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Author Topic: Bitcoin Holders dying  (Read 2826 times)
dissgo
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November 20, 2017, 04:55:33 PM
 #161

Human can't stay alone or individual.
That's why you need to give your security password or Private Key at least the most you trust.
Yes, like a manager, but manager can be anyone you trust or usually the parents (if still alive).
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KwizatzHaderach
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November 20, 2017, 04:56:59 PM
 #162

This is quite a good scenario to test how much you trust your loved ones. I'll prefer to leave some details to my family in case I die.

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November 20, 2017, 05:01:59 PM
 #163

Make a note that is stored safely, and you can give it to the person closest to you, do not let your hard work lost in vain. may be useful for people we care about.
Yes this is the right solution for securing future of our closed/family members, and securing the bitcoins for future.
Unless there are provisions done by the exchanges to handover the bitcoins/assets to families or the nominees of the bitcoin holder.
I think this is a real scenario and needs some more discussions and attentions looking towards the future.

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November 20, 2017, 05:03:11 PM
 #164

woo mama here we go, explode explode baby gaaaaa
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November 20, 2017, 05:06:24 PM
 #165

yes lost password / die will reduce number of bitcoins also users that hold bitcoins in unsafe wallet

solve make files with all important information and give trusted member your key

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November 20, 2017, 05:11:19 PM
 #166

Wow! I thought after reading the heading that some serious news is there that might bring a drop in Bitcoin. But after reading OP, I cracked up. Anyway, it is indeed an issue that might not sound very serious today. But in 40-50 years from now. This might create a problem. There must be an updation in the algorithm with proper consensus of the miners regarding this issue. Not everyone has family, not everyone will tell someone their private keys before dying. This will make a lot Bitcoin trapped forever. But right now this isn't a big issue. But should be addressed in coming future.

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November 20, 2017, 06:21:34 PM
 #167

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)


Wow this has never crossed my mind before. Lucky i found out this topic and read it and this become my thought for a while.
If someone died and they never tell someone about their possesion of bitcoin, indeed the bitcoin will go to a waste and it will affect the bitcoin prices since the amount of bitcoin is fixed at the market.
I guess the best way to overcome this matter is to give someone you trust the most the capability to access your account when you are not around anymore, and maybe you need to left some instruction and basic knowledge of bitcoin for them in your inheritance memo.
I guess i still need to learn about this matter, and it is hard to find people you trust nowadays.

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November 20, 2017, 11:30:32 PM
 #168

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 think the term "missing" is not appropriate to use because it won't be missing, it is just out there, and no one could use it since no one knows the private key of someone who dies. We can't blame those users who didn't  give the private keys of their bitcoin wallet to someone because we can't see death coming, all we could do is to be prepared as always.

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November 20, 2017, 11:54:23 PM
 #169

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)

before you access bitcoin of course already have a plan how your bitcoin account is not possible we do not have plans for the future for me any investment there must be storage or heirs that we pointed to be able to access it

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November 20, 2017, 11:57:25 PM
 #170

It is based on planning how we handle and keep our self to the extent of helpful for our self and for our dependents.
While you are holding any type of accounts it is better to create all credentials and save in some whats app or email and share everything about such to our siblings or dependents reason behind in these type of situations at least some one will get that benefit and they will be happy because of us.

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November 21, 2017, 12:01:14 AM
 #171

If you are worried about this, you can rewrite the architecture. Or  your account password leaves to some of the closest family members
I hope my comments can help you
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November 21, 2017, 12:05:12 AM
 #172

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.


that is pretty cool and verry useful, i hope that developers can implement it on our bitcoin wallets because we cant predict if how long can we live in this cruel world. so , its better to have this option incase you forgot to tell your password and private keys to your loved ones or trusted person that can unlock your wallet and spend the remaining bitcoin balance.
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November 21, 2017, 12:06:10 AM
 #173

The sensible option is to make a death file somewhere whether you leave it with someone you trust or leave it as part of a Will. If no one knows how to access your bitcoin then it will die with you.  

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November 21, 2017, 12:21:30 AM
 #174

This is what makes BTC actually a deflationary currency. Tons of BTC are already lost on corrupted hard drives and due to lost passwords. So the total supply available is actually much less than 21 million BTC.
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November 21, 2017, 05:56:11 AM
 #175

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)


Not like that. The post is given to find out what day you post the topic. Yes, you will lose your bitcoin if someone puts your wallet / password on your bitcoin.
No, bitcoin does not go away, no missing is there in live. More than a few people are curious about this. So this post person knows about the right news.

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November 21, 2017, 06:07:35 PM
 #176

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)


Do you specialize in providing burial services?

How do you know bitcoin holders are missing and where have you seen this?
Furthermore how do you know they haven't told their relatives "not survivors" (this's ain't Lost) the passwords for their stash?

This is just stupid, a stupid assumption backed by assumptions all written in poor English.

Give me one single example of a bitcoin holder that has died and his family can't access his coins.
A selfie with you near his deathbed, because you claim you have seen them yourself, would also be helpful.
I think you misunderstood him! He was merely expressing his fears of any Bitcoin in a holder's account go missing should the holder pass on without leaving clues to his survivors on how to access his/her account(s) and I think the response by Mjglqw is quite creative.

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.

I am wondering though if the script have been tested by anyone to confirm it works as intended and I think a test is possible if one should direct the email to oneself and observe other stipulated conditions.

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November 21, 2017, 06:49:50 PM
 #177

The MyWish project offers some solutions for this problem
Private key loss
Provides crypto assets transfer in case of a private key loss
Deferred payment
Set automatic funds transfer or bill payment on a specified date and amount!
Inheritance
Transfers person’s savings to his family or friends in the event of his sudden illness or death
Kid savings account
Accumulating savings for when a child reaches maturity
Wedding agreement
Smart contract for spouses planning their future together
https://bitcointalk.org/index.php?topic=2059189.0

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