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raven.tiu17
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January 23, 2018, 06:31:28 PM |
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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.
BTC will be donation forever and no one will access his/her bitcoin, nonetheless this person gave his/her private key to their love ones. His/her family can access bitcoin easily . |
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Pegiz
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Activity: 98
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January 26, 2018, 07:00:49 AM |
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I think people should serious think about it....because no one really know when will the death arrive.
In general yes. That's a very interesting question, I've also wondered about it, wether or not one has to pass information to relatives about one's coins. Other than that, it's all possible. |
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nedeken01
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Activity: 98
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January 27, 2018, 12:54:56 PM |
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If a person died his/her BTC will continue to flow,if his/her password and personal information belong his family than his family can take his BTC..Otherwise it will flow itself.
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yesuidanggan
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Activity: 192
Merit: 11
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January 27, 2018, 12:59:27 PM |
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Because the security design in the cryptographic ecosystem focuses on protecting users' wealth, there is a risk of losing wealth in situations such as death and disability.
If the personal account's password is lost, including their email login, the property of such people continues to exist in the encrypted world, but it will never be found.
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Zabrielle
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January 27, 2018, 01:45:53 PM |
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i think if the person die with BTC, then it will disappear together with the him or her. Unless if that person pass the password to any of the family member before the person died but if not, then heirs cant claim the money from bitcoin. We are aware that bitcoin is a form of money in a digital world or in a virtual world and is being protected by a cryptography. In which cryptography protects the data from the theft or hacker online. It is then impossible to retrieve the password of the dead person. So i guess this is somewhat a lesson to be consider. We all gonna die, we just have to update our last will testaments specially for those who has plenty of money in the bank or those who has big bitcoin savings to pass the password or private key to one of your family member or to put in your last will which is protected by an attorney.
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doraegun
Jr. Member
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Activity: 251
Merit: 2
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January 27, 2018, 02:23:44 PM |
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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 the person died with stack of BTC in their wallet, I think there's no other method to recover it, Unless all the details could be shared to someone before it happen. So, my advise to all user of BTC don't be selfish just share to your love once in case of emergency. |
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vv181
Legendary
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Activity: 1932
Merit: 1273
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January 27, 2018, 02:31:44 PM |
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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 the person died with stack of BTC in their wallet, I think there's no other method to recover it, Unless all the details could be shared to someone before it happen. So, my advise to all user of BTC don't be selfish just share to your love once in case of emergency. So it's important to make a testament letter neither it for Bitcoin or your property. It is important to handle your bitcoin just like your assets. |
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nheychan
Newbie
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Activity: 203
Merit: 0
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January 27, 2018, 02:49:35 PM |
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this will be very sad. it will go to a waste when he/she could've been used it for his/her needs or wants in life. that is why as early as now, I am teaching my husband all about bitcoin and crypto currencies and my account so when the time comes that I leave them behind unexpectedly, he'll know what to do for the future of our kids.
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chikading2016
Member
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Activity: 949
Merit: 48
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January 27, 2018, 02:59:38 PM |
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Maybe if that person died with BTC? On my opinion, i think no one can get it and it will remain on that account unless he/she give the personal information , password, username and other else. And that will be a difficult decision to the owner. But if it is a inspected death? It will be more difficult to recover the account.
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Englebabylove
Newbie
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Activity: 98
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January 27, 2018, 03:03:22 PM |
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If he didn't tell his family the key.
So these bitcoins will never be in circulation again.
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tententen
Newbie
Offline
Activity: 109
Merit: 0
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January 27, 2018, 03:04:03 PM |
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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.
Circulating Supply would shrink. |
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TravelBlock
Jr. Member
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Activity: 65
Merit: 7
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January 27, 2018, 03:04:44 PM |
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You will lose access to those bitcoins unless the private key was stored somewhere on a computer or phone (possibility of course). But maybe one day there will be quantum computers that can hack into old wallets, I'm sure there'd need to be a hardfork update to prevent that and all the old ones would be left in risk.
