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coinsocieties (OP)
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December 25, 2017, 12:25:36 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
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bitperson
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December 25, 2017, 12:27:56 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Yes. But a fork might change that. As a current example, the Segwit2x fork that has been announced for 28 December proposes to redistribute Satoshi Nakamoto’s coins. |
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Chris314
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December 25, 2017, 12:42:11 PM |
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Yes, the 1 million bitcoin of the dead person will still exist, but won't move anymore because no one can make them move from a wallet to another.
This, so far, explains too why bitcoin supply is limited, and decreases with time. Now it's compensated by btc mined, but mining won't last forever (bitcoin income for miners decreases every 4 years).
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coinsocieties (OP)
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December 25, 2017, 12:50:43 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Yes. But a fork might change that. As a current example, the Segwit2x fork that has been announced for 28 December proposes to redistribute Satoshi Nakamoto’s coins. What do you mean redistribute? Is this new fork segwit2x will distribute a new coin to a current active bitcoin wallet adress? Is the old wallet adress that not active will not recieve a new fork segwet2x coins? |
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pxo.011
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Activity: 266
Merit: 10
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December 25, 2017, 12:55:23 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
i think yes, but it depends on the market, maybe he/she trust someone and gave the private key just like a benificiary |
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davis196
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December 25, 2017, 12:58:29 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
This question is asked many times before.Why not just search around the forum,instead of posting new threads.If the bitcoins are stored in a cold storage-hardware wallet ,somebody could find it and conduct a brute force attack with some software and crack the password.If the bitcoins are on an online wallet,the company that runs the online wallet service could deactivate his account due to inactivity and get the bitcoins. |
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bitperson
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December 25, 2017, 12:59:30 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Yes. But a fork might change that. As a current example, the Segwit2x fork that has been announced for 28 December proposes to redistribute Satoshi Nakamoto’s coins. What do you mean redistribute? Is this new fork segwit2x will distribute a new coin to a current active bitcoin wallet adress? Is the old wallet adress that not active will not recieve a new fork segwet2x coins? Well, this is what the project website at http://b2x-segwit.io says: I promise that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress. This has been interpreted to mean that the forked coin would, in some way or another, redistribute Satoshi's coins among other addresses. How 'Satoshi Nakamoto`s Bitcoins' would be defined (after all, it's not like they would be marked with his name) and how the redistribution would actually occur is unknown. |
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CryptoTamer
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December 25, 2017, 01:01:17 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Bitcoin remains 21million in Blockchain but because the owner of 1million Bitcoin dies and nobody can access the wallet so only 20million Bitcoins can be used / accessed I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Yes. But a fork might change that. As a current example, the Segwit2x fork that has been announced for 28 December proposes to redistribute Satoshi Nakamoto’s coins. Only Bitcoin owned by Satoshi will be redistributed or all old inactive Bitcoin addresses? |
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coinsocieties (OP)
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December 25, 2017, 01:03:12 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
i think yes, but it depends on the market, maybe he/she trust someone and gave the private key just like a benificiary Maybe you did not realy understand about my question right? My question is what if the person die’s and no one realy know and no one can open he/she’s acount. The point is the lost bitcoin will deduct to the main supply of bitcoin because no one can move that. Just like a lost treasure or something? |
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Aryanto28
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December 25, 2017, 01:12:00 PM |
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it is very unfortunately if happened.sebenarnya there is a solution to prevent it happens the solution is the same as the inheritance.If you have a bitcoin in large quantities then you think it must be inherited in your child.soon and tell your account and password bitcoin on your child so that your child can continue your bitcoin business and will not just disappear.
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Erlinda Santiago
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December 25, 2017, 01:40:54 PM |
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Yes all people are are dying but it doesnt mean that if the owner of the bitcoin die the bitcoin lost too that a bad mistake because if the owner dies possible there is a new owner the original owner inherit it to his or her relatives so that bitcoin keeps continue in the future and people around the world are no worries
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MoonHodler
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Bitcoin: 1HrWs3tDzWr13zocV3qP9ENRLgiDuewtsu
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December 25, 2017, 01:47:09 PM |
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its similar to ancient history, lost treasures of gold in the ocean and under earth. people forget the location or their ship sinks. probably we will see something like this in the future: (bitcoin treasure hunts)  a solution would be to make it that wallets that are inactive for ~20+ years become re-minable |
Enjoy your life, one day at a time. Bitcoin Address: 1HrWs3tDzWr13zocV3qP9ENRLgiDuewtsu
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PudgeHook
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December 25, 2017, 01:49:41 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
Actually It Not Gone But Since No One Can Access It It "Lost" But There Is A Chance A Little Chance Someone Found That Address While Generating New Address |
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infinity33
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December 25, 2017, 01:52:20 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
it has a possibility that it may lost or just stay it depends on the situation how about if he had get to know on it how about if he tell it one of his family and teach them on how they are able to manage this. for my opinion this scenario will always depends on the situation that are been given for. |
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joebrook
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CryptoTalk.Org - Get Paid for every Post!
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December 25, 2017, 01:56:38 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
As long as nobody gets access to the wallet and use the bitcoins of the deceased then, the rest of the bitcoins would be lost forever to everyone. There is nothing to be done maybe the user might be using a Bitcoin Core wallet with no password then i think in that scenario someone might get access to it. |
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Saftention
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December 25, 2017, 02:04:19 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
yes in fact we have less than 21 million because bitcoin was less than 100$ and many lost wallets with many bitcoins "i know some one lost wallet with 500 bitcoin" all this make 21 M is ideal number. |
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mahibul49
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December 25, 2017, 02:07:28 PM |
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i think yes bitcoin will lost forever if owner die. but if his own relative know the details they can recover  |
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Straux
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December 25, 2017, 02:13:15 PM |
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Yes, if someone dies, or even if someone loses their private keys to their wallet - the bitcoins in that particular wallet are lost forever (basically). In the future we will probably see more and more people inherit bitcoins, so that they aren't lost. If someone with 1 million bitcoins dies and the private keys are unknown - then yes, those bitcoin are pretty much stuck where they are.
It's unfortunate, but people have suggested for inactive bitcoin to be able to be re-mined and other such ways to make sure amounts of bitcoin aren't lost forever. There are of course issues with this to do with security and otherwise so we will probably see the status quo for this scenario to stay the same for a while.
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Choyor
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December 25, 2017, 02:15:15 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
I also think so, but all of that we can anticipate from the beginning, that is by giving everything about Bitcoin secrets to people who really can be trusted, for example to lawyers. so our Bitcoin assets will not burn (disappear). which later can be inherited to our family. |
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Huskarls
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December 25, 2017, 02:18:41 PM |
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I just got this question in my mind. What will happen if no one knows about the pasword of his/her acount will it posibly deduct to the main supply of bitcoin? Example bitcoin was 21million supply and one man got 1 million bitcoin he was holding and suddenly he died no one can open his wallet is it posible that the remaining 20 million bitcoin forever?
This is why we also need to atleast note the guide how to take our bitcoin for our family member, teach them how to used it Give them our legacy that we invested. So our works, will not become nothing |
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