how Bitcoin will deal with lost tokens? - page 4.

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Quote from: ConnerDalfino on April 16, 2021, 04:29:39 AM

What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?

..which is actually kinda a good thing. While the 21 million supply cap is really really attractive, the supply cap is somewhat actually smaller because of all those lost coins (though I totally feel bad for those who lost their coins early on).

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We cannot even give the exact number of lost wallets. Some wallets have not been active since 2013, and it is difficult to even call them lost, as people can just keep them in storage. And of course, because the amount of bitcoins is limited to 21 million coins, its value will increase. Today there are many hunters to recover lost bitcoin treasures, and people go to various tricks, including even hypnosis, to remember their private keys, but there are very few lucky ones who could recover the lost ones.

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Quote from: ConnerDalfino on April 16, 2021, 04:29:39 AM

What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?

People lost bitcoin more in the past because they did not believe the price can increase as it increased abruptly and significantly. Any bitcoin user should make sure he does all possibilities to make sure he protect his/her seed phrase or private key which is the most important as backup. But even if 20 million of bitcoin supply is lost, that will make even 1 sat to become more valuable. But, the bad side of lost bitcoin is that people that lost it lost it forever unless they later see the backup like seed phrase or private key, but the good side of it is that the scarcity it will create will later make people hodling bitcoin before it happens to have more money as the price of bitcoin will increase.

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Quote from: ConnerDalfino on April 16, 2021, 04:29:39 AM

What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?

The lost coins are.. well.. lost. Forever.
And indeed, the remaining ones will become increasingly scarce. Which is a good thing, since this makes them increasingly more valuable.
And you should not be too much worried about this, since bitcoin works with 8 digits after the decimal point, so the real total amount of coins is 2 100 000 000 000 000 (satoshi).

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it just means less coin in active circulation..

bitcoin should do anything about it.
the point of bitcoin is no one can just steal someones coins for any greedy reason of thinking coins need to be redistributed if not moved after 10 years.

no one should dare declare coins dead and remove them from that address

if they are lost then they are lost. that is it.

bitcoin needs to do nothing.. PEOPLE need to actually take care of their assets and prevent forgetton/losing their keys.

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What happens to all the coins in lost wallets in the Bitcoin system? If there are only a finite number of coins, won't they become increasingly scarce as people lose them over time?

Topic: how Bitcoin will deal with lost tokens? - page 4. (Read 647 times)