rddsd7 (OP)
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Activity: 224
Merit: 11
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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.
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francesyrus
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December 08, 2017, 10:44:23 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. |
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no0dlepunk
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December 08, 2017, 10:53:00 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.
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. |
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Bayem Busted Maker
Newbie
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Activity: 4
Merit: 0
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December 08, 2017, 10:55:17 AM |
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just there, no one can use or move it to other wallet except he had another copy of his btc address and keep it as a legacy if he die
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btctousd81
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December 08, 2017, 11:04:45 AM |
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each person should have cold wallet and hot wallet, treat it like cold wallet = bank locker and hot walletm is your daily wallet you carry., where in hot wallet you keep low amounts of btc and in cold wallet, you keep your most of the btc.
you make paper wallet of your cold wallet and give a copy to your loved ones as a backup/nominee.
in case person dies, then loved ones can still access btc from the cold wallet.
cold wallet / paper wallets can be stored in bank lockers.,
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tiggytomb
Legendary
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Activity: 1848
Merit: 1000
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December 08, 2017, 11:09:01 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?
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@alaji
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Activity: 73
Merit: 0
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December 08, 2017, 11:17:10 AM |
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My next of kin is my younger brother and he share all the information to everything that concern me. Infact he knew about my bitcoin account and I trust him very well. If anytime am no more he can continue with account and make use of whatever I have. He also share his own information with me too.
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Zastria
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December 08, 2017, 11:19:24 AM |
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Bitcoin that we get will we keep in the wallet. I once thought how bitcoin I have collected but I die, we have to back up the notes or tell our families how to access the wallet to store the bitcoin we have, so even though I have died, the bitcoin I collect will not go away
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thesavoyard
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December 08, 2017, 11:29:16 AM |
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If no one has access to a wallet, the BTC could be lost forever. Make sure your family can get to your BTC. Exchanges will give over access if you have a death certificate and some verification. They operate like a bank. But you if you have a wallet and no one has your passphrase and no way to get it, subtract those BTC from 21 million because they are gone forever.
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rameshEl
Member
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Activity: 118
Merit: 11
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December 08, 2017, 11:40:09 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.
So, that's how 21M BTC will be more reduced. No need to die, I saw somewhere, one guy lost wallet with 17,000 BTC (not sure whether scam, but it's possible). So better inform someone who is trustworthy. |
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aroweyen
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December 08, 2017, 11:45:59 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.
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ramini
Member
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Activity: 126
Merit: 11
ICO Starting on 1st of April
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December 08, 2017, 11:49:52 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.
It's true, one of the disadvantage of Cyrpto-Currency is when the user died and the keys are not handed over to the family or someone close will make their coins died with them. Actually there are estimated more or less a million Bitcoins that is lost due to lost keys and the owners are dead so we can do nothing about it. |
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tanghere1
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December 08, 2017, 11:49:52 AM |
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Yes his or her bitcoin will be isolated. Unless someone other that him/her who knows about the credentials in his wallet it is totally isolated. I will save my passwords and log ins on my computer thank you for the reminder.
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ramini
Member
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Activity: 126
Merit: 11
ICO Starting on 1st of April
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December 08, 2017, 11:52:50 AM |
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Yes his or her bitcoin will be isolated. Unless someone other that him/her who knows about the credentials in his wallet it is totally isolated. I will save my passwords and log ins on my computer thank you for the reminder.
Most Bitcoin users are actually haven't yet informed their families about cyrpto-currency and especially if they're holding Bitcoin then the worst fact is when they die, their Bitcoin will also died together. And that's really the unfortunate thing to happen. |
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cosmoo
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December 08, 2017, 11:53:14 AM |
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It is the same when you losing your private key or passphrase. Bitcoins stay on this address and that's all.
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theblack_cat
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December 08, 2017, 11:59:27 AM |
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bitcoin in my opinion will not vanish by internal problems but if due to new external problems I believe as well as when the Internet
or technology will disappear new bitcoin will also go missing so it all follow the groove
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Tantalala
Newbie
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Activity: 64
Merit: 0
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December 08, 2017, 12:07:01 PM |
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No one will access the bitcoin, it will stay on the network. There are cases right here on the blog, where people lost their passwords 7 years ago and had bitcoin in that wallet and ask for help to recover the password but no one can help them. The best choice is to write down in a notebook all the data from the wallet and the rest of the account, then to notify two more reliable people who do you want to leave your bitcoin to.
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gopaljiverma
Member
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Activity: 93
Merit: 15
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December 08, 2017, 12:13:46 PM |
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There is no problem if the person left the username and password details written on a paper. In fact, it is really advised to do so, if you have good amount of money invested. They can cash it easily.
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Reid
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December 08, 2017, 12:23:52 PM |
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Bitcoin number will still be 21 million. It will not change.
We have many examples of this and it is not just death that caused it. Computer lost or broken. Forgotten passwords or cannot find the private keys. All of this will stay in the blockchain but the problem is there is no access.
So what could happen? The circulation will get lower and that means bitcoin becomes rare. It is good for us.
The means of getting it back will be impossible just like the force bruting the private keys of satoshi.
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