What happens to my two Bitcoins (just for example) if I lose my security key?

CarnagexD

sr. member

Activity: 1498

Merit: 374

Leading Crypto Sports Betting & Casino Platform

Quote from: Accountsell on January 24, 2020, 10:26:06 AM

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.

It's that easier.
You would loose your bitcoins if you loose your security keys. Bitcoins are a digital currency which wholely depends on the security keys, private keys, wallet id, etc and if you loose any of those, you could loose your money/bitcoins.

Certainly, private keys are so secure that you'd only be the one to get a hold of it, incase you lose it, you pretty much lose everything. If ypu hid your private keys in a wallet let's say then you have a good chance of retaining it, as long as you have connected the addresses beforehand and you have remembered your passphrase because most wallet in the system requires a special passphrase that you are required to enter first. So if you lose both of them. You wonmt be able to use your bitcoins anymore but they're still pretty much in the market per se.

panganib999

hero member

Activity: 1750

Merit: 589

Quote from: bounceback on January 27, 2020, 02:11:54 AM

The private key is the key to storing bitcoin so if you lose the private key it's the same as losing bitcoin too, because if the private key is lost of course no one can open your wallet and of course your bitcoin is no longer useful.
bitcoin is not the same as fiat currency where you will be given the freedom to choose how to save your finances.

Serial key or the private is one of the essential thing as a trader or a holder of a wallet because this is like your passcode or a recovery code because most of the time they are using this just for detecting that you are the user of the account and I think it will cause a considerable damage for you because of losing your account. Please make sure you store your private account key and make sure it is secured to avoid some issues in the future. Sometimes the users store their passwords or private keys into their social media, but I think it is better if they will make those in a traditional way to avoid hacking.

bounceback

sr. member

Activity: 2086

Merit: 283

Vave.com - Crypto Casino

The private key is the key to storing bitcoin so if you lose the private key it's the same as losing bitcoin too, because if the private key is lost of course no one can open your wallet and of course your bitcoin is no longer useful.
bitcoin is not the same as fiat currency where you will be given the freedom to choose how to save your finances.

Kevondo

sr. member

Activity: 742

Merit: 251

Quote from: AakZaki on January 25, 2020, 07:54:41 AM

Even if you only have a little bit of Bitcoin, a Bitcoin security key is the most important part to be stored in the safest place.

Because if not, you could lose your bitcoin forever. This Bitcoin Security Key does not tolerate anyone who has lost the Security Key.
So be careful and save your Bitcoin Security key in the safest place.

Your security is in your hand, you should take care of it by yourself. Crypto offers you one of the safest way of making transactions, it is the unique characteristic of it that makes it above other methods. If still you do not keep that security key in safe place that is your own fault and lack of responsibility. Be very careful whatever coins you have, once you lose the key there is no possibility to retrieve it.

AakZaki

legendary

Activity: 2338

Merit: 1084

zknodes.org

Even if you only have a little bit of Bitcoin, a Bitcoin security key is the most important part to be stored in the safest place.

Because if not, you could lose your bitcoin forever. This Bitcoin Security Key does not tolerate anyone who has lost the Security Key.
So be careful and save your Bitcoin Security key in the safest place.

Cimmy_revenger

sr. member

Activity: 1106

Merit: 252

Dextrust.org #Defi

the most sad consequences if you have crypto assets like that.
Your bitcoin will remain at the bitcoin address you saved, it will never come out if no one knows the private address of the Bitcoin.

lepbagong

full member

Activity: 2268

Merit: 121

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

"What happens to my two Bitcoins (just for example) if I lose my security key? " a good question.

clear, there is nothing you can do anymore but feel sorry for yourself and ponder for another time not until your pass key is forgotten. because there is no other way that can restore so that what you do can come back again, other than only in a dream. fortunately this is only for example from you but this will be a valuable lesson for those who do not know of course.

50 Cent

full member

Activity: 519

Merit: 197

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

Today about 17,000,000 (17 million) Bitcoins are in existence.

Today over 18,179,788 BTC Circulation

Quote from: bitcoindusts on January 24, 2020, 08:50:03 AM

until such time that someone had invented a machine that can decode public key and get the private key of that address.

