There are several topics in its context, custody, inheritance, bitcoin in circulation, among others. The reality is that if someone loses their bitcoin by forgetting their keys, etc. It is only making the circulation of bitcoin less and therefore indirectly that will influence its price over time.
The forum is full of your concerns, only the points of view change or the context changes, but in a way you always arrive at the same thing, manage a retirement system, which includes your assets and liabilities, the majority of those that reach the forum with the idea of what to do, they forget about their liabilities, debts are something they must manage too, it seems the same, but it is about liabilities, whatever, the most used formula It is inheritance*.
Cryptocurrencies are governed by the laws of each country, it is not just about leaving them secret keys, which is why getting advice based on your country can clearly determine the best way to "deliver"* your bitcoin.
Topic: Bitcoin Circulation review (Read 461 times)
So, I was wondering what could happen when someone lost his access to his non custodial wallet or died in the eventually long run then, I came
about this thread
Yes, it's true, If a person dies and has many Bitcoins or a single Bitcoin and he loses access to his non-custodial wallet, this will be lost forever. So to prevent Bitcoin from being wasted it is necessary to make a backup of the wallet and store it in different places or you may use a hardware wallet which also reduces the risk of bitcoins from wastage. about this thread
Quote
Does anybody think this is a problem?
This debate has been started among the bitcoiners for many years. Some believe that it's not a big problem because they said if some percent of bitcoin is lost then the mining of bitcoin every day will refill that lost percent of bitcoins while some say that it is a problem because bitcoin eventually becomes too scarce to be used as a currency, as more and more bitcoin is to be lost it will reduce the supply of bitcoin which will lead to the sectors where bitcoin is too valuable to use for everyday transaction.
The death of the Bitcoin owner will sometimes the death of it's holdings as well. Death comes may surprise us and we are not ready to hand our private keys to the rightful heir and that death could be the rise of those who are living hodlers. We all know that scarcity makes the price fly to the moon and that is the time we will remember it's significance. I think forgetting something is like the death of something.
Remember, Bitcoin is digitally scarce - its maximum supply is 21 million. While people do purchase fractions (called Satoshis), the total number doesn't increase. As for lost Bitcoin, you're right in thinking someone might have access, but there's an alarming number of Bitcoins assumed 'lost' forever. As for your thought on price dynamics: absolutely! Supply and demand fundamentals play out in Bitcoin's valuation. Fewer coins in circulation could push prices up, although external factors always sway the market. In Bitcoin we trust, right?
Simple to understand is that when your bitcoin lost then price will remains higher and there will no bad thing occur in crypto market but that person who lost his bitcoin due to his own fault or some other reason will be in loss.
Just lower quantity does not increase the price but there are also lots of other factors due to which price does not remain stable. I think now A days everyone is so wise that they keep their private information very secure so there is a less chances to loss their assets but if unfortunately they forget it then there is way to recover it back.
The issue of lost Bitcoin is someone who previously had access to the wallet, while in general aka other people that don't have access to the coins, that's not an issue. Actually if someone lost their coins, it's good as it make Bitcoin become more scarcer and hopefully the price should be increased.
You must be happy if Bitcoin price will increase isn't?
You must be happy if Bitcoin price will increase isn't?
Lost Bitcoins will never be an issue since people will never be able to dump the price. We must be concerned about people who have a large amount of Bitcoin and purchased it at a low price because they may dump the price if they decide to sell their Bitcoins. If Bitcoin ever becomes the world currency or legal tender, I will keep my Bitcoin in multiple wallets so that if I lose the private key or passphrase, I can still access the other wallets. It's a wise choice.
The bigger question is:
When miners reach the peak of their hashrate, they are profitable because the hashrate curve is steeper for now. However, just as it happened in the past, Bitcoin rewards will halve for miners in the future. This means that the hashrate curve will become less steep, and miners will have less time and fewer rewards until they reach the marginal point. So, it will be easier to persuade them not to secure the network but, on the contrary, to attack it. Here's the question: What will be the security of the network in the next five halvings?
Source: https://bitcointalksearch.org/topic/what-about-the-bitcoins-that-are-gone-in-the-future-3951
[/quote]
When miners reach the peak of their hashrate, they are profitable because the hashrate curve is steeper for now. However, just as it happened in the past, Bitcoin rewards will halve for miners in the future. This means that the hashrate curve will become less steep, and miners will have less time and fewer rewards until they reach the marginal point. So, it will be easier to persuade them not to secure the network but, on the contrary, to attack it. Here's the question: What will be the security of the network in the next five halvings?
