jamesbond Posted October 2, 2019 #1 Posted October 2, 2019 I just read on twitter as somebody was asking will a major amount of BTC and crypto will be lost due to human errors or like not sharing BTC wallet details with family or even telling them about that because if someone dies without giving any details about his/her BTC wallet to anyone else that BTC/Crypto will stay forever in his/her wallet and no one can use or claim that. Previously I read a news that a crpto exchange (Quadriga) owner died while on vacation and he was the only one that has the passwords and keys of cold wallet with thousands of BTC in it and due to that that crypto exchange has to shut down because it had no funds to pay to its users. https://edition.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html
wyj1306 Posted October 2, 2019 #2 Posted October 2, 2019 1 hour ago, jamesbond said: I just read on twitter as somebody was asking will a major amount of BTC and crypto will be lost due to human errors or like not sharing BTC wallet details with family or even telling them about that because if someone dies without giving any details about his/her BTC wallet to anyone else that BTC/Crypto will stay forever in his/her wallet and no one can use or claim that. Previously I read a news that a crpto exchange (Quadriga) owner died while on vacation and he was the only one that has the passwords and keys of cold wallet with thousands of BTC in it and due to that that crypto exchange has to shut down because it had no funds to pay to its users. https://edition.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html This is really something that can happen often, if you have large amounts of btc or any other currency you should always keep a will informing your heirs how to access your wallets and where to find the keys, is the only way to avoid this problem.
wngo123 Posted October 2, 2019 #3 Posted October 2, 2019 You could even imagine that in the very distant future all bitcoins will be lost if that trend continue. Not possible to happen, but majority of bitcoin for sure will be lost. That is big disadvantage of cryptocurrency.
cukup2 Posted October 2, 2019 #4 Posted October 2, 2019 really regretted thousands of btc will settle in the wallet, maybe if he wrote a will to one of his family in an email containing about the wallet will be a hidden treasure, hopefully that person keeps all his data in an email and has stored data the data in the email of one of his family.
sheenazbay Posted October 2, 2019 #5 Posted October 2, 2019 all my data, passwords and anything, everything is known to my wife, even if I die, she can access it. so I don't need to worry. things like this you have to tell the people closest to you, the people you trust because we don't know what will happen in the future
FotisNt Posted October 2, 2019 #6 Posted October 2, 2019 Well, I don't think so, btc will be more and more popular while people nowadays are getting informed about crypto and it's net are also growing fastly. Even companies are using cryptocurrencies as an exchange way.
Ali saher Posted October 2, 2019 #7 Posted October 2, 2019 Yes I think this is true so many people's not informed family members to his bitcoins wallets and amount activities and I think some time before I read a news one crypto company owner die and no anyone know about his passwords And I think if you have a good amount on your wallet you must inform your family member
jamesbond Posted October 2, 2019 Author #8 Posted October 2, 2019 Actually I don't think this will be a bad situation for others who are holding bitcoins/crypto and taken proper measures so that it don't get lost or stay unclaimed, but I think if majority of bitcoins/crypto will be lost due to those errors that might make demand and supply more favorable and you all know when supply becomes less price becomes high and that might give some advantage to long time holders.
iamsheikhadil Posted October 3, 2019 #9 Posted October 3, 2019 On 10/2/2019 at 8:22 AM, jamesbond said: I just read on twitter as somebody was asking will a major amount of BTC and crypto will be lost due to human errors or like not sharing BTC wallet details with family or even telling them about that because if someone dies without giving any details about his/her BTC wallet to anyone else that BTC/Crypto will stay forever in his/her wallet and no one can use or claim that. Previously I read a news that a crpto exchange (Quadriga) owner died while on vacation and he was the only one that has the passwords and keys of cold wallet with thousands of BTC in it and due to that that crypto exchange has to shut down because it had no funds to pay to its users. https://edition.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html I think it will happen for sure because to understand the technology needs real learning and many people are not aware of crypto even my family members are not aware of it and hence if I die then obviously my coins will be like in that address forever and hence it's absolutely necessary to make your loved ones know about your portfolios and how to claim eat it something happens.