Impossible, before that machine launching, Bitcoin system has upgraded better than now.

Quote from: ?? on ??

I like it how from the very beginning you inform us that you have two Bitcoins Grin

OP's opinion example only. don't take it to your Brain.

Quote from: asus09 on January 24, 2020, 01:01:30 PM

you must ready for lost all your bitcoin, need to back up and save your private key with several document because when you lost at the first document saving you still back up with other document.

I won't like your mind. Investing must ready to get profit, not get lost.
How much document for backup? 2? better to back up on empty paper or plate steel.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.

Yes. Exactly what you said. Compare the events (losing bill and private keys) and you will find all similarities. If you lose your private key, and say its written on a paper along with your public key and someone somehow guessed that its a private key, then he will be able to recover your funds. That's the same thing as losing your $100 bill. If someone finds it, he spends it. But, if say, your keys get lost forever due to corrupted hard drive and you haven't store it anywhere, then its lost forever. The same thing as burning/flushing a 100 dollar bill. But, this does not mean that the circulation will be reduced. It will still be 21 million since the coins still does exists in the chain. And no, those 2 lost bitcoin won't be replaced.

asus09

sr. member

Activity: 1344

Merit: 270

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.

Not care about how much bitcoin assets do you have and save in your address when your private key lost or you not remember again, although if you have little bitcoin assets in your wallet you must ready for lost all your bitcoin, need to back up and save your private key with several document because when you lost at the first document saving you still back up with other document.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: hatshepsut93 on January 24, 2020, 01:55:50 AM

Bitcoins are never lost in a way that dollar bills are lost - they exist on blockchain and stay there forever. The private key (what you call a secret key) gives access to those coins, so when this key is lost, no one can access anymore. However, there's no way to prove that you indeed lost your coins - it's impossible to prove that you don't know something, hence there will never be a system for replacing lost coins.

What can happen in the future is if some powerful quantum computers will be developed, they might be able to crack private keys of old addresses, especially if those addresses were reused and hold coins, but no one knows if it will actually happen or not.

That's why I believe that the analogy is understandable but could be perfected. If one loses a banknote, it's indeed likely to be found and used, so Bitcoin is not like that. There is a small chance that someone would find the key somewhere on a laptop or in a flat, so it's not like burning a banknote. I think not being able to access the wallet is more like putting dollars in a strong box, digging a deep hole in the middle of nowhere, burying it there and then forgetting the exact location of that middle of nowhere or dying without telling anyone about it. It will probably never be found, the same as with BTC.

xhomerx10

legendary

Activity: 3808

Merit: 7912

Quote from: ?? on ??

I like it how from the very beginning you inform us that you have two Bitcoins Grin

I like how you're the only other guy in this thread not wearing an annoyingly obtrusive signature.

huige007

sr. member

Activity: 889

Merit: 253

Quote from: Ryker1 on January 24, 2020, 09:27:06 AM

Quote from: ragavancoin on January 24, 2020, 09:07:35 AM

If you lose the prevate key of your bitcoins that will be lose forever. Because nobody can access the Bitcoins without prevate keys. And bitcoin total supply will be remaining same there is no changes can happen in the total supply. I think you have to take care about your prevate key otherwise it will cost you so much.

Well, this is right. It will be lost forever and if I am not mistaken it belongs to be mine once there is a fork occurs, correct me if I'm wrong.
According to this online article says that there is 20% of All BTC is Lost, Unrecoverable, Study Shows. Indeed, --there's nothing we can do if we lost our private key and nobody can recover on that besides us, as an owner. Our responsibility to keep safe our valuable stuff like a private key and password. Write in a piece of paper and store it into a safe place.

The unique passwords and key that are used in Blockchain make Bitcoin transactions safer and secure. This aspect of digital currency makes it attractive and more adoptive by people. It does not seem possible for me to lose your bitcoins by the security key. As he himself have mentioned “if for example” so it means that he is saying this cannot happen but let’s talk about it.

BeManga

sr. member

Activity: 962

Merit: 269

CryptoDirectories.com

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.

if you lose 2 bitcoin it will really be lost forever and permanently get removed from the market circulation no one will have access on it
as of now, there is already 1 - 3 million bitcoins that already lost base of what other people calculation
we just don't have hard evidence that the owner doesn't really have access to the coin or just don't move it.

