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WannaCry
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December 17, 2017, 11:45:38 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.
Once a person died with bitcoin, even if that person holds millions, I believe that there is no other way to retrieve what he earned. It will be hard for anybody if the deceased person is the only one who knows how to access all his addresses and accounts. Once a person died with bitcoin. his bitcoin will also engraved with him. |
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Whoever mines the block which ends up containing your transaction will get its fee.
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rodel caling
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December 17, 2017, 11:50:10 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 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. correct mate but is also have a little risk put your private keys or password in your notepad in computer what if the your pc broken, i think this idea is crazy but safety put into paper notes and keep it into the bolt tell to your wife or to the very trusted member of your family. |
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Baimovic
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December 17, 2017, 11:56:16 AM |
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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, storing it on a flash memory drive, or entrusting it with a commercial service that manages them.
yes, I agree with you, so she should leave a message or notify her family, so bitcoin will remain safe in her purse with her family. |
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Lmaooo
Full Member
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Activity: 694
Merit: 108
santacoin.io
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December 17, 2017, 12:06:31 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.
Good question, but i think people are not that completely dumb. People should be giving their private keys to their trusted family members, of course. In case, if anything wrong might happen one of your family members knows where you kept all your money so that your family can take care of that. |
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julzcoinbit
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December 17, 2017, 12:10:56 PM |
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That's the good question mate, well actually many of us didn't share any private information that we have because we want to secured. Each of us has different way just to secure privately our informations like putting all the password or private key in the usb or memory card but somehow its hard to keep because it might get on our place. I would say to those have partner in life much better to tell them your private informations or any friend that can be trusted. Also, much better to share your information to those who can be trusted so that if it might happened that BTC can help on the financial assistance to support the expenses of your tomb.
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Ekanenf
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December 17, 2017, 12:30:57 PM |
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Then all of his bitcoin would be gone for nothing just like him as well, unless somebody knows his private key, but mostly, the scenario is that his bitcoin dies along with him. No matter how much his love ones wants his bitcoin for his hard work to paid off, they just can't do anything about it but mourn with his death.
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Ahimoth
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December 17, 2017, 01:05:50 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.
Once a person died with bitcoin, even if that person holds millions, I believe that there is no other way to retrieve what he earned. It will be hard for anybody if the deceased person is the only one who knows how to access all his addresses and accounts. Once a person died with bitcoin. his bitcoin will also engraved with him. that person should tell to his or her family about bitcoin so that even though he die he will be a very big help to his family and it can be a source of income to his family it is good to know that and it is good for him to share it, because when we all died we cant bring bitcoin to our grave. |
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tigan_gangmei
Member
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Activity: 73
Merit: 11
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December 17, 2017, 01:14:11 PM |
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Then it will be lost forever if he didn't pass on his password to someone.
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Tigan_Gangmei
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merszxc
Jr. Member
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Merit: 1
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December 17, 2017, 01:16:33 PM |
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Unless he or she save the information or he or she gave the information in their family or in their friends
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BitHodler
Legendary
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Activity: 1526
Merit: 1179
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December 17, 2017, 01:24:31 PM |
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I believe no one dumb enough to let that happen if they have a massive amount of Bitcoin. They will just simply make a testament letter to their family to handover the Bitcoin amounts.
Some people will say that is a dumb decision. I think if we look at the general public finding their way into Bitcoin nowadays, they are more likely to do so than the long term hodlers of way back. I seriously can't think of a situation where I will allow any entity other than myself to have access to my private keys. If you want to set up a testament, anyone has to somehow have access to your private keys. Another possibility would be multisig, but then you still always need to sign in case funds need to be accessed, where otherwise you can just hand over your private keys to people, which would save them some hassle. |
BSV is not the real Bcash. Bcash is the real Bcash.
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BlackRacerX
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December 17, 2017, 01:31:14 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.
Then the bitcoins will be lost forever. No one will ever have access to those bitcoins. It won't join the circulation and reach places where it should be reaching. But I bet the losses here are very small. People nowadays make contingency plans in-case they die and want someone to inherit their digital kingdom. |
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worle1bm
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December 17, 2017, 01:31:25 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.
Evryone wants to keep their btc safe in their wallet and thats why they dont share thier passwords and keys with someone and if that person died the money is also gone but its safe in the network until someone has acess to it but this is a good question so if we have our amount in btc we must have someone with the encrypted hard copy so that they can use after it for their betterment but choose that person carefully. |
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Henry27
Newbie
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Activity: 14
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December 18, 2017, 04:12:13 AM |
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Many people lost their Bitcoin wallets addresses even before they died. Smart people will leave their addresses to their child, or they'll just add it to the boquest.
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hadveach
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December 18, 2017, 04:28:07 AM |
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I think people should seriously start thinking about how they will leave their bitcoin and crypto to their family if anything happened to them, in the same way one would leave a will, perhaps leaving the private key within the will might work?
yes, I agree with you, better than now we tell our family, before death fetched. so that later they can keep our bitcoin. |
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ranman09
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December 18, 2017, 07:39:09 AM |
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This is a great question. Have you guys even thought of that? This will most likely decrease the circulating supply of bitcoin and of course, this will happen more and more (including those were sent to a wrong address) and might affect the price. As for the bitcoin, then it will not be more accessible.
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cascano
Newbie
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Activity: 66
Merit: 0
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December 18, 2017, 07:45:01 AM |
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I would recommend writing your passwords in a secret book and storing this book in a vault at home or at the bank (I know.. the bank, ironic right) together with a USB disk containing the backups or your wallets. Explain everyting to your spouse, make like a short illustrated tutorial on how they can acces everything and sell everything. This way you have created a will for them without the need of a notary. Keep your cryptos safe guys!
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superjeyy
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December 18, 2017, 07:55:52 AM |
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When you own any kind of cryptocurrency, the responsibility of its management would solely be on you, the owner. I guess if a person dies having Bitcoin as one of his/her fortune, then he/she has definitely has the right to dictate what actions should be taken with the left possession. If a person dies without leaving his/her password for the wallet, then that just means you can't do anything about it but keep it there. However, if the person decides to put it on his will and not leave the password, then that's when you can worry about cracking his/her wallet open. I guess this is where laws should also come in regarding the handling of Bitcoin since it has so much value. It's safe keeping should be taken note off when its owner passes.
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Boy0411Play
Newbie
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Activity: 6
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December 18, 2017, 07:59:41 AM |
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Depend if he/she has backup and someone know the backup it still can back but if he/she doesnt have backup it will be lost and you will never can get that bitcoin back
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wildflower18
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December 18, 2017, 08:07:20 AM |
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Depend if he/she has backup and someone know the backup it still can back but if he/she doesnt have backup it will be lost and you will never can get that bitcoin back
Yes it is still depends, so if a persons will died and love ones dont have a copy of a private keys all of your wallet of btc will also not open. We know we dont know whatever will happen on us anytime, so better save and let your family knows about your wallet. |
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Vendetta666
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December 18, 2017, 08:11:39 AM |
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If a bitcoin holders die then his bitcoins will also dies if he dont share his password or private key to unluck his account and spend the bitcoins and also it will greatly affect the circulating supply of bitcoin if those coins wont be spend, completly lost or will be useless if you will die your bitcoin wallet password and You must notify your passwords with your friends or your parents.
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