Topic: How many bitcoins are lost everyday? (Read 234 times)
The teenager who made millions on Bitcoin is staking it all on this obscure token. They was 12 years old when he bought $1,000 worth of Bitcoin in the summer of 2011. Bitcoins initially traded for next to nothing. The first real price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for a single coin.
If you refer bitcoin to be lost, I believe you are making reference to users that do not have access to their wallet permanently (not temporary) which I believe you cannot estimate that. If you have gotten this information from online source, it would be better to share the source link so that we can understand how the writer assume at that amount in a day. Unless someone come online to tell you that he/she lost access to the wallet, you hardly know that bitcoin is lost. Out of many people that will not post it online that they do not have access again
The Counterparty proof-of-burn was set up so that anyone who sent bitcoin to the address 1CounterpartyXXXXXXXXXXXXXXXUWLpVr during the one-time burn period in January 2014 automatically received XCP coin in return in proportion to the amount of bitcoin they burnt. People burn around BTC 2130 at that time. I think people who send their bitcoin to above address might have regretted for life.
https://www.blockchain.com/btc/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
Above bitcoin address is a vanity address, it doesn't have private key to move funds. All 2130 btc is lost forever.
If you want to read more about "Counterparty proof-of-burn"
https://counterparty.io/news/why-proof-of-burn/
Current Counterparty (XCP) coin price is less then $1
https://coinmarketcap.com/currencies/counterparty/
https://www.blockchain.com/btc/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
Above bitcoin address is a vanity address, it doesn't have private key to move funds. All 2130 btc is lost forever.
If you want to read more about "Counterparty proof-of-burn"
https://counterparty.io/news/why-proof-of-burn/
Current Counterparty (XCP) coin price is less then $1
https://coinmarketcap.com/currencies/counterparty/
Saying that Bitcoin has 3.6 million coins out of the current 18 million right now burned is a great exaggeration. Even if you count out those Bitcoins that were intentionally burned, lost or so, it still doesn't come anywhere near even a million.
Satoshi coins or any coins that were mined in the early days should not be considered lost. There was a coin movement from an address that was dormant for many years. Coins that were mined in the early days should not be counted out.
Satoshi coins or any coins that were mined in the early days should not be considered lost. There was a coin movement from an address that was dormant for many years. Coins that were mined in the early days should not be counted out.
These assumption needs to be proved by a concrete data, not just a simple google search " how many bitcoins were lost in the past 10 years " coz it is really confusing and bugging at the same time.
There are many words that we can relate with " LOST " here it can be stolen, forgotten (private keys, password, seed phrases) and wrong sent.
Also inactive bitcoins on several wallet addresses is unsafe to assume that is 'lost', remember the bitcoins that has been move a couple of days ago from early blocks mined?
Calling it burned coins is a silly idea since you don't have any reference. So It's better if you try to find any that is related to your claims.
There are many words that we can relate with " LOST " here it can be stolen, forgotten (private keys, password, seed phrases) and wrong sent.
Also inactive bitcoins on several wallet addresses is unsafe to assume that is 'lost', remember the bitcoins that has been move a couple of days ago from early blocks mined?
Calling it burned coins is a silly idea since you don't have any reference. So It's better if you try to find any that is related to your claims.
How do you know the amount is lost? It's just a speculation of different people while I think the total reported lost amount is too low. Are you summing up the amount of 1m BTC which is supposed to belong to Satoshi?
It is include the non circulation of Bitcoins and original coins as you can see and also some user's transection error.
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
https://content.fortune.com/wp-content/uploads/2017/11/lost_bitcoins.png?resize=750,500
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
https://content.fortune.com/wp-content/uploads/2017/11/lost_bitcoins.png?resize=750,500
Alright so just because some old coins on some addresses didn't move in years, we should automatically assume that they're lost lol? We don't even know if those addresses are just owned by diamond-hand hodlers. Pretty dumb assumption if you ask me.
No assumptions should be made on the basis of the length of a Bitcoin's inactivity. That would be foolish. We have just seen a few days ago a hard proof that it does not follow that since a Bitcoin is not moving for more than a full decade, it is already lost or considered burned from circulation.
That controversial 50 BTC initially suspected to be Satoshi's finally moved only after 11 years. That is enough proof to say that lost Bitcoins on the basis of inactivity may not be lost at all.
It is include the non circulation of Bitcoins and original coins as you can see and also some user's transection error.
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
https://content.fortune.com/wp-content/uploads/2017/11/lost_bitcoins.png?resize=750,500
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
https://content.fortune.com/wp-content/uploads/2017/11/lost_bitcoins.png?resize=750,500
Alright so just because some old coins on some addresses didn't move in years, we should automatically assume that they're lost lol? We don't even know if those addresses are just owned by diamond-hand hodlers. Pretty dumb assumption if you ask me.
Can you put some source of that information OP? The source is really important when talking about statistics and It will make us believe that you are talking legit information, losing of bitcoin means losing money on your account right? So it includes those wallets that has been hacked or scammed by other people, then how could you tell it lost if it is still existing with other hands, or the title should be " how many bitcoin are stolen every day"? There is wallet that has been stolen every day, so having a secured wallet could help us to prevent these things. Protect our wallets so it could protect our money as well.
Let's say that the owner really forget his password or passphrase of his cold-storage or hardware wallet and that is entirely not lost but just sitting in there while the token burn that you are implying is totally gone in existence, and let's think of positive things that may happen in the future for this certain Bitcoin that is Forgotten, it will stay and just like people that are just holding their Bitcoin it is still there, so even if the price went down because of a possible crisis in the future Bitcoin will stay intact and still will have its value.
