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Author Topic: if we die  (Read 5095 times)
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November 01, 2017, 11:26:13 AM
 #21

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

Unless you share your private key or Bitcoin wallet information with someone like maybe your heir, all of the Bitcoin and altcoins holdings of your are considered dead. Knowing the Bitcoin address of the user who passed away, you can only look at their balance and do nothing about it. Currently, there is nothing which can bring the coins back from the dead but expect the future days to have a thing to go around such situations.


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November 01, 2017, 11:36:14 AM
 #22

It is the same as having a significant amount of money in cash (or in physical gold) hidden somewhere and you are the only one who knows the exact place of the bounty. You need to share it with someone (in case with bitcoins you should share your private key, password, seed) or everything will be lost.

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November 01, 2017, 11:42:20 AM
 #23

Let me remind you that it will be released 21 million bitcoins. This is a very large amount to those who have lost a few thousand or even hundreds of thousands of coins could have some influence on the turnover of bitcoins. For the relatives of those coins will be lost forever. There is no recovery mechanism. It seems to me that they don't deserve those coins if their owner does not trust them and does not say how to access the coins.
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November 01, 2017, 12:24:53 PM
 #24

there was a similar thread a while ago on here about the same.

Without the keys to wallets bitcoins are unuseable, if you die
and no-one knows the keys the wallet contents are unuseable
and will forever remain in that dormant wallet.

I have shared all my passwords and keys with another in the
case of something sudden happening to me.

I'm not sure I would trust someone else to administer my estate
after I die, anyone else could also decide to use the passwords
and keys of my wallets for themselves and of course it would'nt
be traceable.


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November 01, 2017, 12:45:45 PM
 #25

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

Yes I'm afraid so. If someone has bitcoin, the need to create a will or something like that, giving access to their seed or private keys, is very important. Not sure anyone thinks about it right now, but even if you have relatives, everything you have will be lost forever if you don't create a way to do that.
Things are easy with fiat, since it all goes to your nearest relatives or to the government if you don't have anyone, but with bitcoin no one can make that decision for you.

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November 01, 2017, 12:50:53 PM
 #26

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead?
 what will happen with the rest of our balance? is it left alone?

Depends on how and where do you store it. If you password-protected it and nobody knows it, then they are gone completely unless you have left your private key to your daughter/son/wife/parents/whomsoever.


Quote
what's the solution?

I think you should store a paper wallet and/or a hardware wallet with your private key in a locker and let your closer ones know about the same that you have left something there (the place where you will store the key) for them. This won't leave any chance for them to lose on your coins if such circumstances ever occur.

  
  
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zhelis74
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November 01, 2017, 12:54:15 PM
 #27

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

Unless you share your private key or Bitcoin wallet information with someone like maybe your heir, all of the Bitcoin and altcoins holdings of your are considered dead. Knowing the Bitcoin address of the user who passed away, you can only look at their balance and do nothing about it. Currently, there is nothing which can bring the coins back from the dead but expect the future days to have a thing to go around such situations.
Yes i agree, because it is a decentralized system that only between you and the blockchain knows that your account is existing, so the best way is to write down all your private key or any password related to your wallet or save it on safety place with step by step working instruction on how to used in case of your lost and your heirs doesn't know how to use it.

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November 01, 2017, 12:55:15 PM
 #28

Imagine burrying gold under your house, no one knows about it and you dug it so deep, no one might ever notice it.

Same thing to bitcoin, if you die, it remains in  a cold storage, and with the 21 billion btc cap, we cant afford to waste bitcoins.
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November 01, 2017, 12:56:44 PM
 #29

It is the same as having a significant amount of money in cash (or in physical gold) hidden somewhere and you are the only one who knows the exact place of the bounty. You need to share it with someone (in case with bitcoins you should share your private key, password, seed) or everything will be lost.

It is compulsory and obvious that you should be sharing with family/friends/ spouse etc whoever is close with you regarding this and whom you can trust it. Because this will help the people in case if anything happens to you. So it is an ideal to have people know if you hold some good amount of coins and can be worth some good amount in near future.

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November 01, 2017, 01:14:03 PM
 #30

It's the same if you have savings in a hidden moneybox and nobody would know about it, it will just disapear in 20 milion "bank" of bitcoins.

