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jademaxsuy
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March 23, 2018, 02:36:09 AM |
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you have a good idea there. Well that would be the blessings for us for the btc price will not fall down eventually up 500 usd depending on the market price of btc after having those bought and unused btc. The result is ideal since btc price will not fall down that much since it is being stabilized by the btc owner who died together with his btc acount. This is another.advantage to the investors of btc. They will not be afraid or make any worries of btc market fall down price. And this could be another why we should invest in btc.
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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addeqt
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March 23, 2018, 02:42:24 AM |
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What is lost is the owner life but his bitcoin remain alive and could be transfer anytime when the wallet provider knew the sotuation. I think the same process is being done like with the bank. banks usually give notice to people sending mail thru their address stating they need to perform activity to their account or else the bank may possess all the balances on that account. And when the time lapse, the bank take possession of the account and give government a portion of those.
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amih
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March 23, 2018, 02:57:19 AM |
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the first of course, the amount of bitcoin in circulation will be reduced by 1 million because if no other party knows the private key that existed at the time of the owner died I think his bitcoin assets will be frozen on the bitcoin wallet device. but do not worry my friend think the evolution of science and technology is not limited here because science has evolved and I believe someday there will be new technology that can solve this problem. perhaps this problem would be a task that must be overcome for blockhaind tech scientists.
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doraegun
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March 23, 2018, 03:03:11 AM |
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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 is build for all the people who belong in this world this is functional using new generation high technology and my perception is this BITCOIN back up for all new creation and discovered gadget to serve better for us for upgrading technology so digital currency is one of the new creation of Bitcoin serving to all people without no hassle. let say 1 million BITCOIN lose from the person suddenly death, this is only minimal many bitcoin circulation in this world and remember until now no one can IDENTIFY who's nakamoto's in real life. So, there's possibility to make additional bitcoin without prior noticed to public because it is unidentified person. |
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Elips1
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March 23, 2018, 03:03:40 AM |
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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  ,,,Maybe will lost forever because no-one knows the private privacy key of his/her wallet, But I think the 1M$ is remained stable because bitcoin is a limited stock only 21M$ so, this might easy to trace. Actually,this topic is an opinion only. For nowadays it's impossible to be happened because we are now in a new era that almost educated people. To avoid it happens, let's tell and inform to our family or love ones. |
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markleal
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March 23, 2018, 03:13:22 AM |
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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
Hi there coinsocieties, are you trying to ask what will happen to the remaining 20m or to the 1m that the deceases man owns?, The answer for the first question would be easy. The remaining 20m coins could still be mined if they are unminned or they could be passed to other person or relatives. In terms of the 1m, that could be a stucked bitcoin specially if no one knew about his wallet, it can’t be mined again. |
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mahilchii
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March 23, 2018, 03:16:20 AM |
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Nope. Bitcoin is not driven by any particular person or any institution like banks. It is a decentralized one and the owner is or the creator is a imagine person called Satoshi but that itself is not confirmed whether he is the creator. Bitcoin technology is built in such a way that it will sustain forever and it don't have an end as per my knowledge.
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dupee419
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March 23, 2018, 03:25:12 AM |
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That's just too narrow, I think if the owner dies, bitcoin can easily be influenced to the society, even if the owner of bitcoin dies, to simplify my statement, for all those who are thinking like this, and expecting bitcoin to die, yes bitcoin may die in the future or it would be the future's leading currency, though if bitcoin dies it won't be the cause of owner dying, but the cause would be other cryptocurrencies leading the stats overcoming bitcoin, this is what you should put into your mind, might as well study some more about digital currencies and how things work here before making topics like these, but nonetheless I'm happy to help.
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Woolles890
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A Blockchain Mobile Operator With Token Rewards
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March 23, 2018, 03:31:40 AM |
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I just got this question in my mind. What will happen if no one knows about the password of his/her account will it possibly deduct 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 possible that the remaining 20 million bitcoin forever?
Yes of course 1 Million Bitcoin will remain in the wallet of the owner who has died. Unless there is one of his family who knows the password. But if no one knows and who knows only the owner only, surely we will all lose Bitcoin 1 Million and forever there will be 20 Million Bitcoin left. I hope this will not happen. |
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peterpeterpeter
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March 23, 2018, 03:37:08 AM |
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I think not only one person who created bitcoin industry.
In this kind of action it must be founded by a group not only one. Because it have very broad works.
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Nivir
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March 23, 2018, 03:45:39 AM |
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You got to have a safe box for your keys, passwords and other necessary stuffs when emergency happens. You can also share it with the person you trusted most of let us say your benefactor. Nonetheless, if no one benefits your crypto then it will stay forever in your wallets unless a successful hack happens.
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caloy06
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March 23, 2018, 03:49:59 AM |
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I think No, because, I think their are some people who know this bitcoin with the owner in bitcoin so, it is still and not lost bitcoin until many people know and manage this opportunity. Many users are know and used bitcoin to the way earn money. If bitcoin owner is die it is not bad to everyone because, their are some people know this bitcoin.
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btcrut2017
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March 23, 2018, 03:54:15 AM |
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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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Cita1
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March 23, 2018, 10:33:47 AM |
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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?
No. That is why owners should involved the member of the family. They should provide a matrix with there account and password as referrence if whatever happens to the owner. Let them know how important it is and how does it works. |
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Marileno
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March 23, 2018, 10:35:36 AM |
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Lost assets when someone dies happens all the time, especially with overseas bank accounts. if the person doesn't share those details with a trustee then yes its possible that the assets remain dormant. Bitcoin is no different. The same way your will have everything else shared with someone you trust, you should do the same with your BTC
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AliMan
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March 23, 2018, 10:40:33 AM |
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Lost assets when someone dies happens all the time, especially with overseas bank accounts. if the person doesn't share those details with a trustee then yes its possible that the assets remain dormant. Bitcoin is no different. The same way your will have everything else shared with someone you trust, you should do the same with your BTC
Bitcoin will never die because the owner dies. You can have the bitcoin of that owner if he said his account to you. The owner must share his details to his beneficiary for transfer of bitcoin to another account or user. Like banks, you will never get the bitcoin of the true owner if you don’t know the owner’s account |
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beej
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March 23, 2018, 07:55:27 PM |
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I think if the owner dies and no one recovers or takes it, it will stay in the wallet. As long
as bitcoins exist, it will stay always stay there intact and undisturbed. Although circulation
will be affected, depends on the amount and price conditions. Price remains and in a way
bitcoin will stay well in market. But I think with the means of hacking, bitcoin stored in
that wallet can be recovered and taken, unless the owner has someone else he left in
charge for it. If it were me, I'll include it in my will and assets, if I would perish at least
I'll have it distributed to loved ones or family.
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Yzhel
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March 23, 2018, 07:57:31 PM |
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Lost assets when someone dies happens all the time, especially with overseas bank accounts. if the person doesn't share those details with a trustee then yes its possible that the assets remain dormant. Bitcoin is no different. The same way your will have everything else shared with someone you trust, you should do the same with your BTC
Bitcoin will never die because the owner dies. You can have the bitcoin of that owner if he said his account to you. The owner must share his details to his beneficiary for transfer of bitcoin to another account or user. Like banks, you will never get the bitcoin of the true owner if you don’t know the owner’s account I don't know what is the purpose of the OP why he asks this, blockchain is not in the hands of the owner, so whether he is here or not bitcoin will surely continue no matter what so, don't worry about the obvious things like this. |
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CryptoPsycho
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March 23, 2018, 08:00:01 PM |
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First of all it's very sad thread but anyway after owners death bitcoin will stay on his wallet and if he left something to take everyting bitcoin can be used again.
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JillClarissa
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March 23, 2018, 08:04:47 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, if the currency holders to death, no one knows her keys, so her wallet COINS will never be able to flow, these COINS will always not to come out, it will always stay in my wallet so you'll need to give your family a secret key |
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