Any source from your statement OP? How do you come to such a conclusion? As what webtricks stated, the figures and statistics that is shown on any research are all guesses and not a valid fact. Writers are just creating those blogs or articles to catch attention from readers. So do not believe everything that you read from the internet.
Those are only from their own calculations or OP calculated it using the basic formula. It seems like he isn't logically correct because he tried to solve the lost bitcoin by simply dividing the total lose BTC from the number of days.For OP, the information that you gave is misleading. It will lead to mislead if there is no supported reference. Because if we are going to tackle about lose bitcoins, then we should not just settle with the burned btc. Take a look also with wallets that had been lost the keys and etc.
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
That would be not correct comparison either. Token burning itself doesn't make other tokens valuable. In case of bitcoin, it is because it has the highest level of decentralization, the biggest crypto community in the world, many developers who contribute into the system, miners who maintaining the network by selling electricity for proof of work, bitcoin has credibility of its monetary properties and because of that it is valuable. People who own bitcoin interested in bitcoin being supply limited so that they can be sure that their savings will not be debased like it is happening in legacy monetary system and its QEs. Naturally, every "token burning" in this case contributes to the value since total supply is known. 
It is include the non circulation of Bitcoins and original coins as you can see and also some user's transection error.
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nothing in the picture you included is correct. for starters there is no such thing as "original coins", the creator of that picture is pulling at straws based on a flawed estimation of "how much bitcoin Satoshi owns" and is changing the name to mask the flaw and adds a meaningless term for that.
additionally what you refer to as "transaction error" does not happen anymore. there has been some cases in early years due to people experimenting with something that had very little to no value but nowadays due to high value of bitcoin everyone is extremely careful.
the rest of the categories (out of circulation, investment,...) can not be counted as "lost bitcoins" and not to mention that despite your title this isn't happening "everyday".
I think it's really wrong to assume we lost that amount every day just because the total amount of lost bitcoins was sitting on that range. Even this scenario will totally negate your explanation since that only happens in a day too. We can't say those are lost and as what webtricks expounded there may be some scenario one day those said lost coins may be regained in the future.
1000 Bitcoins =$9 million are lost everyday, Why?
Since you actually cannot tell if the money from an address are dormant or completely lost, you'll never know how many Bitcoins are actually lost.
I know that there are a few addresses said to be lost (especially Satoshi's and the burn addresses), but I think that this is just a part of the story and you never know if Satoshi will, for example, ever start spending his money.
Any source from your statement OP? How do you come to such a conclusion? As what webtricks stated, the figures and statistics that is shown on any research are all guesses and not a valid fact. Writers are just creating those blogs or articles to catch attention from readers. So do not believe everything that you read from the internet.
It is include the non circulation of Bitcoins and original coins as you can see and also some user's transection error.
Yes Lost Bitcoin we can compare to Token Burning Which Make Coin more Valuable and Powerful
Even if it's true that some bitcoins were lost, who really cares? It is widely known that in deflationary monetary systems with finitely scarce supply every "burn" however it happened contributes to the value of every single monetary unit. If someone forgets a private key or loses their access to hard drive on which information is stored, it makes supply more scarce and it makes other holders a bit richer. By losing your key you contribute to the system by making it more scarce and valuable.
I do not know where you get those statistics from, but it sounds very high. I know there was some study done in 2017 and it speculated that over 4 millions coins were lost - Source : https://fortune.com/2017/11/25/lost-bitcoins/ but it is just speculation and guess work.
I am not too worried about the so-called "lost" coins, because it will just increase the value of the coins I own now and it will just increase the rarity of the coins in supply.
Even some precious metals like Gold goes missing (Lost rings or buried treasure etc.) and cash is destroyed every day, so this is not a big issue. (There is still 100 million Satoshis in one Bitcoin, so there are still loads of Satoshi in circulation)
I am not too worried about the so-called "lost" coins, because it will just increase the value of the coins I own now and it will just increase the rarity of the coins in supply.
Even some precious metals like Gold goes missing (Lost rings or buried treasure etc.) and cash is destroyed every day, so this is not a big issue. (There is still 100 million Satoshis in one Bitcoin, so there are still loads of Satoshi in circulation)
Any source from your statement OP? How do you come to such a conclusion? As what webtricks stated, the figures and statistics that is shown on any research are all guesses and not a valid fact. Writers are just creating those blogs or articles to catch attention from readers. So do not believe everything that you read from the internet.
How do you calculate these numbers? Are these numbers based on some random research made by some so-called intellectuals? We have just seen 4-5 days ago that coins from over 10 years old address are moved. It is wrong to assume that if address remains dormant for long then bitcoin associated with such address is lost. There are many possibilities, such addresses can be cold storage, long term investment, address belonging to HODL maniac, safe investment for kids or future. Maybe some of the supply may have lost in early days of bitcoin but I don't believe that we are losing 360K Bitcoins/year in recent years.
He is just trying to show analogy between two scenarios. He's comparing lost bitcoins with the concept of token burning and implying that lost bitcoins make Bitcoin more valuable similar to token burning which makes tokens more valuable.
Sorry but I can't fully get what you are trying to imply.
By saying lost in bitcoin means the owner forget his account and that's it, and why is it related to token burning?
Please expound.
By saying lost in bitcoin means the owner forget his account and that's it, and why is it related to token burning?
Please expound.
He is just trying to show analogy between two scenarios. He's comparing lost bitcoins with the concept of token burning and implying that lost bitcoins make Bitcoin more valuable similar to token burning which makes tokens more valuable.
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