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Author Topic: Bitcoin Holders dying  (Read 2821 times)
hous26
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October 23, 2017, 03:56:21 PM
 #21

Has anyone ever done a study which estimated how many Bitcoins have already been lost due to death or lost private keys?  I'm not talking about stolen coins because those eventually make it back into circulation but like gone-gone.  It's an issue and it could impact the price of Bitcoin if say, 2 million BTC are effectively not coming back.

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October 23, 2017, 03:56:48 PM
 #22

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)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.

I wouldn't judge your decision as I personally don't know you and your girlfriend, but in my case this is definitely a bad idea. For fuck knows reason why my girlfriend could leave me anytime she wants and run with my crypto. I'd prefer giving my private keys to a sibling like my brother for instance. I suggest you do this instead(assuming you have a good/great relationship with your brother).

Has anyone ever done a study which estimated how many Bitcoins have already been lost due to death or lost private keys?  I'm not talking about stolen coins because those eventually make it back into circulation but like gone-gone.  It's an issue and it could impact the price of Bitcoin if say, 2 million BTC are effectively not coming back.
It's almost impossible to know for sure. The only possible indication would be wallets with bitcoin that hasn't moved for years. But not because a wallet has been frozen for years it doesn't mean the owner is dead or the keys are lost; Maybe the owner is just really investing and not planning on moving his/her funds.

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October 23, 2017, 03:58:18 PM
 #23

Hello.

It is believed that when quantum computers become available to parties who wish to hunt for or steal BTC, Living holder of BTC will have moved their coins into an upgraded address.

When quantum computers become a threat to modern cryptography, it does not just affect BTC, it affects all usage of cryptography in the world, so it will be a big deal and we will have plenty of warning. unless the world turns into an authoritarian nightmare wheer the world government will strive to hide attack vectors for its own use, as you see commonly from the likes of CIA and NSA.

anyway. lost BTC will be recovered by use of quantum computers because nobody is around to send them to an upgraded address.
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October 23, 2017, 04:04:14 PM
 #24

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 am wondering where have you seen or how did you know about Btc going missing when someone dies. Did you, by any chance witnessed it or just read about someone else's post? Well if my opinion will matter at some point I'd like to share it. I think that it may be possible but those instances are really uncommon. If for example I have lots of btc in my wallet the first thing that I will do is to inform my family especially my husband because what's mine is also his. In that case, my btc will not be lost if something happen to me.

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October 23, 2017, 04:08:00 PM
 #25

So now nothing really can be done with it this is what decentralised means you are not liable to show or tell anything to the government, now what he could have done is given the details to his relatives if he didn't give well bitcoin is gone , it is surely not going to be used for anything unfortunately if you know a way you can take it

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October 23, 2017, 04:08:19 PM
 #26

Well, then you need to leave your passwords for your relatives and heirs. It is impossible that such an inheritance was lost. It is very reckless and impractical. Sad Shocked
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October 23, 2017, 04:08:36 PM
 #27

To have access to bitcoin after the death of its holder, this must be taken care of in advance. The best option is to leave the data of your wallet and the encrypted key to your relatives and friends and teach them how to use it. This data should be printed and copied to a memory card and hidden in a safe place. Life comes to an end once and you need to prepare for it.

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October 23, 2017, 04:19:29 PM
 #28

I think the future miners will find a way to add a small fee on dead bitcoins accounts one day. If one account hasn’t been touch in 50 or 80 years, it will be consided lost and 0, 1% or less fee will be taking from it each year.
This way bitcoins mining will never ends.

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October 23, 2017, 04:22:29 PM
 #29

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 impressed with this idea but not sure if this idea is inspired by Facebook's 'Facebook legacy contact' or not. However, this is a unique concept to keep the funds secure until you are alive and sending the automated guide containing the valuable and confidential information to the legal heirs after the death or in the critical situation where there won't be physical and mental capacity to control the funds.

However, I would like to have such FULLY PERSONALISED script that I can copy in my Google spreadsheet in my Google account having 2FA enabled so that there won't be any privacy issues for using such script.

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October 23, 2017, 04:34:48 PM
 #30

Bitcoin should be treated as any other property and if you want your loved ones to inherit it then you should obviously let then know about it. Paper wallets, testaments are the simplest ways to pass on your coins. More technical methods like Shamir's secret-sharing scheme can be used.

There is a third-party service, Dead Man's Switch where you can add a message and they will send you reminders at specific intervals and if you don't respond then your message will be forwarded to the recipients you have added. Lacks reliability.

Based on smart contract, I guess we will have decentralized digital inheritance platforms in future where if an holder fails to check in after a specific period of time, Bitcoins would be automatically transferred to the inheritors.

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October 23, 2017, 07:10:31 PM
 #31

I really like the idea of having to confirm every year that you are alive or it will email your loved ones - just be careful of how you set that up. You don't really want to be giving instruction on how to access all your bitcoins to a random service or stranger on the internet.
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October 23, 2017, 07:26:11 PM
 #32

Whoever controls the private key of the address - dead or alive, controls the bitcoins on the address. And dead can't share the information.

