Bitcoin wont eventually disappear. In my point of view as what I understood is human error occurs and the wallet cannot be accessible but Bitcoin owner will be the only having access to Bitcoin what they owned.
So errors / discrepancies in minor level is acceptable nothing to be very serious about it.
Topic: Bitcoin eventually disappear... - page 20. (Read 4306 times)
The rise and fall of everything happens in the world if we look at the fall appearance of bitcoin. It’s difficult because it was not preplanned that this type of currency will come into existence So it can be say that bitcoin will not disappear one day if its stable currency among the world.
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Yes, it will be a fixed number on bitcoin but do you think if this coin become rare, the price will not increase? On bitcoin, if there is a demand, price will keep on increasing, mean while if there is no demand, price will drop but in this case bitcoin will never disappear? How are you going to make it dissapear? I can guarantee some of them are holding it, the only thing that will be dissapear is the value of each coin but like I said before if there is still demands, its price will always as high as it can
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Bitcoin is programmed by people meaninit is lrone to error and if it will happen all data will be gone. But people behind bitcoin atleast made progamme if ever accident happen they can eventualy recover the lost data, im sure they have back-up file for it.
No, only the owner of the bitcoin has the original unique key for a specific transaction, and no one else can see it, so "people behind it" will not be able to recover it.
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Bitcoin is programmed by people meaninit is lrone to error and if it will happen all data will be gone. But people behind bitcoin atleast made progamme if ever accident happen they can eventualy recover the lost data, im sure they have back-up file for it.
I think you have a point but it is unlikely for all bitcoin to get lost. However as more and more gets lost it's value must increase to compensate for the losses if it is to be a useful currency and could make it impractical if it runs out of decimal places to pay for low value goods.
Bitcoin can eventually disappear this one disadvantage bitcoin has that is inevitable and no one can controlled, the moment a person forgot his authentication on his wallet or died without proper turn over of inheritance the chance that the bitcoin they own maybe forgotten and just disappear meaning floating in the system which no one can recover that is why we must be very careful but as human we commit mistake and that's normal
Yes, exactly what I am saying.
So it is, inevitable that in time, Bitcoin will seize to exist, be it maybe 300 years from now, or the amount will shrink to a point where it is no longer possible even for the elite to own a fraction of it, meaning it will lose it's attraction as a value asset.
Or something else...
Bitcoin can eventually disappear this one disadvantage bitcoin has that is inevitable and no one can controlled, the moment a person forgot his authentication on his wallet or died without proper turn over of inheritance the chance that the bitcoin they own maybe forgotten and just disappear meaning floating in the system which no one can recover that is why we must be very careful but as human we commit mistake and that's normal
Yes there is a chance that we lose all bitcoin due to different aspect such as human error like forgetting password or losing their on-line wallets but this can be prevented with proper knowledge on how you protect your bitcoin and having your security codes kept in your private records.
So, what you are saying is, if we all just tell ourselves to be less sloppy, human errors will no longer exist?
I am pretty sure, human errors are here to stay, as it is inherent in human nature.
It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.
This has been also discussed several times in this forum, about retrieving those lost wallets, getting back those lost bitcoin, but i think it wont really affect the price of bitcoin as much as the supply. How can a diminishing supply, while still in demand, NOT have an effect on price?
I agree that as time passes by, more and more users have been adopting bitcoin, the problem is that it would really be a struggle to get, because of the increasing population of users and just limited supply of bitcoin in the world, and to add that up until now it is really hard to mine.
It will cause the price to go up.
I think this would not dissappear since we all know its already dominating the economy at present. Millions and more are interested on it and for the next 2 or 3 decades it will always be a bitcoin and eventually will have highet rates where in you will have income at the same time you learn.
It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.
About the tiny decimal problem, shouldn't it be possible to implement some kind of standard on top of bitcoin making it possible to view, lets say a 0,00000000 Satoshi as, for example 1 nakamoto coin, that sit on top of the actual bitcoin, making it easier to handle?