Accountsell

full member

Activity: 224

Merit: 100

Quote from: Wokebeast on January 23, 2020, 02:16:21 PM

What happens to my two Bitcoins (just for example) if I lose my security key? I do not have any Bitcoin at the moment. But, I am quickly learning about Bitcoin as I want to very soon make my very first purchase of some amount of it. My question has to do with there being a finite amount of Bitcoin in circulation. Today about 17,000,000 (17 million) Bitcoins are in existence. By year 2140 as I understand it there will be no more than 21,000,000 (21 million) Bitcoins in existence. Furthermore, my understanding is that I am the only person with access to my Bitcoin through my private security key. Now, my question is. If I lose my security key to, let's say, one of my Bitcoin wallets that has maybe 2 Bitcoin in it. Then, what happens to that 2 Bitcoin in the context of the 17 million Bitcoin currently in existence. Who can find and use those 2 Bitcoin that I "lost". Or, do those 2 Bitcoin get lost forever, because I'm presuming no one ever will find/guess my lost security key? An analogy is, if I lose a hundred dollar bill, someone will likely find it and be able to use it to put it back into market circulation. However, if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation. So, I'm wondering, do the 2 Bitcoins in my example that I "lost", do they permanently get removed from market circulation. And, if so, then does that mean that in 2140 there will be 2 Bitcoins fewer in the total market circulating, for example, 21,000,000-2 would make it 20,999,998 Bitcoins in circulation. Or, can those 2 lost Bitcoins be *replaced* by Bitcoin mining over time so that the market has the full 21 million in circulation.

It's that easier.
You would loose your bitcoins if you loose your security keys. Bitcoins are a digital currency which wholely depends on the security keys, private keys, wallet id, etc and if you loose any of those, you could loose your money/bitcoins.

Ayiranorea

sr. member

Activity: 1246

Merit: 255

Leading Crypto Sports Betting & Casino Platform

Once the fund is lost, it is lost forever. In some cases hackers use tricks to breach into the wallet and steal the funds. Here some users have got back their funds with the help of private recovery keys. I got into such a situation, my wallet got hacked and the funds were stolen. Further I had the security key, with that I entered the wallet. It is emptied earlier, so once lost is lost.

Ryker1

sr. member

Activity: 1932

Merit: 442

Eloncoin.org - Mars, here we come!

Quote from: ragavancoin on January 24, 2020, 09:07:35 AM

If you lose the prevate key of your bitcoins that will be lose forever. Because nobody can access the Bitcoins without prevate keys. And bitcoin total supply will be remaining same there is no changes can happen in the total supply. I think you have to take care about your prevate key otherwise it will cost you so much.

Well, this is right. It will be lost forever and if I am not mistaken it belongs to be mine once there is a fork occurs, correct me if I'm wrong.
According to this online article says that there is 20% of All BTC is Lost, Unrecoverable, Study Shows. Indeed, --there's nothing we can do if we lost our private key and nobody can recover on that besides us, as an owner. Our responsibility to keep safe our valuable stuff like a private key and password. Write in a piece of paper and store it into a safe place.

ragavancoin

hero member

Activity: 1432

Merit: 500

If you lose the prevate key of your bitcoins that will be lose forever. Because nobody can access the Bitcoins without prevate keys. And bitcoin total supply will be remaining same there is no changes can happen in the total supply. I think you have to take care about your prevate key otherwise it will cost you so much.

bitcoindusts

sr. member

Activity: 1092

Merit: 271

If you lose your key of an address that is holding your two Bitcoins then that Bitcoin will be lost until such time that someone had invented a machine that can decode public key and get the private key of that address. So before that time your Bitcoin will be inaccessible.

gabmen

hero member

Activity: 1246

Merit: 529

CryptoTalk.Org - Get Paid for every Post!

Well it's likely your second scenario. Sadly, there' no way for you to retrieve lost bitcoins if you lose your security key. It's like keeping your money in a private safe box and then dropping the safe box in the ocean. And i agree that it will, of course, not be a part of the circulation, but will be a stagnant part of the supply.

Topic: What happens to my two Bitcoins (just for example) if I lose my security key? (Read 376 times)