Topic: The Lost Coins and Its Contribution (Read 351 times)
Thinking of lost bitcoins as a donation to the value of bitcoin is a good consolation that one is helping in making the coin a better cryptocurrency
Its hard to figure out the accurate amount of lost not lost bitcoins because are so many coins which are being produced newly so lost coins not really have large impact on cryptocurremcy and there are some actions available to know about the coins like forgetting the keys or passwords of wallet, like- disposal of hardware, sending of BTC to non BTC addresses and others, etc.
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As Satoshi Nakamoto said "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
I always imagine him saying this with an evil grin, lol.
I get the point though. Other valuables such as precious metals and fiats are sometimes lost by people too. Only the deflationary ones makes the holders richer.
It is important to note that long-term holders also contribute to the value of Bitcoin. The idea is pretty straightforward —There will always be holders that contribute to the value Bitcoin. Bitcoin is bought and held everyday by people which keeps increasing the value.
I agree with your statement but I believe that the real winner is the person who know the bitcoin and the decentralized currency. Those who don’t have proper knowledge they are the panic seller they can’t manage their coin. I think to know details information is very important.
A lot has shared how they or others they know lost access to their wallets. And unfortunately, it has been well stated that lost wallets are lost bitcoins forever.
According to estimates by Forbes, lost bitcoins are roughly between 2.7 million to nearly 4 million. That's roughly 17% to 23% of the total 21 million unearthed bitcoins by the year 2040. And many of these bitcoins were lost in the early stages of our most favored cryptocurrency.
This situation is actually a sad lost for those who failed to keep their wallet access (though a big part of this estimate are dormant wallets who does not reflect any transactional activities for the past couple of years could also indicate wallets of hodlers).
Rumors of Satoshi Nakamoto's wallets amounting to nearly 1 Million bitcoins that has remained untouched till date are a big percentage of lost bitcoins already.
Up until today, there has been a large attempt to retrieve lost bitcoins but there were no definitive & reliable reported means to do so.
But in a way, we have to be thankful for this lost bitcoins. It was a substantial contributing factor of bitcoin's current price strength as it lowered the total number of bitcoins in circulation and it ensures that the total amount of coins will be well below 21 million after the last bitcoin has been unearthed.
So the next time you lost your wallet (which i sincerely hope you don't), may the thought that you made everyone else a bit more richer cheer you up.
As Satoshi Nakamoto said "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
According to estimates by Forbes, lost bitcoins are roughly between 2.7 million to nearly 4 million. That's roughly 17% to 23% of the total 21 million unearthed bitcoins by the year 2040. And many of these bitcoins were lost in the early stages of our most favored cryptocurrency.
This situation is actually a sad lost for those who failed to keep their wallet access (though a big part of this estimate are dormant wallets who does not reflect any transactional activities for the past couple of years could also indicate wallets of hodlers).
Rumors of Satoshi Nakamoto's wallets amounting to nearly 1 Million bitcoins that has remained untouched till date are a big percentage of lost bitcoins already.
Up until today, there has been a large attempt to retrieve lost bitcoins but there were no definitive & reliable reported means to do so.
But in a way, we have to be thankful for this lost bitcoins. It was a substantial contributing factor of bitcoin's current price strength as it lowered the total number of bitcoins in circulation and it ensures that the total amount of coins will be well below 21 million after the last bitcoin has been unearthed.
So the next time you lost your wallet (which i sincerely hope you don't), may the thought that you made everyone else a bit more richer cheer you up.
As Satoshi Nakamoto said "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
it is what it is. It's not great, I have experienced something similar, but you need to move on and get the things right next time. No time to despair, we need to be more responsible with our credentials
Thou, the consequence of these lost coins can be painful, I think efforts are underway to save us from having to rue this loss.
the only winners are those who joined early.
This sounds like a ponzi scheme.Only early participants get any profit from ponzi scams.I refuse to believe that bitcoin is such type of scam.Anyway,the "lost bitcoins" topic has been discussed so many times on this forum.I don't want to comment on this clickbait Forbes article.2.7M to 4M bitcoins is far away from the truth.
Imagine someone having lots of btc in some wallet and forgetting it's password and not saving the private key.Really?People aren's that stupid
A lot has shared how they or others they know lost access to their wallets. And unfortunately, it has been well stated that lost wallets are lost bitcoins forever.
According to estimates by Forbes, lost bitcoins are roughly between 2.7 million to nearly 4 million. That's roughly 17% to 23% of the total 21 million unearthed bitcoins by the year 2040. And many of these bitcoins were lost in the early stages of our most favored cryptocurrency.
This situation is actually a sad lost for those who failed to keep their wallet access (though a big part of this estimate are dormant wallets who does not reflect any transactional activities for the past couple of years could also indicate wallets of hodlers).
Rumors of Satoshi Nakamoto's wallets amounting to nearly 1 Million bitcoins that has remained untouched till date are a big percentage of lost bitcoins already.
Up until today, there has been a large attempt to retrieve lost bitcoins but there were no definitive & reliable reported means to do so.
But in a way, we have to be thankful for this lost bitcoins. It was a substantial contributing factor of bitcoin's current price strength as it lowered the total number of bitcoins in circulation and it ensures that the total amount of coins will be well below 21 million after the last bitcoin has been unearthed.