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This is possible in a sense of "active coins". Because of human error they might forget that they do have a bitcoin and they may forgot also the passwords, seeds , email account, exchanges accounts, let's say that 21 million coins were already finished mining and there are 300 people which each of them has 1 bitcoin and unfortunately forgot where is it now, 300 x 1 =300 bitcoins, does this mean that 21 million bitcoin will now be decreased because of human error? , the answer is no, it's still 21 million yet the 300 bitcoin is not active , same with the holders who just holds their bitcoin. Therefore, the active coins that are currently flowing may decrease because of the holders and the people who forgot they have bitcoin but the total amount of bitcoin will never decrease. This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Hey..
Yes thats correct I myself have lost a fraction of my bitcoins due to carelessness but the thing is the amount they held wasn't that much important and now since I do hold an amount that I will for sure need for future I am very much concerned about them and keep them secure
...so there you have your answer;
If the people who hold minor amount looses it won't effect the economy that much and.. the people possessing preety higher amount will make sure that they keep their bitcoins protected sono chance of them loosing it and finally its the people holding large amount of bitcoins only through which the economic value of bitcoins will be regulated, thus even if you loose 0.0000006 btc it won't matter much..
And as you start to accumulate more you will become more.self aware.
Yes thats correct I myself have lost a fraction of my bitcoins due to carelessness but the thing is the amount they held wasn't that much important and now since I do hold an amount that I will for sure need for future I am very much concerned about them and keep them secure
...so there you have your answer;
If the people who hold minor amount looses it won't effect the economy that much and.. the people possessing preety higher amount will make sure that they keep their bitcoins protected sono chance of them loosing it and finally its the people holding large amount of bitcoins only through which the economic value of bitcoins will be regulated, thus even if you loose 0.0000006 btc it won't matter much..
And as you start to accumulate more you will become more.self aware.
Yes there is a chance that we lose all bitcoin due to different aspect such as human error like forgetting password or losing their on-line wallets but this can be prevented with proper knowledge on how you protect your bitcoin and having your security codes kept in your private records.
It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.
This has been also discussed several times in this forum, about retrieving those lost wallets, getting back those lost bitcoin, but i think it wont really affect the price of bitcoin as much as the supply. I agree that as time passes by, more and more users have been adopting bitcoin, the problem is that it would really be a struggle to get, because of the increasing population of users and just limited supply of bitcoin in the world, and to add that up until now it is really hard to mine. 
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
there are 2,100,000,000,000,000 units available in bitcoin and ~1,660,000,000,000,000 have already been mined. it is possible that after many years a large total number of coins will be lost but there is a very good chance that the amount won't be that big to cause any issues. and certainly bitcoin won't cease to exist because of something like that.
worst case scenario is that a very large amount is lost to a point that scarcity because a serious issue, although highly unlikely but there are solutions for it. such as breaking bitcoin to a smaller unit. in other words truing 1 satoshi to have 1 decimal point (1.0)
It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.
There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.
Is this correct?
Smaller amounts, sure. Cease to exist? Minimal amounts? No.
It would take an awful lot of loss for significant amounts of the bitcoin supply to make an impact. And as money supply reduces it does not have an impact on its usefulness or utility. Bitcoin is divisible to the 100 millionth of a bitcoin, which ensures that it's utility remains intact, regardless of price appreciation or other factors.
Theoretically all of the bitcoins could disappear if all of the holders of BTC were to somehow lose their wallet files or have all of their devices rendered inoperable. However this is very unlikely to happen because of the sheer number of people who have at least a small amount of BTC stored somewhere. What is more likely to happen is that after all of the BTC is mined the amount of BTC in circulation will slowly decrease due to destruction and accidental losses, thus enabling a gradual increase in the value of each remaining BTC unit. This why some people have adopted "Hodl all the bitcoins" as their motto.
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