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November 01, 2017, 01:14:54 PM
 #31

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

If we die and no one is given a way to access our bitcoin then our bitcoin effectively dies with us, you should either share with someone you trust your private keys or store it somewhere and use some way for this information to be passed on in the event of your demise.

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November 01, 2017, 02:01:10 PM
 #32

Of course I will leave it for my family or if I have none for charity, bitcoin is currency and currency must be used by someone, it's the purpose

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November 01, 2017, 02:20:21 PM
 #33

if the balance of bitcoin is dead while we are having much bitcoin in our wallet, it means nothing. we cannot do anything with the money. the solution is doing as such the first time bitcoin appeared, convince people so that they will be back to get involved in bitcoin. the price of bitcoin I think depends on how popular bitcoin is
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November 01, 2017, 11:00:27 PM
 #34

At the moment, there is no process to reclaim coins of the deceased. Maybe in the future a process could be developed to reclaim crypto for various reasons. Given the big push by leaders to increase the size of the death tax(Donald Trump seems to be the only one who wants to decrease the death tax), as much as 40% of crypto reclaimed from dead relatives might be subject to taxation by the state. It is possible a reclamation process could be built into a layer of the architecture similar to lightning network, even though there's no current support for it.

Identity verification, notary and other legal areas would need to be implemented to prevent things like scams which a reclamation process would open a door to. In the case of individuals like Satoshi, if it turned out that he really was David Kleiman who passed away in 2014, there could be a battle over the coins he held which could number over 1 million. With the death tax in place a good portion of that wealth could ultimately be taxed away by the state who might take near to half of the coins Satoshi held if the case were arbitrated in the USA.

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November 02, 2017, 06:15:37 AM
 #35

It is the same as having a significant amount of money in cash (or in physical gold) hidden somewhere and you are the only one who knows the exact place of the bounty. You need to share it with someone (in case with bitcoins you should share your private key, password, seed) or everything will be lost.
Death is quite a natural thing and no one knows the exact time. It is better to have someone in your life whom you can trust. You actually need to share your details and private keys with that person so that he may be able to get your bitcoins in case you die. But the person you will chose should be the one whom you trust completely. Otherwise, all your money will be lost completely.

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November 02, 2017, 07:41:29 AM
 #36

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

Of course it will be left alone. And I think there is no other solution left behind in order for the bitcoin to be claim by relatives or loved ones. That is one sad things that might happen if only you and your money/bitcoin are living together. Your family or either your friends are born to be with you, and to become the one you might trust in case of unnecessary things that might happened. So you must have someone you can actually trust, and is deserving for all your hard-works through out your existence. I guess that is the only solution I see, for all the balance you left not to be wasted.
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November 02, 2017, 08:03:51 AM
 #37

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

That ammount will be useless and be wasted. Especially if you didn't share your password to anyone, that bitcoin will not be used by anyone.

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November 02, 2017, 08:12:56 AM
 #38

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

That ammount will be useless and be wasted. Especially if you didn't share your password to anyone, that bitcoin will not be used by anyone.
But your decision is biased with today's limited technology. If technology is growing day by day i expect supercomputers will be able to crack this hash with in one day. Noone know what will happen after 5 years but let's dont ignore power of future's technology.



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November 02, 2017, 09:08:01 AM
 #39

What happens if we have a lot of bitcoin but which has the balance of bitcoin is dead? what will happen with the rest of our balance? is it left alone?
what's the solution?

If someone dies with it, then the private key was not shared the bitcoin on that wallet will be gone dead as well. Every bitcoiners must decide about it, as they still alive because it will always a matter of slight moment accidents is around in every corner. We should leave something like private keys(paper wallet) to the one we highly trust and not with the wrong person that don’t deserved it.

We can teach him/her even just about recovering this bitcoin/altcoins. Write it down or print it and put in the best and most secured place that only the two of you have an access with.
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November 02, 2017, 09:29:35 AM
 #40

If someone dies without letting anyone to know that he holds bitcoin, or to let him know where he holds it, then the bitcoins are going to be lost forever.

That's the reason you should be telling your family how can they get an access to your bitcoins in case something happens to you.

I am pretty sure that in the future there are going to be some services that will do it for you for a small payment.

Anyway as Satoshi Nakamoto himself said, every lost bitcoin could be count as a donation to the whole bitcoin network, as it slightly increases the price of bitcoin.

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