So the next time you lost your wallet (which i sincerely hope you don't), may the thought that you made everyone else a bit more richer cheer you up.
As Satoshi Nakamoto said "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
Very funny story!!! People better transfer 1 bitcoin to my wallet and forget for it, let it be the lost bitcoin I found, contribute to the development of bitcoin and its price. )))) According to estimates by Forbes, lost bitcoins are roughly between 2.7 million to nearly 4 million. That's roughly 17% to 23% of the total 21 million unearthed bitcoins by the year 2040. And many of these bitcoins were lost in the early stages of our most favored cryptocurrency.
This situation is actually a sad lost for those who failed to keep their wallet access (though a big part of this estimate are dormant wallets who does not reflect any transactional activities for the past couple of years could also indicate wallets of hodlers).
Rumors of Satoshi Nakamoto's wallets amounting to nearly 1 Million bitcoins that has remained untouched till date are a big percentage of lost bitcoins already.
Up until today, there has been a large attempt to retrieve lost bitcoins but there were no definitive & reliable reported means to do so.
But in a way, we have to be thankful for this lost bitcoins. It was a substantial contributing factor of bitcoin's current price strength as it lowered the total number of bitcoins in circulation and it ensures that the total amount of coins will be well below 21 million after the last bitcoin has been unearthed.
So the next time you lost your wallet (which i sincerely hope you don't), may the thought that you made everyone else a bit more richer cheer you up.
As Satoshi Nakamoto said "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
Wallet has there own uniqueness of private code... So not someone or anybody could just sit for a day and cracked the password unless they have high level technology do such thing.. So it is better to use wallet with back up record could unlock the wallet to avoid losses in the future...
A big sorry for the lost wallet issue and the people faced it. But I do not think there will be any lost coin, there will be more advanced tech and as the BTC price grows high, people will be dying to get a key, by trade or by hacking. Yes! Then hacking also might possible.
it is a bad thing to see bitcoin purely as an investment and nothing else. and you talking about lost coins contribute to others pockets shows that you are only focusing on the investment part.
the fact is bitcoin is a currency and as a currency it doesn't make a difference if a small amount of its total is lost or a large amount. it is still functioning well enough based on its design.
the fact is bitcoin is a currency and as a currency it doesn't make a difference if a small amount of its total is lost or a large amount. it is still functioning well enough based on its design.
it is actually very sad that we have to hear so many news about coin losing but we still not sure about this validity it can be just a rumors as well but yes if it actually happening then it is our responsibility to stay conscious and help the authority to prevent it soon cause they are trying their best to stop this.
It is quite difficult to know the actual amount of lost or not coins. But you can know about your coins by following some actions, like- computer disposal, sending of BTC to non BTC addresses and others. But with the help of lost coins you can get your coins hopefully!
meaning that currently there is only a quarter of bitcoin in circulation, half of which is in satoshi wallets, another quarter is being mined.
It is not easy to know the actual amount of lost coins. But there are some actions available to know about the coins, like- disposal of hardware, forgetting the keys or passwords of wallet, and others. But nothing is impossible if there is technology.
There are so many coins which are being produced newly so lost coins not really have large impact on crypto. To be profitable as investor in crypto market the most essential thing is to be patient and learning.
Well, it is quite difficult to figure out the accurate amount of lost not lost bitcoins. But there are some actions to know the lost coins, like- sending of BTC to non BTC addresses, disposal of computers, forgetting the passwords and keys of wallet and others. But when the technology is there, nothing is impossible to gain lost coins!
usually when these estimations are made they consider coins that haven't moved for a long time as "lost" but they are not lost, and that makes the estimation unlikely to be accurate.
Yes. And those who pop up here fairly often proposing forks to 'reclaim' lost coins are arses. I still can't believe it's still proposed.
There's no way of knowing how many are lost apart from verifiably burnt ones which only amounts to a few thousand. As for lost coins being some sort of 'contribution' that's just as hard to tell really and impossible to know what the financial effect is.
Better to concentrate away from the what ifs as they're all on the pointless side.
the only winners are those who joined early.
true but the real winners are those who understand what bitcoin as a decentralized currency means. otherwise those who only see the "profit" and the "price rising" as their only goal will surely do irrational things such as panic selling. for instance someone who doesn't even know what bitcoin power is will panic as soon as he hears the first FUD about bitcoin and someone tells him it is "dead"
I wanted to read more about the article that OP copied so I did a quick search and found the article on fortune. The estimate came from Chainalysis I don't know how they've come up with such number but if the estimate is nearly accurate that's just crazy. Lost Bitcoin can still be retrieved though who knows someone might end up generating an address with some Bitcoins inside.
My view is that I don't totally succumb to the believe in OP's hypothesis that lost bitcoin are more like the reason that bitcoin gained value. We have coins that are not close to 21m in maximum supply and are not close to the price of bitcoin too. I think the technology, use and community are responsible for that.
I agree those lost Bitcoins won't boost the price for now but in the future once the block reward goes to 0 that might be the time where the lack of supply kicks in that is if Bitcoin is still one of the top coins after a hundred years. Jump to: