Topic: What about the lost BTC? - page 5. (Read 1548 times)
Bitcoin that is lost may be seen using a bitcoin explorer but it cannot be accessed anymore like the btc wallet that is used is no longer accessible like forgotten the password of their wallet.dat or lost his/her recovery phrase of the wallet that's why it is lost forever. It still exist although as I explained that it wasn't accessible. We know that bitcoin have 21 million BTC and it's that's fixed but the total of bitcoin that can be used is not the same in the future because some of the bitcoin is lost forever for some reason like losing wallet or the wallet owner died without giving the wallet information to someone in his/her family when that person die.
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
This is the fate of someone negligent in not keeping his seed phrases or private key well in a safe place. If he loses his hardware wallet, he can recover his assets if he has kept his security seed phrases. However, the problem lies in losing access to the seed phrases. This is the most important thing that anyone should give attention to, help secure it and make sure that it can be accessed even after years have passed. The amount of Bitcoin stuck in wallets whose owners have lost access to them is coins that will remain stuck in the wallets for years. There is no way to recover these Bitcoin amounts, and it is not logical to compensate those who have lost their wallets and the Bitcoin amounts they hold. These are the consequences of their mistakes; no one else should pay the price for them.Indeed, I would feel very sad if I were exposed to what they were exposed to because the amount of Bitcoin that perhaps didn't seem significant at the time when it was in their possession might have significant value now. Still, perhaps their mistakes will be a great lesson for others, so every person must not lose access to his wallet because it will forever lead to the loss of Bitcoin.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
There are these situations, situations of a lost Bitcoin but, what you ought to realize is that,Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
These Bitcoins are not really lost, No, they are not. They still exists within the system, on the Bitcoin blockchain.
What is lost is simply the private key or the seed phrase which provides you access to sign and legitimate a transaction by transferring value while, mitigating double spending.
Having to create any other form for Bitcoin wouldn’t be Bitcoin. It would be a fork and that would be some Bitcoin derived or even pegged coin and never Bitcoin. This wouldn’t be healthy for the Bitcoin ecosystem and there isn’t much need for that.
What would be the case if some of those keys to the supposedly lost Bitcoins are retrieved later in time? It’s chaos for sure.
Lost Bitcoins are motivated for by price rise. It creates scarcity and this is reflected in the price which increases the value of the sats and based on how much value it’s able to accord itself, it would be able to serve the populace that use’s it.
I understand that compensating for lost BTC may seem like an attractive idea, especially considering potential losses. However, personally, I fear that adding additional coins into circulation to compensate for lost BTC could lead to inflation and undermine trust in the currency. Such intervention could also undermine the core principles and uniqueness of BTC as a limited and decentralized asset.
Only 21 million Bitcoin can ever exist, meaning you cannot print more than 21 million Bitcoin, any BTC lost as result of misplacing your private keys/key phrases can never be recovered, However instead of we to have 21 million Bitcoin total in circulation we would rather have less than that, maybe something around 19-20 million, and furthermore this lost Bitcoin has even helped reduce the number of Bitcoin that should have been in circulation.
as the supply of btc is fixed, there's nothing we can do anymore with the lost btc. just accept the fact that it will not be recovered and come back to its circulation. and i believe, the number is further increasing, as there are holders that are also forgetting or somewhat losing their access to their wallets.
the reduction of its number will further aid in the market price increase considering the supply and demand concept. if the demand will increase and with fixed supply, definitely we are heading to the positive direction of this market.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Only 21 million Bitcoin can ever exist, meaning you cannot print more than 21 million Bitcoin, any BTC lost as result of misplacing your private keys/key phrases can never be recovered, However instead of we to have 21 million Bitcoin total in circulation we would rather have less than that, maybe something around 19-20 million, and furthermore this lost Bitcoin has even helped reduce the number of Bitcoin that should have been in circulation. Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Bitcoins are generally considered lost for life if they are lost or a device's system crashes, or if a major Bitcoin investor dies without having any information available, the Bitcoins cannot be recovered for some reason. In this case, those bitcoins that can never be recovered are called inactive wallets without knowing the details about the bitcoin or the bitcoin address.assumed as According to various statistics, a quarter of the total Bitcoin supply from the number of wallets is assumed to be inactive Bitcoin. If these bitcoins become active in the future, they will be added to the total supply, and if they are no longer active, then these bitcoins will be discarded as lost forever. I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
That is not possible. Those Bitcoins will be lost forever and will never be moved unless those users have a miracle and get access again with their wallets. When you say compensation for those lost BTC, do you mean they will get a replacement or the missing Bitcoins will be added again to the circulating supply? I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Lost bitcoins can be recovered if someone finds the address's private key, is hard to find those keys, but is possible that someone will do so in the future. But is important to remember Satoshi's words about this topic:
Lost coins only make everyone else's worth slightly more. Think of it as a donation to everyone
So, lost coins isn't bad at all for the network.
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
That is not possible. Those Bitcoins will be lost forever and will never be moved unless those users have a miracle and get access again with their wallets. When you say compensation for those lost BTC, do you mean they will get a replacement or the missing Bitcoins will be added again to the circulating supply? I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Well since "Satoshi Nakamoto" has 1 million of does 5 million BTC you would have to ask him. That is, if he has kept the 20 thousand privatekeys to the 1 million BTC ?I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
their biggest mistake, why do that lol. It should have been recorded, printed, laminated and put in a safe, so that something like this wouldn't happen, but never mind, it's gone, right?Quote
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
That's good, I think this is good news, there are 5 million BTC that are being burned independently, so the price can be controlled, I can't imagine if that 5 million BTC enters the market, how bad the BTC market will be. but the 5 million is already in hell, so it's okay.Quote
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
what kind of compensation? I don't think there is any way to recover it, it will be lost forever, or maybe later it can be unlocked with a super quantum computer or something, but now the only way is to know the phrase. 
