Can lost Bitcoins be traced? - page 9.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: Abiky on May 02, 2019, 06:54:49 PM

How is it possible to track lost or stolen Bitcoins? While public addresses are not directly linked to a person's identity, the Blockchain itself is widely transparent. Knowing how many Bitcoin are lost is key towards establishing a correct circulating supply of the cryptocurrency. As such, there might be a slight miscalculation on the total number of Bitcoin in circulation. If it's a lot more less than what's circulating, then I believe that Bitcoin's price should be higher due to its highly-limited supply. Nonetheless, do you think it's widely possible to track lost Bitcoins? Your thoughts about this would be highly appreciated for educational/learning purposes.

I am not expert on the technical aspects of Bitcoin or cryptocurrency for that matter but based on what I read and heard, yes all transactions in the Bitcoin ecosystem can be tracked as the records can easily be found and mined if you have the time. This is the reason why Bitcoin can be considered as transparent but also the reason why this is not so private and anonymous.

franky1

legendary

Activity: 4424

Merit: 4794

no bitcoins are ever 'lost' 'deleted' every coin still exists and is trackable on bitcoins ledger

however there are reasons where some UTXO's (unspent balances) are not moved, used, circulated between users regularly.

all bitcoin can be tracked. there is nothing secret or special. so tracking bitcoins is not a question.
the question should be judged as which bitcoins should be deemed as unusable currently, meaning what defines 'lost'

many come up with different lists such as:
UTXO's linked to public keys which have an obvious sign that the key does not have a private key someone knows of
UTXO's with dust amounts so small,, to move/spend them would cost more than the value of the UTXO
UTXO's coin-age is more than 6 year old

however even these cases are not 100% proof of those coins being 'lost'. thus when tracking the bitcoins that meet the criteria list of what most would deem as 'lost' should not be treated as a guaranteed lost value, but more of a idea/suggestive stat/estimate.

after all some UTXO's are of only 1sat. meaning people dont bother including them in spends. but in a few years if 1 sat is worth more than a chewing gum. people might want to spend it. thus bringing it back into regular use

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

How is it possible to track lost or stolen Bitcoins? While public addresses are not directly linked to a person's identity, the Blockchain itself is widely transparent. Knowing how many Bitcoin are lost is key towards establishing a correct circulating supply of the cryptocurrency.

As such, there might be a slight miscalculation on the total number of Bitcoin in circulation. If it's a lot more less than what's circulating, then I believe that Bitcoin's price should be higher due to its highly-limited supply.

Nonetheless, do you think it's widely possible to track lost Bitcoins? Your thoughts about this would be highly appreciated for educational/learning purposes.

Topic: Can lost Bitcoins be traced? - page 9. (Read 12873 times)