Xarv Posted October 3, 2019 #10 Posted October 3, 2019 I guess it's same as a will, if you don't have anybody in your will in most cases and most countries the government will take it. In this case it's a little different because the lost BTC is actually out of the circulation, Maybe they should setup a system that will allow peers or family to access your wallet in case of death, specially for big heads like the owner of crypto exchange, a whole platform is counting on him.
jamesbond Posted October 4, 2019 Author #11 Posted October 4, 2019 Just read an article that a hypnotherapist named James MIller in Horizon. South Carolina is providing hypnotherapy to people to recover their forgotten passwords or misplaced btc storage devices and his fees is half bitcoin plus 5% of the amount recovered. What a way to recover your forgotten wallet address. https://www.cnbc.com/2018/03/12/this-hypnotist-helps-people-recover-lost-bitcoin-passwords.html
wiro212sableng Posted October 4, 2019 #12 Posted October 4, 2019 All will be possible mate, Reading your posts, I remember that there was a western world where there was a husband who was shocked because he lost a lot of bitcoin. He saved his bitcoin in an offline wallet. And unfortunately the computer that stores it has been sold to a flea vendor who is no longer possible to buy the item again because it's been so long.
weswayahe Posted October 5, 2019 #13 Posted October 5, 2019 need someone to recover all our founds. she must know where our wallet, private keys, 2-fa. in my case my wife know it
Aiza824 Posted October 5, 2019 #14 Posted October 5, 2019 This already happened before during the early days of bitcoin. It is such a waste, sure, but also at this rate this is possible to happen. With so many users patronizing bitcoin, it isn't actually surprising now if everyday as we speak, satoshis slowly lose in thin air.
paopaolo Posted October 5, 2019 #15 Posted October 5, 2019 On 10/2/2019 at 10:52 AM, jamesbond said: I just read on twitter as somebody was asking will a major amount of BTC and crypto will be lost due to human errors or like not sharing BTC wallet details with family or even telling them about that because if someone dies without giving any details about his/her BTC wallet to anyone else that BTC/Crypto will stay forever in his/her wallet and no one can use or claim that. Previously I read a news that a crpto exchange (Quadriga) owner died while on vacation and he was the only one that has the passwords and keys of cold wallet with thousands of BTC in it and due to that that crypto exchange has to shut down because it had no funds to pay to its users. https://edition.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html crypto will be stock in limbo, floating in space , its like hidden treasure, someday , there will be btc treasure hunter the will find wway to retrieve those lost btc.
vudason Posted October 6, 2019 #16 Posted October 6, 2019 Be careful when you sleep...inception is real!!!!
vonik666 Posted October 6, 2019 #17 Posted October 6, 2019 On 10/2/2019 at 10:52 AM, jamesbond said: I just read on twitter as somebody was asking will a major amount of BTC and crypto will be lost due to human errors or like not sharing BTC wallet details with family or even telling them about that because if someone dies without giving any details about his/her BTC wallet to anyone else that BTC/Crypto will stay forever in his/her wallet and no one can use or claim that. Previously I read a news that a crpto exchange (Quadriga) owner died while on vacation and he was the only one that has the passwords and keys of cold wallet with thousands of BTC in it and due to that that crypto exchange has to shut down because it had no funds to pay to its users. https://edition.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html i think they will find a way to retrieve those coin that is no longer being use, i think since its in the computer, we can still access it in the future.
jamesbond Posted October 9, 2019 Author #18 Posted October 9, 2019 Is it also possible in future that some programmers or team that might come up with a software to recover lost crypto or to make them mineable again. Recently google made quantum computer which can do calculations in less than 3 minutes for which even a super computer might take around 1000 years. "Could Google Be About To Break Bitcoin?" https://www.forbes.com/sites/billybambrough/2019/10/02/could-google-be-about-to-break-bitcoin/#731b28073329
Saaho2019 Posted October 10, 2019 #19 Posted October 10, 2019 Not majority of btc i would say but yeah around 30-40 % will surely be lost in future who knows how much of btc is in circulation today in comparison to number of btc mined. does anyone have some rough figures for this ?
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