Bitcoin and death: Bumped
This a bump from my first post, before I had followers! :)
Only you can prevent lost bitcoins
We often consider bitcoin and other like crypto-currencies to have a truly deflationary nature. Only so many will ever be produced in some amount of time. This too is how some choose to value such currencies, but therein lies a second deflationary mechanism that is often not appreciated for its inherent existence, and that is death.
We could only be so lucky to have so many bitcoins that the notion of them not being passed via a will or some other means would pose concern, but in reality, even a single bitcoin lost to a lazy bitcoiner effects the total coins available in exchange. This means then that as time elapses and people are neglectful to establish an assured way of passing bitcoins after death, a continued loss of coins will be ensured. Could this be a generational problem or a road to $100,000 BTC?
This is a really important notion to me, please follow if you like these types of posts, as I am pretty new to Steem!
do you have any predictions?
I think that amongst all crypto-currencies, people will have to innovate and understand the necessity of passing the coins, as they would with dollars in a Will. It really is just up to the individuals though.
what if the crypto currency beast that it is, was some how able to give options for that too, you can store or transfer to an account and have them designated to go certain places at certain time...
definitely, it could be done on public information for when you died, but people would still have to do things, so who knows if it would even be utilized lol.
interesting thought!
do you think bitcoin it self should provide a mean to fix this.. or people should be prepared for this issue...
because if the solution is people should be prepared then we are going to a $100000 USD BTC. haha
I have thought about it as well but I think that when that starts to have a large affect, the bitcoin bubble will probably be over already and other alts will be dominant.
Lost coins are inevitable, In fact i did a post about how many have been lost already, maybe not ? and my feeble temp to try to claim some LOL here--->https://steemit.com/bitcoin/@codypanama/79-957-16019345-btc-worth-usd-155-176-059-07-lost-i-say-yes
long paid out, but maybe of interest to you
Congratulations @extrospect! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!
Congratulations @extrospect! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!
Congratulations @extrospect! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!