Miss Bitcoin - page 3. | Bitcointalksearch.org

hajimasan

hero member

Activity: 882

Merit: 500

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

If someone lost his money ( bitcoin amount ) then no one can change or Destroy and not able to create again for that return .
If you have better information about bitcoin then surely you will know very well that about 60%+ bitcoin as out of control , Because many people started to work with bitcoin when bitcoin was not valuable at that time but they left Thier work and also many sites get closed and that results into lost of bitcoin in the bitcoin network forever .
And also you can think that if anyone can see what you lost and they will create another for that then I don't think it will remain decentralised thing .
So no chance to recreate bitcoin that you lost , but surely there exists a technology named fork that can create additional new coin with another name ( as happened in fork that results into bitcoin cash , bitcoin gold , bitcoin diamond , bitcoin ab , bitcoin private etc ) .

AntonDrobot

full member

Activity: 196

Merit: 100

Just as gold bullion can get lost in the sea or 100 dollar bills - burn, bitcoins can disappear from the Internet forever. By the time of the production of the entire stock of bitcoins in the amount of 21 million coins in 2040, the actual number of coins available for trade or waste will be substantially less.

Lenwa07

newbie

Activity: 96

Merit: 0

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

No, bitcoin system will not reproduce it again. There is a total of 21 Million bitcoin supply. If that supply was already bought or created and loss, it will not reproduce again. So be safe about your bitcoin. Even though it will last a hundred of years, we cannot tell when will it vanish.

bobrova

jr. member

Activity: 84

Merit: 4

Quote from: JamesIV on January 02, 2018, 01:10:55 PM

There are thousands people lose their private keys every day. And it does not effect in Bitcoin value. Besides, those Bitcoin can not be used because no one know the private keys.

I wish there was some data regarding how many coins were lost this way but I think a lot of early investors and miners (at time when bitcoins was less than $10) might have lost their coins. I have read stories regarding how people lost the bitcoin details on their old system. Now, we are having additional storage options like physical wallet but there was no such information earlier.

Also, if there was some option to report these incidents and get the coins back. It would not have been hard to design in the beggining but the inventors may have not done this as a lot of people would have then tried to abuse this.

Choyor

full member

Activity: 672

Merit: 105

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

If we lose Bitcoin then it will not get its replacement back and it will be gone forever. The platform for sale of bitcoin, Bitcoin.co.id does not provide any warranty or indemnification for loss of digital assets owned by his client. That's because there is no rule about the loss of digital currency (cryptocurrency).

Dmitry.Vastov

hero member

Activity: 840

Merit: 520

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

First, it is next to impossible to lost bitcoin because it is the digital currency and it remains into ur wallet and no-one is able to steal it unless you share your blockchain password to anyone but if accidentally u lost ur BTC, it's impossible to recover it because it's not the paper currency that u can recover it because there are limited number of BTC that has been created and these BTC are keep on circulating, so once you lost them it's next to impossible to recover them.

UCHCHILD

sr. member

Activity: 490

Merit: 250

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

Your headline is about Miss Bitcoin and in thread you question is totally different. But about the thread, i have seen these type of stories and recently i hear that one man who bought 9000 bitcoins in 2009 when 1 bitcoin is equal $1 and by mistake he transferred in a wrong link, and now still he has worried about it.

Indiast3

newbie

Activity: 50

Merit: 0

I lost 5 btcs the previous year and so after that I withdrawed from btc ecosystem

jancukiyah

full member

Activity: 137

Merit: 100

Oh no, I hope that can't be happen for us. Bitcoin is digital currency, have you ever seen the real bitcoin in your hand? We just look the amount in our wallet right? That's why, when you lost your bitcoin, you can't recover it, you can't got them back for your wallet. No one can't recover it.

appleyard

member

Activity: 359

Merit: 15

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

No if that bitcoin loss it will remain loss no one can create a duplicate of that bitcoin, there are close to 5% that are already loss and will forgotten for ever, those bitcoin are loss for some reasons: bitcoin already burn from some external, losses their paper wallets and the owner of some bitcoin already dead.

lee cooper

jr. member

Activity: 238

Merit: 2

They won't create any new one, if you lost the bitcoin then it remains lost, nothing you can do about it. They only created 21m bitcoin.

dragoz11

sr. member

Activity: 420

Merit: 252

If you lost it will be gone forever and unless you find a way to hack your wallet you won`t be able to get them back. If you lose such an amount you would make a good donation to btc holders at the same time.

volcanofetusK

newbie

Activity: 55

Merit: 0

I am newbie. Can you explain me why cant it be returned?

elwiswoodie

member

Activity: 378

Merit: 16

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

if you can buy 10 million BTC
no need to make new coins, just dump the price of BTC
it will make you as tortured slowly
and eventually the investor will move to a neighboring coin

LienTHETRADER

newbie

Activity: 89

Merit: 0

That's the reason why I don't trust btcs. They don't have any thing ti give us. it just takes all we have leaving no trace

vladimirnesgibaev1

newbie

Activity: 49

Merit: 0

bitcoins from 2018 will be out of the law the government has already drafted a bill

Roman Coinson

member

Activity: 112

Merit: 12

It's strange thing,that you don't know trivial information about bitcoin. There are only 21mil btc. And btc doesn't support emissions.

Cryptogodfather

member

Activity: 93

Merit: 10

That's absolutely impossible Cheesy

moneyangel

member

Activity: 336

Merit: 10

W12 – Blockchain protocol

Quote from: fabiofem on January 02, 2018, 10:45:29 AM

What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?

I think it will lose forever if you can't find the private key on that wallet. The system will no longer replace that because bitcoin has fix quantity and it will increase the price of the remaining coins as the actual circulation supply will reduced due lost accounts.

hardhouseinc

sr. member

Activity: 672

Merit: 250

Most Advanced Crypto Exchange on the Blockchain

How can you loose your bitcoin? You mean if you loose your passwords and you can never recover it? I don't think they create new bitcoins for the missing ones

Topic: Miss Bitcoin - page 3. (Read 745 times)