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rhamzter
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January 27, 2018, 03:08:14 PM |
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Maybe if that person died with BTC? On my opinion, i think no one can get it and it will remain on that account unless he/she give the personal information , password, username and other else. And that will be a difficult decision to the owner. But if it is a inspected death? It will be more difficult to recover the account.
Bitcoin was designed for personal benefits, because not like banks that your account have beneficiary bitcoin or crypto currency have no beneficiary. Like what others said if the owners of the accounts shared their password together with the other information, there's a possibility that the family of the died owners were get the amount save in their accounts. |
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sergio red
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January 27, 2018, 03:12:29 PM |
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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.
bitcoins are protected by unbreakable cryptography.this makes it a secure way to store wealth but also creates the risk that when owners die, their digital currency will be out of reach forever. If a bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. to prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, or entrusting it with a commercial service that manages them. |
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chipzeru
Member
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Activity: 686
Merit: 39
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January 27, 2018, 03:13:50 PM |
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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.
Thanks for coming up with this topic. I had never thought of that before. If you had never give at least you private keys to the other person, your btc would be isolated forever. To address this problem, i think i will create one more BTC address for one of my family member i can rely on and split some of my BTC to his/her address. It's better than got all of my BTC locked forever. Or maybe i will give them a clue on how to unlock my btc address if i died. For example, i will write down on a paper about how to access my wallet and full tutorial to convert it into fiat. Then i will store that paper in a certain place. If i died, my family most likely will clean up my room and hope they will find it. |
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TWW
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January 27, 2018, 03:21:45 PM |
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bitcoin will continue exist until end of the world but you cant accessing or using it if you dont share password or private key to a person...yeah and maybe if a person died with huge amount of bitcoin without no one have his/her private key to open it...it will make bitcoin decreasing its supply and multiply its price dozen times
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Carlsen
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January 27, 2018, 03:27:03 PM |
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As many here have already mentioned, once the keys to are wallet are gone the coins inside are stuck for ever.
I think that with time, that is going to happen many times.
And that means as well that the number of circulating bitcoins is being reduced. That will contribute to an increase in price.
Maybe one day a bitcoin will be a very rare good and accordingly expensive.
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White Christmas
Sr. Member
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Activity: 882
Merit: 258
★Bitvest.io★ Play Plinko or Invest!
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January 27, 2018, 03:41:11 PM |
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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 if someone died with bitcoin, it will stay in their wallet and other accounts. So the best way to do if someone will going to die with bitcoin, they should tell all of their accounts and passwords to their families and relatives so that they can have the capability to manage the bitcoin left to them and also earn their own money to sustain their daily needs. The person who died with bitcoin will left an endless treasure to his or her families and relatives. |
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tententen
Newbie
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Activity: 109
Merit: 0
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January 27, 2018, 03:45:36 PM |
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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 with BTC and have a sudden death his/her BTC will still be in the network, unless he/she saves all information about his/her btc on notepad and can be easily access by his/her family. Like me all my online password are save on my pc. I don't get how that is an "unless." Bitcoin is always on the network. Writing the priv keys or a mnumonic down on a piece of paper can't change that. |
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tententen
Newbie
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Activity: 109
Merit: 0
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January 27, 2018, 03:46:44 PM |
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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.
It's none of your business, though... If that person owns number of bitcoins then it us up to him to secure the passwords and hand it over to his/her spouse just in case he dies... BUT if he doesn't feel like doing so, its none of your problems. If that is a huge amount of BTC then that's going to be a huge HODL! ha ha! Come on, man... don't waste your time with these kind of silly questions. Read some REAL articles in bitcoins so you'll get wealthy anytime soon. The exception to this is when quantum computing or some other danger/risk becomes real. Lost/stolen bitcoins will be "redeemed" by hackers. Not by their intended recipients. |
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