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Topic: What about the lost BTC? - page 7. (Read 1156 times)

sr. member
Activity: 1512
Merit: 351
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February 12, 2024, 08:19:52 AM
#5
No, lost bitcoin are gone forever. If you want to recover any lost bitcoin, try all possible way to recover back the private key or the seed phrase
Exactly, and adding more Bitcoin in the total supply will destroy and bring chaos to it's existence. If someone can possibly gues the private keys or seed phrases of those lost Bitcoins he or she got that one in a trillion luck.
copper member
Activity: 35
Merit: 5
February 12, 2024, 08:19:05 AM
#4

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Compensation, like, how? Do you mean rewarding those who have lost their bitcoin or adding those back to the supply?

I mean adding it back to the supply to be available for mining again.

Giving it back to the owners would be impossible, or if possible, it would be ridiculous, as each owner should take care of their BTC.
hero member
Activity: 602
Merit: 638
February 12, 2024, 08:15:04 AM
#3
isn't it possible to have some compensation for those lost BTC?
Compensation, like, how? Do you mean rewarding those who have lost their bitcoin or adding those back to the supply? Whichever the case might be, it won't work as you can't add more to the supply, nor is anybody willing to donate his or her bitcoin to those who lost theirs.

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adding more BTC in an equivalent amount for those lost BTC, or something similar.
One thing that makes Bitcoin unique is its limited supply. It was possible that it could have been manipulated long ago, and the limited supply is what contributes to its price value as demand increases, so it will become scarce in the market.

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Would it be positive for the currency or could bring some caos?
If that is ever made possible to increase the supply for whatever reason, there will only be negative impacts on the network. Those lost bitcoins, according to Satoshi, are a contribution to the network; they're considered a donation for the rest of the holders to gain more value.
hero member
Activity: 868
Merit: 1094
February 12, 2024, 08:11:28 AM
#2
No, lost bitcoin are gone forever. If you want to recover any lost bitcoin, try all possible way to recover back the private key or the seed phrase.

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Just like what centralized ripple (XRP) developers wants to do. It is not making any sense. Private key or seed phrase are used to prove the ownership of an address and that is also needed to spend the coins, which is enough.
copper member
Activity: 35
Merit: 5
February 12, 2024, 08:07:20 AM
#1
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.

I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.

Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?

Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.

Would it be positive for the currency or could bring some caos?

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