So, I was wondering what could happen when someone lost his access to his non custodial wallet or died in the eventually long run then, I came
about this thread
Imaging bitcoin becomes popular and we want to use this currency forever, and some amount of bitcoin is lost from this economy each day.
Does anybody think this is a problem?
I found some interesting replies but I wasn't satisfied though. My thought is , if bitcoin has a fixed amount that could be circulated then,what about the shortage due to some occurrence.
Among the replies I found one
[quote author=Timo Y
Most sane people won't store most of their Bitcoins on a single wallet.dat file on their laptop, once Bitcoin becomes mainstream. Unless it's only a small amount.
At the very least they will make several backups and tell a family member about them.
I found this helpful but what of vice versaabout this thread
Imaging bitcoin becomes popular and we want to use this currency forever, and some amount of bitcoin is lost from this economy each day.
Does anybody think this is a problem?
I found some interesting replies but I wasn't satisfied though. My thought is , if bitcoin has a fixed amount that could be circulated then,what about the shortage due to some occurrence.
Among the replies I found one
[quote author=Timo Y
Most sane people won't store most of their Bitcoins on a single wallet.dat file on their laptop, once Bitcoin becomes mainstream. Unless it's only a small amount.
At the very least they will make several backups and tell a family member about them.
Source: https://bitcointalksearch.org/topic/what-about-the-bitcoins-that-are-gone-in-the-future-3951
[/quote]
I don't think that amount of bitcoin can be limited because there are large number of bitcoins and people are buying a small portions of these bitcoin as a whole bitcoin is difficult to buy due to increasing price.
Now a days everyone is sharing their ideas and work with family or friends so if some dies and his bitcoin remains in his wallet then surely there will be one person who will have access towards his investment but if there is not such a person exists then it is not a big deal because large number of other bitcoin are present here.
If circulations of bitcoin reduces then the price will be more than present one because more bitcoin here will have less price and less bitcoin will have more price due to demand of the people for bitcoin.
Remember, Bitcoin is digitally scarce - its maximum supply is 21 million. While people do purchase fractions (called Satoshis), the total number doesn't increase. As for lost Bitcoin, you're right in thinking someone might have access, but there's an alarming number of Bitcoins assumed 'lost' forever. As for your thought on price dynamics: absolutely! Supply and demand fundamentals play out in Bitcoin's valuation. Fewer coins in circulation could push prices up, although external factors always sway the market. In Bitcoin we trust, right? Now a days everyone is sharing their ideas and work with family or friends so if some dies and his bitcoin remains in his wallet then surely there will be one person who will have access towards his investment but if there is not such a person exists then it is not a big deal because large number of other bitcoin are present here.
If circulations of bitcoin reduces then the price will be more than present one because more bitcoin here will have less price and less bitcoin will have more price due to demand of the people for bitcoin.
I've had a positive experience trading on Bitcoin Circulation, and I'm excited to see where this platform goes in the future. If you're looking for a reliable crypto exchange, I'd definitely recommend giving it a try.
I don't think that amount of bitcoin can be limited because there are large number of bitcoins and people are buying a small portions of these bitcoin as a whole bitcoin is difficult to buy due to increasing price.
Now a days everyone is sharing their ideas and work with family or friends so if some dies and his bitcoin remains in his wallet then surely there will be one person who will have access towards his investment but if there is not such a person exists then it is not a big deal because large number of other bitcoin are present here.
If circulations of bitcoin reduces then the price will be more than present one because more bitcoin here will have less price and less bitcoin will have more price due to demand of the people for bitcoin.
Now a days everyone is sharing their ideas and work with family or friends so if some dies and his bitcoin remains in his wallet then surely there will be one person who will have access towards his investment but if there is not such a person exists then it is not a big deal because large number of other bitcoin are present here.
If circulations of bitcoin reduces then the price will be more than present one because more bitcoin here will have less price and less bitcoin will have more price due to demand of the people for bitcoin.
Bitcoins lost are lost, and I don't see this ever becoming a problem, in-fact, I will even say that the lost Bitcoins is to the advantage or good of those holding Bitcoin because, I believe we all know how cryptocurrencies works, in the sense that , the more limited the max and total supply of a coin or token is, the higher it's value depending on adoption and usage .
So if some good number of Bitcoin out of the 21 million total supply is lost, (which like we all know that a good number is lost already ), it only makes Bitcoin more valuable since those lost coins are out of the market but still share in the total market capitalization of Bitcoin, so this means that the lost coins only help improve Bitcoin market cap, but can't be sold, which is a good thing for the price of Bitcoin .
