can access that wallet.

recently facebook also had this kind of issue. if the person dies means his/her account will not use anymore but the data is simply stored in the database.

To solve this problem they allowed one future. a user can give access to any of there family members or closed once to delete his/her profile after death.

This kind of future comes means then we can use that bitcoins.

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October 31, 2017, 06:08:24 PM
 #118

I am quite new to this.

I can see quite a lot of Bitcoin going `missing` when someone dies. (without giving survivors your passwords etc)

I hope someone makes a completely safe way to give your family/friends your bitcoin after you die without them taking it while you're alive.  This is an awesome idea for a project in my opinion.
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October 31, 2017, 06:15:28 PM
 #119

Right now bitcoin holders are making more and more money just by holding. Nothing seems to be a death for the bitcoin and now lot of altcoins have been showing downfall in value while bitcoin is moving forward and getting closer to the value of $6400.

Yes true Buddy. I don't on considering which one the thread creater had made this thread. Today price of bitcoin is 6350$.The long term holders from the price of bitcoin is 3100$ will get double the profit now.I don't know how it is possible for holder's are dying It's obviously fake news.

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October 31, 2017, 06:18:49 PM
 #120

I keep meaning to do something about this, but at the same time I quite like the idea of my money going with me. It'll probably only be spent squalid junk anyway. Even if I left comprehensive instructions I don't think anyone will be well versed enough not to totally fuck it up and chuck it away.

Ideally I won't have anything to leave. It'll all be gone.

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