   
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October 23, 2017, 08:19:59 PM
 #33

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)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.
yeah right we need to make sure that its not only us who knew about our wallet information so if ever things happen to us they can still have access
and still can continue our access, better to teach them in a proper place than being sorry after, bitcoin will continue as long as holders knows what to
do from their investment.
Great question:
My uncle asked me the same question few months ago about my bitcoin investment and who also have access to it.
I told him i'm the only person who have access to my both bitcoin mining and trading accounts. And he replied to me by saying "that's not wise".
I'm currently planning on giving my private keys to my mother so that whenever something bad happens she may give the keys to my young brother.
I believe the best option here is to share your private keys with trusted family member - the one you know will never betray you or do something like that.


     
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October 23, 2017, 09:34:11 PM
 #34

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, there must be a lot of Bitcoin to be lost if its Bitcoin holder dies, but if you prepare everything well,

for example you make a video for the people you love that if "I die you can exchange Bitcoin here",

it might be better, lol Cheesy

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October 23, 2017, 10:14:56 PM
 #35

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, there must be a lot of Bitcoin to be lost if its Bitcoin holder dies, but if you prepare everything well,

for example you make a video for the people you love that if "I die you can exchange Bitcoin here",

it might be better, lol Cheesy
Played like Andy Kaufman did, that's awesome!

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October 23, 2017, 10:22:01 PM
 #36

I've been thinking about it, I've shared my wife about bitcoin, even I teach how to get bitcoin, I say that out there is a lot of bitcoin, and I feel comfortable mining bitcoin. I do not want to lose my bitcoin and family just because of a small problem, and I will try to trust my wife in particular.

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October 23, 2017, 10:39:54 PM
 #37

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.
Ok, this is cool we need something like this if we forgot to tell our family about claiming our bitcoins.
However, it will be better if you tell them first about how to access your bitcoins before you die, I believe those who hold lot of bitcoins has made preparation regarding this issue, i think the simplest way is keeping your bitcoin in paper wallet and instruction about how to access them and give it to your family.

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October 23, 2017, 10:41:35 PM
 #38

I think this is a legitimate concern for the longevity of Bitcoin.  In fact I think this will be the reason Bitcoin dies out. How many of us have a system which will give your private key to a relative? Honestly. I think this should be encouraged and done as standard practice.
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October 23, 2017, 10:52:03 PM
 #39

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)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.

I wouldn't judge your decision as I personally don't know you and your girlfriend, but in my case this is definitely a bad idea. For fuck knows reason why my girlfriend could leave me anytime she wants and run with my crypto. I'd prefer giving my private keys to a sibling like my brother for instance. I suggest you do this instead(assuming you have a good/great relationship with your brother).

Has anyone ever done a study which estimated how many Bitcoins have already been lost due to death or lost private keys?  I'm not talking about stolen coins because those eventually make it back into circulation but like gone-gone.  It's an issue and it could impact the price of Bitcoin if say, 2 million BTC are effectively not coming back.
It's almost impossible to know for sure. The only possible indication would be wallets with bitcoin that hasn't moved for years. But not because a wallet has been frozen for years it doesn't mean the owner is dead or the keys are lost; Maybe the owner is just really investing and not planning on moving his/her funds.
I hope that it won't happen because that's a big loss to everyone. My friends are holder for a bit long now and so far he hasn't encountered such thing like bitcoin is dying. Some of us here are hoping to live normally with bitcoin and to expound more ideas about it. Through this many of us are united and cooperative. Bitcoin holders aren't dying,staying instead.

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October 23, 2017, 10:53:10 PM
 #40

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)


My girlfriend knows my wallet password & I’ve told her a couple of trustworthy buyers on localbitcoins. I suggest everybody do the same, make sure if you’re not around that a loved one can access your stash.

I wouldn't judge your decision as I personally don't know you and your girlfriend, but in my case this is definitely a bad idea. For fuck knows reason why my girlfriend could leave me anytime she wants and run with my crypto. I'd prefer giving my private keys to a sibling like my brother for instance. I suggest you do this instead(assuming you have a good/great relationship with your brother).

Has anyone ever done a study which estimated how many Bitcoins have already been lost due to death or lost private keys?  I'm not talking about stolen coins because those eventually make it back into circulation but like gone-gone.  It's an issue and it could impact the price of Bitcoin if say, 2 million BTC are effectively not coming back.
It's almost impossible to know for sure. The only possible indication would be wallets with bitcoin that hasn't moved for years. But not because a wallet has been frozen for years it doesn't mean the owner is dead or the keys are lost; Maybe the owner is just really investing and not planning on moving his/her funds.
I hope that it won't happen because that's a big loss to everyone. My friends are holder for a bit long now and so far he hasn't encountered such thing like bitcoin is dying. Some of us here are hoping to live normally with bitcoin and to expound more ideas about it. Through this many of us are united and cooperative. Bitcoin holders aren't dying,staying instead.
The key is mainstream adoption.

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