So if some good number of Bitcoin out of the 21 million total supply is lost, (which like we all know that a good number is lost already ), it only makes Bitcoin more valuable since those lost coins are out of the market but still share in the total market capitalization of Bitcoin, so this means that the lost coins only help improve Bitcoin market cap, but can't be sold, which is a good thing for the price of Bitcoin .
Well, it makes BTC more valuable, but we're not able to know how much BTC is lost exactly. It's not really good if we want to use BTC as a currency. But it's great if you look at BTC only as on investment.
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Bitcoins lost are lost, and I don't see this ever becoming a problem, in-fact, I will even say that the lost Bitcoins is to the advantage or good of those holding Bitcoin because, I believe we all know how cryptocurrencies works, in the sense that , the more limited the max and total supply of a coin or token is, the higher it's value depending on adoption and usage .
So if some good number of Bitcoin out of the 21 million total supply is lost, (which like we all know that a good number is lost already ), it only makes Bitcoin more valuable since those lost coins are out of the market but still share in the total market capitalization of Bitcoin, so this means that the lost coins only help improve Bitcoin market cap, but can't be sold, which is a good thing for the price of Bitcoin .
So if some good number of Bitcoin out of the 21 million total supply is lost, (which like we all know that a good number is lost already ), it only makes Bitcoin more valuable since those lost coins are out of the market but still share in the total market capitalization of Bitcoin, so this means that the lost coins only help improve Bitcoin market cap, but can't be sold, which is a good thing for the price of Bitcoin .
From several responses above, many mention that the lost Bitcoins are often those stored in wallets with unknown private keys or wallets that have been inactive for a long time.
So, perhaps this isn't a concern for me as long as the amount of Bitcoin lost in that wallet is relatively small. Because every wallet still has the potential to be revived and used for transactions as long as the private key exists. Among us all, can anyone ensure that Satoshi Nakamoto's wallet has lost its private key? Not making transactions doesn't necessarily mean it's inaccessible anymore. That would be horrifying, wouldn't it?
Even if it's an old wallet containing BTC from 2009 - 2012, is there still a chance for it to be resurrected? Even if it's just a 0.1% chance, because the reason "inactive for a long time" cannot yet be considered a valid benchmark.
So, perhaps this isn't a concern for me as long as the amount of Bitcoin lost in that wallet is relatively small. Because every wallet still has the potential to be revived and used for transactions as long as the private key exists. Among us all, can anyone ensure that Satoshi Nakamoto's wallet has lost its private key? Not making transactions doesn't necessarily mean it's inaccessible anymore. That would be horrifying, wouldn't it?
Even if it's an old wallet containing BTC from 2009 - 2012, is there still a chance for it to be resurrected? Even if it's just a 0.1% chance, because the reason "inactive for a long time" cannot yet be considered a valid benchmark.
In the end, no one is able to use it because you are the one who has full access to it unless you give a last will that you have this kind of asset, Their funds will be stored to their wallet, and we can do anything with it, this will becomes one of the sleeping wallet from the previous years, but if this is one of the largest wallet holder and this happen to the owner its just added to the holders, it's like in a bottom of the sea all of the coins can't access anymore, will be leave and be forgotten.
It becomes a digital treasure that cannot even be opened anymore and becomes an inscription, so the total available Bitcoin assets will only move on assets held by active holders. So the importance of giving access to the wallet to a trusted party will provide an opportunity for successors to access these assets.
This kind of digital legacy of Bitcoin assets will certainly provide many benefits and become a volatile legacy and will have different prices in the future.
If a person dies and has some Bitcoins in a wallet with no one able to access them, his Bitcoins will remain there until someone can access them. If no one can access it, the number will remain and won't be a problem.
We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
First, I sympathize with anyone who has lost a loved one, especially if they left behind unreachable digital possessions. Its about the money, memories, and personal goals for those assets. Moving on to your Bitcoin scenario: The anticipated drop in circulating supply could raise demand if other conditions remain constant. Is Satoshi's stockpile a good example?We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
While a less supply may raise Bitcoin's price, other things also affect it. Regulatory actions, technological advances, and economic issues may be important. Not to be too philosophical, but it raises important concerns about digital wealth's impermanence and how society handles it. Our "Bitcoin journey" is ongoing - we're all learning, adjusting, and speculating about its future.
