awawo
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December 18, 2017, 06:47:53 PM |
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This is a very important question, what happen to you bitcoin in your wallet when you die without reveling the wallet ID and password to any other person and it is impossible to make use of the bitcoin by any other person as long as it will last the coin will just be there dormant and this have grave effect on bitcoin in the sense that many bitcoin are waisting without trace.
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joebrook
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December 18, 2017, 06:48:16 PM |
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At the moment none of my family members know anything about bitcoin at all and it would be sad if something were to happen to me and they wouldn't know anything about the money i have in my wallet or how they would be able to reclaim or even cash it out.
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Alex3601
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December 18, 2017, 06:52:14 PM |
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Hi I'm a newbie. I think the bitcoin will disappear if the owner is dead.
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teejayrichard2
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December 18, 2017, 07:59:17 PM |
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Dieing with BTC is like hiding a treasure somewhere without the knowledge of anyone, that treasure is lost forwver. Same with BTC, except you give someone your details to claim your BTC. Maybe trusted member in your family or you write it down in your WILL, that way someone can claim the BTC else your BTC is lost
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MrSpasybo
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December 18, 2017, 08:11:39 PM |
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I think Bitcoin is an inheritance property and is definitely written in the will of the family. wallet and passwords are there.
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surix
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December 18, 2017, 08:19:12 PM |
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A copy of seeds should be stored where the close family can have access. Otherwise these BTC will be lost forever - and benefit the rest of the people as price will rise...
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PMmesexycoins
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December 18, 2017, 08:23:56 PM |
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If the wallet wasn't shared, or preparations made for it, then those funds would be lost signifying a reduction of the total coins in circulation. In practice this would mean each active holder would now possess a greater part of the total, with this competitor removed.
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Panfilov
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December 18, 2017, 08:31:56 PM |
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So, what is the problem. If you believe nobody, no one know about your digital actives. We will see coins of dead person in blockchain, but can't use it.
Solution of problem is the last will. You should bequeath your coins to friends and relatives. In another case, the BTC coins will be lost forever.
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zombie6
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December 20, 2017, 10:21:34 AM |
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What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
if a person dies, his bitcoin just stays on his wallet and no one has access to it) unless of course he left someone with his private key! so the number of bitcoins will be gradually reduced) deflationary coin, there is nothing more to say! |
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yokai21
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December 20, 2017, 10:49:46 AM |
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when a person dies stays in his wallet his earned money and nobody can get it unless there is a private key left over that the money will be claimed by your family.
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SkyFlakes
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December 20, 2017, 10:54:04 AM |
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What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
I think , no one will know and get it unless he or she knows how to hack wallets for you to have profit of course wallets were reqyuired and I think this is secure enough for a person to be comfortable in using it, so if the owner passed away ,I think the bitcoin will be hold until no one can used it. Such a useless thing, so we should value our life more than any material we owe . |
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Zebra.Guy
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December 20, 2017, 10:54:40 AM |
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What will happen??
No one will have the BTC address. Hence will them isolated?
In FIAT, people can handover money to someone.. So, i predict BTC will be disappeared gradually.
Naturally if you have a large amount of BTC you somehow tell your family how to get to the money, or - if you don't trust them - you lock the instructions in your safe. On the other hand, in the scenario you describe, if there is less bitcoin in circulation, it does NOT disappear gradually. Simply its price gets a little bit higher and that is the end to it. |
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Barcode_
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December 20, 2017, 11:02:30 AM |
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If a person did pass away with bitcoin balance still available in his wallet, his bitcoin would be consider lost in circulation forever, unless he left his passwords to his bitcoin wallets or the private key to someone he trusted, this is the only way to retrieve the bitcoin back from that specific bitcoin wallet.
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Rajamuda
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December 20, 2017, 11:11:31 AM |
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I think Bitcoin is an inheritance property and is definitely written in the will of the family. wallet and passwords are there.
Yeah it's true, actually I'm also has been thinking like that about this, but if that's people doesn't had time to write or notify like as email, password, private key, etc.. related the btc's wallet to the family or closest relatives it would be wasted. |
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lukesimon
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December 20, 2017, 11:15:30 AM |
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My catch is, Bitcoin will never lose its count. It will still be 21M BTC.
How will the lost coins affect the circulation?
-Lost BTC would affect the market value of BTC since the remaining BTC will become rare. Its value will move just like normal depending on the market events but most likely it will affect the increasing value of BTC.
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Pan Troglodytes
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December 20, 2017, 11:21:58 AM |
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I think Bitcoin is an inheritance property and is definitely written in the will of the family. wallet and passwords are there.
Yeah it's true, actually I'm also has been thinking like that about this, but if that's people doesn't had time to write or notify like as email, password, private key, etc.. related the btc's wallet to the family or closest relatives it would be wasted. It is NOT advisable to write the private key into the will for your lawyer or anybody from their staff to steal your money and you will never know who did that. I would MAYBE write it down in a closed temper-proof envelope or something. But never as an open text in the will, remember! |
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kdiag
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December 20, 2017, 11:28:54 AM |
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I think Bitcoin is an inheritance property and is definitely written in the will of the family. wallet and passwords are there.
Yeah it's true, actually I'm also has been thinking like that about this, but if that's people doesn't had time to write or notify like as email, password, private key, etc.. related the btc's wallet to the family or closest relatives it would be wasted. It is NOT advisable to write the private key into the will for your lawyer or anybody from their staff to steal your money and you will never know who did that. I would MAYBE write it down in a closed temper-proof envelope or something. But never as an open text in the will, remember! it may be possible to create a safe deposit box in the bank (private key is kept there) and give access to a family member only after death. |
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ccris0637
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December 20, 2017, 11:32:06 AM |
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Hi I'm a newbie. I think the bitcoin will disappear if the owner is dead.
No it won't disappear just tuck on wallet which can't be access by anyone since private key is not available. it would be keep in the wallet forever I guess lol. |
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doycku
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December 20, 2017, 11:37:26 AM |
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I do not think that it will be so. That person who works with bitcoin and is tuned seriously will always think of how to hedge himself, that would not lose the information he needs.
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dificanovi
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December 20, 2017, 11:50:51 AM |
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if a person dies then his bitcoin will disappear, then the number of bitcoin around the world will continue to decrease, this is one reason the bitcoin price continues to rise due to the rarity of bitcoin.
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