Topic: What happens to all the BTC that people lose the keys to? - page 2. (Read 1441 times)
No, it'd mean a huge issue if someone could recycle them. Looking at the bright side, those Bitcoins will never be exchanged, therefore increase the value of your active Bitcoins. But you've to keep your private keys very secure.
While those BTC that were left on the exchange will have to adjust on whatever the exchange terms and agreement about lost passwords, or inactive accounts with balance on it. Mostly, it will be kept by the owner of the exchange. While those that lost private key will be inaccessible.
No. Without the private key all the coins from that wallet are inaccessible. That means they are gone, and there is no automatic method of recycling.
The only way possible to recover those Bitcoins without the private key would be doing a hard fork in the blockchain.
The only way possible to recover those Bitcoins without the private key would be doing a hard fork in the blockchain.
I would imagine that there is plenty of BTC that was mined/purchased a long time ago that people have either lost the key pair for, or lost the password to whatever wallet they stored it in. TBH I don't know what happens to "regular" money when it is stored in online accounts that get lost, but does anyone know if there is some kind of procedure for recycling long-lost-cryotocoins?
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