There are no accurate estimates of how much BTC is actually lost vs how much is just inactive because the owners don't want to move it anywhere. Assuming that BTC is lost if it wasn't moved over several years (and that's exactly what some estimates do) isn't really fair. Maybe someone lost a password, but can accidentally find it in the future. Maybe someone has access to coins but is such a hodler that enjoys keeping the funds in an unmoving state.
There will be no compensation for the lost coins (and I am sorry for people who lost their coins), but there's also no need for that because Bitcoin is divisible into satoshis.
There will be no compensation for the lost coins (and I am sorry for people who lost their coins), but there's also no need for that because Bitcoin is divisible into satoshis.
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Bitcoin wallets that lose their security systems will lose their Bitcoins forever, never to be recovered. So the lost bitcoins will be subtracted from the total supply, making a quarter of the total supply of bitcoins considered as lost bitcoins. All these lost bitcoins will become completely zero value with no chance of ever adding to the total supply. I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
Quote
Compensation, like, how? Do you mean rewarding those who have lost their bitcoin or adding those back to the supply?
I mean adding it back to the supply to be available for mining again.
Would not this increase the maximum supply of Bitcoin? Aside from that, implementing this thing will bring chaos to the system. It might unintentionally bring back the idle Bitcoin that is not lost but are just sitting on the address for hodling sake. If the implementation is erasing the lost Bitcoin and bringing it back for mining, it is more disastrous because as I stated, accidentally deleting Bitcoin that is not lost will cause a huge loss to the owners.
Just leave Bitcoin as is, let the Bitcoin that can't be accessed be keep out of the market circulation. It will bring rarity and increase the value of the coins. Besides there is plenty of satoshi to trade with even if people market has no access to half of the Bitcoin supply.
Giving it back to the owners would be impossible, or if possible, it would be ridiculous, as each owner should take care of their BTC.
Bitcoin is not designed to be centralized and that is one of the big factors why Bitcoin is the King of cryptocurrency.
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
Knowing that BTC has a limit, and we're getting there soon, isn't it possible to have some compensation for those lost BTC?
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Would it be positive for the currency or could bring some caos?
That's the beauty of bitcoin. If you lose it, you lose it forever.
That's how people will take it seriously otherwise nobody would care to keep their private keys safe and there would be lot's of hacking incidents with bitcoin private keys.
But the way bitcoin is designed makes it nearly impossible to modify the supply or the algorithm.
That's how you become the "Owner" of your coins.
I was reading about some cases of people who had many BTC at a time when it has low or no value at all, and didn't care about it, so they eventually lost their security phrases, or hard wallets and now it is lost probably forever.
I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
There is no method of returning lost bitcoins caused by carelessness and loss of the wallet seed phrase that we have will be completely lost. That's why we need to consider the level of security and we have to store the seed phrase well so as not to lose the bitcoin assets we own. In the past, people might not have cared about security because the price of Bitcoin was not that valuable, but nowadays, almost many people's main priority is just security and taking good care of the seed phrase generated from their wallet.I've read that the amount that is considered lost can be up to 5 million BTC. That is about 1/4 of the total amount available.
What is lost remains lost forever when the Seed phrase is the problem and there is no way to recover bitcoin assets if that is the case. Therefore, special attention must be paid to security issues before everything is lost and what people feel is a lesson so that we can be more careful.
No, lost bitcoin are gone forever. If you want to recover any lost bitcoin, try all possible way to recover back the private key or the seed phrase.
I've heard sometimes ago of one site managed by a father and son CryptoAssetRecovery.com that promises to try recovering crypto wallets if you've your encrypted private keys and somehow forgot the password to the wallet, or a damaged hard drive containing the private keys. The chances are very limited though, but its worth the try depending on how much assets you've in the wallet.But I'll advise that you're very careful of the services you're hiring and do your researches properly, so you don't get scammed in the process and your coins lost.
Something like adding more BTC in an equivalent amount for those lost BTC, or something similar.
Just like what centralized ripple (XRP) developers wants to do. It is not making any sense. Private key or seed phrase are used to prove the ownership of an address and that is also needed to spend the coins, which is enough.This leads to the value of the commodity increasing and I think this is an added advantage for bitcoin.
If we can and we start adding more because some got lost, it messes with the scarcity that makes Bitcoin attractive. Plus figuring out who gets compensated and how could turn into a huge headache, causing drama in the crypto world. It's like trying to fix one problem but creating a bunch of new ones
It will be a loop that scares many investors.Because if we can add more bitcoins, just say, to fill what were lost. We can do the same but to increase Bitcoin total supply to any number we want, and the new added supply can exceed what were lost.
Like we have 5M lost bitcoins, we can create 5M bitcoin to fill what were lost. Later we can create 5M or 10M or 21M more bitcoins, to do whatever we want and no longer care about lost bitcoins.
If we can and we start adding more because some got lost, it messes with the scarcity that makes Bitcoin attractive. Plus figuring out who gets compensated and how could turn into a huge headache, causing drama in the crypto world. It's like trying to fix one problem but creating a bunch of new ones
As far as I know, this topic has been discussed before by the members. And the answer to this is impossible. We cannot compensate for this by adding a supply of 5 million bitcoins to the Bitcoin hard code, because that would compromise the integrity of Bitcoin. Just let those millions of Bitcoins sit in those abandoned wallets because it's none of our business to be able to take care of that.
Jump to: