You make a good points about how important it to keep your Bitcoin safe. Some people has lost their Bitcoin because they can not access their private keys. This is really not good for them and it also make the value of Bitcoin go up. So it is really important we should take take the security measures seriously.
Losing Bitcoin because anyone were careless can be a big problem. There is no way to get back if you lose your private keys. So in my point of view it is really important to understand how serious is this and not ignore the information here. If you do not take proper security measures so we can be at a big disadvantage and risk losing your Bitcoin. So everyone new person should be careful for future and should keep the private safe. If they will not safe them so in future they will regret.
Topic: People losing their Bitcoin is not a risk to Bitcoin: - page 2. (Read 599 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.
Yeah, lost bitcoins are lost forever and is somewhat "removed" from the circulation. And yeah, it doesn't affect the overall "network", but there are people that ends up getting frustrated. They start blaming the whole blockchain and crypto currencies for being very complicated (even though it is not). They stop promoting crypto currencies and share their "horror" stories with others. The newbies or people that hears about bitcoin for the first time then starts to hesitate and decides never to invest in crypto currencies. So yeah, even though it might not affect the network, but it will discourage people. Instead of being happy or wishing for things like this to happen, we should be focusing more on educating the people and being sympathetic towards those who lost their coins. 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.
Losing BTC affect the quantity of Bitcoin and increase the quality of Bitcoin. Like the total number of Bitcoin in circulation will reduce and that will cause scarcity of Bitcoin and since the number has been reduced the supply will be limited and the demand will be high and that will cause another increase in the market price. So to avoid lost of Bitcoin everyone is be careful with their private keys and all the security measures in Bitcoin so that you won't lost your Bitcoin to either hackers or you misplaced it. People are investing in Bitcoin every day and if people lost Bitcoin to be lock forever then ot affect the supply of Bitcoin so it will affect Bitcoin as well.
If someone is careless in storing their seed phrase and loses the key then it's obviously not bitcoin's fault because the bitcoins will still be in the wallet but you only lose access to your own wallet containing the bitcoins.
The most important thing is how we can secure the seed phrase properly as well as the copy that we store it should not be lost because it is the only access to our own wallet, if someone is careless and loses the important thing in the private key then he will experience a loss because he cannot do anything.
The most important thing is how we can secure the seed phrase properly as well as the copy that we store it should not be lost because it is the only access to our own wallet, if someone is careless and loses the important thing in the private key then he will experience a loss because he cannot do anything.
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.
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.
~snip
If we assume the opposite, then people who find bitcoin (gaining access to previously lost or other bitcoins) actually reduce the value of bitcoin on the network. Still, this sometimes happens (very rarely), but more often than not they lose bitcoin rather than find them. We will see an interesting effect (a lot of drama) if access to Satoshi’s wallet (with ~1 mln. bitcoins) is ever gained.Well, of course, your mistake with losing the bitcoin is not a weakness of the bitcoin, but only your personal weakness. In fact, private keys is what makes you strong (independent and free from an economic point of view) from any financial systems and regulators. Use this as a priceless gift from the Founder.
I doubt it too that therell be a problem it bitcoin because people are losing their bitcoins. Bitcoin's decentralized and its immutable nature ensures that lost bitcoins remain irretrievable which i think contributes to the scarcity of the total supply. It’s a personal loss.
It's a personal responsibility too to implement strong security measures to avoid such losses because as scary as it is, the decentralized nature of Bitcoin means there's no central authority to recover lost funds.
It's a personal responsibility too to implement strong security measures to avoid such losses because as scary as it is, the decentralized nature of Bitcoin means there's no central authority to recover lost funds.
People's interest in Bitcoin is increasing day by day. Bitcoin is joked by people who don't understand anything about Bitcoin. People who have no knowledge about Bitcoin are the ones who joke or make fun of Bitcoin. The most important thing is that when I work on bitcoins I may have some personal stuff. It's better that I don't share my wallet with anyone. Bitcoin is a completely proprietary and confidential matter. Of course we should all trade in Bitcoin with great caution.
When people lose their private key, it's 100% not Bitcoin's fault but theirs. Losing access to your Bitcoin wallet will decrease the circulation of supply (not literal) which helps Bitcoin to be more valuable.
Lost Bitcoins will not immediately affect the price but it will help Bitcoin to decrease its volatility since that coin is not moving or no transactions.
The only risk I think it gives to Bitcoin is that false information that is being spread to people who didn't know yet about Bitcoin.
Lost Bitcoins will not immediately affect the price but it will help Bitcoin to decrease its volatility since that coin is not moving or no transactions.
The only risk I think it gives to Bitcoin is that false information that is being spread to people who didn't know yet about Bitcoin.
If you are using a private wallet (which is always recommended) And you lose its private key, you are fucked. Same thing with Bitcoin transactions. Once you have completed the transaction, it is irreversible. You can't get back here Bitcoin. Double-checking or triple checking before every transaction is always recommended for any kind of usage. I have seen people backing up their secret key online and I was one of them too. After reading so many posts about securing your privacy and your key, I no longer keep them anywhere where it could be hacked, or the information could be compromised.
I don't think telling people will have any kind of effect. Because people don't listen to you unless they have faced it themselves. They will keep on ignoring this kind of thing until they become the victim. Few will listen and do it. Others will suffer and learn it the hard way.
I don't think telling people will have any kind of effect. Because people don't listen to you unless they have faced it themselves. They will keep on ignoring this kind of thing until they become the victim. Few will listen and do it. Others will suffer and learn it the hard way.
Many will play with everything being discussed in this forum and others will adhere to the instructions which will save dem from unnecessary losing of assets. Some people dey always prefer experience to become their best teacher, u fit dey ring am for their ear no be say dey no dey hear u but dey get this doubt of say e no go fit happen to them and dey go come feel less concern.
Like you said OP if anyone should loss their private key then it becomes a big advantage where else it helps the market get better but considering personally the amount of money invested by the person, who knows how long the person toild to invest such amount of money and all gone due to carelessness. We better start being conscious as anything being discussed are not base on assumptions and must have happen times without number so we have to be careful enough not to be found wanting.
Like you said OP if anyone should loss their private key then it becomes a big advantage where else it helps the market get better but considering personally the amount of money invested by the person, who knows how long the person toild to invest such amount of money and all gone due to carelessness. We better start being conscious as anything being discussed are not base on assumptions and must have happen times without number so we have to be careful enough not to be found wanting.
Helping others to secure their bitcoins is praiseworthy work that most of the users have been doing all this time when someone asks about it or wants to learn to prevent others from scamming them. But when others are lazy enough to take this initiative before investing or holding some bitcoins, it's not anybody else fault but him/her because they didn't bother to learn one of the important things about having bitcoins and that is how to secure and prevent themselves from getting fooled to send it to the scammers and hackers.
Everyday minute there are many scammers want to scam us and as a beginner for investing and holding we need more knowledge about it we don't need to hurry as we all know that greediness will fall us into loss. So we need to more vigilant as this is the right thing to do once we are involve in investing. If could someone want to know our Private information then it's better to ignore them to prevent our privacy.
These events are very surprising to keep bitcoins it is better to keep its keys safe if ever the value of bitcoins increases then you will have to face a lot of difficulties. There are many people who do not keep their personal belongings organized but if they lose their keys to keep bitcoins they will suffer a lot. It is better to know about bitcoin and then use these processes so that there is no fear of losing. Wallet keys should be kept in a place from where easy access is available.
It is very important for us to be able to keep the private key well because if they cannot keep it well then we will lose the Bitcoin assets we have and we will not be able to get access. We must be able to keep them just like other valuables that we have and also we don't need to give them away. Anyone knows about the private key and only we ourselves can access it. Don't let anyone tell this to someone we can't trust.
These events are very surprising to keep bitcoins it is better to keep its keys safe if ever the value of bitcoins increases then you will have to face a lot of difficulties. There are many people who do not keep their personal belongings organized but if they lose their keys to keep bitcoins they will suffer a lot. It is better to know about bitcoin and then use these processes so that there is no fear of losing. Wallet keys should be kept in a place from where easy access is available.
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.
In numbers of social media that's into existence I think theirs no social media that teaches better than bitcointalk in terms of bitcoin related issues or discussions, if someone who is privileged to find its self in this community come up with different agenda of being ingrate for taking the community or whatever we discussed here for granted that relates with bitcoin, that means the person don't want to learn and understand the basics things of bitcoin, because from the way I understand bitcoin bitcointalk is the highest place that impacts the knowledge of bitcoin across, all the information that we acquired today concerning bitcoin almost all come from bitcointalk, we knowing the important of wallet security is from bitcointalk. 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.
Many lost their keys because they never knew Bitcoin would be this big. Some of them saw it as a joke and just invested with scepticism and ended up misplacing the private keys. My relative bought Bitcoin but he knew nothing about the coin, he just bought it because a friend persuaded him to buy it. He knew he copied the keys but because he didn't take it seriously, he didn't know where he kept the password and private keys. Some also lost access to their coins due to natural disasters that led to them losing access to wallets. While so many others lost their funds due to carelessness.
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 have absolutely no issue with lost Bitcoin. That only means there is less Bitcoin in circulation and due to the deflationary nature of Bitcoin, that will only serve to strengthen the price of BTC. So I see this as a win for the rest of us Bitcoiners.
There is always many things you can do to avoid and prevent losing your Bitcoin wallet access.
Losing their keys is 100% their own fault. Bitcoin is about being your own bank, and people need to take that more seriously.
When you own Bitcoin, you become a bank yourself, you need to know this before you buy Bitcoin and not forget about it.
I have come to understand that even negative trust is a better publicity than no trust or no publicity at all, because it can be predicted or anticipated. What am saying is that despite the losses from trading, losing wallet key phrases, hackers or scammers or from investment in BTC by acquisition, that have been recorded, the value still remains ever growing.
What is left to be seen is the effort that has been effectively channeled in to make the Crypto idea become a better reality than envisioned.
Those who gain massively or even in bits from involvement in BTC know that they had their own experiences at first but persisted with a constant improvement on the original knowledge thats rather deficient.
What is left to be seen is the effort that has been effectively channeled in to make the Crypto idea become a better reality than envisioned.
Those who gain massively or even in bits from involvement in BTC know that they had their own experiences at first but persisted with a constant improvement on the original knowledge thats rather deficient.
If we pay attention, there are quite a lot of incidents such as BTC prices which vary greatly as they do now. What @Jawhead999 said is true and most of it is caused by human error and it is also very clear that in looking at it it is also from the point of view from which we will see it. This is why future BTC is so valuable because if we want to own it then we have to buy it from existing Bitcoin owners.
I think that's individual issues, not really an issue for bitcoin as a whole. I get that it may feel like it is not a big deal but the reality is that it is a bigger deal than what we assumed it could be. I know that it may look like a market issue as a general but usually who gets involved will be the only ones that get any damage regarding these troubles and in other cases it just won't be an issue at all.I believe that the best thing we could do right now would be to let the situation get bigger and better, so we need to end up with something that needs to be a huge deal. I can see the situation changing one way or another, and for that to happen, we need to end up with a deal that needs to grow to be bigger, and these individual stuff won't matter.
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