Topic: Bitcoin loss? - page 3. (Read 1214 times)
Each coin is potentially endlessly divisible. Unless you lose all 21 million, it's not going to run out. 1 Satoshi can easily be worth $1k if demand outpaces supply enough.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
No bitcoin will be lost if you have back up for your files or accounts. We invest in bitcoin knowing the high risk in the business yet we continue to do this, knowing the risk should make us more vegilant on our accounts to make sure it will not be lost.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.
Satoshi is right indeed. It would have a deflaitonary effect on bitcoin economy. Its like when you are collector. Then item lost in history the more its valuable. Too bad though that those earlier adopter didn't take care of their bitcoins. They should have been millionaires by now. And this should be a lessons learn for us that is new to bitcoin. Saved your private keys and seeds.
Well in the late 2010 year when bitcoin is just a useless and priceless money over the internet, people don't really care if they loss or forget the private key as it is reasonable but as this year emerge, people nowadays are becoming more aware and cautions about this negative traits of bitcoin and prepared to protect their coins against the frauds and scam scattered around the globe of the internet, preparing and researching before going through, awareness is now the basic principle of the people who owns bitcoin nowadays.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.
Won't that bring a problem the the economics, no coins left to trade situations?
But one BTC property that is often overlooked is that its also divisible by 8 decimal places. So how can you say that there is going to be no coin left to trade? There will be quadrillions or more left.
Dont worry about the supply, BTC1 is worth 100 million satoshis.
Well the problem is how to regulate and control all those bitcoin that have already scattered around the web. I cant sense the no coin left to trade situation because as we all know how much is in store for btc.
This is exactly the cause which many government are facing due to which I think due to which many countries have not yet legalized or banned it. Probably they would be thinking that this should be under their control so that its can be easily regulated and keep a track.
Also if few counties start to accept it then the value of each decimal upto 8 will have the good value in future and people would be easily be able to buy and use the bitcoin against the good and services.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.
Not yet bitcoin is not going to lose it ya future of the money it will use to all counters. It's a future digital currency so it will use full the any bay bill and any purchase the product. Most of the people he doesn't know how to use the bitcoin and how to handle the process and enabling the process. Bitcoin give more information about the economy and finance process. So it's a growth for the future.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Your last question though isn't going to happen. There will always be some coins to trade with. All 21million coins can't be lost. Not possible. But before the other worries you raised become a nagging problem the issue would've be taken care of. I see a possibility of countries harnassing the blockchain technology into their financial systems and making Bitcoin holders keep records of transactions through the banks. Yes, this will happen in the near future as countries embrace Bitcoin as legal tender.
I think you are aware of this trend then you can never face a loss project, Bitcoin is becoming a popular and profitable platform, day by day Bitcoin price is getting higher so that bitcoin could be one of the most profitable platforms. that is why Bitcoin could not be a loss project.
I don't think the supply of bitcoin will be scarce by then, and I'm sure for some of those thinking of passing on their bitcoins had already figured out if the die who would get a hold of their bitcoins. I even had planned out myself that already, I'm passing all of my hodled coins to my daughter if in case I die.
In order to understand bitcoin, people need more advance about compare when they learn on fiat which much easier to understand.
In this digital era, there many invention that being made and bitcoin one of them so we need learn more advance too in order to understand how bitcoin really work and preventing bitcoin losses on the future
In this digital era, there many invention that being made and bitcoin one of them so we need learn more advance too in order to understand how bitcoin really work and preventing bitcoin losses on the future
That is a subject well known here. I have seen some people talking about it and I think lost Bitcoins aren't a problem. The supply will surely be lower, but it makes the coin more valuable and "rare". So BTC price can be bumped even more on long term as we know there are many coins that will be lost for several reasons. But I think before (in the past) people have lost more Bitcoins than now because Bitcoin wasn't so popular, so people didn't give much importance to it.
I don’t think so that bitcoin will loss in the near future. If get much success in the many advance countries and trying to achieve the peak position. Bitcoin loss will cause a panic among the many people lives. Many people will jobless and thus the economy will show grater change in short time.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
It's rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. If you do send it to a wrong and unsupported address, its your fault not bitcoin. Again, you need to backup your seeds and your private keys because this is the first thing that you will be aware once you are into bitcoin. There are about 21 million bitcoin and so far 16 million are on the circulation. So there's still a lot of bitcoin for everyone. Its gonna be scarce but this will make bitcoin more valuable in the future. Because there will be a huge demand but the supply is getting scarce.
Bitcoin is a one type of currency and it's called digital currency.It is rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. And this type of mistake make a bitcoin loss
there are about 18 millions bitcoin around the world right now but only 3 millions are traded and used. More than 15 millions bitcoin have lost cause of many reasons such as losing private key, do not remember password, etc. However, it is not a big issue, with 3 millions bitcoin, we can still have a better place and people still want to own bitcoin as many as they can
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
It's rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. If you do send it to a wrong and unsupported address, its your fault not bitcoin. Again, you need to backup your seeds and your private keys because this is the first thing that you will be aware once you are into bitcoin. There are about 21 million bitcoin and so far 16 million are on the circulation. So there's still a lot of bitcoin for everyone. Its gonna be scarce but this will make bitcoin more valuable in the future. Because there will be a huge demand but the supply is getting scarce.
See it as gold.
No, this will not be a problem as BTC can be traded xxxxx behind the dot.
- sending to space
- loosing gold
- people dying with gold, etc.
Which will keep on decreasing the total available supply of gold. making it more scarce.
- loosing gold
- people dying with gold, etc.
Which will keep on decreasing the total available supply of gold. making it more scarce.
Quote
Won't that bring a problem the the economics, no coins left to trade situations?
No, this will not be a problem as BTC can be traded xxxxx behind the dot.
All the things that you mention about the problem in bitcoin are all individual error about people who are careless with whom they will send their bitcoins, backups their files and in regards to people who dies and their bitcoin being stucked in where they put it I think it will be also consider a human error because they can safe it also to the one they would trust their private keys.
That is really a real problem we encountered by now the scarce of bitcoin because of those errors hope they're is a way that it will be back especially if it has huge amount stuck out there.
That is really a real problem we encountered by now the scarce of bitcoin because of those errors hope they're is a way that it will be back especially if it has huge amount stuck out there.
One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
Of course this is an issue. But only if you look at BTC as a "currency" for everyday transactions. But for what we are seeing now, BTC is not heading that way. It is not looking to have the price stability a currency need. so It´s become more of a store of value asset, while we keeping believing in the tech. For that , being the smaller unit a satoshi i think we will have enough for a long time before the "lost" coins become a problem. Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.
But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?
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