Self-custody is important to ensure access to your coins, but it is also not something that beginners can deal with easily, many are used to having someone or something to take care of their assets, it is more a matter of adapting to a new thing and get used to storing your things responsibly
There are a lot of people who use BTC like fiat, in the sense that they use centralized exchanges like banks and use it to store their funds, some of them are ignorant, while others think that some centralized exchanges are too big to fail. BTC is a permissionless and censorship resistant currency, when you are using BTC with the permission of a centralized exchange and giving the exchange the ability to censor you, then you are using BTC the wrong way and maybe you are not ready to use BTC.
Topic: People losing their Bitcoin is not a risk to Bitcoin: (Read 687 times)
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The whole point of BTC is "not your keys - not your crypto" and it is good that way. It simply means if you lose the keys, you lose the coins. Period. There shouldn't be any way to recover coins without a key as that would destroy the purpose of the network. BTC gives you maximum flexibility with your wealth for as long as you take care of the keys in one way or another. But losing keys was a thing in its early days as most people were less educated and sophisticated with their security efforts and measures. I think this has changed significantly over the years and there are so many options to keep your keys secure.
But yes, any lost coins effectively get removed from circulation and hence mean that there is less supply for any existing demand. Though it would be quite some malicious joy to be happy about someone else losing their coins!
Self-custody is important to ensure access to your coins, but it is also not something that beginners can deal with easily, many are used to having someone or something to take care of their assets, it is more a matter of adapting to a new thing and get used to storing your things responsibly
There are a lot of people who use BTC like fiat, in the sense that they use centralized exchanges like banks and use it to store their funds, some of them are ignorant, while others think that some centralized exchanges are too big to fail. BTC is a permissionless and censorship resistant currency, when you are using BTC with the permission of a centralized exchange and giving the exchange the ability to censor you, then you are using BTC the wrong way and maybe you are not ready to use BTC. The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
I fully agree with you, losing access to our crypto wallets is on us and we can't blame other people for it, except for the case that people steal our keys. But even then, it could be the case the we are not paying too much attention where we store our keys and share information too openly. It's been so many years now that cryptos have been around and we all have heard the stories about people owning hundreds of BTC from the early days and lost access to their wallets over time. By now we all should have learned from these early mistakes and protect our keys more secure and also have a backup plan in case our access is lost. A single piece of paper can easily become lost over time, which is why having steel plates is a great alternative to store our keys. It's much bigger and we need to find a more permanent place to hide and store it. It’s like with cash, we need to keep an eye on our wallet and lose it by mistake. On crowded places there can be pocket pickers that try to steal our wallet, which makes looking after our cash and wallet very important. The more money we have with us the more we should be alert. The same goes for our crypto wallets as they grow over time.
That's true, although sadly someone's lost of private keys that has bitcoin in it is a tragic thing to happen.
But we can just conclude that it's like a contribution to the network and is like a donation to the community.
Because that adds up the value of it and makes the supply in the circulation scarcer.
But we can just conclude that it's like a contribution to the network and is like a donation to the community.
Because that adds up the value of it and makes the supply in the circulation scarcer.
I don't think it's even up for discussion. Of course it's your fault when you lose your bitcoin due to negligence, how would it be any other way? When you get burned by a fire, it's your fault, or are you going to try to blame the fire for being too hot? 
When it comes to bitcoin's value, it's yes and no at the same time. Yes, it becomes more valuable when people lose access to their coins, but it cannot last forever and we shouldn't be happy that such situations occur. At some point, so much bitcoin will be lost that it could make it difficult to use. I'm not talking about the next 10 or 20 years, but if bitcoin continues to exist 50 years from now, you can expect most of its supply to be inaccessible.
When it comes to bitcoin's value, it's yes and no at the same time. Yes, it becomes more valuable when people lose access to their coins, but it cannot last forever and we shouldn't be happy that such situations occur. At some point, so much bitcoin will be lost that it could make it difficult to use. I'm not talking about the next 10 or 20 years, but if bitcoin continues to exist 50 years from now, you can expect most of its supply to be inaccessible.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
At the current price of Bitcoin, there are many people in the world who cannot earn this amount in their lifetime. If one cannot protect a resource so precious to him, then it is nothing but a freak. Personal responsibility should be taken for the safety and security of Bitcoin holdings. If you have a lock but no key, then that lock has no value. By using a hardware wallet or secure offline storage to store large amounts of bitcoins, we can greatly reduce the risk of losing our bitcoins. Remember, it's always better to be safe than sorry when it comes to protecting your investment. The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
If Bitcoin loss occurs due to the owner's negligence, then it can be called human error. and it doesn't solely blame Bitcoin as a focus.The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
it is the same as the case of using Bitcoin in crimes such as money laundering. the blame should not be on Bitcoin. but that is a human or user error. but the impact that occurs and we see leads to Bitcoin as a tool used for crime.
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The truth is that people actually loose access to their private keys and will loose their bitcoin
That's a personal mistake they made because they weren't careful in storing their private keys or perhaps they didn't understand that it was important to store their private keys in a safe place. These kinds of mistakes don't need to happen when people understand the use of wallets and in fact not many newcomers know what a seed phrase/private key is.In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
Such losses will impact individuals as people lose access to owning bitcoin and have absolutely nothing to do with the network. That's why people advise to be careful about private keys when you create a wallet because otherwise the risk will be quite big. Carelessness and shallow knowledge can destroy everything, therefore it is important to learn first when you want to get involved in bitcoin investment, whether it's how to invest, buy and sell or how to store it safely.. 
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
If we lose bitcoin due to carelessness, it is definitely our fault, never bitcoin's fault. Yes I have seen many people here who lose bitcoin because of their carelessness and finally they blame bitcoin but it should never because bitcoin never lost by itself it only lost because of carelessness of the investor. If we can be careful ourselves, we can never lose Bitcoin. All that carelessness leaving our wallet seed phrase carelessly can result in losing our bitcoins if someone steals our wallet seed phrase. Then if for some reason our wallet seed phrase is lost from the phone or the phone is destroyed, if it is not recorded somewhere else we will lose our wallet seed phrase and thus we may lose bitcoins due to our carelessness. If we can take these two things seriously then our Bitcoin will not be lost. The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
Bitcoin can be lost in two ways. Due to being duped or being careless with your secret keys. All of this is due to negligence and a lack of understanding or awareness about how Bitcoin operates.
Lost Bitcoins are gone and should not be considered a risk to Bitcoin because they are still in circulation, it's just that the owner misplaced or lost access to the wallet where they are, or if you accidentally sent it to an active wallet, the wallet owner will be the new owner of the Bitcoin and will use it as they see fit.
Lost Bitcoins are gone and should not be considered a risk to Bitcoin because they are still in circulation, it's just that the owner misplaced or lost access to the wallet where they are, or if you accidentally sent it to an active wallet, the wallet owner will be the new owner of the Bitcoin and will use it as they see fit.
and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The only way to get your Bitcoin back is if you can recover your private keys, which is only possible if the Bitcoin is still in your wallet and has not been sent out due to someone gaining access to your private keys. However, if Bitcoin is accidentally sent to an unknown wallet, it is gone forever and there is no way to recover it.
Losing your Bitcoin to someone else does nothing at all; it doesn’t affect the network whether Good or Bad because it’s only the person whose Bitcoin was taken that will know about it. Except from that, life moves on and nobody knows anything. If the thief sends the money out, it is no different from if it were the real owner sending the money out. So, about circulation, it doesn’t help, it’s the same case because the funds are already in that wallet and that is circulation.
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The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
All I can say is that, just like in the real world it isn't everything that people hear that they'll take seriously or will I say, not everyone that hears a warning will take it serious. The message has been passed and it's left for those would will take it serious to take it and be saved. Just as we have been warning people against leaving their Bitcoin on exchanges but some people aren't listening and every time an exchange goes down, we still have members of the forum that are been affected or as we have been preaching against using constodial wallets but people are still neglecting our advice and they'll keep regretting not taking our advice serious.