And if the supply that Satoshi has remained in his wallet and will not be used forever, the number of Bitcoins on the market will also decrease. Especially if more and more people can hold large amounts of Bitcoin in their wallets and wait for the price they want before they sell it. But it's all just speculation. We don't know what will happen in the future.
It's possible that later Satoshi will sell his Bitcoin. And if that happens, the market will be shocked and people will panic. Maybe they will also sell Bitcoin instantly because they don't want to make a loss. All scenarios remain scenarios because we don't know what will happen. And don't let ourselves be trapped by scenarios created by people.
I think this is a reasonable one though. But let's look it from this aspect ,what if satoshi has it in mind to release this BTC in future little by little due to scarcity because have been wondering why this amount of BTC is still on hold .
If a person dies and has some Bitcoins in a wallet with no one able to access them, his Bitcoins will remain there until someone can access them. If no one can access it, the number will remain and won't be a problem.
We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
First, I sympathize with anyone who has lost a loved one, especially if they left behind unreachable digital possessions. Its about the money, memories, and personal goals for those assets. Moving on to your Bitcoin scenario: The anticipated drop in circulating supply could raise demand if other conditions remain constant. Is Satoshi's stockpile a good example?We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
While a less supply may raise Bitcoin's price, other things also affect it. Regulatory actions, technological advances, and economic issues may be important. Not to be too philosophical, but it raises important concerns about digital wealth's impermanence and how society handles it. Our "Bitcoin journey" is ongoing - we're all learning, adjusting, and speculating about its future.
And if the supply that Satoshi has remained in his wallet and will not be used forever, the number of Bitcoins on the market will also decrease. Especially if more and more people can hold large amounts of Bitcoin in their wallets and wait for the price they want before they sell it. But it's all just speculation. We don't know what will happen in the future.
It's possible that later Satoshi will sell his Bitcoin. And if that happens, the market will be shocked and people will panic. Maybe they will also sell Bitcoin instantly because they don't want to make a loss. All scenarios remain scenarios because we don't know what will happen. And don't let ourselves be trapped by scenarios created by people.
In the end, no one is able to use it because you are the one who has full access to it unless you give a last will that you have this kind of asset, Their funds will be stored to their wallet, and we can do anything with it, this will becomes one of the sleeping wallet from the previous years, but if this is one of the largest wallet holder and this happen to the owner its just added to the holders, it's like in a bottom of the sea all of the coins can't access anymore, will be leave and be forgotten.
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In time to come, the price of Bitcoin will be so high that the amount of Bitcoin in circulation will be relatively larger than the number of lost bitcoins, and as such, a little fraction of Bitcoin will worth a lot of money . Already, Bitcoin has a limited supply, and if the circulating supply of Bitcoin is less due to some lost Bitcoin, it will still make the value of Bitcoin increase with respect to demands. Because, like you said, Bitcoin happens to be a generally accepted or used currency worldwide, that means demand will increase and value will increase. Also, by then, people will be more careful not to lose their assets.
If a person dies and has some Bitcoins in a wallet with no one able to access them, his Bitcoins will remain there until someone can access them. If no one can access it, the number will remain and won't be a problem.
We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
First, I sympathize with anyone who has lost a loved one, especially if they left behind unreachable digital possessions. Its about the money, memories, and personal goals for those assets. Moving on to your Bitcoin scenario: The anticipated drop in circulating supply could raise demand if other conditions remain constant. Is Satoshi's stockpile a good example?We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
While a less supply may raise Bitcoin's price, other things also affect it. Regulatory actions, technological advances, and economic issues may be important. Not to be too philosophical, but it raises important concerns about digital wealth's impermanence and how society handles it. Our "Bitcoin journey" is ongoing - we're all learning, adjusting, and speculating about its future.
If a person dies and has some Bitcoins in a wallet with no one able to access them, his Bitcoins will remain there until someone can access them. If no one can access it, the number will remain and won't be a problem.
We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
We must remember that Satoshi also left a very large amount of Bitcoin in his wallet and that no one has accessed or transferred to another wallet. And it doesn't affect the circulation of Bitcoin in circulation or the price of Bitcoin (probably not yet). That means the number of Bitcoins in circulation will decrease by an amount with Bitcoins that their original owners cannot access.
And that would probably make Bitcoin even more valuable as it reduces the total amount, possibly increasing the price even higher. But those are all scenarios while we are still on the Bitcoin journey and not all Bitcoins have been mined yet. That's why we don't know what will happen in the future and can only speculate.
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