We'll always have people who'll be losing their Bitcoin just as we have those losing their fiats currency to scammers or due to their carelessness. You just have to make sure you aren't among those people because unlike fiats, losing Bitcoin can be devastating as each time the price of Bitcoin goes up, you'll keep remembering how much you would have made it you still had your Bitcoin and it'll keeps tormenting you, same thing goes when you sell instead of hodling.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
Most of the informations here are of personal experiences. People who have considered it wise to share their experiences for others to learn from and also to get counsel have managed situations and it is resourceful to the forum. If an advice is dropped here and one takes it for granted, its ok. We are all here to learn and most of the stories here has taught us what most of us have no idea existed and wouldn't want to experience and in most cases it bothers around Bitcoin.
Loosing Bitcoin can be painful but within the forum you can find someone giving tips on how not to loose yours, ignore at your own peril
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
People losing their bitcoins is the biggest risk that makes centralized exchange a big opportunity to rise. What was the idea of Bitcoin creation? To make you your own bank, without relying on banks and other financial institutes. Today, after so many people have lost their coins, exchanges decided to use it for their advantage and they started to promote themselves as safe platforms where you can store your bitcoins and don't have to worry about private keys. The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
It's true that the more people lose their coins, the higher will be price because supply shrink and demand grows but I am not happy for anyone losing their coins. Also, we have limited number of bitcoins, max 21 million mined and if people continue to lose and lose coins over time, with the high transaction fees, only a few people will be able to use bitcoin and this will result in making this coin unpopular or protocol might change and lost coins will be mined again. This is also a threat for bitcoin because such level of control if gained even after the public permission, is still dangerous.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation.
When it comes to my security, I owe a lot of it to this forum. I try my best to put whatever I learn on the forum into practice because, at the end of the day, it's for my benefit. If something should happen to my phone or wallet and I become a victim of cybercrime one way or the other, I will be the one affected, not a member of the forum. It will even be worse for someone like me who knows what to do and doesn't do it. It is actually alarming if more and more people experience that, especially if it happens at the current time when there are now lots of tutorials and then wallets and exchanges are now more user-friendly than before. It could scare more people to engage in BTC which can still/also reduce its scarcity.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
You will hit your head on the wall if you see how careless some people are with their assets when it comes to cryptocurrencies. They buy cryptocurrencies first and start researching and learning after that, meanwhile, their assets are either kept in the exchange they've bought them in or in a wallet without much security precautions.
While helping others secure their Bitcoin is certainly commendable, it is important to recognize the nuances of personal responsibility in this digital landscape. While supporting community members is admirable, ultimately the burden of security lies with each individual.
The unfortunate reality is that some individuals, through laziness or lack of awareness, have begun their Bitcoin journey without fully understanding the inherent risks and security measures. This can lead to devastating consequences, as they become vulnerable to fraud and hacking attacks.
Remember that security is not a spectator sport. Not only in the cryptocurrency space, this is basic knowledge to protect yourself from potential threats in life.
The unfortunate reality is that some individuals, through laziness or lack of awareness, have begun their Bitcoin journey without fully understanding the inherent risks and security measures. This can lead to devastating consequences, as they become vulnerable to fraud and hacking attacks.
Remember that security is not a spectator sport. Not only in the cryptocurrency space, this is basic knowledge to protect yourself from potential threats in life.
So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.
The one owning bitcoin is educated enough to learn more about bitcoin. People should stop investing blindly into different assets.
Everyone should know what they are doing and what they are holding. Owning bitcoin comes with the responsibility of holding it securely.
People should know that losing the keys mean losing the coins. If they lose their coins then it's their fault.
Bitcoin's value will only keep increasing as more people keep losing their coins thus reducing the bitcoin circulating supply.
It's true that it will be solely our fault if we lose our bitcoin, though there are people who are careless enough to not care about it since they don't have any idea how vulnerable they are.
It's not bad to hold bitcoin only for profits but not knowing what it is about and how to use it correctly and still holding it with a poor security is bad.
People hold stocks in the share market but there's nothing to worry in there because we won't lose the stocks if we forget the password to our brokerage account.
But we lose our bitcoins if we lose our access to our wallet. So people should know how to hold bitcoin correctly.
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